[
  {
    "page_no": 1,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "UNITED STATES ",
        "box": [
          234.25999,
          43.77203080000004,
          382.2919899999999,
          58.58296460112888
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SECURITIES AND EXCHANGE COMMISSION ",
        "box": [
          112.31,
          64.47204079999995,
          504.332,
          79.28297460112879
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WASHINGTON, D.C. 20549",
        "box": [
          232.19,
          85.07470720000003,
          373.86199999999997,
          94.94866306741926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          28.8,
          98.7279006,
          29.05,
          99.55073025561819
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FORM 10-Q",
        "box": [
          268.10001,
          119.05047839999997,
          343.90400999999997,
          130.57009357865581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          28.8,
          135.66791060000003,
          29.05,
          136.49074025561822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Mark One) ",
        "box": [
          28.8,
          145.928896,
          82.63999999999999,
          154.15719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2612",
        "box": [
          31.43,
          161.14685499999996,
          40.802,
          172.63122999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934",
        "box": [
          50.93,
          161.178896,
          560.6600000000003,
          169.40719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026",
        "box": [
          178.00999,
          179.678896,
          433.9800000000001,
          187.90719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OR",
        "box": [
          298.5,
          194.178896,
          313.49,
          202.40719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          31.43,
          209.39685499999996,
          40.802,
          220.88122999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ",
        "box": [
          50.93,
          209.428896,
          562.6200000000003,
          217.65719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FOR THE TRANSITION PERIOD FROM ______ TO ______",
        "box": [
          172.60001,
          237.928896,
          439.4000100000002,
          246.15719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commission File Number: 001-14788 ",
        "box": [
          226.74001,
          252.428896,
          387.76001,
          260.6571925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          139.73,
          325.78936439999995,
          472.37000000000006,
          345.53727613483846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Exact name of Registrant as specified in its charter)",
        "box": [
          194.16,
          353.17889599999995,
          417.8399999999999,
          361.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maryland",
        "box": [
          161.25,
          370.42889599999995,
          204.00000000000003,
          378.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94-6181186",
        "box": [
          405.95999,
          370.42889599999995,
          454.28999,
          378.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(State or other jurisdiction of",
        "box": [
          132.67999,
          384.6431248,
          232.62398999999982,
          391.2257620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incorporation or organization)",
        "box": [
          130.44,
          393.8331248,
          234.83999999999986,
          400.4157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(I.R.S. Employer",
        "box": [
          401.26001,
          384.6431248,
          459.02001000000007,
          391.2257620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Identification No.)",
        "box": [
          398.82001,
          393.8331248,
          461.46001,
          400.4157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "345 Park Avenue",
        "box": [
          269.35001,
          408.67889599999995,
          342.65001000000007,
          416.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York, New York 10154",
        "box": [
          246.17,
          420.17889599999995,
          365.83002,
          428.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Address of principal executive offices)(Zip Code) ",
        "box": [
          221.31,
          431.6431248,
          392.78200000000004,
          438.2257620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(212) 655-0220",
        "box": [
          274.75,
          440.86889599999995,
          337.24,
          449.0971925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Registrant's telephone number, including area code) ",
        "box": [
          215.2,
          452.3331248,
          398.87200000000007,
          458.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A ",
        "box": [
          297.39001,
          461.55889599999995,
          317.10001000000005,
          469.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Former name, former address and former fiscal year, if changed since last report) ",
        "box": [
          165.02,
          473.02313480000004,
          449.09200000000016,
          479.6057720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          28.8,
          482.1279006,
          29.05,
          482.9507302556183
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities registered pursuant to Section 12(b) of the Act:",
        "box": [
          28.8,
          495.04891599999996,
          259.1000000000001,
          503.2772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Title of each class",
        "box": [
          138.66,
          521.4731448,
          198.8679999999999,
          528.0557820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trading",
        "box": [
          314.51001,
          512.2831448,
          342.50201000000004,
          518.8657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "symbol(s)",
        "box": [
          312.07001,
          521.4731448,
          344.95001,
          528.0557820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Name of each exchange",
        "box": [
          426.26999,
          512.2831448,
          506.0059900000001,
          518.8657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on which registered",
        "box": [
          432.60001,
          521.4731448,
          499.6800100000001,
          528.0557820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A common stock, par value $0.01 per share",
        "box": [
          64.08,
          533.888916,
          273.42,
          542.1172125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT",
        "box": [
          313.51001,
          533.888916,
          343.4900100000001,
          542.1172125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York Stock Exchange",
        "box": [
          409.07001,
          533.888916,
          523.1800100000002,
          542.1172125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "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 Exchange Act of 1934 ",
        "box": [
          28.8,
          550.5209954,
          585.7110000000001,
          557.9264623005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing ",
        "box": [
          28.8,
          560.4210154,
          585.3779999999996,
          567.8264823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "requirements for the past 90 days. Yes ",
        "box": [
          28.8,
          570.3210454,
          169.18001,
          577.7265123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2612",
        "box": [
          169.18001,
          570.12768625,
          176.20901,
          578.7409675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " No ",
        "box": [
          176.21001,
          570.3210454,
          191.70001,
          577.7265123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          191.70001,
          570.12768625,
          198.72901,
          578.7409675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          198.73001,
          570.3210454,
          200.98001,
          577.7265123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of ",
        "box": [
          28.8,
          582.2210054,
          585.6389999999997,
          589.6264723005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Regulation S-T (\u00a7232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such ",
        "box": [
          28.8,
          592.1210354,
          585.5039999999997,
          599.5265023005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "files). Yes ",
        "box": [
          28.8,
          602.0209954,
          68.0,
          609.4264623005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2612",
        "box": [
          68.0,
          601.8276362500001,
          75.029,
          610.4409175000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " No ",
        "box": [
          75.03,
          602.0209954,
          90.52,
          609.4264623005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          90.52,
          601.8276362500001,
          97.54899999999999,
          610.4409175000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          97.55,
          602.0209954,
          99.8,
          609.4264623005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an ",
        "box": [
          28.8,
          613.9210154,
          585.729,
          621.3264823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "emerging  growth  company.  See  the  definitions  of  'large  accelerated  filer,'  'accelerated  filer,'  'smaller  reporting  company'  and  'emerging  growth ",
        "box": [
          28.8,
          623.8210454,
          585.6389999999999,
          631.2265123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "company' in Rule 12b-2 of the Exchange Act.",
        "box": [
          28.8,
          633.7210054,
          195.76800000000003,
          641.1264723005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Large accelerated filer",
        "box": [
          61.13,
          649.7499407,
          146.5445,
          657.5668224283736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          205.88,
          649.7499407,
          208.255,
          657.5668224283736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2612",
        "box": [
          208.25,
          649.545839375,
          215.6695,
          658.63763625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          280.88,
          649.7499407,
          283.255,
          657.5668224283736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accelerated filer",
        "box": [
          370.88,
          649.7499407,
          434.40650000000016,
          657.5668224283736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          541.08002,
          649.7499407,
          543.45502,
          657.5668224283736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          543.45001,
          649.545839375,
          550.86951,
          658.63763625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-accelerated filer",
        "box": [
          61.13,
          667.7499407,
          141.538,
          675.5668224283736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          205.88,
          667.7499407,
          208.255,
          675.5668224283736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          208.25,
          667.545839375,
          215.6695,
          676.63763625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          280.88,
          667.7499407,
          283.255,
          675.5668224283736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Smaller reporting company",
        "box": [
          370.88,
          667.7499407,
          474.78150000000016,
          675.5668224283736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          541.08002,
          667.7499407,
          543.45502,
          675.5668224283736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          543.45001,
          667.545839375,
          550.86951,
          676.63763625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          280.88,
          685.7499407,
          283.255,
          693.5668224283736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Emerging growth company",
        "box": [
          370.88,
          685.7499407,
          474.8005000000001,
          693.5668224283736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          541.08002,
          685.7499407,
          543.45502,
          693.5668224283736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          543.45001,
          685.545839375,
          550.86951,
          694.63763625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new ",
        "box": [
          28.8,
          702.8710354,
          585.675,
          710.2765023005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ",
        "box": [
          28.8,
          713.2210054,
          383.73993,
          720.6264723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          383.73993,
          713.02764625,
          390.76893,
          721.6409275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.76993,
          713.2210054,
          393.01993,
          720.6264723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ",
        "box": [
          28.8,
          725.5710454,
          456.2010000000001,
          732.9765123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          455.89999,
          725.37768625,
          462.92899,
          733.9909675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " No ",
        "box": [
          462.92999,
          725.5710454,
          478.41998,
          732.9765123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2612",
        "box": [
          478.41998,
          725.37768625,
          485.44898,
          733.9909675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The number of the registrant's shares of class A common stock, par value $0.01 per share, outstanding as of July 23, 2026 was 168,543,591",
        "box": [
          28.8,
          737.9210154,
          531.7099900000001,
          745.3264823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          583.04999,
          757.7520701,
          585.17499,
          764.7461221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 2,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "TABLE OF CONTENTS ",
        "box": [
          252.14999,
          54.148926000000074,
          362.3499900000003,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          65.87469720000001,
          61.5,
          75.74865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          62.25,
          89.27892600000007,
          64.75,
          97.50722255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          110.25,
          89.27892600000007,
          112.75,
          97.50722255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Page",
        "box": [
          530.34998,
          91.03314479999995,
          545.8939799999999,
          97.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "PART I. ",
        "box": [
          62.25,
          103.44891600000005,
          100.83999999999999,
          111.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FINANCIAL INFORMATION",
        "box": [
          110.25,
          103.44891600000005,
          243.77999999999997,
          111.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 1.",
        "box": [
          62.25,
          123.85888599999998,
          96.66999999999999,
          132.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FINANCIAL STATEMENTS",
        "box": [
          110.25,
          123.85888599999998,
          231.56000000000006,
          132.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          544.73999,
          123.85888599999998,
          549.73999,
          132.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Financial Statements (Unaudited):",
        "box": [
          110.25,
          144.10888599999998,
          302.5100000000001,
          152.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025",
        "box": [
          110.25,
          164.35888599999998,
          404.1400000000001,
          172.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          544.73999,
          164.35888599999998,
          549.73999,
          172.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025",
        "box": [
          110.25,
          184.60888599999998,
          512.7,
          192.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          544.73999,
          184.60888599999998,
          549.73999,
          192.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated  Statements  of  Comprehensive  Income  for  the  Three  and  Six  Months  Ended  June  30, ",
        "box": [
          110.25,
          199.60888599999998,
          523.7100000000003,
          207.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and 2025",
        "box": [
          120.25,
          211.00890600000002,
          179.68,
          219.23720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          544.73999,
          199.60888599999998,
          549.73999,
          207.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 2025 ",
        "box": [
          110.25,
          225.85888599999998,
          523.6300000000002,
          234.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and June 30, 2026 and 2025",
        "box": [
          120.25,
          237.25890600000002,
          232.43,
          245.48720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          544.73999,
          225.85888599999998,
          549.73999,
          234.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025",
        "box": [
          110.25,
          252.10888599999998,
          473.06,
          260.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "box": [
          544.73999,
          252.10888599999998,
          549.73999,
          260.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements",
        "box": [
          110.25,
          267.108886,
          285.0300000000001,
          275.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          539.73999,
          267.108886,
          549.73999,
          275.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 2.",
        "box": [
          62.25,
          287.35891599999997,
          96.66999999999999,
          295.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND ",
        "box": [
          110.25,
          287.35891599999997,
          485.11000000000064,
          295.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RESULTS OF OPERATIONS",
        "box": [
          110.25,
          298.75890599999997,
          233.52000000000007,
          306.9872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56",
        "box": [
          539.73999,
          287.35891599999997,
          549.73999,
          295.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 3.",
        "box": [
          62.25,
          313.60891599999997,
          96.66999999999999,
          321.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK",
        "box": [
          110.25,
          313.60891599999997,
          455.02000000000055,
          321.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91",
        "box": [
          539.73999,
          313.60891599999997,
          549.73999,
          321.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 4.",
        "box": [
          62.25,
          333.85891599999997,
          96.66999999999999,
          342.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CONTROLS AND PROCEDURES",
        "box": [
          110.25,
          333.85891599999997,
          254.61,
          342.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93",
        "box": [
          539.73999,
          333.85891599999997,
          549.73999,
          342.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "PART II.",
        "box": [
          62.25,
          353.948916,
          102.22999999999999,
          362.1772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OTHER INFORMATION",
        "box": [
          110.25,
          353.948916,
          223.21999999999997,
          362.1772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 1.",
        "box": [
          62.25,
          374.35891599999997,
          96.66999999999999,
          382.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LEGAL PROCEEDINGS",
        "box": [
          110.25,
          374.35891599999997,
          214.34000000000003,
          382.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94",
        "box": [
          539.73999,
          374.35891599999997,
          549.73999,
          382.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 1A.",
        "box": [
          62.25,
          394.60891599999997,
          103.88999999999999,
          402.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RISK FACTORS",
        "box": [
          110.25,
          394.60891599999997,
          180.5,
          402.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94",
        "box": [
          539.73999,
          394.60891599999997,
          549.73999,
          402.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 2.",
        "box": [
          62.25,
          414.85891599999997,
          96.66999999999999,
          423.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS",
        "box": [
          110.25,
          414.85891599999997,
          447.27000000000055,
          423.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "95",
        "box": [
          539.73999,
          414.85891599999997,
          549.73999,
          423.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 3.",
        "box": [
          62.25,
          435.10891599999997,
          96.66999999999999,
          443.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "DEFAULTS UPON SENIOR SECURITIES",
        "box": [
          110.25,
          435.10891599999997,
          288.7600000000001,
          443.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96",
        "box": [
          539.73999,
          435.10891599999997,
          549.73999,
          443.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 4.",
        "box": [
          62.25,
          455.35891599999997,
          96.66999999999999,
          463.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MINE SAFETY DISCLOSURES",
        "box": [
          110.25,
          455.35891599999997,
          245.74000000000007,
          463.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96",
        "box": [
          539.73999,
          455.35891599999997,
          549.73999,
          463.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 5.",
        "box": [
          62.25,
          475.60891599999997,
          96.66999999999999,
          483.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OTHER INFORMATION",
        "box": [
          110.25,
          475.60891599999997,
          216.02,
          483.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96",
        "box": [
          539.73999,
          475.60891599999997,
          549.73999,
          483.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 6.",
        "box": [
          62.25,
          495.85891599999997,
          96.66999999999999,
          504.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EXHIBITS",
        "box": [
          110.25,
          495.85891599999997,
          155.77000000000004,
          504.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97",
        "box": [
          539.73999,
          495.85891599999997,
          549.73999,
          504.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SIGNATURES",
        "box": [
          62.25,
          516.108886,
          124.43999999999998,
          524.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99",
        "box": [
          539.73999,
          516.108886,
          549.73999,
          524.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 3,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "TABLE OF CONTENTS",
        "box": [
          252.14999,
          54.148926000000074,
          359.8499900000003,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Website Disclosure ",
        "box": [
          58.5,
          77.14892600000007,
          137.29999999999998,
          85.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  use  our  website  (",
        "box": [
          58.5,
          94.81890600000008,
          153.73000000000002,
          103.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "www.blackstonemortgagetrust.com",
        "box": [
          153.73001,
          94.81890600000008,
          294.71001,
          103.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ")  as  a  channel  of  distribution  of  company  information.  The ",
        "box": [
          294.71002,
          94.81890600000008,
          555.89002,
          103.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in ",
        "box": [
          58.5,
          106.308896,
          555.9099999999997,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "addition to following our press releases, Securities and Exchange Commission, or SEC, filings and public conference calls, ",
        "box": [
          58.5,
          117.808896,
          555.9600000000003,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone Mortgage ",
        "box": [
          58.5,
          129.308896,
          555.8700000000001,
          137.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust when you enroll your email address by visiting the 'Contact Us and Email Alerts' section of our website at ",
        "box": [
          58.5,
          140.808896,
          513.55,
          149.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "http://ir.blackstonemortgagetrust.com",
        "box": [
          58.5,
          152.31890600000008,
          210.56999999999996,
          160.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ". The contents of our website and any alerts are not, however, a part of this report. ",
        "box": [
          210.57001,
          152.31890600000008,
          540.4900099999999,
          160.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 4,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "PART I.",
        "box": [
          58.5,
          54.148926000000074,
          94.58999999999999,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 1. FINANCIAL STATEMENTS ",
        "box": [
          58.5,
          71.64892600000007,
          227.56999999999996,
          79.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
          236.75,
          89.14892600000007,
          377.75,
          97.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Balance Sheets (Unaudited)",
        "box": [
          217.85001,
          100.64892600000007,
          394.14000999999996,
          108.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " (in thousands, except share data) ",
        "box": [
          234.64,
          112.14892600000007,
          379.85999999999996,
          120.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          123.87469720000001,
          61.5,
          133.74865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          141.53314479999995,
          63.13,
          148.11578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          416.28,
          141.53314479999995,
          462.712,
          148.11578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          484.06,
          141.53314479999995,
          548.7,
          148.11578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          61.13,
          153.94891600000005,
          87.78,
          162.17721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          61.13,
          169.10888599999998,
          166.28,
          177.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          169.10888599999998,
          412.88,
          177.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "432,833 ",
        "box": [
          439.67,
          169.10888599999998,
          474.67,
          177.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          169.10888599999998,
          489.38,
          177.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "452,526 ",
        "box": [
          516.92,
          169.10888599999998,
          551.92,
          177.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable",
        "box": [
          61.13,
          184.10888599999998,
          129.07999999999996,
          192.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,334,730",
        "box": [
          428.62,
          184.10888599999998,
          473.62,
          192.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,069,134",
        "box": [
          505.87,
          184.10888599999998,
          550.87,
          192.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current expected credit loss reserve",
        "box": [
          61.13,
          199.10888599999998,
          204.26999999999998,
          207.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(397,835)",
        "box": [
          434.45999,
          199.10888599999998,
          473.61999,
          207.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(284,440)",
        "box": [
          511.70999,
          199.10888599999998,
          550.86999,
          207.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          214.10888599999998,
          146.27999999999997,
          222.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,936,895",
        "box": [
          428.62,
          214.10888599999998,
          473.62,
          222.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,784,694",
        "box": [
          505.87,
          214.10888599999998,
          550.87,
          222.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned real estate, net",
        "box": [
          61.13,
          229.10888599999998,
          149.89,
          237.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          229.77892600000007,
          407.88,
          238.00722255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,296,989 ",
        "box": [
          432.17,
          229.77892600000007,
          474.67,
          238.00722255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,134,975",
        "box": [
          510.87,
          229.10888599999998,
          550.87,
          237.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in unconsolidated entities (includes $136,158 and $111,010 at fair ",
        "box": [
          61.13,
          244.10888599999998,
          378.61001999999996,
          252.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value as of June 30, 2026 and December 31, 2025, respectively)",
        "box": [
          71.13,
          255.50890600000002,
          327.28000999999995,
          263.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "322,060",
        "box": [
          441.12,
          244.10888599999998,
          473.62,
          252.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "217,488",
        "box": [
          518.37,
          244.10888599999998,
          550.87,
          252.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          61.13,
          270.358886,
          109.67999999999998,
          278.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "415,265",
        "box": [
          441.12,
          270.358886,
          473.62,
          278.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,263",
        "box": [
          518.37,
          270.358886,
          550.87,
          278.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Assets",
        "box": [
          78.5,
          285.198916,
          130.40999999999997,
          293.4272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          285.35891599999997,
          412.88,
          293.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,404,042 ",
        "box": [
          427.17,
          285.35891599999997,
          474.67,
          293.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          285.35891599999997,
          489.38,
          293.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,002,946 ",
        "box": [
          504.42,
          285.35891599999997,
          551.9200000000001,
          293.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities and Equity",
        "box": [
          61.13,
          300.198916,
          153.85,
          308.4272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured debt, net",
        "box": [
          61.13,
          314.60891599999997,
          130.21999999999994,
          322.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          314.60891599999997,
          412.88,
          322.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,708,944 ",
        "box": [
          432.17,
          314.60891599999997,
          474.67,
          322.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          314.60891599999997,
          489.38,
          322.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,117,292 ",
        "box": [
          504.42,
          314.60891599999997,
          551.9200000000001,
          322.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations, net",
        "box": [
          61.13,
          329.60891599999997,
          189.85999999999999,
          337.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,732,964",
        "box": [
          433.62,
          329.60891599999997,
          473.62,
          337.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,139,719",
        "box": [
          510.87,
          329.60891599999997,
          550.87,
          337.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-specific debt, net",
        "box": [
          61.13,
          344.60891599999997,
          154.62,
          352.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "971,305",
        "box": [
          441.12,
          344.60891599999997,
          473.62,
          352.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,746",
        "box": [
          518.37,
          344.60891599999997,
          550.87,
          352.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term loans, net",
        "box": [
          61.13,
          359.60891599999997,
          123.55999999999997,
          367.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,878,562",
        "box": [
          433.62,
          359.60891599999997,
          473.62,
          367.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,808,000",
        "box": [
          510.87,
          359.60891599999997,
          550.87,
          367.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net",
        "box": [
          61.13,
          374.60891599999997,
          161.02999999999997,
          382.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,217,499",
        "box": [
          433.62,
          374.60891599999997,
          473.62,
          382.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "784,876",
        "box": [
          518.37,
          374.60891599999997,
          550.87,
          382.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible notes, net",
        "box": [
          61.13,
          389.60891599999997,
          149.08999999999995,
          397.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "265,310",
        "box": [
          441.12,
          389.60891599999997,
          473.62,
          397.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,745",
        "box": [
          518.37,
          389.60891599999997,
          550.87,
          397.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          61.13,
          404.60891599999997,
          123.51999999999995,
          412.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "364,871",
        "box": [
          441.12,
          404.60891599999997,
          473.62,
          412.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "386,178",
        "box": [
          518.37,
          404.60891599999997,
          550.87,
          412.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          78.5,
          419.448916,
          146.48000000000002,
          427.6772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,139,455",
        "box": [
          428.62,
          419.60891599999997,
          473.62,
          427.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,498,556",
        "box": [
          505.87,
          419.60891599999997,
          550.87,
          427.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments and contingencies (Note 21)",
        "box": [
          61.13,
          434.60891599999997,
          233.16000000000003,
          442.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          61.13,
          449.448916,
          90.00999999999999,
          457.6772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A common stock, $0.01 par value, 400,000,000 shares authorized, ",
        "box": [
          61.13,
          464.60891599999997,
          352.56999999999994,
          472.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,543,591 and 168,259,023 shares issued and outstanding as of June 30, 2026 ",
        "box": [
          71.13,
          476.00890599999997,
          394.04001,
          484.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and December 31, 2025, respectively",
        "box": [
          71.13,
          487.40890599999994,
          219.85001000000005,
          495.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,685",
        "box": [
          451.12,
          464.60891599999997,
          473.62,
          472.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,683",
        "box": [
          528.37,
          464.60891599999997,
          550.87,
          472.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional paid-in capital",
        "box": [
          61.13,
          503.60891599999997,
          163.77,
          511.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,440,390",
        "box": [
          433.62,
          503.60891599999997,
          473.62,
          511.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,430,542",
        "box": [
          510.87,
          503.60891599999997,
          550.87,
          511.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated other comprehensive income",
        "box": [
          61.13,
          518.608886,
          232.30000000000007,
          526.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,234",
        "box": [
          446.12,
          518.608886,
          473.62,
          526.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,113",
        "box": [
          523.37,
          518.608886,
          550.87,
          526.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated deficit",
        "box": [
          61.13,
          533.608886,
          142.39,
          541.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,191,769)",
        "box": [
          426.95999,
          533.608886,
          473.61999,
          541.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,945,428)",
        "box": [
          504.20999,
          533.608886,
          550.86999,
          541.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Blackstone Mortgage Trust, Inc. stockholders' equity",
        "box": [
          61.13,
          548.608886,
          298.09000000000003,
          556.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,261,540",
        "box": [
          433.62,
          548.608886,
          473.62,
          556.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,498,910",
        "box": [
          510.87,
          548.608886,
          550.87,
          556.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests",
        "box": [
          61.13,
          563.608886,
          161.3,
          571.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,047",
        "box": [
          451.12,
          563.608886,
          473.62,
          571.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,480",
        "box": [
          528.37,
          563.608886,
          550.87,
          571.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Equity",
        "box": [
          78.5,
          578.448916,
          132.64,
          586.6772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,264,587",
        "box": [
          433.62,
          578.608886,
          473.62,
          586.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,504,390",
        "box": [
          510.87,
          578.608886,
          550.87,
          586.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities and Equity",
        "box": [
          98.5,
          593.448916,
          216.48000000000008,
          601.6772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          593.608886,
          412.88,
          601.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,404,042 ",
        "box": [
          427.17,
          593.608886,
          474.67,
          601.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          593.608886,
          489.38,
          601.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,002,946 ",
        "box": [
          504.42,
          593.608886,
          551.9200000000001,
          601.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note: The consolidated balance sheets as of June 30, 2026 and December 31, 2025 include assets of consolidated variable ",
        "box": [
          58.5,
          621.358886,
          555.9700100000001,
          629.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest entities, or VIEs, that can only be used to settle obligations of each respective VIE, and liabilities of consolidated ",
        "box": [
          58.5,
          632.858886,
          555.8299999999998,
          641.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs for which creditors do not have recourse to Blackstone Mortgage Trust, Inc. As of June 30, 2026 and December 31, ",
        "box": [
          58.5,
          644.358886,
          555.9200100000003,
          652.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025, assets of the consolidated VIEs totaled $3.9 billion and $3.3 billion, respectively, and liabilities of the consolidated ",
        "box": [
          58.5,
          655.858886,
          555.9999999999999,
          664.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs totaled $2.8 billion and $2.2 billion, respectively. Refer to Note 19 for further discussion of the VIEs.",
        "box": [
          58.5,
          667.358886,
          486.9800099999998,
          675.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See accompanying notes to consolidated financial statements.",
        "box": [
          182.38,
          690.868896,
          429.61999999999983,
          699.0971925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          303.5,
          769.728886,
          308.5,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 5,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
          236.75,
          54.148926000000074,
          377.75,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Operations (Unaudited)",
        "box": [
          195.5,
          65.64892600000007,
          416.4999999999999,
          73.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands, except share and per share data) ",
        "box": [
          205.21001,
          77.14892600000007,
          409.28001,
          85.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          88.64892600000007,
          61.0,
          96.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          104.23315479999997,
          63.13,
          110.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          312.12,
          104.23315479999997,
          415.40000000000015,
          110.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          444.5,
          104.23315479999997,
          538.012,
          110.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          116.98315479999997,
          63.13,
          123.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          324.81,
          116.98315479999997,
          340.81,
          123.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          388.56,
          116.98315479999997,
          404.56,
          123.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          451.37,
          116.98315479999997,
          467.37,
          123.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          515.12,
          116.98315479999997,
          531.12,
          123.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments",
        "box": [
          61.13,
          129.39892600000007,
          237.97000000000003,
          137.6272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest and related income",
        "box": [
          78.5,
          143.808896,
          186.95000000000005,
          152.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          143.808896,
          311.63,
          152.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "309,748 ",
        "box": [
          325.67,
          143.808896,
          360.67,
          152.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          143.808896,
          375.38,
          152.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "359,537 ",
        "box": [
          389.42,
          143.808896,
          424.42,
          152.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          143.808896,
          439.13,
          152.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "615,305 ",
        "box": [
          453.17,
          143.808896,
          488.17,
          152.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          143.808896,
          502.88,
          152.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "691,594 ",
        "box": [
          516.92,
          143.808896,
          551.92,
          152.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Interest and related expenses",
        "box": [
          78.5,
          158.808896,
          217.19000000000003,
          167.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "227,182",
        "box": [
          327.12,
          158.808896,
          359.62,
          167.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,727",
        "box": [
          390.87,
          158.808896,
          423.37,
          167.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "447,918",
        "box": [
          454.62,
          158.808896,
          487.12,
          167.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "506,960",
        "box": [
          518.37,
          158.808896,
          550.87,
          167.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments, net",
        "box": [
          98.5,
          173.64892600000007,
          293.6600000000001,
          181.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,566",
        "box": [
          332.12,
          173.808896,
          359.62,
          182.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94,810",
        "box": [
          395.87,
          173.808896,
          423.37,
          182.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,387",
        "box": [
          454.62,
          173.808896,
          487.12,
          182.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "184,634",
        "box": [
          518.37,
          173.808896,
          550.87,
          182.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate",
        "box": [
          78.5,
          188.808896,
          207.22000000000003,
          197.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,497",
        "box": [
          332.12,
          188.808896,
          359.62,
          197.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,812",
        "box": [
          395.87,
          188.808896,
          423.37,
          197.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "150,091",
        "box": [
          454.62,
          188.808896,
          487.12,
          197.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,845",
        "box": [
          523.37,
          188.808896,
          550.87,
          197.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net revenue",
        "box": [
          98.5,
          203.64892600000007,
          173.43000000000004,
          211.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "158,063",
        "box": [
          327.12,
          203.808896,
          359.62,
          212.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,622",
        "box": [
          390.87,
          203.808896,
          423.37,
          212.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "317,478",
        "box": [
          454.62,
          203.808896,
          487.12,
          212.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "260,479",
        "box": [
          518.37,
          203.808896,
          550.87,
          212.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          61.13,
          218.64892600000007,
          100.54999999999998,
          226.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management and incentive fees",
        "box": [
          78.5,
          233.058896,
          205.26000000000005,
          241.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,641",
        "box": [
          332.12,
          233.058896,
          359.62,
          241.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,036",
        "box": [
          395.87,
          233.058896,
          423.37,
          241.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,454",
        "box": [
          459.62,
          233.058896,
          487.12,
          241.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,271",
        "box": [
          523.37,
          233.058896,
          550.87,
          241.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses",
        "box": [
          78.5,
          248.058896,
          225.24000000000004,
          256.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,918",
        "box": [
          332.12,
          248.058896,
          359.62,
          256.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,526",
        "box": [
          395.87,
          248.058896,
          423.37,
          256.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,899",
        "box": [
          459.62,
          248.058896,
          487.12,
          256.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,190",
        "box": [
          523.37,
          248.058896,
          550.87,
          256.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses from owned real estate",
        "box": [
          78.5,
          263.058896,
          210.01000000000005,
          271.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,440",
        "box": [
          332.12,
          263.058896,
          359.62,
          271.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,796",
        "box": [
          395.87,
          263.058896,
          423.37,
          271.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "163,415",
        "box": [
          454.62,
          263.058896,
          487.12,
          271.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94,098",
        "box": [
          523.37,
          263.058896,
          550.87,
          271.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses",
        "box": [
          98.5,
          277.89889600000004,
          160.95,
          286.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110,999",
        "box": [
          327.12,
          278.058896,
          359.62,
          286.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78,358",
        "box": [
          395.87,
          278.058896,
          423.37,
          286.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "221,768",
        "box": [
          454.62,
          278.058896,
          487.12,
          286.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "154,559",
        "box": [
          518.37,
          278.058896,
          550.87,
          286.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in current expected credit loss reserve",
        "box": [
          61.13,
          293.05889599999995,
          248.08000000000004,
          301.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(134,403)",
        "box": [
          320.45999,
          293.05889599999995,
          359.61999,
          301.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45,593)",
        "box": [
          389.20999,
          293.05889599999995,
          423.36999,
          301.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(189,458)",
        "box": [
          447.95999,
          293.05889599999995,
          487.11999,
          301.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(95,098)",
        "box": [
          516.71002,
          293.05889599999995,
          550.8700200000001,
          301.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) from unconsolidated entities",
        "box": [
          61.13,
          308.05889599999995,
          232.05000000000007,
          316.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,570",
        "box": [
          337.12,
          308.05889599999995,
          359.62,
          316.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,015)",
        "box": [
          394.20999,
          308.05889599999995,
          423.36999,
          316.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,953",
        "box": [
          464.62,
          308.05889599999995,
          487.12,
          316.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,889)",
        "box": [
          521.71002,
          308.05889599999995,
          550.8700200000001,
          316.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss on disposition of owned real estate",
        "box": [
          61.13,
          323.05889599999995,
          235.13000000000008,
          331.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          349.62,
          323.05889599999995,
          354.62,
          331.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          413.37,
          323.05889599999995,
          418.37,
          331.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(160)",
        "box": [
          465.45999,
          323.05889599999995,
          487.11999,
          331.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          540.87,
          323.05889599999995,
          545.87,
          331.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income, net",
        "box": [
          61.13,
          338.05889599999995,
          132.98999999999998,
          346.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          354.62,
          338.05889599999995,
          359.62,
          346.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "231",
        "box": [
          408.37,
          338.05889599999995,
          423.37,
          346.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          482.12,
          338.05889599999995,
          487.12,
          346.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "321",
        "box": [
          535.87,
          338.05889599999995,
          550.87,
          346.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loss) income before income taxes",
        "box": [
          61.13,
          352.898896,
          207.10000000000005,
          361.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(78,766)",
        "box": [
          325.45999,
          353.05889599999995,
          359.61999,
          361.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,887",
        "box": [
          400.87,
          353.05889599999995,
          423.37,
          361.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(83,948)",
        "box": [
          452.95999,
          353.05889599999995,
          487.11999,
          361.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,254",
        "box": [
          528.37,
          353.05889599999995,
          550.87,
          361.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax provision",
        "box": [
          61.13,
          368.05889599999995,
          146.04999999999998,
          376.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,501",
        "box": [
          337.12,
          368.05889599999995,
          359.62,
          376.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "903",
        "box": [
          408.37,
          368.05889599999995,
          423.37,
          376.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,659",
        "box": [
          464.62,
          368.05889599999995,
          487.12,
          376.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,621",
        "box": [
          528.37,
          368.05889599999995,
          550.87,
          376.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income",
        "box": [
          61.13,
          382.898896,
          133.85,
          391.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(81,267)",
        "box": [
          325.45999,
          383.05889599999995,
          359.61999,
          391.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,984",
        "box": [
          400.87,
          383.05889599999995,
          423.37,
          391.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(87,607)",
        "box": [
          452.95999,
          383.05889599999995,
          487.11999,
          391.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,633",
        "box": [
          528.37,
          383.05889599999995,
          550.87,
          391.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss (income) attributable to non-controlling interests",
        "box": [
          61.13,
          398.05889599999995,
          290.8500000000001,
          406.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          349.62,
          398.05889599999995,
          359.62,
          406.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15)",
        "box": [
          406.70999,
          398.05889599999995,
          423.36999,
          406.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88",
        "box": [
          477.12,
          398.05889599999995,
          487.12,
          406.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21)",
        "box": [
          534.21002,
          398.05889599999995,
          550.8700200000001,
          406.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income attributable to Blackstone Mortgage ",
        "box": [
          61.13,
          412.898896,
          293.9900000000001,
          421.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust, Inc.",
        "box": [
          71.13,
          424.29891599999996,
          116.37999999999998,
          432.5272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          413.05889599999995,
          311.63,
          421.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(81,222)  $ ",
        "box": [
          327.34,
          413.05889599999995,
          375.38,
          421.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,969 ",
        "box": [
          399.42,
          413.05889599999995,
          424.42,
          421.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          413.05889599999995,
          439.13,
          421.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(87,519)  $ ",
        "box": [
          454.84,
          413.05889599999995,
          502.88,
          421.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,612 ",
        "box": [
          526.92,
          413.05889599999995,
          551.92,
          421.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income per share of common stock, basic and ",
        "box": [
          61.13,
          439.148896,
          299.0300000000001,
          447.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "diluted",
        "box": [
          71.13,
          450.54891599999996,
          101.10999999999999,
          458.7772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          439.30889599999995,
          311.63,
          447.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.48) ",
        "box": [
          337.34,
          439.30889599999995,
          363.99999999999994,
          447.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          439.30889599999995,
          375.38,
          447.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.04 ",
        "box": [
          404.42,
          439.30889599999995,
          424.42,
          447.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          439.30889599999995,
          439.13,
          447.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.52) ",
        "box": [
          464.84,
          439.30889599999995,
          491.49999999999994,
          447.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          439.30889599999995,
          502.88,
          447.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.04 ",
        "box": [
          531.92,
          439.30889599999995,
          551.92,
          447.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares of common stock outstanding, ",
        "box": [
          61.13,
          465.398896,
          296.28000000000003,
          473.6271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "basic and diluted",
        "box": [
          71.13,
          476.79891599999996,
          143.88,
          485.0272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,964,515",
        "box": [
          309.62,
          465.55889599999995,
          359.62,
          473.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,893,905",
        "box": [
          373.37,
          465.55889599999995,
          423.37,
          473.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,021,130",
        "box": [
          437.12,
          465.55889599999995,
          487.12,
          473.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,949,090",
        "box": [
          500.87,
          465.55889599999995,
          550.87,
          473.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See accompanying notes to consolidated financial statements.",
        "box": [
          182.38,
          504.56890599999997,
          429.61999999999983,
          512.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          303.5,
          769.728886,
          308.5,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 6,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
          236.75,
          54.148926000000074,
          377.75,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Comprehensive Income (Unaudited) ",
        "box": [
          168.99001,
          65.64892600000007,
          445.50001999999995,
          73.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          275.57999,
          77.14892600000007,
          336.4199899999999,
          85.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          88.87469720000001,
          61.5,
          98.74865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          106.53314479999995,
          63.13,
          113.11578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          312.12,
          106.53314479999995,
          415.40000000000015,
          113.11578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          444.5,
          106.53314479999995,
          538.012,
          113.11578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          119.28314479999995,
          63.13,
          125.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          323.87,
          119.28314479999995,
          339.87,
          125.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          387.62,
          119.28314479999995,
          403.62,
          125.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          451.37,
          119.28314479999995,
          467.37,
          125.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          515.12,
          119.28314479999995,
          531.12,
          125.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income",
        "box": [
          61.13,
          131.85888599999998,
          132.17,
          140.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          131.85888599999998,
          311.63,
          140.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(81,267)  $ ",
        "box": [
          327.34,
          131.85888599999998,
          375.38,
          140.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,984 ",
        "box": [
          399.42,
          131.85888599999998,
          424.42,
          140.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          131.85888599999998,
          439.13,
          140.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(87,607)  $ ",
        "box": [
          454.84,
          131.85888599999998,
          502.88,
          140.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,633 ",
        "box": [
          526.92,
          131.85888599999998,
          551.92,
          140.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive income (loss)",
        "box": [
          61.13,
          146.85888599999998,
          203.47000000000003,
          155.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized (loss) gain on foreign currency translation",
        "box": [
          78.5,
          161.85888599999998,
          292.69,
          170.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,755)",
        "box": [
          330.45999,
          161.85888599999998,
          359.61999,
          170.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "145,481",
        "box": [
          390.87,
          161.85888599999998,
          423.37,
          170.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,156)",
        "box": [
          452.95999,
          161.85888599999998,
          487.11999,
          170.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "206,382",
        "box": [
          518.37,
          161.85888599999998,
          550.87,
          170.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized and unrealized gain (loss) on derivative ",
        "box": [
          78.5,
          176.85888599999998,
          276.2800000000001,
          185.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial instruments",
        "box": [
          88.5,
          188.25890600000002,
          172.54999999999998,
          196.48720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,615",
        "box": [
          332.12,
          176.85888599999998,
          359.62,
          185.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(143,268)",
        "box": [
          384.20999,
          176.85888599999998,
          423.36999,
          185.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,087",
        "box": [
          459.62,
          176.85888599999998,
          487.12,
          185.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(203,663)",
        "box": [
          511.70999,
          176.85888599999998,
          550.86999,
          185.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized gain (loss) on derivative financial ",
        "box": [
          78.5,
          203.10888599999998,
          261.5800000000001,
          211.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments from unconsolidated entities",
        "box": [
          88.5,
          214.50890600000002,
          251.3700000000001,
          222.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,517",
        "box": [
          337.12,
          203.10888599999998,
          359.62,
          211.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,006)",
        "box": [
          394.20999,
          203.10888599999998,
          423.36999,
          211.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,190",
        "box": [
          464.62,
          203.10888599999998,
          487.12,
          211.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,189)",
        "box": [
          521.71002,
          203.10888599999998,
          550.8700200000001,
          211.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive income (loss)",
        "box": [
          61.13,
          229.35888599999998,
          203.47000000000003,
          237.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,377",
        "box": [
          337.12,
          229.35888599999998,
          359.62,
          237.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,207",
        "box": [
          400.87,
          229.35888599999998,
          423.37,
          237.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(879)",
        "box": [
          465.45999,
          229.35888599999998,
          487.11999,
          237.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,530",
        "box": [
          528.37,
          229.35888599999998,
          550.87,
          237.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Comprehensive (loss) income",
        "box": [
          61.13,
          244.19891600000005,
          185.48000000000002,
          252.42721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(77,890)",
        "box": [
          325.45999,
          244.35888599999998,
          359.61999,
          252.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          245.02892600000007,
          370.38,
          253.25722255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,191 ",
        "box": [
          399.42,
          245.02892600000007,
          424.42,
          253.25722255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(88,486)",
        "box": [
          452.95999,
          244.35888599999998,
          487.11999,
          252.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          245.02892600000007,
          497.88,
          253.25722255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,163 ",
        "box": [
          526.92,
          245.02892600000007,
          551.92,
          253.25722255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Comprehensive loss (income) attributable to non-",
        "box": [
          61.13,
          259.358886,
          259.52000000000004,
          267.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling interests",
        "box": [
          71.13,
          270.758906,
          150.74999999999997,
          278.98720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          349.62,
          259.358886,
          359.62,
          267.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15)",
        "box": [
          406.70999,
          259.358886,
          423.36999,
          267.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88",
        "box": [
          477.12,
          259.358886,
          487.12,
          267.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21)",
        "box": [
          534.21002,
          259.358886,
          550.8700200000001,
          267.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Comprehensive (loss) income attributable to ",
        "box": [
          61.13,
          285.448916,
          252.37000000000012,
          293.6772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          71.13,
          296.848906,
          209.63000000000002,
          305.0772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          285.60891599999997,
          311.63,
          293.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(77,845)  $ ",
        "box": [
          327.34,
          285.60891599999997,
          375.38,
          293.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,176 ",
        "box": [
          399.42,
          285.60891599999997,
          424.42,
          293.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          285.60891599999997,
          439.13,
          293.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(88,398)  $ ",
        "box": [
          454.84,
          285.60891599999997,
          502.88,
          293.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,142 ",
        "box": [
          526.92,
          285.60891599999997,
          551.92,
          293.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See accompanying notes to consolidated financial statements.",
        "box": [
          182.38,
          325.11889599999995,
          429.61999999999983,
          333.3471925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          303.5,
          769.728886,
          308.5,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 7,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Balance at December 31, 2025",
        "box": [
          61.13,
          149.68102539999995,
          176.32901,
          157.08649230056437
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          195.38,
          149.8309954,
          202.13,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,683 ",
        "box": [
          207.00799999999998,
          149.8309954,
          229.50799999999998,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,430,542 ",
        "box": [
          236.63,
          149.8309954,
          279.38,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.38,
          149.8309954,
          292.13,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,113 ",
        "box": [
          315.008,
          149.8309954,
          342.008,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  (1,945,428) ",
        "box": [
          349.13,
          149.8309954,
          401.25800000000004,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          149.8309954,
          412.13,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,498,910 ",
        "box": [
          416.252,
          149.8309954,
          454.502,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          461.63,
          149.8309954,
          468.38,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,480 ",
        "box": [
          480.755,
          149.8309954,
          503.255,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  3,504,390 ",
        "box": [
          510.38,
          149.8309954,
          553.13,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchases of class A ",
        "box": [
          75.5,
          164.0809954,
          161.47700000000003,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock",
        "box": [
          84.0,
          174.34100539999997,
          136.749,
          181.7464723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          195.38,
          164.0809954,
          197.63,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1) ",
        "box": [
          219.76999999999998,
          164.0809954,
          232.514,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          236.63,
          164.0809954,
          238.88,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(801) ",
        "box": [
          259.517,
          164.0809954,
          281.261,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          164.0809954,
          336.37,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.12,
          164.0809954,
          392.62,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          164.0809954,
          407.63,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(802) ",
        "box": [
          435.764,
          164.0809954,
          457.50800000000004,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.63,
          164.0809954,
          463.88,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          492.005,
          164.0809954,
          498.755,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          510.38,
          164.0809954,
          512.63,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(802) ",
        "box": [
          533.267,
          164.0809954,
          555.011,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted class A common ",
        "box": [
          75.5,
          188.0809954,
          176.48899999999998,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock earned",
        "box": [
          84.0,
          198.34100539999997,
          129.23399999999998,
          205.7464723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          223.87,
          188.0809954,
          228.37,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,484",
        "box": [
          256.87,
          188.0809954,
          277.12,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          188.0809954,
          336.37,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.12,
          188.0809954,
          392.62,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,489",
        "box": [
          433.12,
          188.0809954,
          453.37,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.12,
          188.0809954,
          497.62,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,489",
        "box": [
          530.62,
          188.0809954,
          550.87,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends reinvested",
        "box": [
          75.5,
          212.0809954,
          151.739,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.37,
          212.0809954,
          223.87,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "160",
        "box": [
          263.62,
          212.0809954,
          277.12,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          212.0809954,
          336.37,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.12,
          212.0809954,
          392.62,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "160",
        "box": [
          439.87,
          212.0809954,
          453.37,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.12,
          212.0809954,
          497.62,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "160",
        "box": [
          537.37,
          212.0809954,
          550.87,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred directors' ",
        "box": [
          75.5,
          226.3309954,
          146.465,
          233.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation",
        "box": [
          84.0,
          236.59100539999997,
          133.99499999999998,
          243.9964723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.37,
          226.3309954,
          223.87,
          233.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "198",
        "box": [
          263.62,
          226.3309954,
          277.12,
          233.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          226.3309954,
          336.37,
          233.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.12,
          226.3309954,
          392.62,
          233.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "198",
        "box": [
          439.87,
          226.3309954,
          453.37,
          233.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.12,
          226.3309954,
          497.62,
          233.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "198",
        "box": [
          537.37,
          226.3309954,
          550.87,
          233.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income",
        "box": [
          75.5,
          250.33105539999997,
          139.49,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.37,
          250.33105539999997,
          223.87,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          268.12,
          250.33105539999997,
          272.62,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          250.33105539999997,
          336.37,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,297)",
        "box": [
          370.89001,
          250.33105539999997,
          397.13401000000005,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,297)",
        "box": [
          427.14001,
          250.33105539999997,
          453.38401000000005,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(43)",
        "box": [
          487.14001,
          250.33105539999997,
          502.13401000000005,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,340)",
        "box": [
          524.64001,
          250.33105539999997,
          550.8840099999999,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive income",
        "box": [
          75.5,
          264.58105539999997,
          181.47500000000005,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.37,
          264.58105539999997,
          223.87,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          268.12,
          264.58105539999997,
          272.62,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,256)",
        "box": [
          314.64001,
          264.58105539999997,
          340.88401000000005,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.12,
          264.58105539999997,
          392.62,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,256)",
        "box": [
          427.14001,
          264.58105539999997,
          453.38401000000005,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.12,
          264.58105539999997,
          497.62,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,256)",
        "box": [
          524.64001,
          264.58105539999997,
          550.8840099999999,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared on ",
        "box": [
          75.5,
          278.83102540000004,
          158.73200000000003,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock and deferred ",
        "box": [
          84.0,
          289.0910054,
          186.47400000000007,
          296.4964723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock units, $0.47 per share",
        "box": [
          84.0,
          299.3510154,
          182.47301000000007,
          306.7564823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.37,
          278.83102540000004,
          223.87,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          268.12,
          278.83102540000004,
          272.62,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          278.83102540000004,
          336.37,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(79,442)",
        "box": [
          366.39001,
          278.83102540000004,
          397.13401000000005,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          278.83102540000004,
          407.63,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(79,442) ",
        "box": [
          424.514,
          278.83102540000004,
          457.50800000000004,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.12,
          278.83102540000004,
          497.62,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(79,442)",
        "box": [
          520.14001,
          278.83102540000004,
          550.8840099999999,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions to non-controlling ",
        "box": [
          75.5,
          314.0810254,
          192.25700000000006,
          321.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests",
        "box": [
          84.0,
          324.3410054,
          113.99699999999999,
          331.7464723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.37,
          314.0810254,
          223.87,
          321.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          268.12,
          314.0810254,
          272.62,
          321.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          314.0810254,
          336.37,
          321.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.12,
          314.0810254,
          392.62,
          321.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          444.37,
          314.0810254,
          448.87,
          321.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,345)",
        "box": [
          475.89001,
          314.0810254,
          502.13401000000005,
          321.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,345)",
        "box": [
          524.64001,
          314.0810254,
          550.8840099999999,
          321.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at March 31, 2026",
        "box": [
          61.13,
          337.9310254,
          163.32001,
          345.33649230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          195.38,
          338.0810254,
          202.13,
          345.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,687 ",
        "box": [
          207.00799999999998,
          338.0810254,
          229.50799999999998,
          345.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,436,583 ",
        "box": [
          236.63,
          338.0810254,
          279.38,
          345.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.38,
          338.0810254,
          292.13,
          345.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,857 ",
        "box": [
          319.508,
          338.0810254,
          342.008,
          345.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  (2,031,167) ",
        "box": [
          349.13,
          338.0810254,
          401.25800000000004,
          345.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          338.0810254,
          412.13,
          345.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,414,960 ",
        "box": [
          416.252,
          338.0810254,
          454.502,
          345.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          461.63,
          338.0810254,
          468.38,
          345.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,092 ",
        "box": [
          480.755,
          338.0810254,
          503.255,
          345.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  3,418,052 ",
        "box": [
          510.38,
          338.0810254,
          553.13,
          345.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchases of class A ",
        "box": [
          75.5,
          352.3310254,
          161.47700000000003,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock",
        "box": [
          84.0,
          362.5910054,
          136.749,
          369.9964723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          195.38,
          352.3310254,
          197.63,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2) ",
        "box": [
          219.76999999999998,
          352.3310254,
          232.514,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          236.63,
          352.3310254,
          238.88,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,032) ",
        "box": [
          252.767,
          352.3310254,
          281.261,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          285.38,
          352.3310254,
          287.63,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          330.758,
          352.3310254,
          337.508,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          349.13,
          352.3310254,
          351.38,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.002,
          352.3310254,
          393.752,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          352.3310254,
          407.63,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,034) ",
        "box": [
          429.014,
          352.3310254,
          457.50800000000004,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.63,
          352.3310254,
          463.88,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          492.005,
          352.3310254,
          498.755,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          510.38,
          352.3310254,
          512.63,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,034) ",
        "box": [
          526.5169999999999,
          352.3310254,
          555.0109999999999,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted class A common ",
        "box": [
          75.5,
          376.3310254,
          176.48899999999998,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock earned",
        "box": [
          84.0,
          386.5910054,
          129.23399999999998,
          393.9964723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          195.38,
          376.3310254,
          197.63,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          218.25799999999998,
          376.3310254,
          225.00799999999998,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          236.63,
          376.3310254,
          238.88,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,476 ",
        "box": [
          255.755,
          376.3310254,
          278.255,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          285.38,
          376.3310254,
          287.63,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          330.758,
          376.3310254,
          337.508,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          349.13,
          376.3310254,
          351.38,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.002,
          376.3310254,
          393.752,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          376.3310254,
          407.63,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,476 ",
        "box": [
          432.002,
          376.3310254,
          454.502,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.63,
          376.3310254,
          463.88,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          492.005,
          376.3310254,
          498.755,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          510.38,
          376.3310254,
          512.63,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,476 ",
        "box": [
          529.505,
          376.3310254,
          552.005,
          383.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends reinvested",
        "box": [
          75.5,
          400.3310254,
          151.739,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          195.38,
          400.3310254,
          197.63,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          218.25799999999998,
          400.3310254,
          225.00799999999998,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          236.63,
          400.3310254,
          238.88,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "164 ",
        "box": [
          262.505,
          400.3310254,
          278.255,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          285.38,
          400.3310254,
          287.63,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          330.758,
          400.3310254,
          337.508,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          349.13,
          400.3310254,
          351.38,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.002,
          400.3310254,
          393.752,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          400.3310254,
          407.63,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "164 ",
        "box": [
          438.752,
          400.3310254,
          454.502,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.63,
          400.3310254,
          463.88,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          492.005,
          400.3310254,
          498.755,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          510.38,
          400.3310254,
          512.63,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "164 ",
        "box": [
          536.255,
          400.3310254,
          552.005,
          407.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred directors' ",
        "box": [
          75.5,
          414.5810254,
          146.465,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation",
        "box": [
          84.0,
          424.8410054,
          133.99499999999998,
          432.2464723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          195.38,
          414.5810254,
          197.63,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          218.25799999999998,
          414.5810254,
          225.00799999999998,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          236.63,
          414.5810254,
          238.88,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "199 ",
        "box": [
          262.505,
          414.5810254,
          278.255,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          285.38,
          414.5810254,
          287.63,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          330.758,
          414.5810254,
          337.508,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          349.13,
          414.5810254,
          351.38,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.002,
          414.5810254,
          393.752,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          414.5810254,
          407.63,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "199 ",
        "box": [
          438.752,
          414.5810254,
          454.502,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.63,
          414.5810254,
          463.88,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          492.005,
          414.5810254,
          498.755,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          510.38,
          414.5810254,
          512.63,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "199 ",
        "box": [
          536.255,
          414.5810254,
          552.005,
          421.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss",
        "box": [
          75.5,
          438.5810254,
          104.75,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          195.38,
          438.5810254,
          197.63,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          218.25799999999998,
          438.5810254,
          225.00799999999998,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          236.63,
          438.5810254,
          238.88,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          267.005,
          438.5810254,
          273.755,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          285.38,
          438.5810254,
          287.63,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          330.758,
          438.5810254,
          337.508,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          349.13,
          438.5810254,
          351.38,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(81,222) ",
        "box": [
          368.264,
          438.5810254,
          401.25800000000004,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          438.5810254,
          407.63,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(81,222) ",
        "box": [
          424.514,
          438.5810254,
          457.50800000000004,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.63,
          438.5810254,
          463.88,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45) ",
        "box": [
          489.017,
          438.5810254,
          506.261,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          510.38,
          438.5810254,
          512.63,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(81,267) ",
        "box": [
          522.0169999999999,
          438.5810254,
          555.0109999999999,
          445.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive income",
        "box": [
          75.5,
          452.8310254,
          181.47500000000005,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          195.38,
          452.8310254,
          197.63,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          218.25799999999998,
          452.8310254,
          225.00799999999998,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          236.63,
          452.8310254,
          238.88,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          267.005,
          452.8310254,
          273.755,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          285.38,
          452.8310254,
          287.63,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,377 ",
        "box": [
          319.508,
          452.8310254,
          342.008,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          349.13,
          452.8310254,
          351.38,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.002,
          452.8310254,
          393.752,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          452.8310254,
          407.63,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,377 ",
        "box": [
          432.002,
          452.8310254,
          454.502,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.63,
          452.8310254,
          463.88,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          492.005,
          452.8310254,
          498.755,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          510.38,
          452.8310254,
          512.63,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,377 ",
        "box": [
          529.505,
          452.8310254,
          552.005,
          460.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared on ",
        "box": [
          75.5,
          467.0810254,
          158.73200000000003,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock and deferred ",
        "box": [
          84.0,
          477.3410054,
          186.47400000000007,
          484.7464723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock units, $0.47 per share",
        "box": [
          84.0,
          487.6010154,
          182.47301000000007,
          495.0064823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          195.38,
          467.0810254,
          197.63,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          218.25799999999998,
          467.0810254,
          225.00799999999998,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          236.63,
          467.0810254,
          238.88,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          267.005,
          467.0810254,
          273.755,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          285.38,
          467.0810254,
          287.63,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          330.758,
          467.0810254,
          337.508,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          349.13,
          467.0810254,
          351.38,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(79,380) ",
        "box": [
          368.264,
          467.0810254,
          401.25800000000004,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          467.0810254,
          407.63,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(79,380) ",
        "box": [
          424.514,
          467.0810254,
          457.50800000000004,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.63,
          467.0810254,
          463.88,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          492.005,
          467.0810254,
          498.755,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          510.38,
          467.0810254,
          512.63,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(79,380) ",
        "box": [
          522.0169999999999,
          467.0810254,
          555.0109999999999,
          474.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at June 30, 2026",
        "box": [
          61.13,
          502.1810254,
          155.85401000000002,
          509.58649230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          195.38,
          502.3310254,
          202.13,
          509.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,685 ",
        "box": [
          207.00799999999998,
          502.3310254,
          229.50799999999998,
          509.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,440,390 ",
        "box": [
          236.63,
          502.3310254,
          279.38,
          509.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.38,
          502.3310254,
          292.13,
          509.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,234 ",
        "box": [
          315.008,
          502.3310254,
          342.008,
          509.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  (2,191,769) ",
        "box": [
          349.13,
          502.3310254,
          401.25800000000004,
          509.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          502.3310254,
          412.13,
          509.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,261,540 ",
        "box": [
          416.252,
          502.3310254,
          454.502,
          509.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          461.63,
          502.3310254,
          468.38,
          509.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,047 ",
        "box": [
          480.755,
          502.3310254,
          503.255,
          509.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  3,264,587 ",
        "box": [
          510.38,
          502.3310254,
          553.13,
          509.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          96.03314479999995,
          63.13,
          102.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          268.97,
          96.03314479999995,
          379.8180000000002,
          102.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          379.77002,
          96.03314479999995,
          381.77002,
          102.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.63,
          96.03314479999995,
          463.63,
          102.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          510.38,
          96.03314479999995,
          512.38,
          102.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A",
        "box": [
          198.88,
          118.90313479999998,
          224.88,
          125.4857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common",
        "box": [
          196.11,
          128.09313479999992,
          227.662,
          134.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Stock",
        "box": [
          201.33,
          137.28314479999995,
          222.434,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional ",
        "box": [
          238.67,
          118.77313479999998,
          277.102,
          125.3557720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Paid-",
        "box": [
          247.77,
          127.96313479999992,
          265.97799999999995,
          134.54577204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In Capital",
        "box": [
          239.44,
          137.28314479999995,
          274.32,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.29999,
          137.28314479999995,
          276.29999,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated ",
        "box": [
          290.48001,
          109.71313479999992,
          337.78401,
          116.29577204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          302.91,
          118.90313479999998,
          323.34200000000004,
          125.4857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Comprehensive ",
        "box": [
          285.48001,
          128.09313479999992,
          342.7840100000001,
          134.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (Loss)",
        "box": [
          289.03,
          137.28314479999995,
          337.23800000000006,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated",
        "box": [
          350.48001,
          127.96313479999992,
          395.79201,
          134.54577204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Deficit",
        "box": [
          360.81,
          137.28314479999995,
          385.466,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.44,
          137.28314479999995,
          387.44,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders'",
        "box": [
          405.84,
          127.96313479999992,
          452.92,
          134.54577204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Equity",
        "box": [
          416.82999,
          137.28314479999995,
          441.93399,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          441.91998,
          137.28314479999995,
          443.91998,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-",
        "box": [
          473.44,
          118.77313479999998,
          490.32,
          125.3557720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Controlling",
        "box": [
          462.10999,
          127.96313479999992,
          501.65398999999996,
          134.54577204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Interests",
        "box": [
          466.0,
          137.28314479999995,
          497.7600000000001,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          497.73999,
          137.28314479999995,
          499.73999,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          521.52002,
          127.96313479999992,
          539.7440200000001,
          134.54577204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          519.08002,
          137.28314479999995,
          542.1840199999999,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          542.17004,
          137.28314479999995,
          544.17004,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
          236.75,
          54.148926000000074,
          377.75,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Changes in Equity (Unaudited)",
        "box": [
          179.92999,
          65.64892600000007,
          432.05999,
          73.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands) ",
        "box": [
          275.57999,
          77.14892600000007,
          338.9199899999999,
          85.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          303.5,
          769.728886,
          308.5,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 8,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Balance at December 31, 2024",
        "box": [
          61.13,
          149.68102539999995,
          176.32901,
          157.08649230056437
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          195.38,
          149.8309954,
          202.13,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,728 ",
        "box": [
          207.00799999999998,
          149.8309954,
          229.50799999999998,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,511,053 ",
        "box": [
          236.63,
          149.8309954,
          279.38,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.38,
          149.8309954,
          292.13,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,268 ",
        "box": [
          319.508,
          149.8309954,
          342.008,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  (1,733,741) ",
        "box": [
          349.13,
          149.8309954,
          401.25800000000004,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          149.8309954,
          412.13,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,787,308 ",
        "box": [
          416.252,
          149.8309954,
          454.502,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          461.63,
          149.8309954,
          468.38,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,881 ",
        "box": [
          480.755,
          149.8309954,
          503.255,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  3,794,189 ",
        "box": [
          510.38,
          149.8309954,
          553.13,
          157.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares of class A common ",
        "box": [
          75.5,
          164.0809954,
          173.735,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock issued, net",
        "box": [
          84.0,
          174.34100539999997,
          143.247,
          181.7464723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          223.87,
          164.0809954,
          228.37,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          266.64001,
          164.0809954,
          277.13401000000005,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          164.0809954,
          336.37,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.12,
          164.0809954,
          392.62,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          444.37,
          164.0809954,
          448.87,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.12,
          164.0809954,
          497.62,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          541.87,
          164.0809954,
          546.37,
          171.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchases of class A ",
        "box": [
          75.5,
          188.0809954,
          161.47700000000003,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock",
        "box": [
          84.0,
          198.34100539999997,
          136.749,
          205.7464723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18)",
        "box": [
          213.39,
          188.0809954,
          228.38400000000001,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(31,629)",
        "box": [
          246.39,
          188.0809954,
          277.134,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          188.0809954,
          336.37,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.12,
          188.0809954,
          392.62,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(31,647)",
        "box": [
          422.64001,
          188.0809954,
          453.38401000000005,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.12,
          188.0809954,
          497.62,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(31,647)",
        "box": [
          520.14001,
          188.0809954,
          550.8840099999999,
          195.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted class A common ",
        "box": [
          75.5,
          212.0809954,
          176.48899999999998,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock earned",
        "box": [
          84.0,
          222.34100539999997,
          129.23399999999998,
          229.7464723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          223.87,
          212.0809954,
          228.37,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,787",
        "box": [
          256.87,
          212.0809954,
          277.12,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          212.0809954,
          336.37,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.12,
          212.0809954,
          392.62,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,792",
        "box": [
          433.12,
          212.0809954,
          453.37,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.12,
          212.0809954,
          497.62,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,792",
        "box": [
          530.62,
          212.0809954,
          550.87,
          219.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends reinvested",
        "box": [
          75.5,
          236.0809954,
          151.739,
          243.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.37,
          236.0809954,
          223.87,
          243.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "213",
        "box": [
          263.62,
          236.0809954,
          277.12,
          243.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          236.0809954,
          336.37,
          243.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.12,
          236.0809954,
          392.62,
          243.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "213",
        "box": [
          439.87,
          236.0809954,
          453.37,
          243.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.12,
          236.0809954,
          497.62,
          243.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "213",
        "box": [
          537.37,
          236.0809954,
          550.87,
          243.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred directors' ",
        "box": [
          75.5,
          250.33105539999997,
          146.465,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation",
        "box": [
          84.0,
          260.5910054,
          133.99499999999998,
          267.9964723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.37,
          250.33105539999997,
          223.87,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "173",
        "box": [
          263.62,
          250.33105539999997,
          277.12,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          250.33105539999997,
          336.37,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.12,
          250.33105539999997,
          392.62,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "173",
        "box": [
          439.87,
          250.33105539999997,
          453.37,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.12,
          250.33105539999997,
          497.62,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "173",
        "box": [
          537.37,
          250.33105539999997,
          550.87,
          257.7365223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income",
        "box": [
          75.5,
          264.58105539999997,
          139.49,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.37,
          264.58105539999997,
          223.87,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          268.12,
          264.58105539999997,
          272.62,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          264.58105539999997,
          336.37,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(357)",
        "box": [
          377.64001,
          264.58105539999997,
          397.13401000000005,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          264.58105539999997,
          407.63,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(357) ",
        "box": [
          435.764,
          264.58105539999997,
          457.50800000000004,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          497.62,
          264.58105539999997,
          502.12,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(351)",
        "box": [
          531.39001,
          264.58105539999997,
          550.8840099999999,
          271.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive income",
        "box": [
          75.5,
          278.83102540000004,
          181.47500000000005,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.37,
          278.83102540000004,
          223.87,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          268.12,
          278.83102540000004,
          272.62,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "323",
        "box": [
          327.37,
          278.83102540000004,
          340.87,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.12,
          278.83102540000004,
          392.62,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "323",
        "box": [
          439.87,
          278.83102540000004,
          453.37,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.12,
          278.83102540000004,
          497.62,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "323",
        "box": [
          537.37,
          278.83102540000004,
          550.87,
          286.2364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared on ",
        "box": [
          75.5,
          293.0810254,
          158.73200000000003,
          300.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock and deferred ",
        "box": [
          84.0,
          303.3410054,
          186.47400000000007,
          310.7464723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock units, $0.47 per share",
        "box": [
          84.0,
          313.6010154,
          182.47301000000007,
          321.0064823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.37,
          293.0810254,
          223.87,
          300.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          268.12,
          293.0810254,
          272.62,
          300.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          293.0810254,
          336.37,
          300.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(80,837)",
        "box": [
          366.39001,
          293.0810254,
          397.13401000000005,
          300.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          293.0810254,
          407.63,
          300.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(80,837) ",
        "box": [
          424.514,
          293.0810254,
          457.50800000000004,
          300.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.12,
          293.0810254,
          497.62,
          300.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(80,837)",
        "box": [
          520.14001,
          293.0810254,
          550.8840099999999,
          300.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions to non-controlling ",
        "box": [
          75.5,
          328.3310254,
          192.25700000000006,
          335.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests",
        "box": [
          84.0,
          338.5910054,
          113.99699999999999,
          345.9964723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.37,
          328.3310254,
          223.87,
          335.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          268.12,
          328.3310254,
          272.62,
          335.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          331.87,
          328.3310254,
          336.37,
          335.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.12,
          328.3310254,
          392.62,
          335.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          328.3310254,
          407.63,
          335.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          443.252,
          328.3310254,
          450.002,
          335.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(137)",
        "box": [
          482.64001,
          328.3310254,
          502.13401000000005,
          335.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          510.38,
          328.3310254,
          512.63,
          335.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(137) ",
        "box": [
          533.267,
          328.3310254,
          555.011,
          335.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at March 31, 2025",
        "box": [
          61.13,
          352.1810254,
          163.32001,
          359.58649230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          195.38,
          352.3310254,
          202.13,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,716 ",
        "box": [
          207.00799999999998,
          352.3310254,
          229.50799999999998,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,486,596 ",
        "box": [
          236.63,
          352.3310254,
          279.38,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.38,
          352.3310254,
          292.13,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,591 ",
        "box": [
          319.508,
          352.3310254,
          342.008,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  (1,814,935) ",
        "box": [
          349.13,
          352.3310254,
          401.25800000000004,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          352.3310254,
          412.13,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,681,968 ",
        "box": [
          416.252,
          352.3310254,
          454.502,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          461.63,
          352.3310254,
          468.38,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,750 ",
        "box": [
          480.755,
          352.3310254,
          503.255,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  3,688,718 ",
        "box": [
          510.38,
          352.3310254,
          553.13,
          359.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchases of class A common ",
        "box": [
          75.5,
          367.31207009999997,
          188.567,
          374.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock",
        "box": [
          84.0,
          376.9920701,
          101.9435,
          383.9861221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.87,
          367.31207009999997,
          224.12,
          374.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(39)",
        "box": [
          262.14001,
          367.3310254,
          277.13401000000005,
          374.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          332.37,
          367.31207009999997,
          336.62,
          374.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.62,
          367.31207009999997,
          392.87,
          374.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(39)",
        "box": [
          438.39001,
          367.3310254,
          453.38401000000005,
          374.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.62,
          367.31207009999997,
          497.87,
          374.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(39)",
        "box": [
          535.89001,
          367.3310254,
          550.8840099999999,
          374.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted class A common stock ",
        "box": [
          75.5,
          390.56207009999997,
          190.9385,
          397.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earned",
        "box": [
          84.0,
          400.2420701,
          106.6525,
          407.2361221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.87,
          390.56207009999997,
          224.12,
          397.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,131",
        "box": [
          258.0,
          390.56207009999997,
          277.125,
          397.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          332.37,
          390.56207009999997,
          336.62,
          397.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.62,
          390.56207009999997,
          392.87,
          397.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,131",
        "box": [
          434.25,
          390.56207009999997,
          453.375,
          397.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.62,
          390.56207009999997,
          497.87,
          397.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,131",
        "box": [
          531.75,
          390.56207009999997,
          550.875,
          397.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends reinvested",
        "box": [
          75.5,
          413.81207009999997,
          147.5035,
          420.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.87,
          413.81207009999997,
          224.12,
          420.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "160",
        "box": [
          264.37,
          413.81207009999997,
          277.12,
          420.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          332.37,
          413.81207009999997,
          336.62,
          420.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.62,
          413.81207009999997,
          392.87,
          420.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "160",
        "box": [
          440.62,
          413.81207009999997,
          453.37,
          420.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.62,
          413.81207009999997,
          497.87,
          420.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "160",
        "box": [
          538.12,
          413.81207009999997,
          550.87,
          420.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred directors' compensation",
        "box": [
          75.5,
          428.06207009999997,
          189.74,
          435.0561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.87,
          428.06207009999997,
          224.12,
          435.0561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "172",
        "box": [
          264.37,
          428.06207009999997,
          277.12,
          435.0561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          332.37,
          428.06207009999997,
          336.62,
          435.0561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.62,
          428.06207009999997,
          392.87,
          435.0561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "172",
        "box": [
          440.62,
          428.06207009999997,
          453.37,
          435.0561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.62,
          428.06207009999997,
          497.87,
          435.0561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "172",
        "box": [
          538.12,
          428.06207009999997,
          550.87,
          435.0561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income",
        "box": [
          75.5,
          442.31207009999997,
          114.923,
          449.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.87,
          442.31207009999997,
          224.12,
          449.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          268.62,
          442.31207009999997,
          272.87,
          449.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          332.37,
          442.31207009999997,
          336.62,
          449.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,969",
        "box": [
          378.0,
          442.31207009999997,
          397.125,
          449.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,969",
        "box": [
          434.25,
          442.31207009999997,
          453.375,
          449.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15",
        "box": [
          493.62,
          442.31207009999997,
          502.12,
          449.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,984",
        "box": [
          531.75,
          442.31207009999997,
          550.875,
          449.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive income",
        "box": [
          75.5,
          456.56207009999997,
          175.5875,
          463.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.87,
          456.56207009999997,
          224.12,
          463.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          268.62,
          456.56207009999997,
          272.87,
          463.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,207",
        "box": [
          321.75,
          456.56207009999997,
          340.875,
          463.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          388.62,
          456.56207009999997,
          392.87,
          463.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,207",
        "box": [
          434.25,
          456.56207009999997,
          453.375,
          463.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.62,
          456.56207009999997,
          497.87,
          463.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,207",
        "box": [
          531.75,
          456.56207009999997,
          550.875,
          463.5561221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared on common ",
        "box": [
          75.5,
          470.81207009999997,
          185.983,
          477.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock and deferred stock units, ",
        "box": [
          84.0,
          480.4920701,
          189.757,
          487.4861221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.47 per share",
        "box": [
          84.0,
          490.17206009999995,
          136.1595,
          497.1661121727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          219.87,
          470.81207009999997,
          224.12,
          477.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          268.62,
          470.81207009999997,
          272.87,
          477.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          332.37,
          470.81207009999997,
          336.62,
          477.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(80,796)",
        "box": [
          368.09,
          470.81207009999997,
          397.1259999999999,
          477.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(80,796)",
        "box": [
          424.34,
          470.81207009999997,
          453.3759999999999,
          477.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          493.62,
          470.81207009999997,
          497.87,
          477.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(80,796)",
        "box": [
          521.84003,
          470.81207009999997,
          550.87603,
          477.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at June 30, 2025",
        "box": [
          61.13,
          503.67206009999995,
          150.55,
          510.6661121727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          195.38,
          503.81207009999997,
          201.755,
          510.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,716 ",
        "box": [
          208.1385,
          503.81207009999997,
          229.3885,
          510.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 5,494,020 ",
        "box": [
          236.63,
          503.81207009999997,
          278.15250000000003,
          510.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.38,
          503.81207009999997,
          291.755,
          510.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,798 ",
        "box": [
          320.638,
          503.81207009999997,
          341.888,
          510.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          349.13,
          503.81207009999997,
          355.505,
          510.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,888,762) ",
        "box": [
          359.1855,
          503.81207009999997,
          400.97149999999993,
          510.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          503.81207009999997,
          411.755,
          510.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,616,772 ",
        "box": [
          418.266,
          503.81207009999997,
          454.391,
          510.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          461.63,
          503.81207009999997,
          468.005,
          510.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,765 ",
        "box": [
          481.8855,
          503.81207009999997,
          503.1355,
          510.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 3,623,537 ",
        "box": [
          510.38,
          503.81207009999997,
          551.9025,
          510.8061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          96.03314479999995,
          63.13,
          102.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          268.97,
          96.03314479999995,
          379.8180000000002,
          102.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          379.77002,
          96.03314479999995,
          381.77002,
          102.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.63,
          96.03314479999995,
          463.63,
          102.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          510.38,
          96.03314479999995,
          512.38,
          102.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A",
        "box": [
          198.88,
          118.90313479999998,
          224.88,
          125.4857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common",
        "box": [
          196.11,
          128.09313479999992,
          227.662,
          134.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Stock",
        "box": [
          201.33,
          137.28314479999995,
          222.434,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional ",
        "box": [
          238.67,
          118.77313479999998,
          277.102,
          125.3557720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Paid-",
        "box": [
          247.77,
          127.96313479999992,
          265.97799999999995,
          134.54577204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In Capital",
        "box": [
          239.44,
          137.28314479999995,
          274.32,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.29999,
          137.28314479999995,
          276.29999,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated ",
        "box": [
          290.48001,
          109.71313479999992,
          337.78401,
          116.29577204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          302.91,
          118.90313479999998,
          323.34200000000004,
          125.4857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Comprehensive ",
        "box": [
          285.48001,
          128.09313479999992,
          342.7840100000001,
          134.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (Loss)",
        "box": [
          289.03,
          137.28314479999995,
          337.23800000000006,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated",
        "box": [
          350.48001,
          127.96313479999992,
          395.79201,
          134.54577204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Deficit",
        "box": [
          360.81,
          137.28314479999995,
          385.466,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.44,
          137.28314479999995,
          387.44,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders'",
        "box": [
          405.84,
          127.96313479999992,
          452.92,
          134.54577204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Equity",
        "box": [
          416.82999,
          137.28314479999995,
          441.93399,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          441.91998,
          137.28314479999995,
          443.91998,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-",
        "box": [
          473.44,
          118.77313479999998,
          490.32,
          125.3557720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Controlling",
        "box": [
          462.10999,
          127.96313479999992,
          501.65398999999996,
          134.54577204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Interests",
        "box": [
          466.0,
          137.28314479999995,
          497.7600000000001,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          497.73999,
          137.28314479999995,
          499.73999,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          521.52002,
          127.96313479999992,
          539.7440200000001,
          134.54577204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          519.08002,
          137.28314479999995,
          542.1840199999999,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          542.17004,
          137.28314479999995,
          544.17004,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                  ",
        "box": [
          58.5,
          519.3120701,
          96.75,
          526.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          179.2,
          530.1320800999999,
          185.575,
          537.1261321727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See accompanying notes to consolidated financial statements.",
        "box": [
          185.56,
          529.138916,
          432.79999999999984,
          537.3672125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
          236.75,
          54.148926000000074,
          377.75,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Changes in Equity (Unaudited)",
        "box": [
          179.92999,
          65.64892600000007,
          432.05999,
          73.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands) ",
        "box": [
          275.57999,
          77.14892600000007,
          338.9199899999999,
          85.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          303.5,
          769.728886,
          308.5,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 9,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
          236.75,
          54.148926000000074,
          377.75,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Cash Flows (Unaudited)",
        "box": [
          194.78999,
          65.64892600000007,
          417.19998999999996,
          73.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          275.57999,
          77.14892600000007,
          336.4199899999999,
          85.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          431.0,
          92.73315479999997,
          524.5120000000001,
          99.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          431.12,
          105.48315479999997,
          447.12,
          112.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          508.37,
          105.48315479999997,
          524.37,
          112.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flows from operating activities",
        "box": [
          61.13,
          117.89892600000007,
          214.9000000000001,
          126.12722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income",
        "box": [
          78.5,
          132.308896,
          149.54,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          132.308896,
          412.13,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(87,607)  $ ",
        "box": [
          441.34,
          132.308896,
          489.38,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,633 ",
        "box": [
          526.92,
          132.308896,
          551.92,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments to reconcile net (loss) income to net cash provided by operating ",
        "box": [
          78.5,
          147.308896,
          388.16,
          155.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "activities",
        "box": [
          88.5,
          158.70892600000002,
          124.52999999999996,
          166.93722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash compensation expense",
        "box": [
          98.5,
          173.558896,
          229.48000000000002,
          181.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,362",
        "box": [
          444.75,
          173.558896,
          472.25,
          181.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,268",
        "box": [
          522.0,
          173.558896,
          549.5,
          181.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of deferred fees on loans",
        "box": [
          98.5,
          188.558896,
          253.0400000000001,
          196.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,353)",
        "box": [
          439.45999,
          188.558896,
          473.61999,
          196.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,838)",
        "box": [
          516.71002,
          188.558896,
          550.8700200000001,
          196.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of deferred financing costs and premiums/discounts on debt ",
        "box": [
          98.5,
          203.558896,
          395.68999999999994,
          211.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations",
        "box": [
          108.5,
          214.95892600000002,
          152.9,
          223.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,347",
        "box": [
          446.12,
          203.558896,
          473.62,
          211.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,962",
        "box": [
          523.37,
          203.558896,
          550.87,
          211.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment-in-kind interest, net of interest received",
        "box": [
          98.5,
          229.808896,
          293.79000000000013,
          238.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,049)",
        "box": [
          444.45999,
          229.808896,
          473.61999,
          238.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,450)",
        "box": [
          521.71002,
          229.808896,
          550.8700200000001,
          238.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in current expected credit loss reserve",
        "box": [
          98.5,
          244.808896,
          285.4500000000001,
          253.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "189,458",
        "box": [
          441.12,
          244.808896,
          473.62,
          253.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "95,098",
        "box": [
          522.0,
          244.808896,
          549.5,
          253.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Straight-line rental income",
        "box": [
          98.5,
          259.808896,
          205.5700000000001,
          268.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,036)",
        "box": [
          444.45999,
          259.808896,
          473.61999,
          268.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,716)",
        "box": [
          520.34003,
          259.808896,
          549.50003,
          268.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization of owned real estate",
        "box": [
          98.5,
          274.808896,
          302.6500000000001,
          283.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,197",
        "box": [
          446.12,
          274.808896,
          473.62,
          283.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,918",
        "box": [
          522.0,
          274.808896,
          549.5,
          283.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss on disposition of owned real estate",
        "box": [
          98.5,
          289.80889599999995,
          272.5,
          298.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "160",
        "box": [
          458.62,
          289.80889599999995,
          473.62,
          298.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          539.5,
          289.80889599999995,
          544.5,
          298.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Income) loss from unconsolidated entities",
        "box": [
          98.5,
          304.80889599999995,
          269.4200000000001,
          313.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,953)",
        "box": [
          444.45999,
          304.80889599999995,
          473.61999,
          313.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,889",
        "box": [
          528.37,
          304.80889599999995,
          550.87,
          313.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions of earnings from unconsolidated entities",
        "box": [
          98.5,
          319.80889599999995,
          314.10999999999996,
          328.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,078",
        "box": [
          446.12,
          319.80889599999995,
          473.62,
          328.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          539.5,
          320.47891599999997,
          544.5,
          328.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized loss on derivative financial instruments, net",
        "box": [
          98.5,
          334.80889599999995,
          319.05,
          343.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,288",
        "box": [
          451.12,
          334.80889599999995,
          473.62,
          343.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,024",
        "box": [
          528.37,
          334.80889599999995,
          550.87,
          343.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized gain on derivative financial instruments, net",
        "box": [
          98.5,
          349.80889599999995,
          311.81000000000006,
          358.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,764)",
        "box": [
          439.45999,
          349.80889599999995,
          473.61999,
          358.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,634)",
        "box": [
          516.71002,
          349.80889599999995,
          550.8700200000001,
          358.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in assets and liabilities, net",
        "box": [
          78.5,
          364.80889599999995,
          222.76000000000005,
          373.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          98.5,
          379.80889599999995,
          147.04999999999998,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "112,315",
        "box": [
          441.12,
          379.80889599999995,
          473.62,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,313",
        "box": [
          523.37,
          379.80889599999995,
          550.87,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          98.5,
          394.80889599999995,
          160.89000000000004,
          403.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,503)",
        "box": [
          443.09,
          394.80889599999995,
          472.24999999999994,
          403.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,282",
        "box": [
          528.37,
          394.80889599999995,
          550.87,
          403.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by operating activities",
        "box": [
          78.5,
          409.80889599999995,
          242.4600000000001,
          418.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "234,940",
        "box": [
          441.12,
          409.80889599999995,
          473.62,
          418.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "157,749",
        "box": [
          518.37,
          409.80889599999995,
          550.87,
          418.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flows from investing activities",
        "box": [
          61.13,
          424.648896,
          212.13000000000008,
          432.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal fundings of loans receivable",
        "box": [
          78.5,
          439.05889599999995,
          230.00000000000006,
          447.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,449,551)",
        "box": [
          426.95999,
          439.05889599999995,
          473.61999,
          447.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,440,030)",
        "box": [
          504.20999,
          439.05889599999995,
          550.86999,
          447.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal collections, sales proceeds, and cost-recovery proceeds from loans ",
        "box": [
          78.5,
          454.05889599999995,
          385.0699999999999,
          462.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable",
        "box": [
          88.5,
          465.458896,
          129.52999999999997,
          473.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,794,016",
        "box": [
          433.62,
          454.05889599999995,
          473.62,
          462.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,408,253",
        "box": [
          510.87,
          454.05889599999995,
          550.87,
          462.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination and other fees received on loans receivable",
        "box": [
          78.5,
          480.30889599999995,
          299.0400000000001,
          488.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,058",
        "box": [
          446.12,
          480.30889599999995,
          473.62,
          488.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,475",
        "box": [
          523.37,
          480.30889599999995,
          550.87,
          488.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment in debt securities",
        "box": [
          78.5,
          495.30889599999995,
          193.07000000000002,
          503.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(66,650)",
        "box": [
          439.45999,
          495.30889599999995,
          473.61999,
          503.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          540.87,
          495.30889599999995,
          545.87,
          503.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payments under derivative financial instruments",
        "box": [
          78.5,
          510.30889599999995,
          271.59000000000015,
          518.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(48,412)",
        "box": [
          439.45999,
          510.30889599999995,
          473.61999,
          518.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(127,982)",
        "box": [
          511.70999,
          510.30889599999995,
          550.86999,
          518.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Receipts under derivative financial instruments",
        "box": [
          78.5,
          525.308896,
          267.1200000000001,
          533.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,859",
        "box": [
          446.12,
          525.308896,
          473.62,
          533.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94,364",
        "box": [
          523.37,
          525.308896,
          550.87,
          533.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral deposited under derivative agreements",
        "box": [
          78.5,
          540.308896,
          274.32000000000005,
          548.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(135,830)",
        "box": [
          434.45999,
          540.308896,
          473.61999,
          548.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(343,500)",
        "box": [
          511.70999,
          540.308896,
          550.86999,
          548.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Return of collateral deposited under derivative agreements",
        "box": [
          78.5,
          555.308896,
          312.6100000000001,
          563.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "157,850",
        "box": [
          441.12,
          555.308896,
          473.62,
          563.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "261,890",
        "box": [
          518.37,
          555.308896,
          550.87,
          563.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment in unconsolidated entities",
        "box": [
          78.5,
          570.308896,
          227.48000000000005,
          578.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(136,041)",
        "box": [
          434.45999,
          570.308896,
          473.61999,
          578.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(107,712)",
        "box": [
          511.70999,
          570.308896,
          550.86999,
          578.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Return of capital from unconsolidated entities",
        "box": [
          78.5,
          585.308896,
          261.8700000000001,
          593.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,534",
        "box": [
          446.12,
          585.308896,
          473.62,
          593.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          539.5,
          585.978886,
          544.5,
          594.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from disposition of owned real estate",
        "box": [
          78.5,
          600.308896,
          265.53000000000003,
          608.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,148",
        "box": [
          446.12,
          600.308896,
          473.62,
          608.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          539.5,
          600.978886,
          544.5,
          609.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital expenditures on owned real estate",
        "box": [
          78.5,
          615.308896,
          245.22000000000006,
          623.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,958)",
        "box": [
          439.45999,
          615.308896,
          473.61999,
          623.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,846)",
        "box": [
          521.71002,
          615.308896,
          550.8700200000001,
          623.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by (used in) investing activities",
        "box": [
          78.5,
          630.308896,
          279.11,
          638.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "186,023",
        "box": [
          441.12,
          630.308896,
          473.62,
          638.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(231,088)",
        "box": [
          511.70999,
          630.308896,
          550.86999,
          638.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "continued\u2026",
        "box": [
          504.10001,
          658.058896,
          548.50001,
          666.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See accompanying notes to consolidated financial statements.",
        "box": [
          182.38,
          681.568906,
          429.61999999999983,
          689.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "box": [
          303.5,
          769.728886,
          308.5,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 10,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
          236.75,
          54.148926000000074,
          377.75,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Cash Flows (Unaudited)",
        "box": [
          194.78999,
          65.64892600000007,
          417.19998999999996,
          73.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands) ",
        "box": [
          275.57999,
          77.14892600000007,
          338.9199899999999,
          85.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          92.73315479999997,
          63.13,
          99.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          431.0,
          92.73315479999997,
          524.5120000000001,
          99.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          105.48315479999997,
          63.13,
          112.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          431.12,
          105.48315479999997,
          447.12,
          112.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          508.37,
          105.48315479999997,
          524.37,
          112.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flows from financing activities",
        "box": [
          61.13,
          117.89892600000007,
          213.8000000000001,
          126.12722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings under secured debt",
        "box": [
          78.5,
          132.308896,
          203.68000000000004,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          132.308896,
          412.13,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,434,395 ",
        "box": [
          432.17,
          132.308896,
          474.67,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          132.308896,
          489.38,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,525,536 ",
        "box": [
          509.42,
          132.308896,
          551.9200000000001,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments under secured debt",
        "box": [
          78.5,
          147.308896,
          205.86,
          155.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,781,133)",
        "box": [
          426.95999,
          147.308896,
          473.61999,
          155.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,072,147)",
        "box": [
          504.20999,
          147.308896,
          550.86999,
          155.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from issuance of securitized debt obligations",
        "box": [
          78.5,
          162.308896,
          296.02,
          170.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "880,000",
        "box": [
          441.12,
          162.308896,
          473.62,
          170.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "831,250",
        "box": [
          518.37,
          162.308896,
          550.87,
          170.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments of securitized debt obligations",
        "box": [
          78.5,
          177.308896,
          251.0600000000001,
          185.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(275,561)",
        "box": [
          434.45999,
          177.308896,
          473.61999,
          185.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(169,926)",
        "box": [
          511.70999,
          177.308896,
          550.86999,
          185.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings under asset-specific debt",
        "box": [
          78.5,
          192.308896,
          226.96000000000006,
          200.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,322",
        "box": [
          446.12,
          192.308896,
          473.62,
          200.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "230,699",
        "box": [
          518.37,
          192.308896,
          550.87,
          200.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments under asset-specific debt",
        "box": [
          78.5,
          207.308896,
          229.14000000000004,
          215.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(48,000)",
        "box": [
          439.45999,
          207.308896,
          473.61999,
          215.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(936,274)",
        "box": [
          511.70999,
          207.308896,
          550.86999,
          215.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments of loan participations",
        "box": [
          78.5,
          222.308896,
          215.27000000000007,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          463.62,
          222.308896,
          468.62,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(54,028)",
        "box": [
          516.71002,
          222.308896,
          550.8700200000001,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net proceeds from term loan borrowings",
        "box": [
          78.5,
          237.308896,
          241.40000000000006,
          245.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,117",
        "box": [
          446.12,
          237.308896,
          473.62,
          245.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          540.87,
          237.308896,
          545.87,
          245.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments and repurchases of term loans",
        "box": [
          78.5,
          252.308896,
          249.69000000000005,
          260.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,810)",
        "box": [
          444.45999,
          252.308896,
          473.61999,
          260.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,690)",
        "box": [
          521.71002,
          252.308896,
          550.8700200000001,
          260.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from issuance of senior secured notes",
        "box": [
          78.5,
          267.308896,
          267.19,
          275.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000",
        "box": [
          441.12,
          267.308896,
          473.62,
          275.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          540.87,
          267.308896,
          545.87,
          275.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment of deferred financing costs",
        "box": [
          78.5,
          282.30889599999995,
          222.78000000000006,
          290.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27,416)",
        "box": [
          439.45999,
          282.30889599999995,
          473.61999,
          290.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(28,541)",
        "box": [
          516.71002,
          282.30889599999995,
          550.8700200000001,
          290.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions to non-controlling interests",
        "box": [
          78.5,
          297.30889599999995,
          241.4000000000001,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,345)",
        "box": [
          444.45999,
          297.30889599999995,
          473.61999,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(137)",
        "box": [
          529.21002,
          297.30889599999995,
          550.8700200000001,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends paid on class A common stock",
        "box": [
          78.5,
          312.30889599999995,
          244.47000000000003,
          320.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(158,363)",
        "box": [
          434.45999,
          312.30889599999995,
          473.61999,
          320.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(161,856)",
        "box": [
          511.70999,
          312.30889599999995,
          550.86999,
          320.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchases of class A common stock",
        "box": [
          78.5,
          327.30889599999995,
          232.51,
          335.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,836)",
        "box": [
          444.45999,
          327.30889599999995,
          473.61999,
          335.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(31,686)",
        "box": [
          516.71002,
          327.30889599999995,
          550.8700200000001,
          335.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash (used in) provided by financing activities",
        "box": [
          78.5,
          342.30889599999995,
          280.21000000000004,
          350.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(438,630)",
        "box": [
          434.45999,
          342.30889599999995,
          473.61999,
          350.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,200",
        "box": [
          518.37,
          342.30889599999995,
          550.87,
          350.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (decrease) increase in cash and cash equivalents",
        "box": [
          61.13,
          357.148896,
          282.32,
          365.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,667)",
        "box": [
          439.45999,
          357.30889599999995,
          473.61999,
          365.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,861",
        "box": [
          523.37,
          357.30889599999995,
          550.87,
          365.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents at beginning of period",
        "box": [
          61.13,
          372.30889599999995,
          257.31000000000006,
          380.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "452,526",
        "box": [
          441.12,
          372.30889599999995,
          473.62,
          380.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "323,483",
        "box": [
          518.37,
          372.30889599999995,
          550.87,
          380.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effects of currency translation on cash and cash equivalents",
        "box": [
          61.13,
          387.30889599999995,
          300.27,
          395.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,026)",
        "box": [
          444.45999,
          387.30889599999995,
          473.61999,
          395.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,705",
        "box": [
          528.37,
          387.30889599999995,
          550.87,
          395.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents at end of period",
        "box": [
          61.13,
          402.30889599999995,
          231.77000000000007,
          410.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          402.30889599999995,
          412.13,
          410.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "432,833 ",
        "box": [
          439.67,
          402.30889599999995,
          474.67,
          410.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          402.30889599999995,
          489.38,
          410.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "388,049 ",
        "box": [
          516.92,
          402.30889599999995,
          551.92,
          410.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Supplemental disclosure of cash flows information",
        "box": [
          61.13,
          417.148896,
          275.72,
          425.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payments of interest",
        "box": [
          61.13,
          431.55889599999995,
          142.70999999999998,
          439.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          431.55889599999995,
          412.13,
          439.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(426,789)  $ ",
        "box": [
          436.34,
          431.55889599999995,
          489.38,
          439.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(483,544) ",
        "box": [
          513.59,
          431.55889599999995,
          555.2500000000001,
          439.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payments of income taxes",
        "box": [
          61.13,
          446.55889599999995,
          165.73,
          454.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          446.55889599999995,
          412.13,
          454.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,308)  $ ",
        "box": [
          446.34,
          446.55889599999995,
          489.38,
          454.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,748) ",
        "box": [
          523.59,
          446.55889599999995,
          555.2500000000001,
          454.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Supplemental disclosure of non-cash investing and financing activities",
        "box": [
          61.13,
          461.398896,
          359.00999999999993,
          469.6271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared, not paid",
        "box": [
          61.13,
          475.80889599999995,
          176.0,
          484.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          475.80889599999995,
          412.13,
          484.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(79,215)  $ ",
        "box": [
          441.34,
          475.80889599999995,
          489.38,
          484.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(80,649) ",
        "box": [
          518.59,
          475.80889599999995,
          555.2500000000001,
          484.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan principal payments held by servicer, net",
        "box": [
          61.13,
          490.80889599999995,
          243.97000000000006,
          499.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          490.80889599999995,
          412.13,
          499.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,874 ",
        "box": [
          449.67,
          490.80889599999995,
          474.67,
          499.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          490.80889599999995,
          489.38,
          499.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,996 ",
        "box": [
          521.92,
          490.80889599999995,
          551.92,
          499.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer of senior loans to owned real estate",
        "box": [
          61.13,
          505.80889599999995,
          238.42000000000007,
          514.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          505.80889599999995,
          412.13,
          514.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "180,416 ",
        "box": [
          439.67,
          505.80889599999995,
          474.67,
          514.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          505.80889599999995,
          489.38,
          514.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,721 ",
        "box": [
          521.92,
          505.80889599999995,
          551.92,
          514.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assumption of other assets and liabilities related to owned real estate",
        "box": [
          61.13,
          520.808896,
          337.4400000000001,
          529.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          520.808896,
          412.13,
          529.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,572 ",
        "box": [
          444.67,
          520.808896,
          474.67,
          529.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          520.808896,
          489.38,
          529.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,323 ",
        "box": [
          521.92,
          520.808896,
          551.92,
          529.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued capital expenditures on owned real estate",
        "box": [
          61.13,
          535.808896,
          261.96000000000004,
          544.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          535.808896,
          412.13,
          544.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "312 ",
        "box": [
          457.16999999999996,
          535.808896,
          474.66999999999996,
          544.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          535.808896,
          489.38,
          544.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          535.808896,
          546.92,
          544.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See accompanying notes to consolidated financial statements.",
        "box": [
          182.38,
          575.568906,
          429.61999999999983,
          583.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          303.5,
          769.728886,
          308.5,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 11,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "1. ORGANIZATION",
        "box": [
          58.5,
          77.64892600000007,
          149.01,
          85.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "References herein to 'Blackstone Mortgage Trust,' 'Company,' 'we,' 'us' or 'our' refer to Blackstone Mortgage Trust, ",
        "box": [
          58.5,
          95.308896,
          555.9599999999999,
          103.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise.",
        "box": [
          58.5,
          106.808896,
          455.24999999999983,
          115.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other ",
        "box": [
          58.5,
          130.308896,
          555.9799999999999,
          138.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and ",
        "box": [
          58.5,
          141.808896,
          555.8900000000001,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major ",
        "box": [
          58.5,
          153.308896,
          555.8999999999996,
          161.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "markets,  and  sponsored  by  experienced,  well-capitalized  real  estate  investment  owners  and  operators.  We  finance  our ",
        "box": [
          58.5,
          164.808896,
          556.0000000000001,
          173.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments in a variety of ways, including borrowing under secured credit facilities, issuing collateralized loan obligations, ",
        "box": [
          58.5,
          176.308896,
          555.9499999999997,
          184.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or  CLOs, other securitization transactions, syndicating senior loans and/or participations, and other forms of asset-level ",
        "box": [
          58.5,
          187.808896,
          556.0000000000001,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing,  depending  on  our  view  of  the  most  prudent  financing  option  available  for  each  of  our  investments.  We  are ",
        "box": [
          58.5,
          199.308896,
          556.0000000000001,
          207.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a ",
        "box": [
          58.5,
          210.808896,
          555.8300000000002,
          219.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol 'BXMT.' Our ",
        "box": [
          58.5,
          222.308896,
          555.9899600000001,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal executive offices are located at 345 Park Avenue, New York, New York 10154.",
        "box": [
          58.5,
          233.808896,
          415.90000000000026,
          242.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal ",
        "box": [
          58.5,
          257.308896,
          555.99,
          265.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders ",
        "box": [
          58.5,
          268.808896,
          555.9399999999999,
          277.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  maintain  our  qualification  as  a  REIT.  We  also  operate  our  business  in  a  manner  that  permits  us  to  maintain  an ",
        "box": [
          58.5,
          280.30889599999995,
          555.8700000000001,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exclusion  from  registration  under  the  Investment  Company  Act  of  1940,  as  amended.  We  are  organized  as  a  holding ",
        "box": [
          58.5,
          291.80889599999995,
          555.8699999999999,
          300.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "company and conduct our business primarily through our various subsidiaries.",
        "box": [
          58.5,
          303.30889599999995,
          371.5799999999999,
          311.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES",
        "box": [
          58.5,
          332.648896,
          329.4700000000001,
          340.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  accompanying  unaudited  consolidated  financial  statements  have  been  prepared  in  accordance  with  accounting ",
        "box": [
          58.5,
          350.30889599999995,
          555.9000000000002,
          358.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principles  generally  accepted  in  the  United  States  of  America,  or  GAAP,  for  interim  financial  information  and  the ",
        "box": [
          58.5,
          361.80889599999995,
          555.97,
          370.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes ",
        "box": [
          58.5,
          373.30889599999995,
          555.8599999999998,
          381.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thereto, are unaudited and exclude some of the disclosures required in audited financial statements. We believe we have ",
        "box": [
          58.5,
          384.80889599999995,
          555.88,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are ",
        "box": [
          58.5,
          396.30889599999995,
          555.8599999999999,
          404.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "presented fairly and that estimates made in preparing our consolidated financial statements are reasonable and prudent. The ",
        "box": [
          58.5,
          407.80889599999995,
          555.8600000000001,
          416.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operating results presented for interim periods are not necessarily indicative of the results that may be expected for any ",
        "box": [
          58.5,
          419.30889599999995,
          555.94,
          427.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should ",
        "box": [
          58.5,
          430.80889599999995,
          555.9699999999996,
          439.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for ",
        "box": [
          58.5,
          442.30889599999995,
          555.8700000000001,
          450.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission, or the SEC.",
        "box": [
          58.5,
          453.80889599999995,
          482.73999999999995,
          462.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basis of Presentation",
        "box": [
          58.5,
          483.148896,
          147.87,
          491.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  accompanying  consolidated  financial  statements  have  been  prepared  in  accordance  with  GAAP,  and  include,  on  a ",
        "box": [
          58.5,
          500.80889599999995,
          555.9499700000001,
          509.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable ",
        "box": [
          58.5,
          512.308896,
          555.89,
          520.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been ",
        "box": [
          58.5,
          523.808896,
          555.9000000000002,
          532.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "eliminated in consolidation.",
        "box": [
          58.5,
          535.308896,
          169.73999999999998,
          543.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain prior period amounts have been reclassified to conform to the current period presentation, including changes to the ",
        "box": [
          58.5,
          558.808896,
          555.9499999999997,
          567.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "presentation of certain income and expense captions and loans receivable disclosures.",
        "box": [
          58.5,
          570.308896,
          400.54999999999995,
          578.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principles of Consolidation",
        "box": [
          58.5,
          599.648926,
          173.97,
          607.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate ",
        "box": [
          58.5,
          617.308896,
          555.9200000000002,
          625.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do ",
        "box": [
          58.5,
          628.808896,
          555.9400000000002,
          637.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not have an interest with the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk ",
        "box": [
          58.5,
          640.308896,
          555.87,
          648.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for the entity to finance its activities without additional subordinated financial support from other parties. The entity that ",
        "box": [
          58.5,
          651.808896,
          555.9899999999998,
          660.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities ",
        "box": [
          58.5,
          663.308896,
          555.9900000000001,
          671.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that most significantly affect the VIE's economic performance and (ii) the right to receive benefits from the VIE or the ",
        "box": [
          58.5,
          674.808896,
          555.9799999999999,
          683.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligation to absorb losses of the VIE that could be significant to the VIE. Entities that do not qualify as VIEs are generally ",
        "box": [
          58.5,
          686.308896,
          555.9300000000001,
          694.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "considered voting interest entities, or VOEs, and are evaluated for consolidation under the voting interest model. VOEs are ",
        "box": [
          58.5,
          697.808896,
          555.8800000000001,
          706.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated when we control the entity through a majority voting interest or other means.",
        "box": [
          58.5,
          709.308896,
          419.20999999999987,
          717.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          25.59539037600007,
          375.0656000000001,
          33.79077374595806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (Unaudited)",
        "box": [
          186.74001,
          37.545400375999975,
          425.50113000000016,
          45.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 12,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "For consolidated entities, the non-controlling partner's share of the assets, liabilities, and operations of each joint venture is ",
        "box": [
          58.5,
          54.308896000000004,
          555.9499999999998,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "included  in  non-controlling  interests  as  a  component  of  total  equity.  The  non-controlling  partner's  interest  is  generally ",
        "box": [
          58.5,
          65.808896,
          555.8799999999999,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "computed as the joint venture partner's ownership percentage. ",
        "box": [
          58.5,
          77.308896,
          309.5900000000001,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the ",
        "box": [
          58.5,
          100.808896,
          555.9399999999999,
          109.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment is accounted for under the equity method of accounting. Investments in unconsolidated entities for which we ",
        "box": [
          58.5,
          112.308896,
          555.86001,
          120.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have not elected the fair value option, or FVO, are initially recorded at cost and subsequently adjusted for our pro rata share ",
        "box": [
          58.5,
          123.808896,
          555.9,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of net income, contributions and distributions. When we elect the FVO, we record our share of the net asset value of the ",
        "box": [
          58.5,
          135.308896,
          555.8000000000004,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entity and any related unrealized gains and losses.",
        "box": [
          58.5,
          146.808896,
          258.24,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We review our investments in unconsolidated entities for impairment each quarter or when there is an event or change in ",
        "box": [
          58.5,
          170.308896,
          555.9799999999998,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "circumstances that indicates a decrease in value. If there is a decrease in value due to a series of operating losses or other ",
        "box": [
          58.5,
          181.808896,
          555.91,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "factors, the investment is evaluated to determine if the loss in value is considered other than temporary. Although a current ",
        "box": [
          58.5,
          193.308896,
          555.97001,
          201.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value below the carrying value of the investment is an indicator of impairment, we will only recognize an impairment ",
        "box": [
          58.5,
          204.808896,
          555.9499999999999,
          213.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "if the loss in value is determined to be an other than temporary impairment. If an impairment is determined to be other than ",
        "box": [
          58.5,
          216.308896,
          555.8700000000002,
          224.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "temporary, we will record an impairment charge sufficient to reduce the investment's carrying value to its fair value, which ",
        "box": [
          58.5,
          227.808896,
          555.8599999999998,
          236.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "would result in a new cost basis. This new cost basis will be used for future periods when recording subsequent income or ",
        "box": [
          58.5,
          239.308896,
          555.8099999999998,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss and cannot be written up to a higher value as a result of increases in fair value.",
        "box": [
          58.5,
          250.808896,
          390.31999999999994,
          259.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In 2017, we entered into a joint venture with Walker & Dunlop Inc., or Walker & Dunlop, to originate, hold, and finance ",
        "box": [
          58.5,
          274.308896,
          555.8800000000002,
          282.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "multifamily bridge loans, which we refer to as our Multifamily Joint Venture. Pursuant to the terms of the agreements ",
        "box": [
          58.5,
          285.80889599999995,
          555.8999999999997,
          294.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "governing the joint venture, Walker & Dunlop contributed 15% of the venture's equity capital and we contributed 85%. ",
        "box": [
          58.5,
          297.30889599999995,
          555.98999,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We consolidate our Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests ",
        "box": [
          58.5,
          308.80889599999995,
          555.9099999999999,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned ",
        "box": [
          58.5,
          320.30889599999995,
          555.9499999999999,
          328.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by  Walker  &  Dunlop.  A  portion  of  our  Multifamily  Joint  Venture's  consolidated  equity  and  results  of  operations  are ",
        "box": [
          58.5,
          331.80889599999995,
          555.86,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allocated  to  these  non-controlling  interests  based  on  Walker  &  Dunlop's  pro  rata  ownership  of  our  Multifamily  Joint ",
        "box": [
          58.5,
          343.30889599999995,
          555.9799999999999,
          351.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture. ",
        "box": [
          58.5,
          354.80889599999995,
          95.67999999999998,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  2024,  we  entered  into  a  joint  venture  with  a  Blackstone-advised  investment  vehicle  to  invest  in  triple  net  lease ",
        "box": [
          58.5,
          378.30889599999995,
          555.91,
          386.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties,  which  we  refer  to  as  our  Net  Lease  Joint  Venture.  Our  aggregate  ownership  interest  in  our  Net  Lease  Joint ",
        "box": [
          58.5,
          389.80889599999995,
          555.9999900000001,
          398.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture was 75% as of June 30, 2026. We do not consolidate our Net Lease Joint Venture as we do not have a controlling ",
        "box": [
          58.5,
          401.30889599999995,
          555.8200100000001,
          409.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial interest. Our investment in our Net Lease Joint Venture is accounted for under the equity method, and is recorded ",
        "box": [
          58.5,
          412.80889599999995,
          555.9700100000002,
          421.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in  investments in unconsolidated entities on our consolidated balance sheets, and our pro rata share of income (loss) is ",
        "box": [
          58.5,
          424.30889599999995,
          555.84999,
          432.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded in income (loss) from unconsolidated entities on our consolidated statements of operations.",
        "box": [
          58.5,
          435.80889599999995,
          460.0000199999998,
          444.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In 2025, we entered into a joint venture with a Blackstone-advised investment vehicle to acquire portfolios of performing ",
        "box": [
          58.5,
          459.30889599999995,
          555.86,
          467.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial mortgage loans, which we refer to as our Bank Loan Portfolio Joint Venture. During 2025, our Bank Loan ",
        "box": [
          58.5,
          470.80889599999995,
          555.9799900000002,
          479.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portfolio  Joint  Venture  acquired  two  portfolios  of  performing  commercial  mortgage  loans.  Our  aggregate  ownership ",
        "box": [
          58.5,
          482.30889599999995,
          555.8799999999999,
          490.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest in our Bank Loan Portfolio Joint Venture was 35% as of June 30, 2026. We do not consolidate our Bank Loan ",
        "box": [
          58.5,
          493.80889599999995,
          555.9199900000001,
          502.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portfolio Joint Venture as we do not have a controlling financial interest. Our investment in our Bank Loan Portfolio Joint ",
        "box": [
          58.5,
          505.30889599999995,
          555.85,
          513.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture is accounted for using the FVO, and is recorded in investments in unconsolidated entities on our consolidated ",
        "box": [
          58.5,
          516.808896,
          555.9,
          525.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheets, and our pro rata share of any unrealized gains and losses is recorded in income (loss) from unconsolidated ",
        "box": [
          58.5,
          528.308896,
          555.8499999999999,
          536.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entities on our consolidated statements of operations.",
        "box": [
          58.5,
          539.808896,
          270.7500000000001,
          548.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  the  second  quarter  of  2026,  we  entered  into  a  joint  venture  with  an  unaffiliated  third-party,  alongside  a  Blackstone-",
        "box": [
          58.5,
          563.308896,
          553.3600000000001,
          571.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "advised  investment  vehicle,  to  acquire  an  initial  $286.7  million  portfolio  of  construction  loans  collateralized  by  single ",
        "box": [
          58.5,
          574.808896,
          555.9500099999999,
          583.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "family homes, and to continue to acquire and fund such loans in the future, which we refer to as our Homebuilder Finance ",
        "box": [
          58.5,
          586.308896,
          555.8200000000003,
          594.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Joint Venture. Our aggregate ownership interest in our Homebuilder Finance Joint Venture was 45% as of June 30, 2026. ",
        "box": [
          58.5,
          597.808896,
          555.94,
          606.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We do not consolidate  our  Homebuilder  Finance  Joint  Venture  as  we  do  not  have  a  controlling  financial  interest.  Our ",
        "box": [
          58.5,
          609.308896,
          555.91999,
          617.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment in our Homebuilder Finance Joint Venture is accounted for using the FVO, and is recorded in investments in ",
        "box": [
          58.5,
          620.808896,
          555.93,
          629.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unconsolidated entities on our consolidated balance sheets, and our pro rata share of any unrealized gains and losses is ",
        "box": [
          58.5,
          632.308896,
          555.8499999999998,
          640.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded in income (loss) from unconsolidated entities on our consolidated statements of operations.",
        "box": [
          58.5,
          643.808896,
          460.0000199999998,
          652.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Use of Estimates",
        "box": [
          58.5,
          673.148926,
          128.99999999999997,
          681.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  preparation  of  consolidated  financial  statements  in  conformity  with  GAAP  requires  us  to  make  estimates  and ",
        "box": [
          58.5,
          690.808896,
          555.8700000000001,
          699.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of ",
        "box": [
          58.5,
          702.308896,
          555.8499999999999,
          710.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting ",
        "box": [
          58.5,
          713.808896,
          555.8900000000002,
          722.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period. Actual results may ultimately differ materially from those estimates.",
        "box": [
          58.5,
          725.308896,
          362.23999999999995,
          733.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 13,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Revenue Recognition",
        "box": [
          58.5,
          54.148926000000074,
          148.7,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest  income  from  our  loans  receivable  portfolio  is  recognized  over  the  life  of  each  loan  using  the  effective  interest ",
        "box": [
          58.5,
          71.808896,
          555.9399999999997,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "method  and  is  recorded  on  the  accrual  basis.  Recognition  of  fees,  premiums,  and  discounts  associated  with  these ",
        "box": [
          58.5,
          83.308896,
          555.97,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments  is  deferred  and  recorded  over  the  term  of  the  loan  as  an  adjustment  to  yield.  Income  accrual  is  generally ",
        "box": [
          58.5,
          94.808896,
          555.9700000000001,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery ",
        "box": [
          58.5,
          106.308896,
          555.8000000000001,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized ",
        "box": [
          58.5,
          117.808896,
          555.99,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually ",
        "box": [
          58.5,
          129.308896,
          555.9100000000003,
          137.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses ",
        "box": [
          58.5,
          140.808896,
          555.9699799999999,
          149.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are deferred and recognized as a reduction to interest income; however, expenses related to loans we acquire are included ",
        "box": [
          58.5,
          152.308896,
          555.8800000000002,
          160.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in general and administrative expenses as incurred.",
        "box": [
          58.5,
          163.808896,
          262.4000000000001,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The sources of revenue from our owned real estate assets, which is included in revenue from owned real estate on our ",
        "box": [
          58.5,
          187.308896,
          555.9000000000002,
          195.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations, and the related revenue recognition policies are as follows:",
        "box": [
          58.5,
          198.808896,
          448.8299999999999,
          207.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental income primarily consists of base rent income arising from tenant leases at our office and multifamily properties. ",
        "box": [
          58.5,
          216.308896,
          555.94,
          224.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We determine if an arrangement is a lease at contract inception, which is subject to the provisions of Financial Accounting ",
        "box": [
          58.5,
          227.808896,
          555.8499999999998,
          236.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 842 'Leases.' Base rent is recognized on a ",
        "box": [
          58.5,
          239.308896,
          556.0000000000002,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "straight-line  basis  over  the  life  of  the  lease,  including  any  rent  steps  or  abatement  provisions.  We  begin  to  recognize ",
        "box": [
          58.5,
          250.808896,
          556.0,
          259.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revenue upon the acquisition of the related property or when a tenant takes possession of the leased space.",
        "box": [
          58.5,
          262.308896,
          482.45,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other operating income primarily consists of income from our hospitality properties and tenant reimbursement income. ",
        "box": [
          58.5,
          285.80889599999995,
          555.8699999999997,
          294.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from our hospitality properties consists primarily of room revenue and food and beverage revenue. Room revenue ",
        "box": [
          58.5,
          297.30889599999995,
          555.8600000000004,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered. ",
        "box": [
          58.5,
          308.80889599999995,
          555.96,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tenant  reimbursement  income  primarily  consists  of  amounts  due  from  tenants  for  costs  related  to  common  area ",
        "box": [
          58.5,
          320.30889599999995,
          555.9099999999999,
          328.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maintenance, real estate taxes, and other recoverable costs included in lease agreements.",
        "box": [
          58.5,
          331.80889599999995,
          411.2799999999999,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We evaluate the collectability of receivables related to rental revenue on an individual lease basis and exercise judgment in ",
        "box": [
          58.5,
          355.30889599999995,
          555.89,
          363.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assessing collectability considering the length of time a receivable has been outstanding, tenant credit-worthiness, payment ",
        "box": [
          58.5,
          366.80889599999995,
          555.94,
          375.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "history, available information about the financial condition of the tenant, and current economic trends, among other factors. ",
        "box": [
          58.5,
          378.30889599999995,
          555.9600000000002,
          386.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue.",
        "box": [
          58.5,
          389.80889599999995,
          444.54,
          398.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and Cash Equivalents",
        "box": [
          58.5,
          419.148896,
          175.99000000000004,
          427.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or ",
        "box": [
          58.5,
          436.80889599999995,
          555.9299999999996,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "less.  We  may  have  bank  balances  in  excess  of  federally  insured  amounts;  however,  we  deposit  our  cash  and  cash ",
        "box": [
          58.5,
          448.30889599999995,
          555.88,
          456.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not ",
        "box": [
          58.5,
          459.80889599999995,
          555.9199999999996,
          468.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expect, any losses on our cash or cash equivalents. As of both June 30, 2026 and December 31, 2025, we had no restricted ",
        "box": [
          58.5,
          471.30889599999995,
          555.90002,
          479.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash on our consolidated balance sheets.",
        "box": [
          58.5,
          482.80889599999995,
          219.97,
          491.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Receivable",
        "box": [
          58.5,
          512.148926,
          133.15999999999997,
          520.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  originate  and  purchase  commercial  real  estate  debt  and  related  instruments  generally  to  be  held  as  long-term ",
        "box": [
          58.5,
          529.808896,
          555.8799999999999,
          538.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments at amortized cost.",
        "box": [
          58.5,
          541.308896,
          179.44000000000003,
          549.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Expected Credit Losses Reserve",
        "box": [
          58.5,
          570.648926,
          232.2,
          578.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The current expected credit loss, or CECL, reserve required under the ASC Topic 326 'Financial Instruments - Credit ",
        "box": [
          58.5,
          588.308896,
          555.94,
          596.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Losses,'  or  ASC  326,  reflects  our  current  estimate  of  potential  credit  losses  related  to  our  loans  and  notes  receivable ",
        "box": [
          58.5,
          599.808896,
          555.8400000000001,
          608.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "included  in  our  consolidated  balance  sheets.  Changes  to  the  CECL  reserves  are  recognized  through  net  income  on  our ",
        "box": [
          58.5,
          611.308896,
          555.8700000000001,
          619.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations. While ASC 326 does not require any particular method for determining the CECL ",
        "box": [
          58.5,
          622.808896,
          555.9799999999998,
          631.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reserves, it does specify the reserves should be based on relevant information about past events, including historical loss ",
        "box": [
          58.5,
          634.308896,
          555.9200000000001,
          642.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "experience,  current  portfolio  and  market  conditions,  and  reasonable  and  supportable  forecasts  for  the  duration  of  each ",
        "box": [
          58.5,
          645.808896,
          555.87,
          654.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respective loan. In addition, other than a few narrow exceptions, ASC 326 requires that all financial instruments subject to ",
        "box": [
          58.5,
          657.308896,
          555.8900000000001,
          665.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the CECL model have some amount of loss reserve to reflect the principle underlying the CECL model that all loans and ",
        "box": [
          58.5,
          668.808896,
          555.9400000000002,
          677.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. ",
        "box": [
          58.5,
          680.308896,
          545.6899999999998,
          688.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which ",
        "box": [
          58.5,
          703.808896,
          555.9800000000001,
          712.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "has been identified as an acceptable loss-rate method for estimating CECL reserves in FASB Staff Q&A Topic 326, No. 1. ",
        "box": [
          58.5,
          715.308896,
          555.9300000000003,
          723.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to ",
        "box": [
          58.5,
          726.808896,
          555.9800000000001,
          735.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 14,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "each of our loans over their expected remaining term, taking into consideration expected economic conditions over the ",
        "box": [
          58.5,
          54.308896000000004,
          555.9300000000001,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relevant time frame. We apply the WARM method for the majority of our loan portfolio, which consists of loans that share ",
        "box": [
          58.5,
          65.808896,
          555.8800000000001,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-",
        "box": [
          58.5,
          77.308896,
          553.4699999999998,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted model that considers the likelihood of default and expected loss given default for each such individual loan. ",
        "box": [
          58.5,
          88.808896,
          530.4499999999998,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Application of the WARM method to estimate CECL reserves requires judgment, including (i) the appropriate historical ",
        "box": [
          58.5,
          112.308896,
          555.88,
          120.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current ",
        "box": [
          58.5,
          123.808896,
          555.9700000000001,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To ",
        "box": [
          58.5,
          135.308896,
          555.9699999999998,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market ",
        "box": [
          58.5,
          146.808896,
          555.9799999999997,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued ",
        "box": [
          58.5,
          158.308896,
          555.8999999999999,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "since January 1, 1999 through May 31, 2026. Within this database, we focused our historical loss reference calculations on ",
        "box": [
          58.5,
          169.808896,
          555.9500099999997,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable to ",
        "box": [
          58.5,
          181.308896,
          555.9,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, ",
        "box": [
          58.5,
          192.808896,
          555.8600000000002,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset ",
        "box": [
          58.5,
          204.308896,
          555.88,
          212.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to our portfolio. ",
        "box": [
          58.5,
          215.808896,
          124.57,
          224.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan. These ",
        "box": [
          58.5,
          239.308896,
          555.98,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "future  funding  commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is ",
        "box": [
          58.5,
          250.808896,
          555.97,
          259.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded as a component of other liabilities on our consolidated balance sheets. This CECL reserve is estimated using the ",
        "box": [
          58.5,
          262.308896,
          555.94,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will ",
        "box": [
          58.5,
          273.808896,
          555.9200000000002,
          282.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our ",
        "box": [
          58.5,
          285.30889599999995,
          555.9600000000002,
          293.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "internal risk rating of each loan as the primary credit quality indicator underlying our assessment. ",
        "box": [
          58.5,
          296.80889599999995,
          450.24999999999983,
          305.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The CECL reserves are measured on a collective basis wherever similar risk characteristics exist within a pool of similar ",
        "box": [
          58.5,
          320.30889599999995,
          555.8799999999998,
          328.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets. We have identified the following pools and measure the reserve for credit losses using the following methods: ",
        "box": [
          58.5,
          331.80889599999995,
          529.3699999999998,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          349.30889599999995,
          80.0,
          357.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "U.S.  Loans",
        "box": [
          94.5,
          349.30889599999995,
          143.75,
          357.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ":  WARM  method  that  incorporates  a  subset  of  historical  loss  data,  expected  weighted-average ",
        "box": [
          143.75,
          349.30889599999995,
          555.9300000000004,
          357.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "remaining maturity of our loan pool, and an economic view. ",
        "box": [
          94.5,
          360.80889599999995,
          337.5800000000001,
          369.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          378.30889599999995,
          80.0,
          386.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-U.S. Loans:",
        "box": [
          94.5,
          378.30889599999995,
          166.51999999999998,
          386.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  WARM method that incorporates a subset of historical loss data, expected weighted-average ",
        "box": [
          166.51999,
          378.30889599999995,
          555.8899900000001,
          386.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "remaining maturity of our loan pool, and an economic view. ",
        "box": [
          94.5,
          389.80889599999995,
          337.5800000000001,
          398.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          407.30889599999995,
          80.0,
          415.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unique Loans:",
        "box": [
          94.5,
          407.30889599999995,
          157.97,
          415.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " a probability of default and loss given default model, assessed on an individual basis. During the ",
        "box": [
          157.97,
          407.30889599999995,
          555.85,
          415.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three  months ended June 30, 2026, we reassessed the pooling of certain loans previously classified within our ",
        "box": [
          94.5,
          418.80889599999995,
          555.8699999999997,
          427.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unique  Loans  pool.  Based  on  our  reassessment,  we  determined  that  these  loans  share  risk  characteristics ",
        "box": [
          94.5,
          430.30889599999995,
          555.99,
          438.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "materially similar to loans in our U.S. Loans and Non-U.S. Loans pools, as evaluated under our internal risk rating ",
        "box": [
          94.5,
          441.80889599999995,
          555.8800000000001,
          450.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "framework. Accordingly, consistent with ASC 326, which requires assets with similar risk characteristics to be ",
        "box": [
          94.5,
          453.30889599999995,
          555.9399999999998,
          461.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "evaluated on a collective basis wherever similar risk characteristics exist within a pool of similar assets, we have ",
        "box": [
          94.5,
          464.80889599999995,
          555.9299999999995,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reclassified  these  loans  into  our  U.S.  Loans  and  Non-U.S.  Loans  pools,  as  applicable  based  on  the  geographic ",
        "box": [
          94.5,
          476.30889599999995,
          555.9800000000004,
          484.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "location  of  the  underlying  collateral.  This  reclassification  did  not  have  a  material  impact  on  our  total  CECL ",
        "box": [
          94.5,
          487.80889599999995,
          555.8799899999998,
          496.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reserves as of June 30, 2026.",
        "box": [
          94.5,
          499.30889599999995,
          209.7,
          507.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          516.808896,
          80.0,
          525.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impaired  Loans:",
        "box": [
          94.5,
          516.808896,
          168.07999999999998,
          525.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  impairment  is  indicated  when  it  is  deemed  probable  that  we  will  not  be  able  to  collect  all ",
        "box": [
          168.08,
          516.808896,
          555.9600000000003,
          525.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amounts due to us  pursuant  to  the  contractual  terms  of  the  loan.  Determining  that  a  loan  is  impaired  requires ",
        "box": [
          94.5,
          528.308896,
          555.8299999999998,
          536.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significant  judgment  from  management  and  is  based  on  several  factors  including  (i)  the  underlying  collateral ",
        "box": [
          94.5,
          539.808896,
          555.9600000000002,
          548.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact ",
        "box": [
          94.5,
          551.308896,
          555.9999999999999,
          559.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the borrower's ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be ",
        "box": [
          94.5,
          562.808896,
          555.9400000000002,
          571.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for ",
        "box": [
          94.5,
          574.308896,
          555.9000000000003,
          582.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing ",
        "box": [
          94.5,
          585.808896,
          555.8799999999998,
          594.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  estimated  fair  value  of  the  underlying  collateral  to  the  book  value  of  the  respective  loan.  These  valuations ",
        "box": [
          94.5,
          597.308896,
          555.9000000000001,
          605.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "require  significant  judgments,  which  include  assumptions  regarding  capitalization  rates,  discount  rates,  leasing, ",
        "box": [
          94.5,
          608.808896,
          555.91,
          617.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, ",
        "box": [
          94.5,
          620.308896,
          555.9699999999997,
          628.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could ultimately differ ",
        "box": [
          94.5,
          631.808896,
          555.8700000000001,
          640.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "materially from these estimates. We only expect to charge off the impairment losses in our consolidated financial ",
        "box": [
          94.5,
          643.308896,
          556.0000000000002,
          651.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements prepared in accordance with GAAP if and when such amounts are deemed non-recoverable. This is ",
        "box": [
          94.5,
          654.808896,
          555.9499999999999,
          663.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally at the time a loan is repaid or foreclosed, or the underlying collateral assets are otherwise consolidated. ",
        "box": [
          94.5,
          666.308896,
          555.93,
          674.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "However, non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts ",
        "box": [
          94.5,
          677.808896,
          555.8499999999997,
          686.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due will not be collected. ",
        "box": [
          94.5,
          689.308896,
          197.69000000000005,
          697.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 15,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Contractual Term and Unfunded Loan Commitments ",
        "box": [
          58.5,
          54.318906000000084,
          272.82,
          62.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of ",
        "box": [
          58.5,
          71.808896,
          555.8899999999999,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine ",
        "box": [
          58.5,
          83.308896,
          555.8700000000002,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the contractual term for purposes of computing our CECL reserves. ",
        "box": [
          58.5,
          94.808896,
          330.71000000000004,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additionally,  the  expected  credit  losses  over  the  contractual  period  of  our  loans  are  subject  to  the  obligation  to  extend ",
        "box": [
          58.5,
          118.308896,
          555.91,
          126.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, ",
        "box": [
          58.5,
          129.808896,
          555.8800000000003,
          138.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in ",
        "box": [
          58.5,
          141.308896,
          555.85,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans ",
        "box": [
          58.5,
          152.808896,
          555.9399999999995,
          161.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable. ",
        "box": [
          58.5,
          164.308896,
          104.51999999999995,
          172.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Quality Indicator ",
        "box": [
          58.5,
          193.81890600000008,
          158.66999999999996,
          202.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a ",
        "box": [
          58.5,
          211.308896,
          555.9700000000004,
          219.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including, ",
        "box": [
          58.5,
          222.808896,
          555.9699999999997,
          231.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition, ",
        "box": [
          58.5,
          234.308896,
          555.9299999999998,
          242.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point ",
        "box": [
          58.5,
          245.808896,
          555.9000000000002,
          254.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "scale,  our  loans  are  rated  '1'  through  '5,'  from  less  risk  to  greater  risk,  relative  to  our  loan  portfolio  in  the  aggregate, ",
        "box": [
          58.5,
          257.308896,
          555.9099999999999,
          265.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which ratings are defined as follows: ",
        "box": [
          58.5,
          268.808896,
          208.33,
          277.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 -",
        "box": [
          76.5,
          286.148896,
          87.33,
          294.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Very Low Risk ",
        "box": [
          94.5,
          286.148896,
          161.39999999999998,
          294.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2 -",
        "box": [
          76.5,
          303.648896,
          87.33,
          311.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Low Risk ",
        "box": [
          94.5,
          303.648896,
          137.82,
          311.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 -",
        "box": [
          76.5,
          321.148896,
          87.33,
          329.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Medium Risk ",
        "box": [
          94.5,
          321.148896,
          155.01999999999998,
          329.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4 -",
        "box": [
          76.5,
          338.80889599999995,
          87.33,
          347.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "High Risk/Potential for Loss:",
        "box": [
          94.5,
          338.80889599999995,
          219.13000000000008,
          347.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " A loan that has a risk of realizing a principal loss. ",
        "box": [
          219.13,
          338.80889599999995,
          422.49999999999983,
          347.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 -",
        "box": [
          76.5,
          356.30889599999995,
          87.33,
          364.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impaired/Loss Likely:",
        "box": [
          94.5,
          356.30889599999995,
          190.44000000000003,
          364.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " A loan that has a very high risk of realizing a principal loss or has otherwise incurred a ",
        "box": [
          190.44,
          356.30889599999995,
          555.8700000000001,
          364.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal loss.",
        "box": [
          94.5,
          367.80889599999995,
          150.54999999999995,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Estimation of Economic Conditions ",
        "box": [
          58.5,
          397.31890599999997,
          203.37,
          405.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to the WARM method computations and probability-weighted models described above, our CECL reserves are ",
        "box": [
          58.5,
          414.80889599999995,
          555.9800000000004,
          423.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the ",
        "box": [
          58.5,
          426.30889599999995,
          555.9300000000001,
          434.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations ",
        "box": [
          58.5,
          437.80889599999995,
          555.9899999999997,
          446.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit ",
        "box": [
          58.5,
          449.30889599999995,
          555.8999999999997,
          457.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we ",
        "box": [
          58.5,
          460.80889599999995,
          555.9200000000002,
          469.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader ",
        "box": [
          58.5,
          472.30889599999995,
          556.0000000000003,
          480.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic conditions may have on our loan portfolio's performance. We generally also incorporate information from other ",
        "box": [
          58.5,
          483.80889599999995,
          555.9999999999999,
          492.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sources, including information and opinions available to our Manager, to further inform these estimations. This process ",
        "box": [
          58.5,
          495.30889599999995,
          555.9799999999999,
          503.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "requires significant judgments about future events that, while based on the information available to us as of the balance ",
        "box": [
          58.5,
          506.80889599999995,
          555.8999999999997,
          515.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly ",
        "box": [
          58.5,
          518.308896,
          555.9799999999997,
          526.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from the estimates we made as of June 30, 2026. ",
        "box": [
          58.5,
          529.808896,
          255.53,
          538.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned Real Estate",
        "box": [
          58.5,
          559.148926,
          140.10999999999999,
          567.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We may assume legal title, physical possession, or control of the collateral underlying a loan through a foreclosure, a deed-",
        "box": [
          58.5,
          576.808896,
          553.3300000000003,
          585.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in-lieu  of  foreclosure  transaction,  or  a  loan  modification  in  which  we  receive  an  equity  interest  in  and/or  control  over ",
        "box": [
          58.5,
          588.308896,
          555.8299999999998,
          596.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decision-making at the property, resulting in us consolidating the real estate assets as VIEs. These real estate acquisitions ",
        "box": [
          58.5,
          599.808896,
          555.9699899999998,
          608.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are  classified  as  owned  real  estate,  on  our  consolidated  balance  sheet  and  are  initially  recognized  at  fair  value  on  the ",
        "box": [
          58.5,
          611.308896,
          555.9199999999997,
          619.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisition date in accordance with the ASC Topic 805, 'Business Combinations,' or ASC 805.",
        "box": [
          58.5,
          622.808896,
          442.56,
          631.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Upon acquisition of owned real estate assets, we assess the fair value of acquired tangible and intangible assets, which may ",
        "box": [
          58.5,
          646.308896,
          555.9199999999997,
          654.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include land, buildings, tenant improvements, 'above-market' and 'below-market' leases, acquired in-place leases, other ",
        "box": [
          58.5,
          657.808896,
          555.8900000000001,
          666.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "identified  intangible  assets  and  assumed  liabilities,  as  applicable,  and  allocate  the  fair  value  to  the  acquired  assets  and ",
        "box": [
          58.5,
          669.308896,
          555.9100000000001,
          677.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumed liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or ",
        "box": [
          58.5,
          680.808896,
          555.9799899999998,
          689.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows ",
        "box": [
          58.5,
          692.308896,
          555.8799999999995,
          700.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are based on a number of factors, including the historical operating results, known and anticipated trends, and market and ",
        "box": [
          58.5,
          703.808896,
          556.0000000000002,
          712.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic conditions. We capitalize acquisition-related costs associated with asset acquisitions. ",
        "box": [
          58.5,
          715.308896,
          441.27998999999994,
          723.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 16,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Real  estate  assets  held  for  investment,  except  for  land,  are  depreciated  using  the  straight-line  method  over  the  assets' ",
        "box": [
          58.5,
          54.308896000000004,
          555.87,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimated useful lives of up to 40 years for buildings, 15 years for land improvements, and 10 years for building and tenant ",
        "box": [
          58.5,
          65.808896,
          555.8500000000001,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "improvements. Renovations and/or replacements that improve or extend the life of the asset are capitalized and depreciated ",
        "box": [
          58.5,
          77.308896,
          555.9200000000004,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over their estimated useful lives. Lease intangibles are amortized over the remaining term of applicable leases on a straight-",
        "box": [
          58.5,
          88.808896,
          553.41,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "line basis. The cost of ordinary repairs and maintenance are expensed as incurred.",
        "box": [
          58.5,
          100.308896,
          385.3100000000001,
          108.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the ",
        "box": [
          58.5,
          123.808896,
          555.98999,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The ",
        "box": [
          58.5,
          135.308896,
          555.96997,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. The evaluation of ",
        "box": [
          58.5,
          146.808896,
          555.8999900000001,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental ",
        "box": [
          58.5,
          158.308896,
          555.9300000000003,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates, capital requirements and anticipated holding periods that could differ materially from actual results. Refer to Note 4 ",
        "box": [
          58.5,
          169.808896,
          555.9899900000001,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for further information.",
        "box": [
          58.5,
          181.308896,
          152.02001,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real  estate  assets  are  classified  as  held  for  sale  in  the  period  when  they  meet  the  criteria  under  the  ASC  Topic  360 ",
        "box": [
          58.5,
          204.808896,
          555.9599999999997,
          213.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'Property, Plant, and Equipment.' Once a real estate asset is classified as held for sale, depreciation is suspended and the ",
        "box": [
          58.5,
          216.308896,
          555.9400000000002,
          224.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset is reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to ",
        "box": [
          58.5,
          227.808896,
          555.93001,
          236.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sell a real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon ",
        "box": [
          58.5,
          239.308896,
          555.9599999999999,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for ",
        "box": [
          58.5,
          250.808896,
          555.8299999999995,
          259.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale,  adjusted  for  depreciation  expense  that  would  have  been  recognized  had  the  real  estate  been  classified  as  held  for ",
        "box": [
          58.5,
          262.308896,
          555.9900000000001,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment, and (ii) its estimated fair value at the time of reclassification.",
        "box": [
          58.5,
          273.808896,
          350.55,
          282.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  June  30,  2026  and  December  31,  2025,  we  had  14  and  12  owned  real  estate  assets,  respectively,  that  were  all ",
        "box": [
          58.5,
          297.30889599999995,
          555.8799900000002,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "classified as held for investment.",
        "box": [
          58.5,
          308.80889599999995,
          189.72000000000003,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency Multifamily Lending Partnership",
        "box": [
          58.5,
          338.148896,
          235.30000000000007,
          346.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In 2024, we entered into an agreement with M&T Realty Capital Corporation, or MTRCC, a subsidiary of M&T Bank, that ",
        "box": [
          58.5,
          355.80889599999995,
          555.9900000000004,
          364.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allows  our  borrowers  to  access  multifamily  agency  financing  through  MTRCC's  Fannie  Mae  DUS  and  Freddie  Mac ",
        "box": [
          58.5,
          367.30889599999995,
          555.9600000000003,
          375.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Optigo  lending  platforms,  or  our  Agency  Multifamily  Lending  Partnership.  We  will  receive  a  portion  of  origination, ",
        "box": [
          58.5,
          378.80889599999995,
          555.9699899999997,
          387.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "servicing, and other fees for loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac ",
        "box": [
          58.5,
          390.30889599999995,
          555.99,
          398.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "programs.  Additionally,  we  will  share  in  losses  with  MTRCC  and  Fannie  Mae  on  loans  that  we  refer  to  MTRCC  for ",
        "box": [
          58.5,
          401.80889599999995,
          555.8699999999998,
          410.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination under the Fannie Mae program.",
        "box": [
          58.5,
          413.30889599999995,
          231.10000000000005,
          421.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue Recognition",
        "box": [
          58.5,
          442.81890599999997,
          143.08999999999995,
          451.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs, we recognize our ",
        "box": [
          58.5,
          460.30889599999995,
          555.91,
          468.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allocable  portion  of  origination,  servicing,  and  other  fees  in  other  income  when  we  have  satisfied  our  performance ",
        "box": [
          58.5,
          471.80889599999995,
          555.9200000000001,
          480.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations  in  accordance  with  the  ASC  Topic  606,  'Revenue  from  Contracts  with  Customers,'  or  ASC  606.  Our ",
        "box": [
          58.5,
          483.30889599999995,
          555.86,
          491.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance obligations are generally satisfied when the loan is referred by us to MTRCC and subsequently originated and ",
        "box": [
          58.5,
          494.80889599999995,
          555.88,
          503.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sold under the Fannie Mae and Freddie Mac programs. A portion of the fees recognized, such as servicing fees, are variable ",
        "box": [
          58.5,
          506.30889599999995,
          555.9200000000001,
          514.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and are reevaluated for collectibility on a recurring basis. ",
        "box": [
          58.5,
          517.808896,
          289.28,
          526.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss-sharing Obligation",
        "box": [
          58.5,
          547.318906,
          156.52000000000004,
          555.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pursuant to our agreement with MTRCC, we are subject to a loss-sharing obligation with respect to MTRCC's obligation ",
        "box": [
          58.5,
          564.808896,
          555.9099999999999,
          573.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  partially  guarantee  the  performance  of  loans  that  they  originate  and  sell  under  the  Fannie  Mae  program.  This  loss-",
        "box": [
          58.5,
          576.308896,
          553.48,
          584.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sharing agreement requires us to fund a fixed amount of cash into a segregated account based on the amount MTRCC is ",
        "box": [
          58.5,
          587.808896,
          555.8799999999997,
          596.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "required to fund under the Fannie Mae program, with respect to loans we referred to MTRCC.",
        "box": [
          58.5,
          599.308896,
          435.05000000000007,
          607.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition, we will recognize a liability for these loss-sharing obligations. This liability will be initially recognized at fair ",
        "box": [
          58.5,
          622.808896,
          555.8700000000001,
          631.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value with a corresponding expense at inception, and it will subsequently be amortized on a straight-line basis over the life ",
        "box": [
          58.5,
          634.308896,
          555.8900000000001,
          642.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the loss-sharing obligation. This liability is included within other liabilities in our consolidated balance sheets. As of ",
        "box": [
          58.5,
          645.808896,
          555.8800100000001,
          654.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026, our maximum loss-sharing obligation associated with the loans referred by us to MTRCC under the Fannie ",
        "box": [
          58.5,
          657.308896,
          555.9300000000003,
          665.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mae  program  was  $5.5  million,  and  we  have  recorded  related  liabilities  of  $32  thousand.  There  have  been  no  losses ",
        "box": [
          58.5,
          668.808896,
          555.92998,
          677.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incurred as a result of the loss-sharing obligations. ",
        "box": [
          58.5,
          680.308896,
          262.4600000000001,
          688.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 17,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Derivative Financial Instruments ",
        "box": [
          58.5,
          54.148926000000074,
          202.54,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets ",
        "box": [
          58.5,
          71.808896,
          555.8900000000002,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "at fair value. ",
        "box": [
          58.5,
          83.308896,
          111.18999999999996,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign ",
        "box": [
          58.5,
          106.808896,
          555.9200000000001,
          115.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received ",
        "box": [
          58.5,
          118.308896,
          555.9699999999999,
          126.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair ",
        "box": [
          58.5,
          129.808896,
          555.92,
          138.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all ",
        "box": [
          58.5,
          141.308896,
          555.8899999999999,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivatives  other  than  those  designated  as  non-designated  hedges,  we  formally  document  our  hedge  relationships  and ",
        "box": [
          58.5,
          152.808896,
          555.9799999999999,
          161.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "designation at the contract's inception. This documentation includes the identification of the hedging instruments and the ",
        "box": [
          58.5,
          164.308896,
          555.9499999999999,
          172.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hedged items,  its  risk  management  objectives,  strategy  for  undertaking  the  hedge  transaction  and  our  evaluation  of  the ",
        "box": [
          58.5,
          175.808896,
          555.93,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "effectiveness of its hedged transaction. ",
        "box": [
          58.5,
          187.308896,
          216.07000000000002,
          195.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected ",
        "box": [
          58.5,
          210.808896,
          555.9800000000002,
          219.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined ",
        "box": [
          58.5,
          222.308896,
          555.9700000000001,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that  a  derivative  is  not  highly  effective  at  hedging  the  designated  exposure,  hedge  accounting  is  discontinued  and  the ",
        "box": [
          58.5,
          233.808896,
          555.8800000000001,
          242.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed ",
        "box": [
          58.5,
          245.308896,
          555.8500000000001,
          253.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from ",
        "box": [
          58.5,
          256.808896,
          555.9199999999998,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the assessment of effectiveness, are recognized in interest and related income on our consolidated statements of operations ",
        "box": [
          58.5,
          268.308896,
          555.9099999999999,
          276.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over the contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception ",
        "box": [
          58.5,
          279.808896,
          555.9300000000001,
          288.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that ",
        "box": [
          58.5,
          291.30889599999995,
          555.8599999999999,
          299.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "qualify  as  hedges  are  reported  as  a  component  of  accumulated  other  comprehensive  income  (loss)  on  our  consolidated ",
        "box": [
          58.5,
          302.80889599999995,
          555.9499999999999,
          311.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and ",
        "box": [
          58.5,
          314.30889599999995,
          555.9899999999998,
          322.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the ",
        "box": [
          58.5,
          325.80889599999995,
          555.94,
          334.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap ",
        "box": [
          58.5,
          337.30889599999995,
          555.9200000000002,
          345.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. ",
        "box": [
          58.5,
          348.80889599999995,
          555.97,
          357.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its ",
        "box": [
          58.5,
          360.30889599999995,
          555.9700000000001,
          368.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value are included in net income concurrently.",
        "box": [
          58.5,
          371.80889599999995,
          260.44000000000005,
          380.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds or payments from periodic settlements of derivative instruments are classified on our consolidated statement of ",
        "box": [
          58.5,
          395.30889599999995,
          555.9099999999999,
          403.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows in the same section as the underlying hedged item.",
        "box": [
          58.5,
          406.80889599999995,
          305.16,
          415.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt Securities",
        "box": [
          58.5,
          436.148896,
          123.13999999999996,
          444.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have elected the FVO for our debt securities, which are included in other assets on our consolidated balance sheets. ",
        "box": [
          58.5,
          453.80889599999995,
          555.96,
          462.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 6 for further information.",
        "box": [
          58.5,
          465.30889599999995,
          216.39000000000013,
          473.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Debt and Asset-Specific Debt",
        "box": [
          58.5,
          494.648896,
          219.47000000000006,
          502.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We record  investments  financed  with  secured  debt  or  asset-specific  debt  as  separate  assets  and  the  related  borrowings ",
        "box": [
          58.5,
          512.308896,
          555.9,
          520.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest ",
        "box": [
          58.5,
          523.808896,
          555.9000000000002,
          532.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported ",
        "box": [
          58.5,
          535.308896,
          555.8800000000001,
          543.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "separately on our consolidated statements of operations.",
        "box": [
          58.5,
          546.808896,
          282.4,
          555.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Loans ",
        "box": [
          58.5,
          576.148926,
          113.45999999999998,
          584.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  record  our  term  loans  as  liabilities  on  our  consolidated  balance  sheets.  Where  applicable,  any  issue  discount  or ",
        "box": [
          58.5,
          593.808896,
          555.9200000000001,
          602.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest ",
        "box": [
          58.5,
          605.308896,
          555.9099999999999,
          613.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expense.",
        "box": [
          58.5,
          616.808896,
          93.17999999999999,
          625.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Secured Notes",
        "box": [
          58.5,
          646.148926,
          149.51999999999998,
          654.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount ",
        "box": [
          58.5,
          663.808896,
          555.9999999999999,
          672.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-",
        "box": [
          58.5,
          675.308896,
          553.4999999999997,
          683.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash interest expense.",
        "box": [
          58.5,
          686.808896,
          145.31999999999996,
          695.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 18,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Convertible Notes ",
        "box": [
          58.5,
          54.148926000000074,
          137.86999999999998,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as ",
        "box": [
          58.5,
          71.808896,
          555.98,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt.  Additionally,  shares  issuable  under  our  convertible  notes  are  included  in  diluted  earnings  per  share  in  our ",
        "box": [
          58.5,
          83.308896,
          555.8499999999999,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent. ",
        "box": [
          58.5,
          94.808896,
          555.8599999999998,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the ",
        "box": [
          58.5,
          106.308896,
          556.0000000000001,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "convertible notes as additional non-cash interest expense.",
        "box": [
          58.5,
          117.808896,
          287.9300000000001,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred Financing Costs ",
        "box": [
          58.5,
          147.14892600000007,
          170.33999999999997,
          155.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  deferred  financing  costs  that  are  included  as  a  reduction  in  the  net  book  value  of  the  related  liability  on  our ",
        "box": [
          58.5,
          164.808896,
          555.8299999999996,
          173.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as ",
        "box": [
          58.5,
          176.308896,
          555.9400000000003,
          184.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest expense using the effective interest method over the life of the related obligations. ",
        "box": [
          58.5,
          187.808896,
          421.05999999999995,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underwriting Commissions and Offering Costs ",
        "box": [
          58.5,
          217.14892600000007,
          262.00000000000006,
          225.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underwriting  commissions  and  offering  costs  incurred  in  connection  with  common  stock  offerings  are  reflected  as  a ",
        "box": [
          58.5,
          234.808896,
          555.92,
          243.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common ",
        "box": [
          58.5,
          246.308896,
          555.8799999999997,
          254.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock offering are expensed when incurred. ",
        "box": [
          58.5,
          257.808896,
          233.59,
          266.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value Measurements",
        "box": [
          58.5,
          287.148896,
          169.48999999999998,
          295.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The ASC Topic 820, 'Fair Value Measurements and Disclosures,' or ASC 820, defines fair value, establishes a framework ",
        "box": [
          58.5,
          304.80889599999995,
          555.91,
          313.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this ",
        "box": [
          58.5,
          316.30889599999995,
          555.92,
          324.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer ",
        "box": [
          58.5,
          327.80889599999995,
          555.8400000000001,
          336.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of a liability in an orderly transaction between market participants at the measurement date.",
        "box": [
          58.5,
          339.30889599999995,
          424.0699999999999,
          347.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in ",
        "box": [
          58.5,
          362.80889599999995,
          555.97,
          371.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measuring  financial  instruments.  Market  price  observability  is  affected  by  a  number  of  factors,  including  the  type  of ",
        "box": [
          58.5,
          374.30889599999995,
          555.9300000000001,
          382.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the ",
        "box": [
          58.5,
          385.80889599999995,
          556.0,
          394.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "existence and transparency of transactions between market participants. Financial instruments with readily available quoted ",
        "box": [
          58.5,
          397.30889599999995,
          555.9299999999997,
          405.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment ",
        "box": [
          58.5,
          408.80889599999995,
          555.8599999999998,
          417.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "used in measuring fair value. ",
        "box": [
          58.5,
          420.30889599999995,
          176.70000000000005,
          428.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs ",
        "box": [
          58.5,
          443.80889599999995,
          555.8499999999998,
          452.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "used in the determination, as follows: ",
        "box": [
          58.5,
          455.30889599999995,
          210.83,
          463.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          472.80889599999995,
          80.0,
          481.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level  1:  Generally  includes  only  unadjusted  quoted  prices  that  are  available  in  active  markets  for  identical ",
        "box": [
          94.5,
          472.80889599999995,
          555.9699999999999,
          481.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial instruments as of the reporting date. ",
        "box": [
          94.5,
          484.30889599999995,
          278.1600000000001,
          492.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          501.80889599999995,
          80.0,
          510.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active ",
        "box": [
          94.5,
          501.80889599999995,
          555.9899999999999,
          510.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or  inactive  markets  for  identical  or  similar  instruments  where  multiple  price  quotes  can  be  obtained,  and  other ",
        "box": [
          94.5,
          513.308896,
          555.9900000000001,
          521.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "observable inputs, such as interest rates, yield curves, credit risks, and default rates. ",
        "box": [
          94.5,
          524.808896,
          430.7599999999998,
          533.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          542.308896,
          80.0,
          550.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if ",
        "box": [
          94.5,
          542.308896,
          555.9,
          550.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any,  market  activity  for  the  financial  instrument.  These  inputs  require  significant  judgment  or  estimation  by ",
        "box": [
          94.5,
          553.808896,
          555.9999999999999,
          562.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management of third parties when determining fair value and generally represent anything that does not meet the ",
        "box": [
          94.5,
          565.308896,
          555.9300000000002,
          573.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "criteria of Levels 1 and 2.",
        "box": [
          94.5,
          576.808896,
          197.14000000000001,
          585.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain  of  our  other  assets  are  reported  at  fair  value,  as  of  quarter-end,  either  (i)  on  a  recurring  basis  or  (ii)  on  a ",
        "box": [
          58.5,
          600.308896,
          555.94,
          608.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further ",
        "box": [
          58.5,
          611.808896,
          555.8200000000004,
          620.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in Note 18. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on ",
        "box": [
          58.5,
          623.308896,
          556.0,
          631.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from ",
        "box": [
          58.5,
          634.808896,
          555.9899999999997,
          643.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "third  parties.  For  collateral-dependent  loans  that  are  identified  as  impaired,  we  measure  impairment  by  comparing  our ",
        "box": [
          58.5,
          646.308896,
          555.9200000000002,
          654.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These ",
        "box": [
          58.5,
          657.808896,
          555.9999999999998,
          666.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, ",
        "box": [
          58.5,
          669.308896,
          555.9999999999998,
          677.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions ",
        "box": [
          58.5,
          680.808896,
          555.9399999999998,
          689.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of other lenders, and other factors.",
        "box": [
          58.5,
          692.308896,
          195.85000000000005,
          700.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 19,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "We have elected the FVO for two of our investments in unconsolidated entities, our Bank Loan Portfolio Joint Venture and ",
        "box": [
          58.5,
          54.308896000000004,
          555.9100000000001,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Homebuilder Finance Joint  Venture,  and  therefore  report  these  investments  at  fair  value.  Given  the  fair  value  of  these ",
        "box": [
          58.5,
          65.808896,
          555.8400000000001,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments are not readily determinable, the net asset value of the entities are used as a practical expedient.",
        "box": [
          58.5,
          77.308896,
          489.78999999999996,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  June  30,  2026,  we  had  an  aggregate  $219.5  million  asset-specific  CECL  reserve  related  to  nine  of  our  loans ",
        "box": [
          58.5,
          100.808896,
          555.8199999999999,
          109.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable with an aggregate amortized cost basis of $695.2 million, net of cost-recovery proceeds. The CECL reserve was ",
        "box": [
          58.5,
          112.308896,
          555.9600000000004,
          120.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of June 30, 2026. These ",
        "box": [
          58.5,
          123.808896,
          555.9399800000001,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are ",
        "box": [
          58.5,
          135.308896,
          555.92,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of the collateral underlying the loans ",
        "box": [
          58.5,
          146.808896,
          556.0,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable  by  considering  a  variety  of  inputs  including  property  performance,  market  data,  and  comparable  sales,  as ",
        "box": [
          58.5,
          158.308896,
          555.9999999999999,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable. The significant unobservable inputs employed include the exit capitalization rate assumption used to forecast ",
        "box": [
          58.5,
          169.808896,
          555.8700000000001,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the future sale price of the underlying real estate collateral, which ranged from 4.9% to 8.5%, and the unlevered discount ",
        "box": [
          58.5,
          181.308896,
          556.00001,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate assumption, which ranged from 9.3% to 15.0%.",
        "box": [
          58.5,
          192.808896,
          266.95001,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we acquired legal title to two owned real estate assets through foreclosure ",
        "box": [
          58.5,
          216.308896,
          555.9500100000002,
          224.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions. At the time of each acquisition, we determined the fair value of the real estate assets based on a variety of ",
        "box": [
          58.5,
          227.808896,
          555.9800000000005,
          236.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "inputs, as applicable, including, but not limited to, estimated cash flow projections, leasing assumptions, required capital ",
        "box": [
          58.5,
          239.308896,
          555.9700000000001,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenditures,  market  data,  and  comparable  sales.  The  owned  real  estate  assets  were  measured  at  fair  value  on  a ",
        "box": [
          58.5,
          250.808896,
          555.98,
          259.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonrecurring basis using significant unobservable inputs and are classified as Level 3 assets in the fair value hierarchy. The ",
        "box": [
          58.5,
          262.308896,
          556.0000000000002,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significant unobservable inputs employed include (i) the exit capitalization rate assumption used to forecast the future sale ",
        "box": [
          58.5,
          273.808896,
          555.8799999999999,
          282.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "price of the assets, which ranged from 5.8% to 6.5%, and (ii) the unlevered discount rate assumption, which ranged from ",
        "box": [
          58.5,
          285.30889599999995,
          555.8299899999998,
          293.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.0% to 11.0%. Refer to Notes 4 and 18 for further information.",
        "box": [
          58.5,
          296.80889599999995,
          314.14,
          305.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise ",
        "box": [
          58.5,
          320.30889599999995,
          555.8399999999998,
          328.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reported at  fair  value  in  our  consolidated  balance  sheet,  to  the  extent  it  is  practicable  to  estimate  a  fair  value  for  those ",
        "box": [
          58.5,
          331.80889599999995,
          555.94,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. ",
        "box": [
          58.5,
          343.30889599999995,
          520.6799999999997,
          351.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which ",
        "box": [
          58.5,
          366.80889599999995,
          555.8299999999997,
          375.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "it is practicable to estimate that value: ",
        "box": [
          58.5,
          378.30889599999995,
          212.39000000000004,
          386.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          395.80889599999995,
          80.0,
          404.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value. ",
        "box": [
          94.5,
          395.80889599999995,
          506.7699999999999,
          404.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          413.30889599999995,
          80.0,
          421.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology, ",
        "box": [
          94.5,
          413.30889599999995,
          555.9200000000001,
          421.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of ",
        "box": [
          94.5,
          424.80889599999995,
          555.9899999999999,
          433.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "major tenants,  occupancy rates,  availability  and  cost  of  financing,  exit  plan,  loan  sponsorship,  actions  of  other ",
        "box": [
          94.5,
          436.30889599999995,
          555.8899999999999,
          444.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lenders, and other factors. ",
        "box": [
          94.5,
          447.80889599999995,
          200.49000000000004,
          456.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          465.30889599999995,
          80.0,
          473.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated ",
        "box": [
          94.5,
          465.30889599999995,
          555.9900000000002,
          473.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "using  advice  from  a  third-party  derivative  specialist,  based  on  contractual  cash  flows  and  observable  inputs ",
        "box": [
          94.5,
          476.80889599999995,
          555.9,
          485.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comprising foreign currency rates and credit spreads. ",
        "box": [
          94.5,
          488.30889599999995,
          309.25000000000006,
          496.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          505.80889599999995,
          80.0,
          514.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured debt, net and other secured debt: The fair value of these instruments was estimated based on the rate at ",
        "box": [
          94.5,
          505.80889599999995,
          555.8599999999999,
          514.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which a similar credit facility would currently be priced. Other secured debt is included in other liabilities in our ",
        "box": [
          94.5,
          517.308896,
          555.8399999999999,
          525.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets.",
        "box": [
          94.5,
          528.808896,
          207.39000000000004,
          537.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          546.308896,
          80.0,
          554.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing ",
        "box": [
          94.5,
          546.308896,
          555.9399999999998,
          554.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "service providers. In determining the value of a particular investment, pricing service providers may use broker-",
        "box": [
          94.5,
          557.808896,
          553.3800000000003,
          566.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dealer  quotations,  reported  trades,  or  valuation  estimates  from  their  internal  pricing  models  to  determine  the ",
        "box": [
          94.5,
          569.308896,
          555.9599999999999,
          577.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reported price.",
        "box": [
          94.5,
          580.808896,
          152.75,
          589.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          598.308896,
          80.0,
          606.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar ",
        "box": [
          94.5,
          598.308896,
          555.9500000000002,
          606.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreement would currently be priced.",
        "box": [
          94.5,
          609.808896,
          244.03000000000011,
          618.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          627.308896,
          80.0,
          635.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related ",
        "box": [
          94.5,
          627.308896,
          555.84,
          635.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan receivable asset.",
        "box": [
          94.5,
          638.808896,
          179.63000000000002,
          647.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          656.308896,
          80.0,
          664.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term  loans,  net:  The  fair  value  of  these  instruments  was  estimated  by  utilizing  third-party  pricing  service ",
        "box": [
          94.5,
          656.308896,
          555.9699999999999,
          664.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "providers. In determining the value of a particular investment, pricing service providers may use broker-dealer ",
        "box": [
          94.5,
          667.808896,
          555.9100000000002,
          676.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quotations,  reported  trades,  or  valuation  estimates  from  their  internal  pricing  models  to  determine  the  reported ",
        "box": [
          94.5,
          679.308896,
          555.9000000000001,
          687.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "price. ",
        "box": [
          94.5,
          690.808896,
          119.45999999999998,
          699.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          708.308896,
          80.0,
          716.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service ",
        "box": [
          94.5,
          708.308896,
          555.9999999999999,
          716.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "providers. In determining the value of a particular investment, pricing service providers may use broker-dealer ",
        "box": [
          94.5,
          719.808896,
          555.9100000000002,
          728.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 20,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "quotations,  reported  trades,  or  valuation  estimates  from  their  internal  pricing  models  to  determine  the  reported ",
        "box": [
          94.5,
          54.308896000000004,
          555.9000000000001,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "price. ",
        "box": [
          94.5,
          65.808896,
          119.45999999999998,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          83.308896,
          80.0,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained ",
        "box": [
          94.5,
          83.308896,
          555.8500000000003,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "using quoted market prices. ",
        "box": [
          94.5,
          94.808896,
          207.44000000000008,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income Taxes ",
        "box": [
          58.5,
          124.14892600000007,
          120.11999999999998,
          132.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. ",
        "box": [
          58.5,
          141.808896,
          556.0000000000002,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally ",
        "box": [
          58.5,
          153.308896,
          555.8100000000004,
          161.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were ",
        "box": [
          58.5,
          164.808896,
          555.8100000000002,
          173.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and ",
        "box": [
          58.5,
          176.308896,
          555.9899999999996,
          184.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "penalties. Refer to Note 16 for further information.",
        "box": [
          58.5,
          187.808896,
          261.88000000000017,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stock-Based Compensation ",
        "box": [
          58.5,
          217.14892600000007,
          177.9,
          225.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of ",
        "box": [
          58.5,
          234.808896,
          555.8800000000002,
          243.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock ",
        "box": [
          58.5,
          246.308896,
          555.8999999999999,
          254.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "units  issued  to  certain  members  of  our  board  of  directors.  Stock-based  compensation  expense  is  recognized  for  these ",
        "box": [
          58.5,
          257.808896,
          555.9300000000002,
          266.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A ",
        "box": [
          58.5,
          269.308896,
          555.9300000000001,
          277.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock. Refer to Note 17 for further information.",
        "box": [
          58.5,
          280.80889599999995,
          284.94999000000007,
          289.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings per Share ",
        "box": [
          58.5,
          310.148896,
          144.26999999999998,
          318.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net ",
        "box": [
          58.5,
          327.80889599999995,
          555.9200000000001,
          336.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earnings  allocable  to  our  class  A  common  stock,  including  restricted  class  A  common  stock  and  deferred  stock  units, ",
        "box": [
          58.5,
          339.30889599999995,
          555.8599999999997,
          347.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common ",
        "box": [
          58.5,
          350.80889599999995,
          555.9200000000001,
          359.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock  and  deferred  stock  units  outstanding  during  the  period.  Our  restricted  class  A  common  stock  is  considered  a ",
        "box": [
          58.5,
          362.30889599999995,
          555.9999999999999,
          370.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these ",
        "box": [
          58.5,
          373.80889599999995,
          555.8800000000001,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or ",
        "box": [
          58.5,
          385.30889599999995,
          555.9599999999996,
          393.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses.",
        "box": [
          58.5,
          396.80889599999995,
          84.87,
          405.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted  earnings  per  share,  or  Diluted  EPS,  is  determined  using  the  if-converted  method,  and  is  based  on  (i)  the  net ",
        "box": [
          58.5,
          420.30889599999995,
          555.8399999999999,
          428.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees, ",
        "box": [
          58.5,
          431.80889599999995,
          555.96,
          440.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) ",
        "box": [
          58.5,
          443.30889599999995,
          555.8599999999999,
          451.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred ",
        "box": [
          58.5,
          454.80889599999995,
          555.8400000000003,
          463.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock  units,  and  shares  of  class  A  common  stock  issuable  under  our  convertible  notes.  Refer  to  Note  14  for  further ",
        "box": [
          58.5,
          466.30889599999995,
          555.9000100000002,
          474.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion of earnings per share. ",
        "box": [
          58.5,
          477.80889599999995,
          191.16,
          486.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign Currency ",
        "box": [
          58.5,
          507.14892599999996,
          137.84999999999997,
          515.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign ",
        "box": [
          58.5,
          524.808896,
          555.8799999999998,
          533.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of ",
        "box": [
          58.5,
          536.308896,
          555.9999999999998,
          544.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations.  In  addition,  we  consolidate  entities  that  have  a  non-U.S.  dollar  functional  currency.  Non-U.S.  dollar-",
        "box": [
          58.5,
          547.808896,
          553.38,
          556.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and ",
        "box": [
          58.5,
          559.308896,
          555.8700000000003,
          567.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income,  expenses,  gains,  and  losses  are  translated  at  the  average  exchange  rate  over  the  applicable  period.  Cumulative ",
        "box": [
          58.5,
          570.808896,
          556.0000000000001,
          579.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "translation  adjustments  arising  from  the  translation  of  non-U.S.  dollar-denominated  subsidiaries  are  recorded  in  other ",
        "box": [
          58.5,
          582.308896,
          555.8999999999997,
          590.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comprehensive income (loss). ",
        "box": [
          58.5,
          593.808896,
          180.59,
          602.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recent Accounting Pronouncements",
        "box": [
          58.5,
          623.148926,
          213.37,
          631.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In December 2025, the FASB issued Accounting Standards Update, or ASU, 2025-11, 'Interim Reporting (Topic 270): ",
        "box": [
          58.5,
          640.808896,
          555.9599999999999,
          649.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Narrow Scope Improvements,' which amends the guidance in ASC 270, Interim Reporting. The update enhances interim ",
        "box": [
          58.5,
          652.308896,
          555.9800000000001,
          660.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disclosure  requirements  by  clarifying  the  information  that  must  be  presented  in  quarterly  periods,  including  improved ",
        "box": [
          58.5,
          663.808896,
          555.9599999999999,
          672.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transparency regarding significant events, accounting policy updates, and material developments that occur between annual ",
        "box": [
          58.5,
          675.308896,
          555.9500000000003,
          683.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reporting  dates.  ASU  2025-11  also  aligns  certain  interim  reporting  requirements  more  closely  with  annual  disclosure ",
        "box": [
          58.5,
          686.808896,
          555.99,
          695.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "objectives  to  promote  consistency  and  comparability.  The  amendments are effective for interim periods beginning after ",
        "box": [
          58.5,
          698.308896,
          555.94,
          706.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 15, 2027,  and  early  adoption  is  permitted.  We  have  not  early  adopted  ASU  2025-11  and  do  not  expect  the ",
        "box": [
          58.5,
          709.808896,
          555.8900000000001,
          718.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adoption of ASU 2025-11 to have a material impact on our consolidated financial statements.",
        "box": [
          58.5,
          721.308896,
          431.96,
          729.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 21,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "In  December  2025,  the  FASB  issued  ASU  2025-09,  'Derivatives  and  Hedging  (Topic  815):  Hedge  Accounting ",
        "box": [
          58.5,
          54.308896000000004,
          555.8899999999999,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Improvements,'  which  amends  the  guidance  in  ASC  815,  Derivatives  and  Hedging.  The  update  refines  certain  hedge ",
        "box": [
          58.5,
          65.808896,
          555.9600000000003,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounting  requirements,  including  clarifications  to  the  designation  and  documentation  criteria  for  hedge  relationships, ",
        "box": [
          58.5,
          77.308896,
          555.9399999999999,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "improvements to the assessment of hedge effectiveness, and enhanced disclosures intended to provide greater transparency ",
        "box": [
          58.5,
          88.808896,
          555.99,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "into an entity's risk management activities involving derivatives. ASU 2025-09 is effective for annual periods beginning ",
        "box": [
          58.5,
          100.308896,
          555.8999999999999,
          108.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "after December 15, 2026, including interim periods within those annual periods, and early adoption is permitted. We have ",
        "box": [
          58.5,
          111.808896,
          555.9900000000001,
          120.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not  early  adopted  ASU  2025-09  and  do  not  expect  the  adoption  of  ASU  2025-09  to  have  a  material  impact  on  our ",
        "box": [
          58.5,
          123.308896,
          555.8400000000001,
          131.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated financial statements.",
        "box": [
          58.5,
          134.808896,
          193.57000000000005,
          143.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  December  2025,  the  FASB  issued  ASU  2025-08,  'Financial  Instruments-Credit  Losses  (Topic  326):  Purchased ",
        "box": [
          58.5,
          158.308896,
          550.9999999999998,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans,'  which  clarifies  the  application  of  the  CECL  model  to  purchased  loans,  including  purchased  credit",
        "box": [
          58.5,
          169.808896,
          502.30981999999995,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          502.2998,
          169.59405249999998,
          505.7198,
          179.16436499999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deteriorated ",
        "box": [
          505.70981,
          169.808896,
          555.8999,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans, and enhances related disclosure requirements. ASU 2025-08 is effective for annual reporting periods beginning after ",
        "box": [
          58.5,
          181.308896,
          555.96,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 15, 2026, including interim periods within those annual periods. Early adoption is permitted. We have not early ",
        "box": [
          58.5,
          192.808896,
          555.9699999999999,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adopted ASU 2025-08 and do not expect the adoption of ASU 2025-08 to have a material impact on our consolidated ",
        "box": [
          58.5,
          204.308896,
          555.9500000000002,
          212.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements.",
        "box": [
          58.5,
          215.808896,
          140.57999999999993,
          224.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In July 2025, the FASB issued ASU 2025-05, 'Financial Instruments - Credit Losses (Topic 326): Measurement of Credit ",
        "box": [
          58.5,
          239.308896,
          555.9599999999998,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Losses for Accounts Receivable and Contract Assets,' which amends the guidance in ASC 326. This update provides a ",
        "box": [
          58.5,
          250.808896,
          555.9699999999999,
          259.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract ",
        "box": [
          58.5,
          262.308896,
          555.9800000000001,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets that arise from transactions accounted for under ASC 606. The amendment notes that in developing reasonable and ",
        "box": [
          58.5,
          273.808896,
          555.95,
          282.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes ",
        "box": [
          58.5,
          285.30889599999995,
          555.9300000000001,
          293.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that  current  conditions  as  of  the  balance  sheet  date  do  not  change  for  the  remaining  life  of  the  asset.  ASU  2025-05  is ",
        "box": [
          58.5,
          296.80889599999995,
          555.85,
          305.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods, and ",
        "box": [
          58.5,
          308.30889599999995,
          555.9299999999997,
          316.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "early adoption is permitted. We recognize revenue from our Agency Multifamily Lending Partnership and income from our ",
        "box": [
          58.5,
          319.80889599999995,
          555.96999,
          328.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hospitality owned real estate assets pursuant to ASC 606. The adoption of ASU 2025-05 in 2026 did not have a material ",
        "box": [
          58.5,
          331.30889599999995,
          555.9900000000005,
          339.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impact on our consolidated financial statements. ",
        "box": [
          58.5,
          342.80889599999995,
          254.07000000000008,
          351.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  May  2025,  the  FASB  issued  ASU  2025-03,  'Business  Combinations  (Topic  805)  and  Consolidation  (Topic  810): ",
        "box": [
          58.5,
          366.30889599999995,
          555.9099999999999,
          374.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity,' which amends the guidance in ASC ",
        "box": [
          58.5,
          377.80889599999995,
          555.9599999999998,
          386.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "805. This update clarifies the determination of the accounting acquirer in business combinations that are primarily effected ",
        "box": [
          58.5,
          389.30889599999995,
          555.9000000000001,
          397.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through the exchange of equity interests and involve the acquisition of a VIE. Specifically, entities are now required to ",
        "box": [
          58.5,
          400.80889599999995,
          555.9499999999998,
          409.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consider the factors outlined in ASC 805-10-55-12 through 55-15 when determining the accounting acquirer, rather than ",
        "box": [
          58.5,
          412.30889599999995,
          555.96,
          420.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defaulting to the primary beneficiary of the VIE as the accounting acquirer. ASU 2025-03 is effective for annual periods ",
        "box": [
          58.5,
          423.80889599999995,
          555.8900000000001,
          432.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "beginning after December 15, 2026, including interim periods within those annual periods, and early adoption is permitted. ",
        "box": [
          58.5,
          435.30889599999995,
          555.98,
          443.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have not early adopted ASU 2025-03 and do not expect the adoption of ASU 2025-03 to have a material impact on our ",
        "box": [
          58.5,
          446.80889599999995,
          555.8399999999998,
          455.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated financial statements.",
        "box": [
          58.5,
          458.30889599999995,
          193.57000000000005,
          466.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In November 2024, the FASB issued ASU 2024-04 'Debt with Conversion and Other Options (Subtopic 470-20): Induced ",
        "box": [
          58.5,
          481.80889599999995,
          555.9999999999999,
          490.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Conversions  of  Convertible  Debt  Instruments,'  or  ASU  2024-04.  ASU  2024-04  clarifies  the  accounting  treatment  for ",
        "box": [
          58.5,
          493.30889599999995,
          555.9200000000004,
          501.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "settlement of a convertible debt instrument as an induced conversion. ASU 2024-04 is effective on a prospective basis, ",
        "box": [
          58.5,
          504.80889599999995,
          555.98,
          513.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with the option for retrospective application, for fiscal years beginning after December 15, 2025. The adoption of ASU ",
        "box": [
          58.5,
          516.308896,
          555.9799999999999,
          524.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024-04 in 2026 did not have a material impact on our consolidated financial statements.",
        "box": [
          58.5,
          527.808896,
          414.2,
          536.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In ",
        "box": [
          58.5,
          551.308896,
          69.33,
          559.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November  2024, ",
        "box": [
          74.1,
          551.308896,
          148.54999999999995,
          559.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the ",
        "box": [
          153.31999999999996,
          551.308896,
          168.01999999999998,
          559.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FASB  issued ",
        "box": [
          172.79,
          551.308896,
          232.54,
          559.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASU  2024-03  'Expense ",
        "box": [
          237.31,
          551.308896,
          345.96,
          559.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Disaggregation ",
        "box": [
          350.72999999999996,
          551.308896,
          414.2699999999999,
          559.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Disclosures ",
        "box": [
          419.0399999999999,
          551.308896,
          468.15999999999985,
          559.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Subtopic ",
        "box": [
          472.92999999999984,
          551.308896,
          514.2899999999997,
          559.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "220-40): ",
        "box": [
          519.0599999999997,
          551.308896,
          555.9899999999998,
          559.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Disaggregation of Income Statement Expenses,' or ASU 2024-03. ASU 2024-03 requires disclosures in the notes to the ",
        "box": [
          58.5,
          562.808896,
          555.8700000000002,
          571.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements on specified information about certain costs and expenses for each interim and annual reporting period. ",
        "box": [
          58.5,
          574.308896,
          555.9699999999998,
          582.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods ",
        "box": [
          58.5,
          585.808896,
          555.9499999999998,
          594.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, and ",
        "box": [
          58.5,
          597.308896,
          555.94,
          605.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "early adoption is permitted. We have not early adopted ASU 2024-03 and do not expect the adoption of ASU 2024-03 to ",
        "box": [
          58.5,
          608.808896,
          555.8300000000004,
          617.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have a material impact on our consolidated financial statements.",
        "box": [
          58.5,
          620.308896,
          315.05999999999995,
          628.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 22,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "3. LOANS RECEIVABLE, NET",
        "box": [
          58.5,
          54.148926000000074,
          197.04999999999995,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details overall statistics for our loans receivable portfolio ($ in thousands): ",
        "box": [
          58.5,
          71.808896,
          439.70999999999987,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          408.41,
          93.23315479999997,
          454.84200000000004,
          99.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          481.81,
          93.23315479999997,
          546.45,
          99.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of loans",
        "box": [
          61.13,
          105.808896,
          128.29999999999998,
          114.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          394.88,
          105.78100540000003,
          397.13,
          113.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133 ",
        "box": [
          446.27,
          105.78100540000003,
          462.02,
          113.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          477.38,
          105.78100540000003,
          479.63,
          113.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131 ",
        "box": [
          528.77,
          105.78100540000003,
          544.52,
          113.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal balance",
        "box": [
          61.13,
          120.808896,
          130.18999999999994,
          129.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          394.88,
          120.78100540000003,
          401.63,
          128.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,409,208 ",
        "box": [
          419.27,
          120.78100540000003,
          462.02,
          128.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          120.78100540000003,
          484.13,
          128.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,154,768 ",
        "box": [
          501.77,
          120.78100540000003,
          544.52,
          128.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value",
        "box": [
          61.13,
          135.808896,
          122.18999999999998,
          144.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          394.88,
          135.78100540000003,
          401.63,
          143.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,936,895 ",
        "box": [
          419.27,
          135.78100540000003,
          462.02,
          143.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          135.78100540000003,
          484.13,
          143.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,784,694 ",
        "box": [
          501.77,
          135.78100540000003,
          544.52,
          143.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded loan commitments (1)",
        "box": [
          61.13,
          150.808896,
          183.74320999999998,
          159.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          394.88,
          150.78100540000003,
          401.63,
          158.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,107,729 ",
        "box": [
          423.77,
          150.78100540000003,
          462.02,
          158.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          150.78100540000003,
          484.13,
          158.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,185,004 ",
        "box": [
          506.27,
          150.78100540000003,
          544.52,
          158.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average cash coupon (2)",
        "box": [
          61.13,
          165.808896,
          192.58319999999998,
          174.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.13 %",
        "box": [
          436.70001,
          165.78100540000003,
          470.26101000000006,
          173.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.19 %",
        "box": [
          519.20001,
          165.78100540000003,
          552.76101,
          173.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average all-in yield (2)",
        "box": [
          61.13,
          180.808896,
          186.4432,
          189.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.35 %",
        "box": [
          436.70001,
          180.78100540000003,
          470.26101000000006,
          188.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.39 %",
        "box": [
          519.20001,
          180.78100540000003,
          552.76101,
          188.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average maximum maturity (years) (3)",
        "box": [
          61.13,
          195.808896,
          249.99320999999998,
          204.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8",
        "box": [
          451.12,
          195.78100540000003,
          462.37,
          203.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.5",
        "box": [
          533.62,
          195.78100540000003,
          544.87,
          203.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          222.058896,
          70.16,
          230.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded commitments will  primarily  be  funded  to  finance  our  borrowers'  construction  or  development  of  real ",
        "box": [
          85.5,
          222.058896,
          555.9000000000002,
          230.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will ",
        "box": [
          85.5,
          233.558896,
          555.9599999999996,
          241.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally be funded over the term of each loan, subject in certain cases to an expiration date.",
        "box": [
          85.5,
          245.058896,
          455.54999999999995,
          253.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          256.558896,
          70.16,
          264.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark ",
        "box": [
          85.5,
          256.558896,
          555.9000000000002,
          264.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices, as applicable to each loan. As of both ",
        "box": [
          85.5,
          268.058896,
          555.8900100000001,
          276.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 and December 31, 2025, 97% of our loans by principal balance earned a floating rate of interest, ",
        "box": [
          85.5,
          279.558896,
          555.86,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily indexed to SOFR. The remaining 3% of our loans by principal balance earned a fixed rate of interest. In ",
        "box": [
          85.5,
          291.05889599999995,
          555.87004,
          299.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "addition  to  cash  coupon,  all-in  yield  includes  the  amortization  of  deferred  origination  and  extension  fees,  loan ",
        "box": [
          85.5,
          302.55889599999995,
          555.89,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the ",
        "box": [
          85.5,
          314.05889599999995,
          555.9200000000001,
          322.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cost-recovery and nonaccrual methods, if any.",
        "box": [
          85.5,
          325.55889599999995,
          270.01001,
          333.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          337.05889599999995,
          70.16,
          345.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid ",
        "box": [
          85.5,
          337.05889599999995,
          555.8800000000005,
          345.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prior  to  such  date.  Excludes  loans  accounted  for  under  the  cost-recovery  and  nonaccrual  methods,  if  any.  As  of ",
        "box": [
          85.5,
          348.55889599999995,
          555.9000000000001,
          356.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June  30,  2026,  47%  of  our  loans  by  principal  balance  were  subject  to  yield  maintenance  or  other  prepayment ",
        "box": [
          85.5,
          360.05889599999995,
          555.9599999999999,
          368.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "restrictions and 53% were open to repayment by the borrower without penalty. As of December 31, 2025, 40% of ",
        "box": [
          85.5,
          371.55889599999995,
          556.00003,
          379.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 60% were ",
        "box": [
          85.5,
          383.05889599999995,
          555.9200100000003,
          391.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "open to repayment by the borrower without penalty.",
        "box": [
          85.5,
          394.55889599999995,
          293.63000000000005,
          402.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the index rate floors for our loans receivable portfolio as of June 30, 2026 ($ in thousands):",
        "box": [
          58.5,
          418.05889599999995,
          532.76001,
          426.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          445.4831248,
          63.13,
          452.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Receivable Principal Balance",
        "box": [
          377.57999,
          445.4831248,
          499.97999000000016,
          452.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index Rate Floors",
        "box": [
          61.13,
          457.86312480000004,
          122.43400000000003,
          464.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
          353.13,
          457.86312480000004,
          369.122,
          464.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-USD (1)",
        "box": [
          419.67001,
          457.22192112,
          458.58322000000004,
          464.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          507.26999,
          457.86312480000004,
          525.49399,
          464.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed Rate",
        "box": [
          61.13,
          470.80889599999995,
          104.68999999999997,
          479.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          326.63,
          470.80889599999995,
          334.13,
          479.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "398,405 ",
        "box": [
          361.67,
          470.80889599999995,
          396.67,
          479.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          470.80889599999995,
          412.13,
          479.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "135,273 ",
        "box": [
          439.67,
          470.80889599999995,
          474.67,
          479.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          470.80889599999995,
          489.38,
          479.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "533,678 ",
        "box": [
          516.92,
          470.80889599999995,
          551.92,
          479.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00% or no floor (2)",
        "box": [
          61.13,
          485.80889599999995,
          138.28319999999997,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,060,787",
        "box": [
          355.62,
          485.80889599999995,
          395.62,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,701,597",
        "box": [
          433.62,
          485.80889599999995,
          473.62,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,762,384",
        "box": [
          510.87,
          485.80889599999995,
          550.87,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.01% to 1.00% floor",
        "box": [
          61.13,
          500.80889599999995,
          147.49000000000004,
          509.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,314,333",
        "box": [
          355.62,
          500.80889599999995,
          395.62,
          509.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,286,448",
        "box": [
          433.62,
          500.80889599999995,
          473.62,
          509.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,600,781",
        "box": [
          510.87,
          500.80889599999995,
          550.87,
          509.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.01% to 2.00% floor",
        "box": [
          61.13,
          515.808896,
          147.49000000000004,
          524.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "856,529",
        "box": [
          363.12,
          515.808896,
          395.62,
          524.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,651,960",
        "box": [
          433.62,
          515.808896,
          473.62,
          524.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,508,489",
        "box": [
          510.87,
          515.808896,
          550.87,
          524.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.01% to 3.00% floor",
        "box": [
          61.13,
          530.808896,
          147.49000000000004,
          539.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,754,709",
        "box": [
          355.62,
          530.808896,
          395.62,
          539.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "366,401",
        "box": [
          441.12,
          530.808896,
          473.62,
          539.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,121,110",
        "box": [
          510.87,
          530.808896,
          550.87,
          539.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.01% or more floor",
        "box": [
          61.13,
          545.808896,
          142.75,
          554.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "608,673",
        "box": [
          363.12,
          545.808896,
          395.62,
          554.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "274,093",
        "box": [
          441.12,
          545.808896,
          473.62,
          554.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "882,766",
        "box": [
          518.37,
          545.808896,
          550.87,
          554.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total (3)",
        "box": [
          73.13,
          560.808896,
          100.2632,
          569.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          326.63,
          560.808896,
          334.13,
          569.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,993,436 ",
        "box": [
          354.17,
          560.808896,
          396.67,
          569.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          560.808896,
          412.13,
          569.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,415,772 ",
        "box": [
          432.17,
          560.808896,
          474.67,
          569.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          560.808896,
          489.38,
          569.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,409,208 ",
        "box": [
          504.42,
          560.808896,
          551.9200000000001,
          569.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          586.558896,
          70.16,
          594.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Canadian Dollar currencies.",
        "box": [
          85.5,
          586.558896,
          510.35,
          594.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          598.058896,
          70.16,
          606.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes all impaired loans. ",
        "box": [
          85.5,
          598.058896,
          198.41,
          606.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          609.558896,
          70.16,
          617.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, the weighted-average index rate floor of our floating-rate loans receivable principal balance ",
        "box": [
          85.5,
          609.558896,
          555.9899999999999,
          617.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was 1.53%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was ",
        "box": [
          85.5,
          621.058896,
          555.9900000000004,
          629.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.11%.",
        "box": [
          85.5,
          632.558896,
          113.83,
          640.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 23,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Activity relating to our loans receivable portfolio was as follows ($ in thousands):",
        "box": [
          58.5,
          54.308896000000004,
          385.93999999999994,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          81.73315479999997,
          63.13,
          88.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value",
        "box": [
          476.76001,
          81.73315479999997,
          530.5200100000001,
          88.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          530.48999,
          81.73315479999997,
          532.48999,
          88.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Receivable, as of December 31, 2025",
        "box": [
          61.13,
          94.308896,
          237.59000000000006,
          102.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          456.38,
          94.308896,
          463.88,
          102.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,069,134 ",
        "box": [
          504.42,
          94.308896,
          551.9200000000001,
          102.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan fundings",
        "box": [
          78.5,
          109.308896,
          136.51999999999998,
          117.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,451,838",
        "box": [
          510.87,
          109.308896,
          550.87,
          117.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan repayments, sales, and cost-recovery proceeds",
        "box": [
          78.5,
          124.308896,
          286.30000000000007,
          132.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,820,897)",
        "box": [
          504.20999,
          124.308896,
          550.86999,
          132.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs",
        "box": [
          78.5,
          139.308896,
          126.22999999999998,
          147.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(75,071)",
        "box": [
          516.71002,
          139.308896,
          550.8700200000001,
          147.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer to owned real estate",
        "box": [
          78.5,
          154.308896,
          194.45000000000002,
          162.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(180,416)",
        "box": [
          511.70999,
          154.308896,
          550.86999,
          162.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer to other assets, net (1)",
        "box": [
          78.5,
          169.308896,
          194.70319999999998,
          177.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,572)",
        "box": [
          516.71002,
          169.308896,
          550.8700200000001,
          177.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment-in-kind interest, net of interest received",
        "box": [
          78.5,
          184.308896,
          273.79000000000013,
          192.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,049",
        "box": [
          528.37,
          184.308896,
          550.87,
          192.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized loss on foreign currency translation",
        "box": [
          78.5,
          199.308896,
          266.33000000000004,
          207.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(121,642)",
        "box": [
          511.70999,
          199.308896,
          550.86999,
          207.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred fees and other items (2)",
        "box": [
          78.5,
          214.308896,
          202.73319999999995,
          222.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,046)",
        "box": [
          516.71002,
          214.308896,
          550.8700200000001,
          222.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of fees and other items (2)",
        "box": [
          78.5,
          229.308896,
          231.32318999999995,
          237.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,353",
        "box": [
          523.37,
          229.308896,
          550.87,
          237.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Receivable, as of June 30, 2026",
        "box": [
          61.13,
          244.308896,
          214.87,
          252.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          456.38,
          244.308896,
          463.88,
          252.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,334,730 ",
        "box": [
          504.42,
          244.308896,
          551.9200000000001,
          252.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          259.308896,
          117.99999999999996,
          267.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(397,835)",
        "box": [
          511.70999,
          259.308896,
          550.86999,
          267.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Receivable, net, as of June 30, 2026",
        "box": [
          61.13,
          274.308896,
          232.07,
          282.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          456.38,
          274.308896,
          463.88,
          282.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,936,895 ",
        "box": [
          504.42,
          274.308896,
          551.9200000000001,
          282.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          302.05889599999995,
          70.16,
          310.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This amount relates to intangible and other assets recorded in connection with a loan that was transferred to owned ",
        "box": [
          85.5,
          302.05889599999995,
          555.89,
          310.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate, net of any liabilities recorded upon acquisition. See Note 6 for further information.",
        "box": [
          85.5,
          313.55889599999995,
          461.4199899999998,
          321.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          325.05889599999995,
          70.16,
          333.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other  items  primarily  consist  of  purchase  and  sale  discounts  or  premiums,  exit  fees,  and  deferred  origination ",
        "box": [
          85.5,
          325.05889599999995,
          555.9799999999999,
          333.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses.",
        "box": [
          85.5,
          336.55889599999995,
          124.07,
          344.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 24,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The tables  below  detail  the  property  type  and  geographic  distribution  of  the  properties  securing  the  loans  in  our  loans ",
        "box": [
          58.5,
          54.308896000000004,
          555.8300000000002,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable portfolio ($ in thousands):",
        "box": [
          58.5,
          65.808896,
          206.67999999999998,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          282.78,
          81.98315479999997,
          329.212,
          88.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          61.13,
          103.73315479999997,
          111.09800000000004,
          110.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Loans",
        "box": [
          216.39999,
          103.73315479999997,
          276.37599,
          110.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value",
        "box": [
          300.13,
          103.73315479999997,
          353.89000000000004,
          110.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure (1)",
        "box": [
          379.38,
          103.09194112,
          451.61319000000003,
          110.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure ",
        "box": [
          474.29001,
          94.54309479999995,
          542.4900099999999,
          101.12573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage of Portfolio",
        "box": [
          468.07999,
          103.73315479999997,
          546.6959900000002,
          110.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          61.13,
          116.308896,
          99.42999999999999,
          124.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          241.37,
          116.308896,
          251.37,
          124.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.88,
          116.308896,
          294.38,
          124.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,503,186 ",
        "box": [
          325.67,
          116.308896,
          368.17,
          124.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          375.38,
          116.308896,
          382.88,
          124.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,195,901 ",
        "box": [
          414.17,
          116.308896,
          456.67,
          124.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26%",
        "box": [
          499.14999,
          116.308896,
          517.47999,
          124.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          61.13,
          130.558896,
          109.39999999999998,
          138.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46",
        "box": [
          241.37,
          130.558896,
          251.37,
          138.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,161,897",
        "box": [
          327.12,
          130.558896,
          367.12,
          138.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,994,054",
        "box": [
          415.62,
          130.558896,
          455.62,
          138.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25",
        "box": [
          502.37,
          130.558896,
          512.37,
          138.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          61.13,
          144.808896,
          86.64999999999999,
          153.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34",
        "box": [
          241.37,
          144.808896,
          251.37,
          153.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,461,290",
        "box": [
          327.12,
          144.808896,
          367.12,
          153.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,967,961",
        "box": [
          415.62,
          144.808896,
          455.62,
          153.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25",
        "box": [
          502.37,
          144.808896,
          512.37,
          153.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          61.13,
          159.058896,
          105.51999999999998,
          167.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          241.37,
          159.058896,
          251.37,
          167.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,743,045",
        "box": [
          327.12,
          159.058896,
          367.12,
          167.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,656,740",
        "box": [
          415.62,
          159.058896,
          455.62,
          167.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          502.37,
          159.058896,
          512.37,
          167.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          61.13,
          173.308896,
          84.96999999999997,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "box": [
          243.87,
          173.308896,
          248.87,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "822,936",
        "box": [
          334.62,
          173.308896,
          367.12,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "744,291",
        "box": [
          423.12,
          173.308896,
          455.62,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          504.87,
          173.308896,
          509.87,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Self-storage",
        "box": [
          61.13,
          188.308896,
          109.40999999999997,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          243.87,
          188.308896,
          248.87,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "642,244",
        "box": [
          334.62,
          188.308896,
          367.12,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "479,964",
        "box": [
          423.12,
          188.308896,
          455.62,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          504.87,
          188.308896,
          509.87,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Life Sciences / Studio",
        "box": [
          61.13,
          202.558896,
          149.06999999999996,
          210.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          243.87,
          202.558896,
          248.87,
          210.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "284,772",
        "box": [
          334.62,
          202.558896,
          367.12,
          210.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,408",
        "box": [
          423.12,
          202.558896,
          455.62,
          210.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          504.87,
          202.558896,
          509.87,
          210.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          61.13,
          216.808896,
          83.88,
          225.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          243.87,
          216.808896,
          248.87,
          225.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "715,360",
        "box": [
          334.62,
          216.808896,
          367.12,
          225.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "713,113",
        "box": [
          423.12,
          216.808896,
          455.62,
          225.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          504.87,
          216.808896,
          509.87,
          225.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
          61.13,
          231.058896,
          149.31999999999996,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133",
        "box": [
          238.87,
          231.058896,
          253.87,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.88,
          231.058896,
          294.38,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,334,730 ",
        "box": [
          320.67,
          231.058896,
          368.17,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          375.38,
          231.058896,
          382.88,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,018,432 ",
        "box": [
          409.17,
          231.058896,
          456.67,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          496.64999,
          231.058896,
          519.97999,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          245.308896,
          117.99999999999996,
          253.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.88,
          245.308896,
          289.38,
          253.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(397,835) ",
        "box": [
          329.84,
          245.308896,
          371.49999999999994,
          253.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          259.558896,
          146.27999999999997,
          267.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.88,
          259.558896,
          294.38,
          267.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,936,895 ",
        "box": [
          320.67,
          259.558896,
          368.17,
          267.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Geographic Location",
        "box": [
          61.13,
          294.2331248,
          133.33800000000005,
          300.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Loans",
        "box": [
          216.39999,
          294.2331248,
          276.37599,
          300.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value",
        "box": [
          300.13,
          294.2331248,
          353.89000000000004,
          300.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.86002,
          294.2331248,
          355.86002,
          300.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure (1)",
        "box": [
          379.38,
          293.59191111999996,
          451.61319000000003,
          300.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure ",
        "box": [
          474.29001,
          285.0431248,
          542.4900099999999,
          291.62576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage of Portfolio",
        "box": [
          468.07999,
          294.2331248,
          546.6959900000002,
          300.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "United States",
        "box": [
          61.13,
          306.80889599999995,
          114.66999999999997,
          315.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          214.13,
          306.80889599999995,
          216.63,
          315.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.88,
          306.80889599999995,
          289.38,
          315.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          463.88,
          306.80889599999995,
          466.38,
          315.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sunbelt",
        "box": [
          78.5,
          321.05889599999995,
          109.03999999999999,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47",
        "box": [
          241.37,
          321.05889599999995,
          251.37,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.88,
          321.05889599999995,
          294.38,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,771,723 ",
        "box": [
          325.67,
          321.05889599999995,
          368.17,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          375.38,
          321.05889599999995,
          382.88,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,980,482 ",
        "box": [
          414.17,
          321.05889599999995,
          456.67,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          499.14999,
          321.05889599999995,
          517.47999,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Northeast",
        "box": [
          78.5,
          335.30889599999995,
          117.34999999999998,
          343.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          241.37,
          335.30889599999995,
          251.37,
          343.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,132,423",
        "box": [
          327.12,
          335.30889599999995,
          367.12,
          343.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,028,575",
        "box": [
          415.62,
          335.30889599999995,
          455.62,
          343.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          502.37,
          335.30889599999995,
          512.37,
          343.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "West",
        "box": [
          78.5,
          349.55889599999995,
          99.02999999999999,
          357.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23",
        "box": [
          241.37,
          349.55889599999995,
          251.37,
          357.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,858,650",
        "box": [
          327.12,
          349.55889599999995,
          367.12,
          357.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,774,545",
        "box": [
          415.62,
          349.55889599999995,
          455.62,
          357.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          502.37,
          349.55889599999995,
          512.37,
          357.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Midwest",
        "box": [
          78.5,
          363.80889599999995,
          113.47999999999999,
          372.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          243.87,
          363.80889599999995,
          248.87,
          372.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "637,152",
        "box": [
          334.62,
          363.80889599999995,
          367.12,
          372.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "506,250",
        "box": [
          423.12,
          363.80889599999995,
          455.62,
          372.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          504.87,
          363.80889599999995,
          509.87,
          372.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Northwest",
        "box": [
          78.5,
          378.05889599999995,
          120.13999999999999,
          386.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          243.87,
          378.05889599999995,
          248.87,
          386.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "476,987",
        "box": [
          334.62,
          378.05889599999995,
          367.12,
          386.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "472,722",
        "box": [
          423.12,
          378.05889599999995,
          455.62,
          386.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          504.87,
          378.05889599999995,
          509.87,
          386.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          61.13,
          392.30889599999995,
          94.43999999999998,
          400.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98",
        "box": [
          241.37,
          392.30889599999995,
          251.37,
          400.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,876,935",
        "box": [
          327.12,
          392.30889599999995,
          367.12,
          400.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,762,574",
        "box": [
          415.62,
          392.30889599999995,
          455.62,
          400.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          502.37,
          392.30889599999995,
          512.37,
          400.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "International",
        "box": [
          61.13,
          406.55889599999995,
          112.16999999999997,
          414.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "United Kingdom",
        "box": [
          78.5,
          420.80889599999995,
          145.95999999999998,
          429.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          241.37,
          420.80889599999995,
          251.37,
          429.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,680,430",
        "box": [
          327.12,
          420.80889599999995,
          367.12,
          429.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,667,644",
        "box": [
          415.62,
          420.80889599999995,
          455.62,
          429.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          502.37,
          420.80889599999995,
          512.37,
          429.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Australia",
        "box": [
          78.5,
          435.05889599999995,
          115.11999999999998,
          443.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          243.87,
          435.05889599999995,
          248.87,
          443.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,181,561",
        "box": [
          327.12,
          435.05889599999995,
          367.12,
          443.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,175,243",
        "box": [
          415.62,
          435.05889599999995,
          455.62,
          443.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          504.87,
          435.05889599999995,
          509.87,
          443.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ireland",
        "box": [
          78.5,
          449.30889599999995,
          106.78999999999998,
          457.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          243.87,
          449.30889599999995,
          248.87,
          457.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,000,931",
        "box": [
          327.12,
          449.30889599999995,
          367.12,
          457.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "990,480",
        "box": [
          423.12,
          449.30889599999995,
          455.62,
          457.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          504.87,
          449.30889599999995,
          509.87,
          457.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Spain",
        "box": [
          78.5,
          463.55889599999995,
          101.25999999999999,
          471.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          243.87,
          463.55889599999995,
          248.87,
          471.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "657,798",
        "box": [
          334.62,
          463.55889599999995,
          367.12,
          471.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "654,260",
        "box": [
          423.12,
          463.55889599999995,
          455.62,
          471.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          504.87,
          463.55889599999995,
          509.87,
          471.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sweden",
        "box": [
          78.5,
          477.80889599999995,
          110.13999999999999,
          486.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          243.87,
          477.80889599999995,
          248.87,
          486.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "477,022",
        "box": [
          334.62,
          477.80889599999995,
          367.12,
          486.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "475,327",
        "box": [
          423.12,
          477.80889599999995,
          455.62,
          486.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          504.87,
          477.80889599999995,
          509.87,
          486.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Canada",
        "box": [
          78.5,
          492.05889599999995,
          108.45999999999998,
          500.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          243.87,
          492.05889599999995,
          248.87,
          500.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "440,265",
        "box": [
          334.62,
          492.05889599999995,
          367.12,
          500.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "278,678",
        "box": [
          423.12,
          492.05889599999995,
          455.62,
          500.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          504.87,
          492.05889599999995,
          509.87,
          500.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Europe",
        "box": [
          78.5,
          506.30889599999995,
          132.61999999999998,
          514.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          243.87,
          506.30889599999995,
          248.87,
          514.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "958,513",
        "box": [
          334.62,
          506.30889599999995,
          367.12,
          514.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "953,482",
        "box": [
          423.12,
          506.30889599999995,
          455.62,
          514.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          504.87,
          506.30889599999995,
          509.87,
          514.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other International",
        "box": [
          78.5,
          520.558896,
          154.79000000000002,
          528.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          243.87,
          520.558896,
          248.87,
          528.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,275",
        "box": [
          339.62,
          520.558896,
          367.12,
          528.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,744",
        "box": [
          428.12,
          520.558896,
          455.62,
          528.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          502.37,
          520.558896,
          507.37,
          528.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          61.13,
          535.558896,
          94.43999999999998,
          543.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35",
        "box": [
          241.37,
          535.558896,
          251.37,
          543.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,457,795",
        "box": [
          327.12,
          535.558896,
          367.12,
          543.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,255,858",
        "box": [
          415.62,
          535.558896,
          455.62,
          543.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          502.37,
          535.558896,
          512.37,
          543.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
          61.13,
          549.808896,
          149.31999999999996,
          558.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133",
        "box": [
          238.87,
          549.808896,
          253.87,
          558.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.88,
          549.808896,
          294.38,
          558.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,334,730 ",
        "box": [
          320.67,
          549.808896,
          368.17,
          558.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          375.38,
          549.808896,
          382.88,
          558.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,018,432 ",
        "box": [
          409.17,
          549.808896,
          456.67,
          558.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          496.64999,
          549.808896,
          519.97999,
          558.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          564.058896,
          117.99999999999996,
          572.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.88,
          564.058896,
          289.38,
          572.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(397,835) ",
        "box": [
          329.84,
          564.058896,
          371.49999999999994,
          572.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          578.308896,
          146.27999999999997,
          586.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.88,
          578.308896,
          294.38,
          586.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,936,895 ",
        "box": [
          320.67,
          578.308896,
          368.17,
          586.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          593.808896,
          61.0,
          602.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          605.308896,
          70.16,
          613.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2026, ",
        "box": [
          85.5,
          605.308896,
          555.88,
          613.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which is our principal balance net of (i) $972.6 million of asset-specific debt, (ii) $20.3 million of cost-recovery ",
        "box": [
          85.5,
          615.808896,
          555.8500100000002,
          624.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds, and (iii) our total loans receivable CECL reserve of $397.8 million. Our asset-specific debt is structurally ",
        "box": [
          85.5,
          626.308896,
          555.86,
          634.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-recourse and term-matched to the corresponding collateral loans.",
        "box": [
          85.5,
          636.808896,
          362.93,
          645.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 25,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "December 31, 2025",
        "box": [
          273.69,
          58.233154799999966,
          338.3300000000001,
          64.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          61.13,
          79.98315479999997,
          111.09800000000004,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Loans",
        "box": [
          215.64999,
          79.98315479999997,
          275.62599,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value",
        "box": [
          298.63,
          79.98315479999997,
          352.39000000000004,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure (1)",
        "box": [
          378.63,
          79.34194112,
          450.86319000000003,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure ",
        "box": [
          474.29001,
          70.79309479999995,
          542.4900099999999,
          77.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage of Portfolio",
        "box": [
          468.07999,
          79.98315479999997,
          546.6959900000002,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          61.13,
          92.558896,
          86.64999999999999,
          100.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          240.62,
          92.558896,
          250.62,
          100.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.38,
          92.558896,
          292.88,
          100.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,879,422 ",
        "box": [
          324.17,
          92.558896,
          366.67,
          100.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          374.63,
          92.558896,
          382.13,
          100.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,556,980 ",
        "box": [
          413.42,
          92.558896,
          455.92,
          100.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27%",
        "box": [
          499.14999,
          92.558896,
          517.47999,
          100.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          61.13,
          107.558896,
          109.39999999999998,
          115.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46",
        "box": [
          240.62,
          107.558896,
          250.62,
          115.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,457,767",
        "box": [
          325.62,
          107.558896,
          365.62,
          115.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,305,534",
        "box": [
          414.87,
          107.558896,
          454.87,
          115.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          502.37,
          107.558896,
          512.37,
          115.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          61.13,
          122.558896,
          99.42999999999999,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          240.62,
          122.558896,
          250.62,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,458,487",
        "box": [
          325.62,
          122.558896,
          365.62,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,114,141",
        "box": [
          414.87,
          122.558896,
          454.87,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          502.37,
          122.558896,
          512.37,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          61.13,
          137.558896,
          105.51999999999998,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          240.62,
          137.558896,
          250.62,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,940,693",
        "box": [
          325.62,
          137.558896,
          365.62,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,827,133",
        "box": [
          414.87,
          137.558896,
          454.87,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          502.37,
          137.558896,
          512.37,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          61.13,
          152.558896,
          84.96999999999997,
          160.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          243.12,
          152.558896,
          248.12,
          160.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "674,612",
        "box": [
          333.12,
          152.558896,
          365.62,
          160.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "596,204",
        "box": [
          422.37,
          152.558896,
          454.87,
          160.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          504.87,
          152.558896,
          509.87,
          160.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Self-storage",
        "box": [
          61.13,
          167.558896,
          109.40999999999997,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          243.12,
          167.558896,
          248.12,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "659,515",
        "box": [
          333.12,
          167.558896,
          365.62,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "492,376",
        "box": [
          422.37,
          167.558896,
          454.87,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          504.87,
          167.558896,
          509.87,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Life Sciences/Studio",
        "box": [
          61.13,
          182.558896,
          144.06999999999996,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          243.12,
          182.558896,
          248.12,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "284,079",
        "box": [
          333.12,
          182.558896,
          365.62,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "277,373",
        "box": [
          422.37,
          182.558896,
          454.87,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          504.87,
          182.558896,
          509.87,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          61.13,
          197.558896,
          83.88,
          205.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          243.12,
          197.558896,
          248.12,
          205.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "714,559",
        "box": [
          333.12,
          197.558896,
          365.62,
          205.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "676,293",
        "box": [
          422.37,
          197.558896,
          454.87,
          205.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          504.87,
          197.558896,
          509.87,
          205.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
          61.13,
          212.558896,
          149.31999999999996,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131",
        "box": [
          239.06,
          212.558896,
          254.06,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.38,
          212.558896,
          292.88,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,069,134 ",
        "box": [
          319.17,
          212.558896,
          366.67,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          374.63,
          212.558896,
          382.13,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,846,034 ",
        "box": [
          408.42,
          212.558896,
          455.92,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          496.64999,
          212.558896,
          519.97999,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          227.558896,
          117.99999999999996,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          285.38,
          227.558896,
          287.88,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(284,440) ",
        "box": [
          328.34,
          227.558896,
          369.99999999999994,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          242.558896,
          146.27999999999997,
          250.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.38,
          242.558896,
          292.88,
          250.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,784,694 ",
        "box": [
          319.17,
          242.558896,
          366.67,
          250.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Geographic Location",
        "box": [
          61.13,
          276.4831247999999,
          133.33800000000005,
          283.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Loans",
        "box": [
          215.64999,
          276.4831247999999,
          275.62599,
          283.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value",
        "box": [
          298.63,
          276.4831247999999,
          352.39000000000004,
          283.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure (1)",
        "box": [
          378.63,
          275.84194112,
          450.86319000000003,
          283.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure ",
        "box": [
          474.29001,
          267.29309479999995,
          542.4900099999999,
          273.8757320449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage of Portfolio",
        "box": [
          468.07999,
          276.4831247999999,
          546.6959900000002,
          283.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "United States",
        "box": [
          61.13,
          289.05889599999995,
          114.66999999999997,
          297.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          214.88,
          289.05889599999995,
          217.38,
          297.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          285.38,
          289.05889599999995,
          287.88,
          297.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          463.88,
          289.05889599999995,
          466.38,
          297.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sunbelt",
        "box": [
          78.5,
          304.05889599999995,
          109.03999999999999,
          312.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          240.62,
          304.05889599999995,
          250.62,
          312.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.38,
          304.05889599999995,
          292.88,
          312.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,715,039 ",
        "box": [
          324.17,
          304.05889599999995,
          366.67,
          312.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          374.63,
          304.05889599999995,
          382.13,
          312.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,918,928 ",
        "box": [
          413.42,
          304.05889599999995,
          455.92,
          312.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23%",
        "box": [
          499.14999,
          304.05889599999995,
          517.47999,
          312.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "West",
        "box": [
          78.5,
          319.05889599999995,
          99.02999999999999,
          327.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23",
        "box": [
          240.62,
          319.05889599999995,
          250.62,
          327.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,963,032",
        "box": [
          325.62,
          319.05889599999995,
          365.62,
          327.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,872,531",
        "box": [
          414.87,
          319.05889599999995,
          454.87,
          327.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          502.37,
          319.05889599999995,
          512.37,
          327.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Northeast",
        "box": [
          78.5,
          334.05889599999995,
          117.34999999999998,
          342.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          240.62,
          334.05889599999995,
          250.62,
          342.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,893,877",
        "box": [
          325.62,
          334.05889599999995,
          365.62,
          342.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,800,387",
        "box": [
          414.87,
          334.05889599999995,
          454.87,
          342.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          502.37,
          334.05889599999995,
          512.37,
          342.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Midwest",
        "box": [
          78.5,
          349.05889599999995,
          113.47999999999999,
          357.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          243.12,
          349.05889599999995,
          248.12,
          357.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "619,726",
        "box": [
          333.12,
          349.05889599999995,
          365.62,
          357.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "609,433",
        "box": [
          422.37,
          349.05889599999995,
          454.87,
          357.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          504.87,
          349.05889599999995,
          509.87,
          357.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Northwest",
        "box": [
          78.5,
          364.05889599999995,
          120.13999999999999,
          372.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          243.12,
          364.05889599999995,
          248.12,
          372.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "457,215",
        "box": [
          333.12,
          364.05889599999995,
          365.62,
          372.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "454,507",
        "box": [
          422.37,
          364.05889599999995,
          454.87,
          372.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          504.87,
          364.05889599999995,
          509.87,
          372.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          61.13,
          379.05889599999995,
          94.43999999999998,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94",
        "box": [
          240.62,
          379.05889599999995,
          250.62,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,648,889",
        "box": [
          325.62,
          379.05889599999995,
          365.62,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,655,786",
        "box": [
          414.87,
          379.05889599999995,
          454.87,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52",
        "box": [
          502.37,
          379.05889599999995,
          512.37,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "International",
        "box": [
          61.13,
          394.05889599999995,
          112.16999999999997,
          402.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "United Kingdom",
        "box": [
          78.5,
          409.05889599999995,
          145.95999999999998,
          417.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          240.62,
          409.05889599999995,
          250.62,
          417.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,595,424",
        "box": [
          325.62,
          409.05889599999995,
          365.62,
          417.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,582,983",
        "box": [
          414.87,
          409.05889599999995,
          454.87,
          417.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          502.37,
          409.05889599999995,
          512.37,
          417.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ireland",
        "box": [
          78.5,
          424.05889599999995,
          106.78999999999998,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          243.12,
          424.05889599999995,
          248.12,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,141,770",
        "box": [
          325.62,
          424.05889599999995,
          365.62,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,135,749",
        "box": [
          414.87,
          424.05889599999995,
          454.87,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          504.87,
          424.05889599999995,
          509.87,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Australia",
        "box": [
          78.5,
          439.05889599999995,
          115.11999999999998,
          447.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          243.12,
          439.05889599999995,
          248.12,
          447.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,104,765",
        "box": [
          325.62,
          439.05889599999995,
          365.62,
          447.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,110,648",
        "box": [
          414.87,
          439.05889599999995,
          454.87,
          447.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          504.87,
          439.05889599999995,
          509.87,
          447.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Spain",
        "box": [
          78.5,
          454.05889599999995,
          101.25999999999999,
          462.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          243.12,
          454.05889599999995,
          248.12,
          462.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "684,109",
        "box": [
          333.12,
          454.05889599999995,
          365.62,
          462.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "638,112",
        "box": [
          422.37,
          454.05889599999995,
          454.87,
          462.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          504.87,
          454.05889599999995,
          509.87,
          462.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sweden",
        "box": [
          78.5,
          469.05889599999995,
          110.13999999999999,
          477.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          243.12,
          469.05889599999995,
          248.12,
          477.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "502,124",
        "box": [
          333.12,
          469.05889599999995,
          365.62,
          477.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,917",
        "box": [
          422.37,
          469.05889599999995,
          454.87,
          477.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          504.87,
          469.05889599999995,
          509.87,
          477.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Canada",
        "box": [
          78.5,
          484.05889599999995,
          108.45999999999998,
          492.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          243.12,
          484.05889599999995,
          248.12,
          492.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "455,407",
        "box": [
          333.12,
          484.05889599999995,
          365.62,
          492.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "288,504",
        "box": [
          422.37,
          484.05889599999995,
          454.87,
          492.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          504.87,
          484.05889599999995,
          509.87,
          492.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Europe",
        "box": [
          78.5,
          499.05889599999995,
          132.61999999999998,
          507.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          243.12,
          499.05889599999995,
          248.12,
          507.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "875,579",
        "box": [
          333.12,
          499.05889599999995,
          365.62,
          507.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "872,527",
        "box": [
          422.37,
          499.05889599999995,
          454.87,
          507.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          504.87,
          499.05889599999995,
          509.87,
          507.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other International",
        "box": [
          78.5,
          514.058896,
          154.79000000000002,
          522.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          243.12,
          514.058896,
          248.12,
          522.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,067",
        "box": [
          338.12,
          514.058896,
          365.62,
          522.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,808",
        "box": [
          427.37,
          514.058896,
          454.87,
          522.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          503.31,
          514.058896,
          508.31,
          522.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          61.13,
          529.058896,
          94.43999999999998,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          240.62,
          529.058896,
          250.62,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,420,245",
        "box": [
          325.62,
          529.058896,
          365.62,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,190,248",
        "box": [
          414.87,
          529.058896,
          454.87,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48",
        "box": [
          502.37,
          529.058896,
          512.37,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
          61.13,
          544.058896,
          149.31999999999996,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131",
        "box": [
          239.06,
          544.058896,
          254.06,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.38,
          544.058896,
          292.88,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,069,134 ",
        "box": [
          319.17,
          544.058896,
          366.67,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          374.63,
          544.058896,
          382.13,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,846,034 ",
        "box": [
          408.42,
          544.058896,
          455.92,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          496.64999,
          544.058896,
          519.97999,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          559.058896,
          117.99999999999996,
          567.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(284,440)",
        "box": [
          326.45999,
          559.058896,
          365.61999,
          567.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          574.058896,
          146.27999999999997,
          582.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.38,
          574.058896,
          292.88,
          582.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,784,694 ",
        "box": [
          319.17,
          574.058896,
          366.67,
          582.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          604.348876,
          70.16,
          612.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, ",
        "box": [
          85.5,
          604.348876,
          555.9700100000002,
          612.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025,  which  is  our  principal  balance  net  of  (i)  $999.8  million  of  asset-specific  debt,  (ii)  $24.5  million  of  cost-",
        "box": [
          85.5,
          614.848876,
          553.4300300000002,
          623.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recovery  proceeds,  and  (iii)  our  total  loans  receivable  CECL  reserve  of  $284.4  million.  See  Note  2  for  further ",
        "box": [
          85.5,
          625.348876,
          555.8700100000002,
          633.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion of loan participations sold. Our asset-specific debt is structurally non-recourse and term-matched to the ",
        "box": [
          85.5,
          635.848876,
          555.8899999999999,
          644.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corresponding collateral loans.",
        "box": [
          85.5,
          646.348876,
          208.40000000000006,
          654.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 26,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Loan Risk Ratings  ",
        "box": [
          58.5,
          54.148926000000074,
          142.92999999999998,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          166.49999999999997,
          54.148926000000074,
          168.99999999999997,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan ",
        "box": [
          58.5,
          71.50890600000002,
          555.90001,
          79.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio  review,  we  assess  the  risk  factors  of  each  loan,  and  assign  a  risk  rating  based  on  several  factors.  Factors ",
        "box": [
          58.5,
          83.00890600000002,
          555.8600000000001,
          91.23720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "considered  in  the  assessment  include,  but  are  not  limited  to,  risk  of  loss,  origination  LTV,  debt  yield,  collateral ",
        "box": [
          58.5,
          94.50890600000002,
          555.9500000000003,
          102.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance, structure, exit plan, and sponsorship. Loans are rated '1' (less risk) through '5' (greater risk), which ratings ",
        "box": [
          58.5,
          106.00890600000002,
          555.94,
          114.23720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are defined in Note 2.",
        "box": [
          58.5,
          117.50890600000002,
          145.34,
          125.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables allocate the net book value and net loan exposure balances based on our internal risk ratings ($ in ",
        "box": [
          58.5,
          141.00890600000002,
          555.89,
          149.23720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          58.5,
          152.50890600000002,
          104.59,
          160.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          356.66,
          167.9331047999999,
          403.09200000000004,
          174.51574204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rating",
        "box": [
          110.18,
          180.6831047999999,
          150.83599999999998,
          187.26574204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Loans",
        "box": [
          216.39999,
          180.6831047999999,
          276.37599,
          187.26574204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value",
        "box": [
          328.26001,
          180.6831047999999,
          382.02001000000007,
          187.26574204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure (1)",
        "box": [
          452.51001,
          180.04189112000006,
          524.7431899999999,
          187.26574204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          128.25,
          193.23101540000005,
          132.75,
          200.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          244.12,
          193.23101540000005,
          248.62,
          200.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.88,
          193.23101540000005,
          299.63,
          200.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,896 ",
        "box": [
          391.502,
          193.23101540000005,
          418.502,
          200.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          426.38,
          193.23101540000005,
          433.13,
          200.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,025 ",
        "box": [
          525.002,
          193.23101540000005,
          552.002,
          200.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          128.25,
          207.48101540000005,
          132.75,
          214.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          241.87,
          207.48101540000005,
          250.87,
          214.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,884,735",
        "box": [
          381.37,
          207.48101540000005,
          417.37,
          214.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,715,318",
        "box": [
          514.87,
          207.48101540000005,
          550.87,
          214.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          128.25,
          221.73101540000005,
          132.75,
          229.13648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "85",
        "box": [
          241.87,
          221.73101540000005,
          250.87,
          229.13648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,667,474",
        "box": [
          376.87,
          221.73101540000005,
          417.37,
          229.13648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,798,610",
        "box": [
          510.37,
          221.73101540000005,
          550.87,
          229.13648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          128.25,
          235.98101540000005,
          132.75,
          243.38648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          241.87,
          235.98101540000005,
          250.87,
          243.38648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,026,473",
        "box": [
          381.37,
          235.98101540000005,
          417.37,
          243.38648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,969,169",
        "box": [
          514.87,
          235.98101540000005,
          550.87,
          243.38648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          128.25,
          250.23101540000005,
          132.75,
          257.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          244.12,
          250.23101540000005,
          248.62,
          257.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "695,152",
        "box": [
          388.12,
          250.23101540000005,
          417.37,
          257.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "474,310",
        "box": [
          521.62,
          250.23101540000005,
          550.87,
          257.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
          61.13,
          264.48101540000005,
          140.60899999999998,
          271.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133",
        "box": [
          239.62,
          264.48101540000005,
          253.12,
          271.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.88,
          264.48101540000005,
          299.63,
          271.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,334,730 ",
        "box": [
          375.752,
          264.48101540000005,
          418.502,
          271.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          426.38,
          264.48101540000005,
          433.13,
          271.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,018,432 ",
        "box": [
          509.252,
          264.48101540000005,
          552.002,
          271.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          278.73101540000005,
          112.36699999999999,
          286.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(397,835)",
        "box": [
          382.14001,
          278.73101540000005,
          417.38401000000005,
          286.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          292.9810154,
          137.855,
          300.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.88,
          292.9810154,
          299.63,
          300.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,936,895 ",
        "box": [
          375.752,
          292.9810154,
          418.502,
          300.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          347.56,
          313.4331348,
          412.2000000000001,
          320.0157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rating",
        "box": [
          110.18,
          326.1831348,
          150.83599999999998,
          332.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Loans",
        "box": [
          216.39999,
          326.1831348,
          276.37599,
          332.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value",
        "box": [
          328.26001,
          326.1831348,
          382.02001000000007,
          332.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure (1)",
        "box": [
          452.51001,
          325.54192112,
          524.7431899999999,
          332.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          128.25,
          338.7310154,
          132.75,
          346.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          244.12,
          338.7310154,
          248.62,
          346.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.88,
          338.7310154,
          299.63,
          346.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "303,971 ",
        "box": [
          387.002,
          338.7310154,
          418.502,
          346.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          426.38,
          338.7310154,
          433.13,
          346.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "302,564 ",
        "box": [
          520.502,
          338.7310154,
          552.002,
          346.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          128.25,
          352.9810154,
          132.75,
          360.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          241.87,
          352.9810154,
          250.87,
          360.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,875,870",
        "box": [
          381.37,
          352.9810154,
          417.37,
          360.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,704,222",
        "box": [
          514.87,
          352.9810154,
          550.87,
          360.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          128.25,
          367.2310154,
          132.75,
          374.6364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "85",
        "box": [
          241.87,
          367.2310154,
          250.87,
          374.6364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,907,947",
        "box": [
          376.87,
          367.2310154,
          417.37,
          374.6364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,045,913",
        "box": [
          510.37,
          367.2310154,
          550.87,
          374.6364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          128.25,
          381.4810154,
          132.75,
          388.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          241.87,
          381.4810154,
          250.87,
          388.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,806,758",
        "box": [
          381.37,
          381.4810154,
          417.37,
          388.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,705,706",
        "box": [
          514.87,
          381.4810154,
          550.87,
          388.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          128.25,
          395.7310154,
          132.75,
          403.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          244.12,
          395.7310154,
          248.62,
          403.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "174,588",
        "box": [
          388.12,
          395.7310154,
          417.37,
          403.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,629",
        "box": [
          526.12,
          395.7310154,
          550.87,
          403.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
          61.13,
          409.9810154,
          140.60899999999998,
          417.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131",
        "box": [
          239.62,
          409.9810154,
          253.12,
          417.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.88,
          409.9810154,
          299.63,
          417.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,069,134 ",
        "box": [
          375.752,
          409.9810154,
          418.502,
          417.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          426.38,
          409.9810154,
          433.13,
          417.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,846,034 ",
        "box": [
          509.252,
          409.9810154,
          552.002,
          417.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          424.2310154,
          112.36699999999999,
          431.6364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(284,440)",
        "box": [
          382.14001,
          424.2310154,
          417.38401000000005,
          431.6364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          438.4810154,
          137.855,
          445.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.88,
          438.4810154,
          299.63,
          445.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,784,694 ",
        "box": [
          375.752,
          438.4810154,
          418.502,
          445.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          464.00890599999997,
          70.16,
          472.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2026, ",
        "box": [
          85.5,
          464.00890599999997,
          555.88,
          472.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which is our principal balance net of (i) $972.6 million of asset-specific debt, (ii) $20.3 million of cost-recovery ",
        "box": [
          85.5,
          475.50890599999997,
          555.8500100000002,
          483.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds,  and  (iii)  our  total  loans  receivable  CECL  reserve  of  $397.8  million.  Our  net  loan  exposure  as  of ",
        "box": [
          85.5,
          487.00890599999997,
          555.8699900000001,
          495.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025 is our principal balance net of (i) $999.8 million of asset-specific debt, (ii) $24.5 million of cost-",
        "box": [
          85.5,
          498.50890599999997,
          553.4700000000001,
          506.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recovery proceeds, and (iii) our total loans receivable CECL reserve of $284.4 million. Our asset-specific debt is ",
        "box": [
          85.5,
          510.00890599999997,
          555.8800000000001,
          518.2372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "structurally non-recourse and term-matched to the corresponding collateral loans.",
        "box": [
          85.5,
          521.508906,
          410.9199999999999,
          529.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loan portfolio had a weighted-average risk rating of 3.0, based on net loan exposure, as of both June 30, 2026 and ",
        "box": [
          58.5,
          545.008906,
          555.9899700000001,
          553.2372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025.",
        "box": [
          58.5,
          556.508906,
          139.54001,
          564.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 27,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Current Expected Credit Loss Reserve ",
        "box": [
          58.5,
          54.148926000000074,
          226.37,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The CECL reserves required under GAAP reflect our current estimate of potential credit losses related to the loans included ",
        "box": [
          58.5,
          71.808896,
          555.9099999999997,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in  our  consolidated  balance  sheets.  Refer  to  Note  2  for  further  discussion  of  our  CECL  reserves.  The  following  table ",
        "box": [
          58.5,
          83.308896,
          555.93001,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "presents the activity in our loans receivable CECL reserve by investment pool for the three months ended June 30, 2026 ",
        "box": [
          58.5,
          94.808896,
          555.87,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and 2025 ($ in thousands):",
        "box": [
          58.5,
          106.308896,
          165.12,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          130.73315479999997,
          63.13,
          137.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "U.S. Loans (1)",
        "box": [
          280.29999,
          130.09194112,
          323.45318000000003,
          137.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-U.S.",
        "box": [
          342.57999,
          121.62310479999996,
          373.67599,
          128.2057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Loans",
        "box": [
          346.67999,
          130.73315479999997,
          369.56799,
          137.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unique",
        "box": [
          401.94,
          121.62310479999996,
          426.812,
          128.2057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Loans",
        "box": [
          402.92999,
          130.73315479999997,
          425.81799,
          137.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impaired",
        "box": [
          454.64001,
          121.62310479999996,
          486.63201000000004,
          128.2057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Loans",
        "box": [
          459.17999,
          130.73315479999997,
          482.06799,
          137.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          517.77002,
          130.73315479999997,
          535.9940200000001,
          137.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Receivable, Net",
        "box": [
          61.13,
          143.14892600000007,
          155.76,
          151.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.88,
          143.308896,
          280.38,
          151.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          143.308896,
          336.63,
          151.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          143.308896,
          392.88,
          151.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.63,
          143.308896,
          449.13,
          151.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.88,
          143.308896,
          505.38,
          151.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves as of December 31, 2025",
        "box": [
          78.5,
          158.308896,
          241.93999000000005,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          277.88,
          158.308896,
          285.38,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101,180 ",
        "box": [
          291.92,
          158.308896,
          326.92,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          158.308896,
          341.63,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,470 ",
        "box": [
          353.17,
          158.308896,
          383.17,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          158.308896,
          397.88,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,465 ",
        "box": [
          409.42,
          158.308896,
          439.42,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          446.63,
          158.308896,
          454.13,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,325 ",
        "box": [
          465.67,
          158.308896,
          495.67,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          502.88,
          158.308896,
          510.38,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "284,440 ",
        "box": [
          516.92,
          158.308896,
          551.92,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase (decrease) in CECL reserves",
        "box": [
          98.5,
          173.308896,
          248.82000000000005,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,673",
        "box": [
          298.37,
          173.308896,
          325.87,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,305)",
        "box": [
          352.95999,
          173.308896,
          382.11999,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "182",
        "box": [
          423.37,
          173.308896,
          438.37,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,051",
        "box": [
          467.12,
          173.308896,
          494.62,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.88,
          173.308896,
          505.38,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,601 ",
        "box": [
          521.92,
          173.308896,
          551.92,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs of CECL reserves",
        "box": [
          98.5,
          188.308896,
          220.31,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          315.87,
          188.308896,
          320.87,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          372.12,
          188.308896,
          377.12,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          428.37,
          188.308896,
          433.37,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(46,451)",
        "box": [
          460.45999,
          188.308896,
          494.61999,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.88,
          188.308896,
          505.38,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(46,451) ",
        "box": [
          518.59,
          188.308896,
          555.2500000000001,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves as of March 31, 2026",
        "box": [
          78.5,
          203.308896,
          226.98,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          277.88,
          203.308896,
          285.38,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "116,853 ",
        "box": [
          291.92,
          203.308896,
          326.92,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          203.308896,
          341.63,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,165 ",
        "box": [
          353.17,
          203.308896,
          383.17,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          203.308896,
          397.88,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,647 ",
        "box": [
          409.42,
          203.308896,
          439.42,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          446.63,
          203.308896,
          454.13,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,925 ",
        "box": [
          465.67,
          203.308896,
          495.67,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          502.88,
          203.308896,
          510.38,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "291,590 ",
        "box": [
          516.92,
          203.308896,
          551.92,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase (decrease) in CECL reserves",
        "box": [
          98.5,
          218.308896,
          248.82000000000005,
          226.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "980",
        "box": [
          310.87,
          218.308896,
          325.87,
          226.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,358",
        "box": [
          354.62,
          218.308896,
          382.12,
          226.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(50,647)",
        "box": [
          404.20999,
          218.308896,
          438.36999,
          226.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "163,174",
        "box": [
          462.12,
          218.308896,
          494.62,
          226.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.88,
          218.308896,
          505.38,
          226.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134,865 ",
        "box": [
          516.92,
          218.308896,
          551.92,
          226.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs of CECL reserves",
        "box": [
          98.5,
          233.308896,
          220.31,
          241.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          315.87,
          233.308896,
          320.87,
          241.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          372.12,
          233.308896,
          377.12,
          241.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          428.37,
          233.308896,
          433.37,
          241.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(28,620)",
        "box": [
          460.45999,
          233.308896,
          494.61999,
          241.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.88,
          233.308896,
          505.38,
          241.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(28,620) ",
        "box": [
          518.59,
          233.308896,
          555.2500000000001,
          241.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves as of June 30, 2026",
        "box": [
          78.5,
          248.308896,
          219.22,
          256.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          277.88,
          248.308896,
          285.38,
          256.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "117,833 ",
        "box": [
          291.92,
          248.308896,
          326.92,
          256.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          248.308896,
          341.63,
          256.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,523 ",
        "box": [
          353.17,
          248.308896,
          383.17,
          256.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          248.308896,
          397.88,
          256.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          426.92,
          248.308896,
          434.42,
          256.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          446.63,
          248.308896,
          454.13,
          256.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "219,479 ",
        "box": [
          460.67,
          248.308896,
          495.67,
          256.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          502.88,
          248.308896,
          510.38,
          256.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "397,835 ",
        "box": [
          516.92,
          248.308896,
          551.92,
          256.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves as of December 31, 2024",
        "box": [
          78.5,
          279.058896,
          241.93999000000005,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          277.88,
          279.058896,
          285.38,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,057 ",
        "box": [
          296.92,
          279.058896,
          326.92,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          279.058896,
          341.63,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,141 ",
        "box": [
          353.17,
          279.058896,
          383.17,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          279.058896,
          397.88,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,087 ",
        "box": [
          409.42,
          279.058896,
          439.42,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          446.63,
          279.058896,
          454.13,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "580,651 ",
        "box": [
          460.67,
          279.058896,
          495.67,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          502.88,
          279.058896,
          510.38,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "733,936 ",
        "box": [
          516.92,
          279.058896,
          551.92,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in CECL reserves",
        "box": [
          98.5,
          294.05889599999995,
          205.29000000000002,
          302.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.88,
          294.05889599999995,
          280.38,
          302.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,604 ",
        "box": [
          296.92,
          294.05889599999995,
          326.92,
          302.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          294.05889599999995,
          336.63,
          302.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,796 ",
        "box": [
          353.17,
          294.05889599999995,
          383.17,
          302.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          294.05889599999995,
          392.88,
          302.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,477 ",
        "box": [
          414.42,
          294.05889599999995,
          439.42,
          302.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.63,
          294.05889599999995,
          449.13,
          302.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,552 ",
        "box": [
          465.67,
          294.05889599999995,
          495.67,
          302.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.88,
          294.05889599999995,
          505.38,
          302.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,429 ",
        "box": [
          521.92,
          294.05889599999995,
          551.92,
          302.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs of CECL reserves",
        "box": [
          98.5,
          309.05889599999995,
          220.31,
          317.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.88,
          309.05889599999995,
          280.38,
          317.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          314.42,
          309.05889599999995,
          321.92,
          317.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          309.05889599999995,
          336.63,
          317.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          370.67,
          309.05889599999995,
          378.17,
          317.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          309.05889599999995,
          392.88,
          317.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          426.92,
          309.05889599999995,
          434.42,
          317.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.63,
          309.05889599999995,
          449.13,
          317.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,824)   ",
        "box": [
          462.34,
          309.05889599999995,
          505.38,
          317.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,824) ",
        "box": [
          518.59,
          309.05889599999995,
          555.2500000000001,
          317.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves as of March 31, 2025",
        "box": [
          78.5,
          324.05889599999995,
          226.98,
          332.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          277.88,
          324.05889599999995,
          285.38,
          332.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97,661 ",
        "box": [
          296.92,
          324.05889599999995,
          326.92,
          332.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          324.05889599999995,
          341.63,
          332.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,937 ",
        "box": [
          353.17,
          324.05889599999995,
          383.17,
          332.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          324.05889599999995,
          397.88,
          332.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,564 ",
        "box": [
          409.42,
          324.05889599999995,
          439.42,
          332.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          446.63,
          324.05889599999995,
          454.13,
          332.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "555,379 ",
        "box": [
          460.67,
          324.05889599999995,
          495.67,
          332.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          502.88,
          324.05889599999995,
          510.38,
          332.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "741,541 ",
        "box": [
          516.92,
          324.05889599999995,
          551.92,
          332.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Decrease) increase in CECL reserves",
        "box": [
          98.5,
          339.05889599999995,
          250.48000000000008,
          347.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.88,
          339.05889599999995,
          280.38,
          347.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,759)   ",
        "box": [
          298.59,
          339.05889599999995,
          336.63,
          347.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,568)   ",
        "box": [
          354.84,
          339.05889599999995,
          392.88,
          347.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,249 ",
        "box": [
          414.42,
          339.05889599999995,
          439.42,
          347.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.63,
          339.05889599999995,
          449.13,
          347.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,445 ",
        "box": [
          465.67,
          339.05889599999995,
          495.67,
          347.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.88,
          339.05889599999995,
          505.38,
          347.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,367 ",
        "box": [
          521.92,
          339.05889599999995,
          551.92,
          347.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs of CECL reserves",
        "box": [
          98.5,
          354.05889599999995,
          220.31,
          362.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.88,
          354.05889599999995,
          280.38,
          362.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          314.42,
          354.05889599999995,
          321.92,
          362.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          354.05889599999995,
          336.63,
          362.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          370.67,
          354.05889599999995,
          378.17,
          362.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          354.05889599999995,
          392.88,
          362.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          426.92,
          354.05889599999995,
          434.42,
          362.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.63,
          354.05889599999995,
          449.13,
          362.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45,057)   ",
        "box": [
          462.34,
          354.05889599999995,
          505.38,
          362.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45,057) ",
        "box": [
          518.59,
          354.05889599999995,
          555.2500000000001,
          362.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves as of June 30, 2025",
        "box": [
          78.5,
          369.05889599999995,
          219.22,
          377.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          277.88,
          369.05889599999995,
          285.38,
          377.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90,902 ",
        "box": [
          296.92,
          369.05889599999995,
          326.92,
          377.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          369.05889599999995,
          341.63,
          377.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,369 ",
        "box": [
          353.17,
          369.05889599999995,
          383.17,
          377.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          369.05889599999995,
          397.88,
          377.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52,813 ",
        "box": [
          409.42,
          369.05889599999995,
          439.42,
          377.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          446.63,
          369.05889599999995,
          454.13,
          377.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "558,767 ",
        "box": [
          460.67,
          369.05889599999995,
          495.67,
          377.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          502.88,
          369.05889599999995,
          510.38,
          377.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "740,851 ",
        "box": [
          516.92,
          369.05889599999995,
          551.92,
          377.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          401.348906,
          70.16,
          409.5772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes one U.S. dollar-denominated loan that is located in Bermuda. ",
        "box": [
          85.5,
          401.348906,
          369.34,
          409.5772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026, we recorded a net increase of $106.2 million in the CECL reserves against ",
        "box": [
          58.5,
          424.848906,
          555.82,
          433.0772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our loans receivable portfolio, primarily driven by a $134.6 million increase in our asset-specific CECL reserve, partially ",
        "box": [
          58.5,
          436.348906,
          555.99999,
          444.5772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offset  by  a  $28.3  million  decrease  in  our  general  CECL  reserve,  bringing  our  total  loans  receivable  CECL  reserves  to ",
        "box": [
          58.5,
          447.848906,
          555.9600000000004,
          456.0772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$397.8 million as of June 30, 2026. The increase in our asset-specific reserve was driven by three additional loans with an ",
        "box": [
          58.5,
          459.348906,
          555.93999,
          467.5772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate amortized cost basis of $502.0 million that were impaired during the three months ended June 30, 2026, of which ",
        "box": [
          58.5,
          470.848906,
          555.8799700000001,
          479.0772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "two are secured by office properties, and the other is secured by an office/mixed-use asset. The office sector recovery in ",
        "box": [
          58.5,
          482.348906,
          555.8700000000001,
          490.5772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain markets has continued to lag other commercial real estate sectors, which has, in certain cases, extended business ",
        "box": [
          58.5,
          493.848906,
          555.88,
          502.0772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "plans  on  transitional  properties  and  impacted  their  performance,  affecting  some  borrowers'  willingness  and  ability  to ",
        "box": [
          58.5,
          505.348906,
          555.9399999999998,
          513.5772025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "continue to support their assets. Impairments are determined individually as a result of changes in specific credit quality ",
        "box": [
          58.5,
          516.848876,
          555.86,
          525.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "factors for such loans. These factors include, among others, (i) the performance of the underlying property collateral, (ii) ",
        "box": [
          58.5,
          528.348876,
          555.8499999999999,
          536.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussions  with  the  borrower,  (iii)  borrower  events  of  default,  and  (iv)  other  facts  and  circumstances  affecting  the ",
        "box": [
          58.5,
          539.848876,
          555.8500000000003,
          548.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrower's willingness and ability to satisfy its contractual obligations under the terms of the loan. During the three months ",
        "box": [
          58.5,
          551.348876,
          555.9000000000001,
          559.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2026, we recorded $7.1 million of interest income on these loans. Upon determining that the three loans ",
        "box": [
          58.5,
          562.848876,
          555.85999,
          571.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were  impaired,  the  income  accrual  was  suspended,  as  the  recovery  of  interest  income  and  principal  was  doubtful.  The ",
        "box": [
          58.5,
          574.348876,
          555.9600000000003,
          582.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase in our asset-specific reserve was partially offset by charge-offs of $28.6 million primarily related to the resolution ",
        "box": [
          58.5,
          585.848876,
          555.8699999999999,
          594.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  one  previously  impaired  loan  as  a  result  of  our  acquisition  of  title  through  a  foreclosure  of  a  multifamily  collateral ",
        "box": [
          58.5,
          597.348876,
          555.8600000000002,
          605.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property located in Dallas, TX, which is now included on our consolidated balance sheet as an owned real estate asset. The ",
        "box": [
          58.5,
          608.848876,
          555.9400100000001,
          617.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decrease  in  our  general  CECL  reserve  was  primarily  driven  by  changes  in  risk  ratings,  and  a  decrease  in  our  loans ",
        "box": [
          58.5,
          620.348876,
          555.9099900000001,
          628.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable  balance,  partially  offset  by  new  loan  originations  and  an  increase  in  the  historical  loss  rate  used  in  reserve ",
        "box": [
          58.5,
          631.848876,
          555.9100000000001,
          640.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculations related to the additional CECL reserve charge-offs.",
        "box": [
          58.5,
          643.348876,
          313.12,
          651.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  June  30,  2026,  we  had  an  aggregate  $219.5  million  asset-specific  CECL  reserve  related  to  nine  of  our  loans ",
        "box": [
          58.5,
          666.848876,
          555.8199999999999,
          675.0771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable,  with  a  total  amortized  cost  basis  of  $695.2  million,  net  of  cost-recovery  proceeds.  Impairments  are  each ",
        "box": [
          58.5,
          678.348876,
          555.9100100000003,
          686.5771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined  individually  as  a  result  of  changes  in  the  specific  credit  quality  factors  for  each  such  loan.  These  factors ",
        "box": [
          58.5,
          689.848876,
          555.9900000000001,
          698.0771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events ",
        "box": [
          58.5,
          701.348876,
          555.8700000000001,
          709.5771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of default, and (iv) other facts that impact the borrower's ability to pay the contractual amounts due under the terms of the ",
        "box": [
          58.5,
          712.848876,
          555.8799999999999,
          721.0771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan. This asset-specific CECL reserve was recorded based on our estimation of the fair value of each loan's underlying ",
        "box": [
          58.5,
          724.348876,
          555.9799999999999,
          732.5771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 28,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "collateral as of June 30, 2026.",
        "box": [
          58.5,
          54.308896000000004,
          178.10001,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No income was recorded on our impaired loans subsequent to determining that such loans were impaired. During the three ",
        "box": [
          58.5,
          77.808896,
          555.9700100000001,
          86.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026, we did not receive any cash proceeds from such loans that would have been applied as a ",
        "box": [
          58.5,
          89.308896,
          556.0000000000001,
          97.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reduction to the amortized cost basis of each respective loan.",
        "box": [
          58.5,
          100.808896,
          301.50000000000006,
          109.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, one of our performing loans with an amortized cost basis of $148.8 million was in payment default, ",
        "box": [
          58.5,
          124.308896,
          555.9700100000001,
          132.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was less than 90 days past due on its interest payment, and had a risk rating of '4.' This loan was not impaired as of June ",
        "box": [
          58.5,
          135.808896,
          555.7899999999997,
          144.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30, 2026 as we expect to fully recover all contractual principal and interest amounts due under the loan agreement. All ",
        "box": [
          58.5,
          147.308896,
          555.8500000000001,
          155.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other borrowers under performing loans were in compliance with the applicable contractual terms of each respective loan, ",
        "box": [
          58.5,
          158.808896,
          555.9400000000003,
          167.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including any required payment of interest. Refer to Note 2 for further discussion of our policies on revenue recognition ",
        "box": [
          58.5,
          170.308896,
          555.9000099999996,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and our CECL reserves.",
        "box": [
          58.5,
          181.808896,
          154.51,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the ",
        "box": [
          58.5,
          205.308896,
          555.87,
          213.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net book value of our loan portfolio as of June 30, 2026 and December 31, 2025, respectively, by year of origination and ",
        "box": [
          58.5,
          216.808896,
          555.8199899999998,
          225.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk rating ($ in thousands):",
        "box": [
          58.5,
          228.308896,
          168.97999999999996,
          236.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          249.73315479999997,
          63.13,
          256.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value of Loans Receivable by Year of Origination (1)",
        "box": [
          244.44,
          249.09194112,
          454.56320000000005,
          256.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          262.48315479999997,
          63.13,
          269.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026",
        "box": [
          316.51001,
          262.48315479999997,
          382.49401000000006,
          269.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rating",
        "box": [
          80.56,
          275.2331247999999,
          121.21600000000002,
          281.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          166.0,
          275.2331247999999,
          182.0,
          281.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          224.5,
          275.2331247999999,
          240.5,
          281.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024",
        "box": [
          283.0,
          275.2331247999999,
          299.0,
          281.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2023",
        "box": [
          341.5,
          275.2331247999999,
          357.5,
          281.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2022",
        "box": [
          400.0,
          275.2331247999999,
          416.0,
          281.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prior",
        "box": [
          457.39999,
          275.2331247999999,
          475.60799000000003,
          281.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          515.89001,
          275.2331247999999,
          534.11401,
          281.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          98.62,
          287.78100539999997,
          103.12,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          287.78100539999997,
          155.63,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          189.002,
          287.78100539999997,
          195.752,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          287.78100539999997,
          214.13,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,896 ",
        "box": [
          231.752,
          287.78100539999997,
          258.752,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          287.78100539999997,
          272.63,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
          287.78100539999997,
          312.752,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
          287.78100539999997,
          331.13,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          364.502,
          287.78100539999997,
          371.252,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          287.78100539999997,
          389.63,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          423.002,
          287.78100539999997,
          429.752,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          287.78100539999997,
          448.13,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          481.502,
          287.78100539999997,
          488.252,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
          287.78100539999997,
          506.63,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,896 ",
        "box": [
          524.252,
          287.78100539999997,
          551.252,
          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          98.62,
          302.03100539999997,
          103.12,
          309.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          302.03100539999997,
          194.62,
          309.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "909,370",
        "box": [
          228.37,
          302.03100539999997,
          257.62,
          309.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,275",
        "box": [
          291.37,
          302.03100539999997,
          316.12,
          309.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          302.03100539999997,
          370.12,
          309.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "238,535",
        "box": [
          403.87,
          302.03100539999997,
          433.12,
          309.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,675,555",
        "box": [
          455.62,
          302.03100539999997,
          491.62,
          309.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,884,735",
        "box": [
          514.12,
          302.03100539999997,
          550.12,
          309.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          98.62,
          316.28100539999997,
          103.12,
          323.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,241,733",
        "box": [
          163.12,
          316.28100539999997,
          199.12,
          323.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,058,785",
        "box": [
          221.62,
          316.28100539999997,
          257.62,
          323.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "276,302",
        "box": [
          286.87,
          316.28100539999997,
          316.12,
          323.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          316.28100539999997,
          370.12,
          323.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,452,411",
        "box": [
          397.12,
          316.28100539999997,
          433.12,
          323.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,638,243",
        "box": [
          455.62,
          316.28100539999997,
          491.62,
          323.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,667,474",
        "box": [
          509.62,
          316.28100539999997,
          550.12,
          323.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          98.62,
          330.53100539999997,
          103.12,
          337.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          330.53100539999997,
          194.62,
          337.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "148,775",
        "box": [
          228.37,
          330.53100539999997,
          257.62,
          337.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          330.53100539999997,
          311.62,
          337.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          330.53100539999997,
          370.12,
          337.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "151,863",
        "box": [
          403.87,
          330.53100539999997,
          433.12,
          337.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,725,835",
        "box": [
          455.62,
          330.53100539999997,
          491.62,
          337.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,026,473",
        "box": [
          514.12,
          330.53100539999997,
          550.12,
          337.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          98.62,
          344.78100539999997,
          103.12,
          352.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          344.78100539999997,
          194.62,
          352.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          344.78100539999997,
          253.12,
          352.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          344.78100539999997,
          311.62,
          352.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          344.78100539999997,
          370.12,
          352.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,116",
        "box": [
          408.37,
          344.78100539999997,
          433.12,
          352.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "603,036",
        "box": [
          462.37,
          344.78100539999997,
          491.62,
          352.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "695,152",
        "box": [
          520.87,
          344.78100539999997,
          550.12,
          352.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
          61.13,
          359.03100539999997,
          140.60899999999998,
          366.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          359.03100539999997,
          155.63,
          366.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,241,733 ",
        "box": [
          162.002,
          359.03100539999997,
          200.252,
          366.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          359.03100539999997,
          214.13,
          366.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,177,826 ",
        "box": [
          220.502,
          359.03100539999997,
          258.752,
          366.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          359.03100539999997,
          272.63,
          366.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "337,577 ",
        "box": [
          285.752,
          359.03100539999997,
          317.252,
          366.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
          359.03100539999997,
          331.13,
          366.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          364.502,
          359.03100539999997,
          371.252,
          366.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          359.03100539999997,
          389.63,
          366.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,934,925 ",
        "box": [
          396.002,
          359.03100539999997,
          434.252,
          366.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          359.03100539999997,
          448.13,
          366.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,642,669 ",
        "box": [
          454.502,
          359.03100539999997,
          492.752,
          366.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  17,334,730 ",
        "box": [
          499.88,
          359.03100539999997,
          551.252,
          366.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          373.28100539999997,
          112.36699999999999,
          380.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(397,835)",
        "box": [
          514.89001,
          373.28100539999997,
          550.1340099999999,
          380.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          387.53100539999997,
          137.855,
          394.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  16,936,895 ",
        "box": [
          499.88,
          387.53100539999997,
          551.252,
          394.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross charge-offs (2)",
        "box": [
          61.13,
          416.03100539999997,
          131.35321,
          423.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          416.03100539999997,
          194.62,
          423.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          416.03100539999997,
          253.12,
          423.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          416.03100539999997,
          311.62,
          423.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          416.03100539999997,
          370.12,
          423.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,380)",
        "box": [
          402.39001,
          416.03100539999997,
          433.13401000000005,
          423.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45,691)",
        "box": [
          460.89001,
          416.03100539999997,
          491.63401000000005,
          423.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
          416.03100539999997,
          506.63,
          423.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(75,071) ",
        "box": [
          521.264,
          416.03100539999997,
          554.2579999999999,
          423.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          446.6831348,
          63.13,
          453.2657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value of Loans Receivable by Year of Origination (1)",
        "box": [
          244.44,
          446.04192112,
          454.56320000000005,
          453.2657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          460.9331348,
          63.13,
          467.5157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of December 31, 2025",
        "box": [
          307.42001,
          460.9331348,
          391.6120100000001,
          467.5157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rating",
        "box": [
          80.56,
          475.1831348,
          121.21600000000002,
          481.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          166.0,
          475.1831348,
          182.0,
          481.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024",
        "box": [
          224.5,
          475.1831348,
          240.5,
          481.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2023",
        "box": [
          283.0,
          475.1831348,
          299.0,
          481.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2022",
        "box": [
          341.5,
          475.1831348,
          357.5,
          481.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021",
        "box": [
          400.0,
          475.1831348,
          416.0,
          481.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prior",
        "box": [
          457.39999,
          475.1831348,
          475.60799000000003,
          481.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          515.89001,
          475.1831348,
          534.11401,
          481.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          98.62,
          487.7310154,
          103.12,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          487.7310154,
          155.63,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          189.002,
          487.7310154,
          195.752,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          487.7310154,
          214.13,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          247.502,
          487.7310154,
          254.252,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          487.7310154,
          272.63,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
          487.7310154,
          312.752,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
          487.7310154,
          331.13,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "151,674 ",
        "box": [
          344.252,
          487.7310154,
          375.752,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          487.7310154,
          389.63,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98,329 ",
        "box": [
          407.252,
          487.7310154,
          434.252,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          487.7310154,
          448.13,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,968 ",
        "box": [
          465.752,
          487.7310154,
          492.752,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
          487.7310154,
          506.63,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "303,971 ",
        "box": [
          519.752,
          487.7310154,
          551.252,
          495.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          98.62,
          501.9810154,
          103.12,
          509.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "792,802",
        "box": [
          169.87,
          501.9810154,
          199.12,
          509.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,068",
        "box": [
          232.87,
          501.9810154,
          257.62,
          509.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          501.9810154,
          311.62,
          509.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "586,066",
        "box": [
          345.37,
          501.9810154,
          374.62,
          509.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,265,922",
        "box": [
          397.12,
          501.9810154,
          433.12,
          509.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "170,012",
        "box": [
          462.37,
          501.9810154,
          491.62,
          509.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,875,870",
        "box": [
          514.12,
          501.9810154,
          550.12,
          509.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          98.62,
          516.2310153999999,
          103.12,
          523.6364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,335,677",
        "box": [
          163.12,
          516.2310153999999,
          199.12,
          523.6364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          516.2310153999999,
          214.13,
          523.6364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "274,866 ",
        "box": [
          227.252,
          516.2310153999999,
          258.752,
          523.6364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          516.2310153999999,
          311.62,
          523.6364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,592,446",
        "box": [
          338.62,
          516.2310153999999,
          374.62,
          523.6364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,869,787",
        "box": [
          397.12,
          516.2310153999999,
          433.12,
          523.6364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,835,171",
        "box": [
          455.62,
          516.2310153999999,
          491.62,
          523.6364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,907,947",
        "box": [
          509.62,
          516.2310153999999,
          550.12,
          523.6364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          98.62,
          530.4810153999999,
          103.12,
          537.8864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          530.4810153999999,
          194.62,
          537.8864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          530.4810153999999,
          253.12,
          537.8864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          530.4810153999999,
          311.62,
          537.8864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "367,804",
        "box": [
          345.37,
          530.4810153999999,
          374.62,
          537.8864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "582,317",
        "box": [
          403.87,
          530.4810153999999,
          433.12,
          537.8864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,856,637",
        "box": [
          455.62,
          530.4810153999999,
          491.62,
          537.8864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,806,758",
        "box": [
          514.12,
          530.4810153999999,
          550.12,
          537.8864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          98.62,
          544.7310153999999,
          103.12,
          552.1364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          544.7310153999999,
          194.62,
          552.1364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          544.7310153999999,
          253.12,
          552.1364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          544.7310153999999,
          311.62,
          552.1364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          544.7310153999999,
          370.12,
          552.1364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,700",
        "box": [
          408.37,
          544.7310153999999,
          433.12,
          552.1364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "142,888",
        "box": [
          462.37,
          544.7310153999999,
          491.62,
          552.1364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "174,588",
        "box": [
          520.87,
          544.7310153999999,
          550.12,
          552.1364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
          61.13,
          558.9810153999999,
          140.60899999999998,
          566.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          558.9810153999999,
          155.63,
          566.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,128,479 ",
        "box": [
          162.002,
          558.9810153999999,
          200.252,
          566.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          558.9810153999999,
          214.13,
          566.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335,934 ",
        "box": [
          227.252,
          558.9810153999999,
          258.752,
          566.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          558.9810153999999,
          272.63,
          566.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
          558.9810153999999,
          312.752,
          566.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
          558.9810153999999,
          331.13,
          566.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,697,990 ",
        "box": [
          337.502,
          558.9810153999999,
          375.752,
          566.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          558.9810153999999,
          389.63,
          566.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,848,055 ",
        "box": [
          396.002,
          558.9810153999999,
          434.252,
          566.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          558.9810153999999,
          448.13,
          566.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,058,676 ",
        "box": [
          454.502,
          558.9810153999999,
          492.752,
          566.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  18,069,134 ",
        "box": [
          499.88,
          558.9810153999999,
          551.252,
          566.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          573.2310153999999,
          112.36699999999999,
          580.6364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(284,440)",
        "box": [
          514.89001,
          573.2310153999999,
          550.1340099999999,
          580.6364823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          587.4810153999999,
          137.855,
          594.8864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  17,784,694 ",
        "box": [
          499.88,
          587.4810153999999,
          551.252,
          594.8864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross charge-offs (2)",
        "box": [
          61.13,
          615.9810153999999,
          131.35321,
          623.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          615.9810153999999,
          194.62,
          623.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          615.9810153999999,
          253.12,
          623.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          615.9810153999999,
          311.62,
          623.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(54,404)",
        "box": [
          343.89001,
          615.9810153999999,
          374.63401000000005,
          623.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(214,796)",
        "box": [
          397.89001,
          615.9810153999999,
          433.13401000000005,
          623.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(286,916)",
        "box": [
          456.39001,
          615.9810153999999,
          491.63401000000005,
          623.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
          615.9810153999999,
          506.63,
          623.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(556,116) ",
        "box": [
          516.764,
          615.9810153999999,
          554.2579999999999,
          623.3864823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          112.5,
          631.508906,
          115.0,
          639.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          646.008906,
          70.16,
          654.2372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date  loan  was  originated  or  acquired  by  us.  Origination  dates  are  subsequently  updated  to  reflect  material  loan ",
        "box": [
          85.5,
          646.008906,
          555.8600000000001,
          654.2372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "modifications.",
        "box": [
          85.5,
          657.508906,
          142.92999999999995,
          665.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          669.008906,
          70.16,
          677.2372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents charge-offs by year of origination during the six months ended June 30, 2026 and year ended ",
        "box": [
          85.5,
          669.008906,
          506.23999,
          677.2372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, respectively.",
        "box": [
          85.5,
          680.508906,
          219.78999,
          688.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 29,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Loan Modifications Pursuant to ASC 326",
        "box": [
          58.5,
          54.148926000000074,
          234.82,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the twelve months ended June 30, 2026, we entered into one loan modification that requires disclosure pursuant to ",
        "box": [
          58.5,
          71.808896,
          555.8699899999997,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASC 326. This loan was collateralized by a life sciences/studio asset.",
        "box": [
          58.5,
          83.308896,
          334.81,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  loan  modification  included  a  term  extension  of  4.3  years,  the  interest  rate  decreased  by  3.56%,  and  the  loan  was ",
        "box": [
          58.5,
          106.808896,
          555.9300100000002,
          115.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "bifurcated into a separate senior loan and subordinate loan. We are accruing all of the interest on the senior loan that is ",
        "box": [
          58.5,
          118.308896,
          555.8199999999998,
          126.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "paying current, and deferring interest on the subordinate loan, which is paid-in-kind. As of June 30, 2026, the aggregate ",
        "box": [
          58.5,
          129.808896,
          555.9100000000002,
          138.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortized  cost  basis  of  these  loans  was  $122.3  million,  or  0.7%  of  our  aggregate  loans  receivable  portfolio,  with  an ",
        "box": [
          58.5,
          141.308896,
          555.8600099999999,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate $34.7 million of unfunded commitments. These loans were in compliance with their modified contractual terms ",
        "box": [
          58.5,
          152.808896,
          555.96,
          161.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as of June 30, 2026.",
        "box": [
          58.5,
          164.308896,
          138.47,
          172.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This loan had a risk rating of '5' at the time of modification. The modification resulted in the bifurcation of the loan into ",
        "box": [
          58.5,
          187.808896,
          555.7899999999996,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "separate senior and subordinate loans, or two loans in aggregate. As of June 30, 2026, the newly bifurcated senior loan had ",
        "box": [
          58.5,
          199.308896,
          555.9900000000001,
          207.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a risk rating of '4,' and the newly bifurcated subordinate loan had a risk rating of '5,' as collection of amounts due under ",
        "box": [
          58.5,
          210.808896,
          555.82,
          219.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the loan terms was doubtful.",
        "box": [
          58.5,
          222.308896,
          172.0,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans with a risk rating of '3' and '4' are included in the determination of our general CECL reserve and loans with a risk ",
        "box": [
          58.5,
          245.808896,
          555.86,
          254.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rating of '5' are evaluated individually for an asset-specific CECL reserve. Loan modifications that allow the option to pay ",
        "box": [
          58.5,
          257.308896,
          555.96,
          265.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest in-kind increase our potential economics and the size of our secured claim, as interest is capitalized and added to ",
        "box": [
          58.5,
          268.808896,
          555.84,
          277.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  outstanding  principal  balance  for  applicable  loans.  As  of  June  30,  2026,  no  income  was  recorded  on  our  loans ",
        "box": [
          58.5,
          280.30889599999995,
          555.9300100000002,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsequent to determining that such loans were impaired and risk rated '5.'",
        "box": [
          58.5,
          291.80889599999995,
          361.48999,
          300.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4. OWNED REAL ESTATE, NET",
        "box": [
          58.5,
          321.148896,
          200.09999999999997,
          329.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, we had 14 and 12 owned real estate assets, respectively. During the six ",
        "box": [
          58.5,
          338.80889599999995,
          555.94003,
          347.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026, we acquired two owned real estate assets through foreclosure transactions with an aggregate ",
        "box": [
          58.5,
          350.30889599999995,
          555.8400100000002,
          358.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisition price of $191.0 million. We allocated $128.8 million to building and building improvements, $51.6 million to ",
        "box": [
          58.5,
          361.80889599999995,
          555.88999,
          370.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "land  and  land  improvements,  $4.8  million  to  acquired  intangible  assets,  and  $5.8  million  to  other  components  of  the ",
        "box": [
          58.5,
          373.30889599999995,
          555.9299900000001,
          381.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchase price, including cash held in reserves at the time of acquisition. In aggregate, we charged off $76.2 million of ",
        "box": [
          58.5,
          384.80889599999995,
          555.85997,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves relating to the loans that had previously been secured by these assets, as the loans' aggregate carrying value ",
        "box": [
          58.5,
          396.30889599999995,
          555.9799999999998,
          404.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of $267.2 million at the time of the acquisitions exceeded the acquisition date fair value noted above. See Note 2 for further ",
        "box": [
          58.5,
          407.80889599999995,
          555.9600000000002,
          416.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion of owned real estate assets.",
        "box": [
          58.5,
          419.30889599999995,
          211.1,
          427.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisitions ",
        "box": [
          58.5,
          448.81890599999997,
          110.38999999999997,
          457.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The acquisition of two owned real estate assets during the six months ended June 30, 2026 were accounted for as asset ",
        "box": [
          58.5,
          466.30889599999995,
          555.8700000000001,
          474.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisitions  under  ASC  805,  and  we  recognized  the  properties  as  owned  real  estate  assets  held  for  investment.  The ",
        "box": [
          58.5,
          477.80889599999995,
          555.8500100000001,
          486.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "following table presents the owned real estate assets that were acquired during the six months ended June 30, 2026 ($ in ",
        "box": [
          58.5,
          489.30889599999995,
          555.96998,
          497.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          58.5,
          500.80889599999995,
          104.59,
          509.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition Date",
        "box": [
          92.6,
          522.2331548,
          149.688,
          528.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          234.27,
          522.2331548,
          264.49399999999997,
          528.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          352.64999,
          522.2331548,
          402.6179900000001,
          528.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition Date Fair Value",
        "box": [
          450.53,
          522.2331548,
          546.266,
          528.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2026",
        "box": [
          61.13,
          535.478886,
          109.71,
          543.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Francisco, CA",
        "box": [
          189.38,
          535.478886,
          264.5900000000001,
          543.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          317.63,
          535.478886,
          362.0199999999999,
          543.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.88,
          535.478886,
          453.38,
          543.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,082 ",
        "box": [
          521.92,
          535.478886,
          551.92,
          543.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2026",
        "box": [
          61.13,
          550.478886,
          101.94999999999999,
          558.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dallas, TX",
        "box": [
          189.38,
          550.478886,
          233.21,
          558.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          317.63,
          550.478886,
          365.89999999999986,
          558.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.88,
          549.808896,
          448.38,
          558.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "149,906 ",
        "box": [
          516.92,
          549.808896,
          551.92,
          558.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.88,
          565.478886,
          453.38,
          573.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "190,988 ",
        "box": [
          516.92,
          565.478886,
          551.92,
          573.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 30,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Dispositions ",
        "box": [
          58.5,
          54.318906000000084,
          110.96999999999998,
          62.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we completed a partial sale of one owned real estate asset, a multifamily ",
        "box": [
          58.5,
          71.808896,
          555.8700099999999,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property located in San Antonio, TX. The carrying value of the asset at the time of disposition was $15.3 million, and we ",
        "box": [
          58.5,
          83.308896,
          555.9299600000002,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received  net  cash  proceeds  of  $15.1  million,  resulting  in  a  net  loss  of  $0.2  million,  which  is  included  in  net  loss  on ",
        "box": [
          58.5,
          94.808896,
          555.8499999999999,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disposition of owned real estate on our consolidated statements of operations.",
        "box": [
          58.5,
          106.308896,
          368.4399899999999,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  presents  the  assets  and  liabilities  related  to  owned  real  estate  held  for  investment  included  in  our ",
        "box": [
          58.5,
          129.808896,
          555.85,
          138.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets ($ in thousands):",
        "box": [
          58.5,
          141.308896,
          238.58,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          409.16,
          162.73315479999997,
          455.59200000000004,
          169.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          481.81,
          162.73315479999997,
          546.45,
          169.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          69.13,
          175.308896,
          95.21999999999998,
          183.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Building and building improvements",
        "box": [
          79.13,
          190.308896,
          226.50000000000006,
          198.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          190.308896,
          403.13,
          198.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "844,474 ",
        "box": [
          435.17,
          190.308896,
          470.17,
          198.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          190.308896,
          484.88,
          198.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "708,097 ",
        "box": [
          516.92,
          190.308896,
          551.92,
          198.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Land and land improvements",
        "box": [
          79.13,
          205.308896,
          195.95000000000002,
          213.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.63,
          205.308896,
          398.13,
          213.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "507,719 ",
        "box": [
          435.17,
          205.308896,
          470.17,
          213.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          477.38,
          205.308896,
          479.88,
          213.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "461,585 ",
        "box": [
          516.92,
          205.308896,
          551.92,
          213.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          88.13,
          220.308896,
          109.20999999999998,
          228.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          220.308896,
          403.13,
          228.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,352,193 ",
        "box": [
          427.67,
          220.308896,
          470.17,
          228.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          220.308896,
          484.88,
          228.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,169,682 ",
        "box": [
          509.42,
          220.308896,
          551.9200000000001,
          228.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: accumulated depreciation",
        "box": [
          79.13,
          235.308896,
          205.03000000000006,
          243.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(55,204)",
        "box": [
          434.95999,
          235.308896,
          469.11999,
          243.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,707)",
        "box": [
          516.71002,
          235.308896,
          550.8700200000001,
          243.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned real estate, net",
        "box": [
          88.12,
          250.308896,
          176.88000000000005,
          258.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          250.308896,
          403.13,
          258.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,296,989 ",
        "box": [
          427.67,
          250.308896,
          470.17,
          258.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          250.308896,
          484.88,
          258.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,134,975 ",
        "box": [
          509.42,
          250.308896,
          551.9200000000001,
          258.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible real estate assets",
        "box": [
          79.13,
          280.30889599999995,
          188.11,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          280.30889599999995,
          403.13,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "163,108 ",
        "box": [
          435.17,
          280.30889599999995,
          470.17,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          280.30889599999995,
          484.88,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161,690 ",
        "box": [
          516.92,
          280.30889599999995,
          551.92,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: accumulated amortization",
        "box": [
          79.13,
          295.30889599999995,
          206.14000000000007,
          303.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.63,
          295.30889599999995,
          398.13,
          303.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(62,191)   ",
        "box": [
          436.84,
          295.30889599999995,
          479.88,
          303.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(44,601) ",
        "box": [
          518.59,
          295.30889599999995,
          555.2500000000001,
          303.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible real estate assets, net (1)",
        "box": [
          88.13,
          309.5073889,
          221.889,
          318.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          310.30889599999995,
          403.13,
          318.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100,917 ",
        "box": [
          435.17,
          310.30889599999995,
          470.17,
          318.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          310.30889599999995,
          484.88,
          318.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "117,089 ",
        "box": [
          516.92,
          310.30889599999995,
          551.92,
          318.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          69.13,
          339.55889599999995,
          109.59999999999995,
          347.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible real estate liabilities",
        "box": [
          79.13,
          354.55889599999995,
          201.9500000000001,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          354.55889599999995,
          403.13,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,985 ",
        "box": [
          445.17,
          354.55889599999995,
          470.17,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          354.55889599999995,
          484.88,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,985 ",
        "box": [
          526.92,
          354.55889599999995,
          551.92,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: accumulated amortization",
        "box": [
          79.13,
          369.55889599999995,
          206.14000000000007,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.63,
          369.55889599999995,
          398.13,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,072)   ",
        "box": [
          441.84000000000003,
          369.55889599999995,
          479.88,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(570) ",
        "box": [
          531.09,
          369.55889599999995,
          555.2500000000001,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible real estate liabilities, net",
        "box": [
          88.13,
          384.55889599999995,
          228.16000000000014,
          392.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          228.14999,
          383.7573889,
          235.72899,
          389.1057816615188
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          384.55889599999995,
          403.13,
          392.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,913 ",
        "box": [
          445.17,
          384.55889599999995,
          470.17,
          392.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          384.55889599999995,
          484.88,
          392.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,415 ",
        "box": [
          526.92,
          384.55889599999995,
          551.92,
          392.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          410.30889599999995,
          70.16,
          418.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included within other assets on our consolidated balance sheets. Refer to Note 6 for further information.",
        "box": [
          85.5,
          410.30889599999995,
          501.42999999999984,
          418.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          421.80889599999995,
          70.16,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included within other liabilities on our consolidated balance sheets. Refer to Note 6 for further information.",
        "box": [
          85.5,
          421.80889599999995,
          515.2699999999998,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue and expenses from owned real estate consisted of the following ($ in thousands): ",
        "box": [
          58.5,
          445.30889599999995,
          421.45999999999987,
          453.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          312.12,
          466.7331248,
          415.40000000000015,
          473.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          444.5,
          466.7331248,
          538.012,
          473.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          323.87,
          479.4831248,
          339.87,
          486.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          387.62,
          479.4831248,
          403.62,
          486.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          451.37,
          479.4831248,
          467.37,
          486.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          515.12,
          479.4831248,
          531.12,
          486.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental revenue",
        "box": [
          61.13,
          492.05889599999995,
          121.31999999999995,
          500.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          492.05889599999995,
          311.63,
          500.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,024 ",
        "box": [
          330.67,
          492.05889599999995,
          360.67,
          500.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          492.05889599999995,
          375.38,
          500.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,207 ",
        "box": [
          394.42,
          492.05889599999995,
          424.42,
          500.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          492.05889599999995,
          439.13,
          500.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,198 ",
        "box": [
          458.17,
          492.05889599999995,
          488.17,
          500.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          492.05889599999995,
          502.88,
          500.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,541 ",
        "box": [
          521.92,
          492.05889599999995,
          551.92,
          500.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality revenue",
        "box": [
          61.13,
          507.05889599999995,
          139.64999999999998,
          515.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          507.05889599999995,
          306.63,
          515.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,802 ",
        "box": [
          330.67,
          507.05889599999995,
          360.67,
          515.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          507.05889599999995,
          370.38,
          515.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,643 ",
        "box": [
          394.42,
          507.05889599999995,
          424.42,
          515.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          507.05889599999995,
          434.13,
          515.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,263 ",
        "box": [
          458.17,
          507.05889599999995,
          488.17,
          515.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          507.05889599999995,
          497.88,
          515.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,679 ",
        "box": [
          521.92,
          507.05889599999995,
          551.92,
          515.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other operating revenue",
        "box": [
          61.13,
          522.058896,
          158.23999999999998,
          530.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          522.058896,
          306.63,
          530.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,671 ",
        "box": [
          335.67,
          522.058896,
          360.67,
          530.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          522.058896,
          370.38,
          530.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,962 ",
        "box": [
          399.42,
          522.058896,
          424.42,
          530.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          522.058896,
          434.13,
          530.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,630 ",
        "box": [
          458.17,
          522.058896,
          488.17,
          530.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          522.058896,
          497.88,
          530.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,625 ",
        "box": [
          521.92,
          522.058896,
          551.92,
          530.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate",
        "box": [
          79.13,
          537.058896,
          207.85000000000002,
          545.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          537.058896,
          311.63,
          545.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,497 ",
        "box": [
          330.67,
          537.058896,
          360.67,
          545.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          537.058896,
          375.38,
          545.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,812 ",
        "box": [
          394.42,
          537.058896,
          424.42,
          545.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          537.058896,
          439.13,
          545.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "150,091 ",
        "box": [
          453.17,
          537.058896,
          488.17,
          545.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          537.058896,
          502.88,
          545.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,845 ",
        "box": [
          521.92,
          537.058896,
          551.92,
          545.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expense",
        "box": [
          61.13,
          567.808896,
          135.76999999999995,
          576.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          567.808896,
          311.63,
          576.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,128 ",
        "box": [
          330.67,
          567.808896,
          360.67,
          576.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          567.808896,
          375.38,
          576.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,089 ",
        "box": [
          394.42,
          567.808896,
          424.42,
          576.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          567.808896,
          439.13,
          576.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122,218 ",
        "box": [
          453.17,
          567.808896,
          488.17,
          576.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          567.808896,
          502.88,
          576.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,177 ",
        "box": [
          521.92,
          567.808896,
          551.92,
          576.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization expense",
        "box": [
          61.13,
          582.808896,
          217.30000000000004,
          591.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          582.808896,
          306.63,
          591.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,312 ",
        "box": [
          330.67,
          582.808896,
          360.67,
          591.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          582.808896,
          370.38,
          591.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,707 ",
        "box": [
          394.42,
          582.808896,
          424.42,
          591.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          582.808896,
          434.13,
          591.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,197 ",
        "box": [
          458.17,
          582.808896,
          488.17,
          591.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          582.808896,
          497.88,
          591.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,921 ",
        "box": [
          521.92,
          582.808896,
          551.92,
          591.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses from owned real estate",
        "box": [
          79.13,
          597.808896,
          232.54000000000005,
          606.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          597.808896,
          311.63,
          606.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,440 ",
        "box": [
          330.67,
          597.808896,
          360.67,
          606.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          597.808896,
          375.38,
          606.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,796 ",
        "box": [
          394.42,
          597.808896,
          424.42,
          606.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          597.808896,
          439.13,
          606.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "163,415 ",
        "box": [
          453.17,
          597.808896,
          488.17,
          606.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          597.808896,
          502.88,
          606.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94,098 ",
        "box": [
          521.92,
          597.808896,
          551.92,
          606.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss from owned real estate",
        "box": [
          79.13,
          628.558896,
          191.78000000000006,
          636.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          628.558896,
          311.63,
          636.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,943)  $ ",
        "box": [
          332.34,
          628.558896,
          375.38,
          636.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,984)  $ ",
        "box": [
          396.09,
          628.558896,
          439.13,
          636.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,324)  $ ",
        "box": [
          454.84,
          628.558896,
          502.88,
          636.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,253) ",
        "box": [
          518.59,
          628.558896,
          555.2500000000001,
          636.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 31,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of ",
        "box": [
          58.5,
          54.308896000000004,
          555.89,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not included ",
        "box": [
          58.5,
          65.808896,
          555.89001,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in thousands):",
        "box": [
          58.5,
          77.308896,
          125.69,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Future Minimum Rents",
        "box": [
          447.25,
          98.73315479999997,
          528.5299999999999,
          105.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 (remaining)",
        "box": [
          61.13,
          111.308896,
          130.78999999999996,
          119.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          424.88,
          111.308896,
          432.38,
          119.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,269 ",
        "box": [
          521.92,
          111.308896,
          551.92,
          119.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          61.13,
          126.308896,
          81.13,
          134.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.88,
          126.308896,
          427.38,
          134.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76,254 ",
        "box": [
          521.92,
          126.308896,
          551.92,
          134.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          61.13,
          141.308896,
          81.13,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.88,
          141.308896,
          427.38,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,912 ",
        "box": [
          521.92,
          141.308896,
          551.92,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          61.13,
          156.308896,
          81.13,
          164.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.88,
          156.308896,
          427.38,
          164.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52,556 ",
        "box": [
          521.92,
          156.308896,
          551.92,
          164.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          61.13,
          171.308896,
          81.13,
          179.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.88,
          171.308896,
          427.38,
          179.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,884 ",
        "box": [
          521.92,
          171.308896,
          551.92,
          179.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          61.13,
          186.308896,
          102.70999999999997,
          194.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.88,
          186.308896,
          427.38,
          194.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "132,503 ",
        "box": [
          516.92,
          186.308896,
          551.92,
          194.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          69.13,
          201.308896,
          90.20999999999998,
          209.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          424.88,
          201.308896,
          432.38,
          209.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "436,378 ",
        "box": [
          516.92,
          201.308896,
          551.92,
          209.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  presents  the  estimated  future  amortization  of  lease  intangibles  for  each  of  the  next  five  years  and ",
        "box": [
          58.5,
          229.558896,
          555.8700000000001,
          237.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thereafter as June 30, 2026 ($ in thousands):",
        "box": [
          58.5,
          241.058896,
          235.58,
          249.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place lease intangibles",
        "box": [
          217.77,
          262.48315479999997,
          303.514,
          269.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Above-market lease intangibles",
        "box": [
          324.87,
          262.48315479999997,
          431.9340000000001,
          269.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Below-market lease intangibles",
        "box": [
          443.06,
          262.48315479999997,
          549.244,
          269.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 (remaining)",
        "box": [
          61.13,
          275.058896,
          130.78999999999996,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          205.88,
          275.058896,
          213.38,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,367 ",
        "box": [
          286.42,
          275.058896,
          316.42,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          323.63,
          275.058896,
          331.13,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,991 ",
        "box": [
          409.17,
          275.058896,
          434.17,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          275.058896,
          448.88,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(461) ",
        "box": [
          531.09,
          275.058896,
          555.2500000000001,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          61.13,
          290.05889599999995,
          81.13,
          298.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          205.88,
          290.05889599999995,
          208.38,
          298.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,406 ",
        "box": [
          286.42,
          290.05889599999995,
          316.42,
          298.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          323.63,
          290.05889599999995,
          326.13,
          298.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,248 ",
        "box": [
          409.17,
          290.05889599999995,
          434.17,
          298.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          441.38,
          290.05889599999995,
          443.88,
          298.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(769) ",
        "box": [
          531.09,
          290.05889599999995,
          555.2500000000001,
          298.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          61.13,
          305.05889599999995,
          81.13,
          313.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          205.88,
          305.05889599999995,
          208.38,
          313.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,119 ",
        "box": [
          286.42,
          305.05889599999995,
          316.42,
          313.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          323.63,
          305.05889599999995,
          326.13,
          313.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,408 ",
        "box": [
          409.17,
          305.05889599999995,
          434.17,
          313.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          441.38,
          305.05889599999995,
          443.88,
          313.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(644) ",
        "box": [
          531.09,
          305.05889599999995,
          555.2500000000001,
          313.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          61.13,
          320.05889599999995,
          81.13,
          328.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          205.88,
          320.05889599999995,
          208.38,
          328.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,861 ",
        "box": [
          291.42,
          320.05889599999995,
          316.42,
          328.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          323.63,
          320.05889599999995,
          326.13,
          328.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,518 ",
        "box": [
          409.17,
          320.05889599999995,
          434.17,
          328.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          441.38,
          320.05889599999995,
          443.88,
          328.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(491) ",
        "box": [
          531.09,
          320.05889599999995,
          555.2500000000001,
          328.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          61.13,
          335.05889599999995,
          81.13,
          343.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          205.88,
          335.05889599999995,
          208.38,
          343.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,382 ",
        "box": [
          291.42,
          335.05889599999995,
          316.42,
          343.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          323.63,
          335.05889599999995,
          326.13,
          343.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,165 ",
        "box": [
          409.17,
          335.05889599999995,
          434.17,
          343.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          441.38,
          335.05889599999995,
          443.88,
          343.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(304) ",
        "box": [
          531.09,
          335.05889599999995,
          555.2500000000001,
          343.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          61.13,
          350.05889599999995,
          102.70999999999997,
          358.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          205.88,
          350.05889599999995,
          208.38,
          358.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,363 ",
        "box": [
          286.42,
          350.05889599999995,
          316.42,
          358.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          323.63,
          350.05889599999995,
          326.13,
          358.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,089 ",
        "box": [
          409.17,
          350.05889599999995,
          434.17,
          358.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          441.38,
          350.05889599999995,
          443.88,
          358.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(244) ",
        "box": [
          531.09,
          350.05889599999995,
          555.2500000000001,
          358.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          69.13,
          365.05889599999995,
          90.20999999999998,
          373.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          205.88,
          365.05889599999995,
          213.38,
          373.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,498 ",
        "box": [
          286.42,
          365.05889599999995,
          316.42,
          373.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          323.63,
          365.05889599999995,
          331.13,
          373.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,419 ",
        "box": [
          404.17,
          365.05889599999995,
          434.17,
          373.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          365.05889599999995,
          448.88,
          373.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,913) ",
        "box": [
          523.59,
          365.05889599999995,
          555.2500000000001,
          373.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 32,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "5. INVESTMENTS IN UNCONSOLIDATED ENTITIES",
        "box": [
          58.5,
          54.148926000000074,
          302.56000000000006,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, we hold certain investments in unconsolidated entities that are accounted for under the equity method ",
        "box": [
          58.5,
          71.808896,
          555.8500099999998,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of accounting or the FVO, as our ownership interest in each entity does not meet the requirements for consolidation. Refer ",
        "box": [
          58.5,
          83.308896,
          555.88,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to Note 2 for further details.",
        "box": [
          58.5,
          94.808896,
          170.60000000000002,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables detail our investments in unconsolidated entities ($ in thousands):",
        "box": [
          58.5,
          118.308896,
          406.17999999999984,
          126.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          432.41,
          139.73315479999997,
          478.84200000000004,
          146.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in Unconsolidated Entities",
        "box": [
          61.13,
          160.73315479999997,
          194.18599999999992,
          167.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
          366.59,
          152.73315479999997,
          405.678,
          159.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          374.47,
          160.73315479999997,
          395.7980000000001,
          167.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ownership",
        "box": [
          424.0,
          152.73315479999997,
          461.76800000000003,
          159.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest",
        "box": [
          429.56,
          160.73315479999997,
          456.2080000000001,
          167.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value",
        "box": [
          493.5,
          160.73315479999997,
          533.268,
          167.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unconsolidated entities carried at historical cost",
        "box": [
          61.13,
          173.978886,
          253.35000000000014,
          182.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Lease Joint Venture",
        "box": [
          70.13,
          188.978886,
          166.95,
          197.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "306 (1)",
        "box": [
          378.38,
          188.978886,
          399.44320000000005,
          197.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75%",
        "box": [
          436.13,
          188.978886,
          454.46,
          197.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.88,
          188.978886,
          483.38,
          197.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "185,902 ",
        "box": [
          516.92,
          188.978886,
          551.92,
          197.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total unconsolidated entities carried at historical cost",
        "box": [
          79.13,
          203.978886,
          292.70000000000005,
          212.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "306",
        "box": [
          378.38,
          203.978886,
          393.38,
          212.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          203.978886,
          478.38,
          212.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "185,902 ",
        "box": [
          516.92,
          203.978886,
          551.92,
          212.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unconsolidated entities carried at fair value",
        "box": [
          61.13,
          218.978886,
          235.59000000000015,
          227.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bank Loan Portfolio Joint Venture",
        "box": [
          70.13,
          233.978886,
          208.90000000000006,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "457 (2)",
        "box": [
          378.38,
          233.978886,
          399.44320000000005,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35% (3)",
        "box": [
          436.13,
          233.978886,
          460.52319000000006,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          233.978886,
          478.38,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,834 ",
        "box": [
          521.92,
          233.978886,
          551.92,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Homebuilder Finance Joint Venture",
        "box": [
          70.13,
          248.978886,
          213.59000000000003,
          257.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33 (2)",
        "box": [
          378.38,
          248.978886,
          394.44320000000005,
          257.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45%",
        "box": [
          436.13,
          248.978886,
          454.46,
          257.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          248.978886,
          478.38,
          257.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,324 ",
        "box": [
          521.92,
          248.978886,
          551.92,
          257.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total unconsolidated entities carried at fair value",
        "box": [
          79.13,
          263.978886,
          274.94000000000017,
          272.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "490",
        "box": [
          378.38,
          263.978886,
          393.38,
          272.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          263.978886,
          478.38,
          272.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "136,158 ",
        "box": [
          516.92,
          263.978886,
          551.92,
          272.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          79.13,
          278.978916,
          100.20999999999998,
          287.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "796",
        "box": [
          378.38,
          278.978916,
          393.38,
          287.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.88,
          278.978916,
          483.38,
          287.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "322,060 ",
        "box": [
          516.92,
          278.978916,
          551.92,
          287.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          423.31,
          310.4831248,
          487.9500000000001,
          317.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in Unconsolidated Entities",
        "box": [
          61.13,
          331.4831248,
          194.18599999999992,
          338.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
          366.59,
          323.4831248,
          405.678,
          330.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          374.47,
          331.4831248,
          395.7980000000001,
          338.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ownership",
        "box": [
          424.0,
          323.4831248,
          461.76800000000003,
          330.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest",
        "box": [
          429.56,
          331.4831248,
          456.2080000000001,
          338.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value",
        "box": [
          493.5,
          331.4831248,
          533.268,
          338.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unconsolidated entities carried at historical cost",
        "box": [
          61.13,
          344.72891599999997,
          253.35000000000014,
          352.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Lease Joint Venture",
        "box": [
          70.13,
          359.72891599999997,
          166.95,
          367.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "178 (1)",
        "box": [
          378.38,
          359.72891599999997,
          399.44320000000005,
          367.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75%",
        "box": [
          434.64999,
          359.72891599999997,
          452.97999,
          367.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.88,
          359.72891599999997,
          483.38,
          367.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106,478 ",
        "box": [
          516.92,
          359.72891599999997,
          551.92,
          367.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total unconsolidated entities carried at historical cost",
        "box": [
          79.13,
          374.72891599999997,
          292.70000000000005,
          382.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "178",
        "box": [
          378.38,
          374.72891599999997,
          393.38,
          382.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          374.72891599999997,
          478.38,
          382.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106,478 ",
        "box": [
          516.92,
          374.72891599999997,
          551.92,
          382.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unconsolidated entities carried at fair value:",
        "box": [
          61.13,
          389.72891599999997,
          238.36000000000016,
          397.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bank Loan Portfolio Joint Venture",
        "box": [
          70.13,
          404.72891599999997,
          208.90000000000006,
          412.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "533 (2)",
        "box": [
          378.38,
          404.72891599999997,
          399.44320000000005,
          412.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35% (3)",
        "box": [
          436.13,
          404.72891599999997,
          460.52319000000006,
          412.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          404.72891599999997,
          478.38,
          412.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,010 ",
        "box": [
          516.92,
          404.72891599999997,
          551.92,
          412.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total unconsolidated entities carried at fair value:",
        "box": [
          79.13,
          419.72891599999997,
          277.71000000000015,
          427.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "533",
        "box": [
          378.38,
          419.72891599999997,
          393.38,
          427.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          419.72891599999997,
          478.38,
          427.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,010 ",
        "box": [
          516.92,
          419.72891599999997,
          551.92,
          427.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          78.5,
          434.05889599999995,
          99.57999999999998,
          442.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "711",
        "box": [
          377.62,
          434.72891599999997,
          392.62,
          442.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.88,
          434.72891599999997,
          483.38,
          442.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "217,488 ",
        "box": [
          516.92,
          434.72891599999997,
          551.92,
          442.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          464.30889599999995,
          70.16,
          472.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The number of assets represents the number of commercial real estate properties.",
        "box": [
          85.5,
          464.30889599999995,
          409.5099999999999,
          472.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          475.80889599999995,
          70.16,
          484.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The number of assets represents the number of commercial mortgage loans held by each entity.",
        "box": [
          85.5,
          475.80889599999995,
          466.4299999999999,
          484.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          487.30889599999995,
          70.16,
          495.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  our  aggregate  ownership  interest  in  our  Bank  Loan  Portfolio  Joint  Venture,  which  owns  an  initial ",
        "box": [
          85.5,
          487.30889599999995,
          555.9599900000002,
          495.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio of commercial mortgage loans acquired during the three months ended June 30, 2025, in which we hold a ",
        "box": [
          85.5,
          498.80889599999995,
          555.8300000000002,
          507.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29% interest, and an additional portfolio acquired during the three months ended September 30, 2025, in which we ",
        "box": [
          85.5,
          510.30889599999995,
          555.9999999999998,
          518.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hold a 50% interest.",
        "box": [
          85.5,
          521.808896,
          165.42000000000004,
          530.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the activity related to our investments in unconsolidated entities during the six months ended ",
        "box": [
          58.5,
          545.308896,
          555.92004,
          553.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 ($ in thousands):",
        "box": [
          58.5,
          556.808896,
          184.01,
          565.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Lease Joint ",
        "box": [
          289.70001,
          592.7331548,
          344.5720100000001,
          599.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture",
        "box": [
          302.14001,
          600.7331548,
          330.1160100000001,
          607.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bank Loan ",
        "box": [
          365.38,
          584.7331548,
          405.372,
          591.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portfolio Joint ",
        "box": [
          359.62,
          592.7331548,
          411.15599999999995,
          599.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture",
        "box": [
          370.39001,
          600.7331548,
          398.3660100000001,
          607.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Homebuilder ",
        "box": [
          429.98001,
          584.7331548,
          477.29201,
          591.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Finance Joint ",
        "box": [
          429.42001,
          592.7331548,
          477.83601,
          599.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture",
        "box": [
          438.64001,
          600.7331548,
          466.6160100000001,
          607.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          511.76999,
          600.7331548,
          529.99399,
          607.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance as of December 31, 2025",
        "box": [
          61.13,
          613.978886,
          195.97000000000006,
          622.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.13,
          613.308896,
          293.63,
          621.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106,478 ",
        "box": [
          312.17,
          613.308896,
          347.17,
          621.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          354.38,
          613.308896,
          361.88,
          621.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,010 ",
        "box": [
          380.42,
          613.308896,
          415.42,
          621.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          422.63,
          613.308896,
          430.13,
          621.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          471.17,
          613.308896,
          478.67,
          621.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.88,
          613.308896,
          498.38,
          621.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "217,488 ",
        "box": [
          516.92,
          613.308896,
          551.92,
          621.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contributions",
        "box": [
          70.13,
          628.978886,
          125.08999999999997,
          637.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.13,
          628.308896,
          288.63,
          636.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,998 ",
        "box": [
          317.17,
          628.308896,
          347.17,
          636.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          354.38,
          628.308896,
          356.88,
          636.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          402.92,
          628.308896,
          410.42,
          636.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - ",
        "box": [
          419.63,
          628.308896,
          427.13,
          636.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.63,
          628.308896,
          425.13,
          636.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,043 ",
        "box": [
          453.67,
          628.308896,
          483.67,
          636.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.88,
          628.308896,
          493.38,
          636.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "136,041 ",
        "box": [
          516.92,
          628.308896,
          551.92,
          636.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions",
        "box": [
          70.13,
          643.978886,
          122.30999999999997,
          652.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.13,
          643.308896,
          288.63,
          651.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22,413)   ",
        "box": [
          313.84,
          643.308896,
          356.88,
          651.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,199)   ",
        "box": [
          382.09,
          643.308896,
          425.13,
          651.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          471.17,
          643.308896,
          478.67,
          651.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.88,
          643.308896,
          493.38,
          651.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(42,612) ",
        "box": [
          518.59,
          643.308896,
          555.2500000000001,
          651.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from unconsolidated entities (1)",
        "box": [
          70.13,
          658.978886,
          222.40319999999997,
          667.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.13,
          658.308896,
          288.63,
          666.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "649 ",
        "box": [
          329.67,
          658.308896,
          347.17,
          666.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          354.38,
          658.308896,
          356.88,
          666.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,023 ",
        "box": [
          390.42,
          658.308896,
          415.42,
          666.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.63,
          658.308896,
          425.13,
          666.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "281 ",
        "box": [
          466.17,
          658.308896,
          483.67,
          666.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.88,
          658.308896,
          493.38,
          666.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,953 ",
        "box": [
          526.92,
          658.308896,
          551.92,
          666.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated other comprehensive income",
        "box": [
          70.13,
          673.978886,
          241.30000000000004,
          682.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.13,
          673.308896,
          288.63,
          681.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,190 ",
        "box": [
          322.17,
          673.308896,
          347.17,
          681.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          354.38,
          673.308896,
          356.88,
          681.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          402.92,
          673.308896,
          410.42,
          681.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.63,
          673.308896,
          425.13,
          681.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          471.17,
          673.308896,
          478.67,
          681.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.88,
          673.308896,
          493.38,
          681.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,190 ",
        "box": [
          526.92,
          673.308896,
          551.92,
          681.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance as of June 30, 2026",
        "box": [
          61.13,
          688.978886,
          173.25,
          697.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.13,
          688.308896,
          293.63,
          696.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "185,902 ",
        "box": [
          312.17,
          688.308896,
          347.17,
          696.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          354.38,
          688.308896,
          361.88,
          696.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,834 ",
        "box": [
          385.42,
          688.308896,
          415.42,
          696.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          422.63,
          688.308896,
          430.13,
          696.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,324 ",
        "box": [
          453.67,
          688.308896,
          483.67,
          696.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.88,
          688.308896,
          498.38,
          696.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "322,060 ",
        "box": [
          516.92,
          688.308896,
          551.92,
          696.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          715.558896,
          70.16,
          723.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes our share of non-cash items such as (i) depreciation and amortization, and (ii) unrealized gains or losses ",
        "box": [
          85.5,
          715.558896,
          555.9699999999999,
          723.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded by unconsolidated entities.",
        "box": [
          85.5,
          727.058896,
          229.77000000000007,
          735.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 33,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Our Net Lease Joint Venture and Bank Loan Portfolio Joint Venture have each entered into and may continue to enter into ",
        "box": [
          58.5,
          54.308896000000004,
          555.8299999999998,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivative agreements where we would be required to make payment for periodic or final settlement of derivative contracts ",
        "box": [
          58.5,
          65.808896,
          555.9,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "if either our Net Lease Joint Venture or Bank Loan Portfolio Joint Venture, as applicable, is unable to fulfill its respective ",
        "box": [
          58.5,
          77.308896,
          555.8200100000001,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations.",
        "box": [
          58.5,
          88.808896,
          105.39999999999998,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6. OTHER ASSETS AND LIABILITIES",
        "box": [
          58.5,
          118.14892600000007,
          232.5999999999999,
          126.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Assets ",
        "box": [
          58.5,
          135.64892600000007,
          115.66999999999997,
          143.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the components of our other assets ($ in thousands): ",
        "box": [
          58.5,
          153.308896,
          379.0099999999999,
          161.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          174.73315479999997,
          63.13,
          181.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          403.91,
          174.73315479999997,
          450.34200000000004,
          181.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          479.19,
          174.73315479999997,
          543.83,
          181.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest receivable",
        "box": [
          61.13,
          187.308896,
          170.39000000000001,
          195.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          187.308896,
          397.88,
          195.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "136,161 ",
        "box": [
          429.92,
          187.308896,
          464.92,
          195.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          472.13,
          187.308896,
          479.63,
          195.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "132,975 ",
        "box": [
          516.92,
          187.308896,
          551.92,
          195.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate intangible assets, net",
        "box": [
          61.13,
          202.308896,
          190.08999999999995,
          210.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          202.308896,
          392.88,
          210.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100,917 ",
        "box": [
          429.92,
          202.308896,
          464.92,
          210.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          202.308896,
          474.63,
          210.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "117,089 ",
        "box": [
          516.92,
          202.308896,
          551.92,
          210.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt securities, at fair value (1)",
        "box": [
          61.13,
          217.308896,
          179.51319999999998,
          225.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          217.308896,
          392.88,
          225.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,310 ",
        "box": [
          434.92,
          217.308896,
          464.92,
          225.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          217.308896,
          474.63,
          225.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          217.308896,
          546.92,
          225.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other real estate assets",
        "box": [
          61.13,
          232.308896,
          152.35999999999993,
          240.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          232.308896,
          392.88,
          240.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,890 ",
        "box": [
          434.92,
          232.308896,
          464.92,
          240.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          232.308896,
          474.63,
          240.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,153 ",
        "box": [
          521.92,
          232.308896,
          551.92,
          240.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative assets",
        "box": [
          61.13,
          247.308896,
          129.07999999999996,
          255.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          247.308896,
          392.88,
          255.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,908 ",
        "box": [
          434.92,
          247.308896,
          464.92,
          255.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          247.308896,
          474.63,
          255.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,492 ",
        "box": [
          521.92,
          247.308896,
          551.92,
          255.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts receivable and other assets (2)",
        "box": [
          61.13,
          262.308896,
          214.21321,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          262.308896,
          392.88,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,883 ",
        "box": [
          439.92,
          262.308896,
          464.92,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          262.308896,
          474.63,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,848 ",
        "box": [
          521.92,
          262.308896,
          551.92,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral deposited under derivative agreements",
        "box": [
          61.13,
          277.308896,
          256.9500000000001,
          285.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          277.308896,
          392.88,
          285.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,280 ",
        "box": [
          439.92,
          277.308896,
          464.92,
          285.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          277.308896,
          474.63,
          285.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,300 ",
        "box": [
          521.92,
          277.308896,
          551.92,
          285.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan portfolio payments held by servicer (3)",
        "box": [
          61.13,
          292.30889599999995,
          232.29321,
          300.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          292.30889599999995,
          392.88,
          300.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,288 ",
        "box": [
          439.92,
          292.30889599999995,
          464.92,
          300.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          292.30889599999995,
          474.63,
          300.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,374 ",
        "box": [
          521.92,
          292.30889599999995,
          551.92,
          300.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prepaid expenses",
        "box": [
          61.13,
          307.30889599999995,
          130.21999999999994,
          315.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          307.30889599999995,
          392.88,
          315.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "628 ",
        "box": [
          447.42,
          307.30889599999995,
          464.92,
          315.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          307.30889599999995,
          474.63,
          315.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,032 ",
        "box": [
          526.92,
          307.30889599999995,
          551.92,
          315.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          78.5,
          322.30889599999995,
          99.57999999999998,
          330.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          322.30889599999995,
          397.88,
          330.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "415,265 ",
        "box": [
          429.92,
          322.30889599999995,
          464.92,
          330.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          472.13,
          322.30889599999995,
          479.63,
          330.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,263 ",
        "box": [
          516.92,
          322.30889599999995,
          551.92,
          330.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          346.55889599999995,
          70.16,
          354.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents an investment in a significant risk transfer, or SRT, transaction with a UK financial institution structured ",
        "box": [
          85.5,
          346.55889599999995,
          555.9600000000003,
          354.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as a credit-linked note, or the UK Bank Loan Portfolio SRT. The investment constitutes the first-loss tranche of a ",
        "box": [
          85.5,
          358.05889599999995,
          555.9400099999999,
          366.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reference portfolio comprising a diversified, granular portfolio of low-leverage commercial real estate loans held by ",
        "box": [
          85.5,
          369.55889599999995,
          555.8899999999998,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the UK financial institution. The SRT investment earns a floating-rate cash coupon of SONIA + 7.00%, which is ",
        "box": [
          85.5,
          381.05889599999995,
          555.89999,
          389.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized in interest and related income in our consolidated statements of operations. The investment is recorded at ",
        "box": [
          85.5,
          392.55889599999995,
          555.9300000000003,
          400.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value, with changes in fair value recognized in other income, net in our consolidated statements of operations. ",
        "box": [
          85.5,
          404.05889599999995,
          555.9999899999998,
          412.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  June  30,  2026,  no  realized  credit  losses  have  been  incurred  with  respect  to  the  underlying  reference  loan ",
        "box": [
          85.5,
          415.55889599999995,
          555.97,
          423.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio.",
        "box": [
          85.5,
          427.05889599999995,
          122.96999999999998,
          435.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          438.55889599999995,
          70.16,
          446.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $3.6 million and $55.5 million as of June 30, 2026 and December 31, 2025, respectively, of cash collateral ",
        "box": [
          85.5,
          438.55889599999995,
          555.92,
          446.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held by our CLOs that was subsequently remitted by the trustee to repay a portion of the outstanding senior CLO ",
        "box": [
          85.5,
          450.05889599999995,
          555.84,
          458.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities, or that was subsequently reinvested by purchasing additional collateral into our CLOs.",
        "box": [
          85.5,
          461.55889599999995,
          473.9399999999999,
          469.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          473.05889599999995,
          70.16,
          481.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Primarily represents loan principal repayments held by our third-party loan servicers as of the balance sheet date that ",
        "box": [
          85.5,
          473.05889599999995,
          555.92,
          481.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were remitted to us during the subsequent remittance cycle.",
        "box": [
          85.5,
          484.55889599999995,
          323.23999999999995,
          492.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 34,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Other Liabilities ",
        "box": [
          58.5,
          54.148926000000074,
          131.73999999999995,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the components of our other liabilities ($ in thousands):",
        "box": [
          58.5,
          71.808896,
          390.3599999999998,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          83.37469720000001,
          61.5,
          93.24865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          101.03314479999995,
          63.13,
          107.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          403.91,
          101.03314479999995,
          450.34200000000004,
          107.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          479.19,
          101.03314479999995,
          543.83,
          107.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other real estate liabilities",
        "box": [
          61.13,
          113.60888599999998,
          166.20000000000002,
          121.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          113.60888599999998,
          397.88,
          121.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,697 ",
        "box": [
          429.92,
          113.60888599999998,
          464.92,
          121.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          472.13,
          113.60888599999998,
          479.63,
          121.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "127,703 ",
        "box": [
          516.92,
          113.60888599999998,
          551.92,
          121.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued dividends payable",
        "box": [
          61.13,
          128.60888599999998,
          169.89999999999998,
          136.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          128.60888599999998,
          392.88,
          136.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,215 ",
        "box": [
          434.92,
          128.60888599999998,
          464.92,
          136.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          128.60888599999998,
          474.63,
          136.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,081 ",
        "box": [
          521.92,
          128.60888599999998,
          551.92,
          136.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest payable",
        "box": [
          61.13,
          143.60888599999998,
          160.42999999999998,
          151.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          143.60888599999998,
          392.88,
          151.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,100 ",
        "box": [
          434.92,
          143.60888599999998,
          464.92,
          151.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          143.60888599999998,
          474.63,
          151.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,871 ",
        "box": [
          521.92,
          143.60888599999998,
          551.92,
          151.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other secured debt (1)",
        "box": [
          61.13,
          158.60888599999998,
          142.65319999999997,
          166.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          158.60888599999998,
          392.88,
          166.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,386 ",
        "box": [
          434.92,
          158.60888599999998,
          464.92,
          166.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          158.60888599999998,
          474.63,
          166.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,475 ",
        "box": [
          521.92,
          158.60888599999998,
          551.92,
          166.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued management fees payable",
        "box": [
          61.13,
          173.60888599999998,
          200.65000000000003,
          181.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          173.60888599999998,
          392.88,
          181.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,641 ",
        "box": [
          434.92,
          173.60888599999998,
          464.92,
          181.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          173.60888599999998,
          474.63,
          181.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,434 ",
        "box": [
          521.92,
          173.60888599999998,
          551.92,
          181.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable and other liabilities",
        "box": [
          61.13,
          188.60888599999998,
          212.0300000000001,
          196.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          188.60888599999998,
          392.88,
          196.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,889 ",
        "box": [
          434.92,
          188.60888599999998,
          464.92,
          196.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          188.60888599999998,
          474.63,
          196.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,653 ",
        "box": [
          521.92,
          188.60888599999998,
          551.92,
          196.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current expected credit loss reserves for unfunded loan commitments (2)",
        "box": [
          61.13,
          203.60888599999998,
          345.20321000000007,
          211.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          203.60888599999998,
          392.88,
          211.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,610 ",
        "box": [
          434.92,
          203.60888599999998,
          464.92,
          211.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          203.60888599999998,
          474.63,
          211.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,617 ",
        "box": [
          521.92,
          203.60888599999998,
          551.92,
          211.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative liabilities",
        "box": [
          61.13,
          218.60888599999998,
          142.91999999999996,
          226.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          218.60888599999998,
          392.88,
          226.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,351 ",
        "box": [
          434.92,
          218.60888599999998,
          464.92,
          226.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          218.60888599999998,
          474.63,
          226.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,596 ",
        "box": [
          521.92,
          218.60888599999998,
          551.92,
          226.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt repayments pending servicer remittance (3)",
        "box": [
          61.13,
          233.60888599999998,
          248.60321,
          241.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          233.60888599999998,
          392.88,
          241.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,982 ",
        "box": [
          439.92,
          233.60888599999998,
          464.92,
          241.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          233.60888599999998,
          474.63,
          241.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,748 ",
        "box": [
          521.92,
          233.60888599999998,
          551.92,
          241.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          78.5,
          248.60888599999998,
          99.57999999999998,
          256.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          248.60888599999998,
          397.88,
          256.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "364,871 ",
        "box": [
          429.92,
          248.60888599999998,
          464.92,
          256.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          472.13,
          248.60888599999998,
          479.63,
          256.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "386,178 ",
        "box": [
          516.92,
          248.60888599999998,
          551.92,
          256.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          274.358916,
          70.16,
          282.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents financing on our retained investment in the European Loan Securitization. Refer to Note 8 for further ",
        "box": [
          85.5,
          274.358916,
          555.9699900000003,
          282.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information.",
        "box": [
          85.5,
          285.85891599999997,
          135.16999999999996,
          294.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          297.35891599999997,
          70.16,
          305.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the CECL reserve related to our unfunded loan commitments.",
        "box": [
          85.5,
          297.35891599999997,
          378.4799999999999,
          305.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          308.85891599999997,
          70.16,
          317.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  pending  transfers  from  our  third-party  loan  servicer  that  were  remitted  to  our  banking  counterparties ",
        "box": [
          85.5,
          308.85891599999997,
          555.9800000000001,
          317.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the subsequent remittance cycle.",
        "box": [
          85.5,
          320.35891599999997,
          243.9000000000001,
          328.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Expected Credit Loss Reserves for Unfunded Loan Commitments ",
        "box": [
          58.5,
          349.86889599999995,
          355.16999999999996,
          358.0971925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, we had aggregate unfunded commitments of $1.1 billion related to 53 loans. The expected credit ",
        "box": [
          58.5,
          367.35891599999997,
          555.8399900000003,
          375.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses  over  the  contractual  period  of  our  loans  are  impacted  by  our  obligations  to  extend  further  credit  through  our ",
        "box": [
          58.5,
          378.85891599999997,
          555.9,
          387.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unfunded  loan  commitments.  See  Note  2  for  further  discussion  of  the  CECL  reserves  related  to  our  unfunded  loan ",
        "box": [
          58.5,
          390.35891599999997,
          555.93,
          398.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments,  and  Note  21  for  further  discussion  of  our  unfunded  loan  commitments.  During  the  three  months  ended ",
        "box": [
          58.5,
          401.85891599999997,
          555.87,
          410.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026, we recorded a decrease in the CECL reserves related to our unfunded loan commitments of $0.5 million, ",
        "box": [
          58.5,
          413.35891599999997,
          555.97998,
          421.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and during the six months ended June 30, 2026, we recorded an increase in the CECL reserves related to our unfunded loan ",
        "box": [
          58.5,
          424.85891599999997,
          555.9399900000001,
          433.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments of $1.0 million, bringing our total unfunded loan commitments CECL reserve to $12.6 million as of June 30, ",
        "box": [
          58.5,
          436.35891599999997,
          555.82997,
          444.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026. During the three and six months ended June 30, 2025, we recorded increases in the CECL reserves related to our ",
        "box": [
          58.5,
          447.85891599999997,
          555.9600000000003,
          456.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unfunded loan commitments of $1.2 million and $1.3 million, respectively, bringing our total unfunded loan commitments ",
        "box": [
          58.5,
          459.35891599999997,
          555.9100099999996,
          467.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve to $11.7 million as of June 30, 2025.",
        "box": [
          58.5,
          470.85891599999997,
          264.45001,
          479.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7. SECURED DEBT, NET",
        "box": [
          58.5,
          500.198916,
          171.50999999999996,
          508.4272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our secured debt represents borrowings under our secured credit facilities. During the six months ended June 30, 2026, we ",
        "box": [
          58.5,
          517.858886,
          555.8900200000002,
          526.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "closed $1.0 billion of new borrowings against $1.5 billion of collateral assets.",
        "box": [
          58.5,
          529.358886,
          368.74998999999985,
          537.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our secured debt ($ in thousands):",
        "box": [
          58.5,
          552.858886,
          304.08000000000004,
          561.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          589.2831448,
          63.13,
          595.8657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Debt ",
        "box": [
          453.64999,
          579.9631348,
          501.6099900000001,
          586.5457720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings Outstanding",
        "box": [
          434.32001,
          589.2831448,
          518.96001,
          595.8657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          518.91998,
          589.2831448,
          520.91998,
          595.8657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          602.0331448,
          63.13,
          608.6157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          416.66,
          602.0331448,
          463.09200000000004,
          608.6157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          485.94,
          602.0331448,
          550.58,
          608.6157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured credit facilities",
        "box": [
          61.13,
          614.608886,
          155.4,
          622.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          402.38,
          614.608886,
          409.88,
          622.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,717,351 ",
        "box": [
          435.92,
          614.608886,
          478.42,
          622.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.63,
          614.608886,
          493.13,
          622.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,125,839 ",
        "box": [
          504.42,
          614.608886,
          551.9200000000001,
          622.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred financing costs (1)",
        "box": [
          61.13,
          629.608886,
          165.40319999999997,
          637.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,407)",
        "box": [
          448.20999,
          629.608886,
          477.36999,
          637.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,547)",
        "box": [
          521.71002,
          629.608886,
          550.8700200000001,
          637.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value of secured debt",
        "box": [
          61.13,
          644.608886,
          185.73000000000002,
          652.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          402.38,
          644.608886,
          409.88,
          652.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,708,944 ",
        "box": [
          435.92,
          644.608886,
          478.42,
          652.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.63,
          644.608886,
          493.13,
          652.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,117,292 ",
        "box": [
          504.42,
          644.608886,
          551.9200000000001,
          652.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          672.358886,
          70.16,
          680.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred ",
        "box": [
          85.5,
          672.358886,
          544.7000000000002,
          680.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and recognized as a component of interest expense over the life of each related facility.",
        "box": [
          85.5,
          683.858886,
          433.60999999999996,
          692.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 35,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Secured Credit Facilities",
        "box": [
          58.5,
          54.148926000000074,
          163.9,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  secured  credit  facilities  are  bilateral  agreements  we  use  to  finance  diversified  pools  of  senior  loan  collateral  with ",
        "box": [
          58.5,
          71.808896,
          555.91003,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sufficient flexibility to accommodate our investment and asset management strategy. The facilities are generally structured ",
        "box": [
          58.5,
          83.308896,
          555.87,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  provide  currency,  index,  and  term-matched  financing  without  capital  markets-based  mark-to-market  provisions.  Our ",
        "box": [
          58.5,
          94.808896,
          555.9699999999997,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit facilities are diversified across 16 counterparties, primarily consisting of top global financial institutions to minimize ",
        "box": [
          58.5,
          106.308896,
          555.9699999999996,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our counterparty risk exposure.",
        "box": [
          58.5,
          117.808896,
          183.39,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our secured credit facilities as of June 30, 2026 ($ in thousands):",
        "box": [
          58.5,
          141.308896,
          426.4399999999999,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          162.73315479999997,
          63.13,
          169.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          106.13,
          162.73315479999997,
          108.13,
          169.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          148.88,
          162.73315479999997,
          150.88,
          169.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          316.13,
          162.73315479999997,
          318.13,
          169.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recourse Limitation",
        "box": [
          473.91,
          162.73315479999997,
          543.8940000000002,
          169.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Currency",
        "box": [
          61.13,
          194.98315479999997,
          93.99400000000006,
          201.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lenders (1)",
        "box": [
          106.36,
          194.34194112,
          140.39319999999998,
          201.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings",
        "box": [
          155.89,
          194.98315479999997,
          195.88199999999998,
          201.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg. ",
        "box": [
          215.44,
          186.98315479999997,
          248.32,
          193.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (2)",
        "box": [
          214.3,
          194.34194112,
          251.4432,
          201.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          266.44,
          178.98315479999997,
          297.32,
          185.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in ",
        "box": [
          274.10999,
          186.98315479999997,
          295.66198999999995,
          193.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost (3)(4)(5)",
        "box": [
          267.01001,
          194.34194112,
          300.7396200000002,
          201.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan ",
        "box": [
          319.23999,
          185.87310479999996,
          339.01599,
          192.4557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          317.47,
          194.98315479999997,
          338.79,
          201.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral (6)",
        "box": [
          355.25,
          194.34194112,
          395.50320000000005,
          201.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          415.69,
          176.6031448,
          446.57,
          183.18578204494622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in ",
        "box": [
          423.35999,
          185.79309479999995,
          444.91198999999995,
          192.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield (3)(4)",
        "box": [
          417.95999,
          194.34194112,
          448.2864000000001,
          201.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. ",
        "box": [
          471.64001,
          185.87310479999996,
          486.74401,
          192.4557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Avg.",
        "box": [
          472.29999,
          194.98315479999997,
          488.07599,
          201.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Range",
        "box": [
          515.42999,
          194.98315479999997,
          537.1979899999999,
          201.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
          69.5,
          207.558896,
          89.5,
          215.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          118.37,
          207.558896,
          128.37,
          215.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          207.558896,
          156.38,
          215.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,668,157 ",
        "box": [
          161.42,
          207.558896,
          203.92,
          215.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2028",
        "box": [
          212.46001,
          207.558896,
          253.28001,
          215.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.74 %",
        "box": [
          271.95999,
          207.558896,
          306.74998999999997,
          215.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78",
        "box": [
          323.12,
          207.558896,
          333.12,
          215.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          348.38,
          207.558896,
          355.88,
          215.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,042,859 ",
        "box": [
          360.92,
          207.558896,
          403.42,
          215.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.76 %",
        "box": [
          422.70999,
          207.558896,
          457.49998999999997,
          215.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36%",
        "box": [
          471.01999,
          207.558896,
          489.34999,
          215.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25% - 100%",
        "box": [
          500.38,
          207.558896,
          550.36998,
          215.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GBP",
        "box": [
          69.78,
          222.558896,
          89.22,
          230.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          120.87,
          222.558896,
          125.87,
          230.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          148.88,
          222.558896,
          151.38,
          230.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,906,500 ",
        "box": [
          161.42,
          222.558896,
          203.92,
          230.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar 2029",
        "box": [
          213.3,
          222.558896,
          252.45000000000002,
          230.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.68 %",
        "box": [
          271.95999,
          222.558896,
          306.74998999999997,
          230.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          323.12,
          222.558896,
          333.12,
          230.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          348.38,
          222.558896,
          350.88,
          230.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,647,180 ",
        "box": [
          360.92,
          222.558896,
          403.42,
          230.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +3.17 %",
        "box": [
          422.70999,
          222.558896,
          457.49998999999997,
          230.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          471.01999,
          222.558896,
          489.34999,
          230.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          516.21002,
          222.558896,
          534.54002,
          230.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EUR",
        "box": [
          69.51,
          237.558896,
          89.5,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          120.87,
          237.558896,
          125.87,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          148.88,
          237.558896,
          151.38,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,618,548 ",
        "box": [
          161.42,
          237.558896,
          203.92,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Feb 2030",
        "box": [
          214.13,
          237.558896,
          251.62,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.64 %",
        "box": [
          271.95999,
          237.558896,
          306.74998999999997,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          323.12,
          237.558896,
          333.12,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          348.38,
          237.558896,
          350.88,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,380,828 ",
        "box": [
          360.92,
          237.558896,
          403.42,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.99 %",
        "box": [
          422.70999,
          237.558896,
          457.49998999999997,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37%",
        "box": [
          471.01999,
          237.558896,
          489.34999,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15% - 100%",
        "box": [
          500.38,
          237.558896,
          550.36998,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Others (7)",
        "box": [
          63.15,
          252.558896,
          95.8532,
          260.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          120.87,
          252.558896,
          125.87,
          260.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          148.88,
          252.558896,
          151.38,
          260.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,524,146 ",
        "box": [
          161.42,
          252.558896,
          203.92,
          260.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2029",
        "box": [
          212.46001,
          252.558896,
          253.28001,
          260.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.21 %",
        "box": [
          271.95999,
          252.558896,
          306.74998999999997,
          260.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          325.62,
          252.558896,
          330.62,
          260.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          348.38,
          252.558896,
          350.88,
          260.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,910,983 ",
        "box": [
          360.92,
          252.558896,
          403.42,
          260.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +4.34 %",
        "box": [
          422.70999,
          252.558896,
          457.49998999999997,
          260.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          471.01999,
          252.558896,
          489.34999,
          260.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          516.21002,
          252.558896,
          534.54002,
          260.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          68.96,
          267.558896,
          90.03999999999998,
          275.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          118.37,
          267.558896,
          128.37,
          275.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          267.558896,
          156.38,
          275.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,717,351 ",
        "box": [
          161.42,
          267.558896,
          203.92,
          275.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jan 2029",
        "box": [
          214.96001,
          267.558896,
          250.78001,
          275.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.79 %",
        "box": [
          271.95999,
          267.558896,
          306.74998999999997,
          275.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111",
        "box": [
          320.62,
          267.558896,
          335.62,
          275.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 12,981,850 ",
        "box": [
          348.38,
          267.558896,
          403.42,
          275.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +3.16 %",
        "box": [
          422.70999,
          267.558896,
          457.49998999999997,
          275.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32%",
        "box": [
          471.01999,
          267.558896,
          489.34999,
          275.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25% - 100%",
        "box": [
          500.38,
          267.558896,
          550.36998,
          275.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          295.30889599999995,
          70.16,
          303.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of ",
        "box": [
          85.5,
          295.30889599999995,
          555.9900000000001,
          303.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facility lenders.",
        "box": [
          85.5,
          306.80889599999995,
          147.61999999999998,
          315.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          318.30889599999995,
          70.16,
          326.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our secured  debt  agreements  are  generally  term-matched  to  their  underlying  collateral.  Therefore,  the  weighted-",
        "box": [
          85.5,
          318.30889599999995,
          553.43,
          326.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all ",
        "box": [
          85.5,
          329.80889599999995,
          555.8799999999997,
          338.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured ",
        "box": [
          85.5,
          341.30889599999995,
          555.9100000000001,
          349.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit facility is used.",
        "box": [
          85.5,
          352.80889599999995,
          171.47999999999996,
          361.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          364.30889599999995,
          70.16,
          372.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  spread,  all-in  cost,  and  all-in  yield  are  expressed  over  the  relevant  floating  benchmark  rates,  which  include ",
        "box": [
          85.5,
          364.30889599999995,
          555.9,
          372.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.",
        "box": [
          85.5,
          375.80889599999995,
          364.4199999999999,
          384.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          387.30889599999995,
          70.16,
          395.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  addition  to  spread,  the  cost  includes  the  associated  deferred  fees  and  expenses  related  to  the  respective ",
        "box": [
          85.5,
          387.30889599999995,
          555.87,
          395.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension ",
        "box": [
          85.5,
          398.80889599999995,
          555.9299999999998,
          407.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans ",
        "box": [
          85.5,
          410.30889599999995,
          555.9299999999996,
          418.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounted for under the cost-recovery and nonaccrual methods, if any, and owned real estate assets. ",
        "box": [
          85.5,
          421.80889599999995,
          486.67999,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          433.30889599999995,
          70.16,
          441.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  the  weighted-average  all-in  cost  as  of  June  30,  2026  and  is  not  necessarily  indicative  of  the  spread ",
        "box": [
          85.5,
          433.30889599999995,
          555.9500100000001,
          441.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable to recent or future borrowings.",
        "box": [
          85.5,
          444.80889599999995,
          251.4200000000001,
          453.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          58.5,
          456.30889599999995,
          70.16,
          464.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  the  principal  balance  of  the  collateral  loan  assets  and  the  carrying  value  of  the  collateral  owned  real ",
        "box": [
          85.5,
          456.30889599999995,
          555.9800000000001,
          464.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate assets.",
        "box": [
          85.5,
          467.80889599999995,
          136.51999999999995,
          476.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          58.5,
          479.30889599999995,
          70.16,
          487.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.",
        "box": [
          85.5,
          479.30889599999995,
          391.54000000000013,
          487.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  availability  of  funding  under  our  secured  credit  facilities  is  based  on  the  amount  of  approved  collateral,  which ",
        "box": [
          58.5,
          502.80889599999995,
          555.9500000000002,
          511.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a ",
        "box": [
          58.5,
          514.308896,
          555.8899999999999,
          522.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the ",
        "box": [
          58.5,
          525.808896,
          555.9399999999998,
          534.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each ",
        "box": [
          58.5,
          537.308896,
          555.9699999999999,
          545.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facility, and therefore vary within and among the facilities.",
        "box": [
          58.5,
          548.808896,
          293.73,
          557.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral ",
        "box": [
          58.5,
          572.308896,
          555.85,
          580.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2026, there was an ",
        "box": [
          58.5,
          583.808896,
          555.9000100000003,
          592.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate $807.5 million available to be drawn at our discretion under our credit facilities.",
        "box": [
          58.5,
          595.308896,
          419.97999999999985,
          603.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Covenants",
        "box": [
          58.5,
          624.648926,
          145.94999999999996,
          632.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, we are subject to the following financial covenants related to our secured debt and secured debt of our ",
        "box": [
          58.5,
          642.308896,
          555.91001,
          650.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unconsolidated entities: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed ",
        "box": [
          58.5,
          653.808896,
          555.9399999999999,
          662.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "charges,  as  defined  in  the  agreements,  shall  be  not  less  than  1.3  to  1.0;  (ii)  our  tangible  net  worth,  as  defined  in  the ",
        "box": [
          58.5,
          665.308896,
          555.8299900000002,
          673.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements, shall not be less than $2.8 billion as of each measurement date plus 75% to 85% of the net cash proceeds of ",
        "box": [
          58.5,
          676.808896,
          555.9900000000001,
          685.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "future  equity  issuances  subsequent  to  June  30,  2026;  (iii)  cash  liquidity  shall  not  be  less  than  the  greater  of  (x)  $10.0 ",
        "box": [
          58.5,
          688.308896,
          555.95001,
          696.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our ",
        "box": [
          58.5,
          699.808896,
          555.8199700000001,
          708.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "total assets. As of June 30, 2026 and December 31, 2025, we were in compliance with these covenants.",
        "box": [
          58.5,
          711.308896,
          470.86001999999996,
          719.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 36,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "8. SECURITIZED DEBT OBLIGATIONS, NET",
        "box": [
          58.5,
          54.148926000000074,
          266.18,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have financed certain pools of our loans through CLOs and have also financed one of our loans through a securitization ",
        "box": [
          58.5,
          71.808896,
          555.9200000000003,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "vehicle,  or  the  European  Loan  Securitization.  The  CLOs  and  the  European  Loan  Securitization  are  consolidated  in  our ",
        "box": [
          58.5,
          83.308896,
          555.97,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 19 for further ",
        "box": [
          58.5,
          94.808896,
          555.8699900000003,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion of our CLOs and the European Loan Securitization. The following tables detail our securitized debt obligations ",
        "box": [
          58.5,
          106.308896,
          555.8499999999997,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and the underlying collateral assets that are financed by our CLOs and the European Loan Securitization ($ in thousands): ",
        "box": [
          58.5,
          117.808896,
          548.19999,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          133.23315479999997,
          63.13,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          384.78,
          133.23315479999997,
          431.212,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized Debt Obligations",
        "box": [
          61.13,
          154.98315479999997,
          159.30599999999998,
          161.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          268.34,
          154.98315479999997,
          289.65999999999997,
          161.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          309.35999,
          145.87310479999996,
          340.89599,
          152.4557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Balance",
        "box": [
          310.57999,
          154.98315479999997,
          339.68399000000005,
          161.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book",
        "box": [
          378.48999,
          145.79309479999995,
          396.27398999999997,
          152.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value (1)",
        "box": [
          374.35001,
          154.34194112,
          400.39322000000004,
          161.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          432.19,
          145.79309479999995,
          463.07,
          152.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Yield/Cost (2)",
        "box": [
          427.60999,
          154.34194112,
          471.63318000000004,
          161.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term (3)",
        "box": [
          505.29999,
          154.34194112,
          530.4532099999999,
          161.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLOs",
        "box": [
          61.13,
          167.558896,
          84.99999999999999,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 FL6 Collateralized Loan Obligation",
        "box": [
          69.13,
          181.808896,
          235.0400000000001,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.13,
          196.808896,
          219.93000000000006,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          276.5,
          196.808896,
          281.5,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          196.808896,
          305.63,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "880,000 ",
        "box": [
          318.17,
          196.808896,
          353.17,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          196.808896,
          367.88,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "872,474 ",
        "box": [
          380.42,
          196.808896,
          415.42,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.84 %",
        "box": [
          441.20999,
          196.808896,
          478.49998999999997,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2043",
        "box": [
          492.17999,
          196.808896,
          543.55999,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.13,
          211.808896,
          194.10000000000002,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          274.0,
          211.808896,
          284.0,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          211.808896,
          300.63,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "998,448 ",
        "box": [
          318.17,
          211.808896,
          353.17,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          211.808896,
          362.88,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "998,448 ",
        "box": [
          380.42,
          211.808896,
          415.42,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.04 %",
        "box": [
          441.20999,
          211.808896,
          478.49998999999997,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2029",
        "box": [
          485.26001,
          211.808896,
          550.4800100000001,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025 FL5 Collateralized Loan Obligation",
        "box": [
          69.13,
          226.808896,
          235.0400000000001,
          235.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.13,
          241.808896,
          219.93000000000006,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          276.5,
          241.808896,
          281.5,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          241.808896,
          300.63,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "831,250 ",
        "box": [
          318.17,
          241.808896,
          353.17,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          241.808896,
          362.88,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "823,296 ",
        "box": [
          380.42,
          241.808896,
          415.42,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.15 %",
        "box": [
          441.20999,
          241.808896,
          478.49998999999997,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2042",
        "box": [
          490.53,
          241.808896,
          545.2100000000002,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.13,
          256.808896,
          194.10000000000002,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          274.0,
          256.808896,
          284.0,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          256.808896,
          300.63,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,984 ",
        "box": [
          318.17,
          256.808896,
          353.17,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          256.808896,
          362.88,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,984 ",
        "box": [
          380.42,
          256.808896,
          415.42,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.44 %",
        "box": [
          441.20999,
          256.808896,
          478.49998999999997,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2029",
        "box": [
          488.57999,
          256.808896,
          547.1599900000001,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021 FL4 Collateralized Loan Obligation",
        "box": [
          69.13,
          271.808896,
          235.0400000000001,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          268.13,
          271.808896,
          270.63,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          271.808896,
          300.63,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          271.808896,
          362.88,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.63,
          271.808896,
          425.13,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.88,
          271.808896,
          487.38,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.13,
          286.80889599999995,
          219.93000000000006,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          276.5,
          286.80889599999995,
          281.5,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          286.80889599999995,
          300.63,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "421,346 ",
        "box": [
          318.17,
          286.80889599999995,
          353.17,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          286.80889599999995,
          362.88,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "421,346 ",
        "box": [
          380.42,
          286.80889599999995,
          415.42,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.83 %",
        "box": [
          441.20999,
          286.80889599999995,
          478.49998999999997,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2038",
        "box": [
          497.45999,
          286.80889599999995,
          538.27999,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.13,
          301.80889599999995,
          194.10000000000002,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          274.0,
          301.80889599999995,
          284.0,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          301.80889599999995,
          300.63,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "551,661 ",
        "box": [
          318.17,
          301.80889599999995,
          353.17,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          301.80889599999995,
          362.88,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "551,661 ",
        "box": [
          380.42,
          301.80889599999995,
          415.42,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 4.17 %",
        "box": [
          441.20999,
          301.80889599999995,
          478.49998999999997,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2027",
        "box": [
          498.29001,
          301.80889599999995,
          537.45001,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2020 FL2 Collateralized Loan Obligation",
        "box": [
          69.13,
          316.80889599999995,
          235.0400000000001,
          325.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.13,
          331.80889599999995,
          219.93000000000006,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          276.5,
          331.80889599999995,
          281.5,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          331.80889599999995,
          300.63,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "428,673 ",
        "box": [
          318.17,
          331.80889599999995,
          353.17,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          331.80889599999995,
          362.88,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "428,673 ",
        "box": [
          380.42,
          331.80889599999995,
          415.42,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.93 %",
        "box": [
          441.20999,
          331.80889599999995,
          478.49998999999997,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2038",
        "box": [
          488.57999,
          331.80889599999995,
          547.1599900000001,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.13,
          346.80889599999995,
          194.10000000000002,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          276.5,
          346.80889599999995,
          281.5,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          346.80889599999995,
          300.63,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "595,239 ",
        "box": [
          318.17,
          346.80889599999995,
          353.17,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          346.80889599999995,
          362.88,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "595,239 ",
        "box": [
          380.42,
          346.80889599999995,
          415.42,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.04 %",
        "box": [
          441.20999,
          346.80889599999995,
          478.49998999999997,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2027",
        "box": [
          488.57999,
          346.80889599999995,
          547.1599900000001,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total CLOs",
        "box": [
          69.13,
          361.80889599999995,
          116.56999999999996,
          370.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.13,
          376.80889599999995,
          219.93000000000006,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          276.5,
          376.80889599999995,
          281.5,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          376.80889599999995,
          305.63,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,561,269 ",
        "box": [
          310.67,
          376.80889599999995,
          353.17,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          376.80889599999995,
          367.88,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,545,789 ",
        "box": [
          372.92,
          376.80889599999995,
          415.42,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.95 %",
        "box": [
          441.20999,
          376.80889599999995,
          478.49998999999997,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.13,
          391.80889599999995,
          194.10000000000002,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          274.0,
          391.80889599999995,
          284.0,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          391.80889599999995,
          300.63,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,143,332 ",
        "box": [
          310.67,
          391.80889599999995,
          353.17,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          391.80889599999995,
          362.88,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,143,332 ",
        "box": [
          372.92,
          391.80889599999995,
          415.42,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.35 %",
        "box": [
          441.20999,
          391.80889599999995,
          478.49998999999997,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "European Loan Securitization",
        "box": [
          61.13,
          406.80889599999995,
          180.41000000000005,
          415.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Provided",
        "box": [
          69.13,
          421.80889599999995,
          147.67999999999998,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          276.5,
          421.80889599999995,
          281.5,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          421.80889599999995,
          305.63,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "189,541 ",
        "box": [
          318.17,
          421.80889599999995,
          353.17,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          421.80889599999995,
          367.88,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,175 ",
        "box": [
          380.42,
          421.80889599999995,
          415.42,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.71 %",
        "box": [
          441.20999,
          421.80889599999995,
          478.49998999999997,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2030",
        "box": [
          498.29001,
          421.80889599999995,
          537.45001,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets (4)",
        "box": [
          69.13,
          436.80889599999995,
          191.16321,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          276.5,
          436.80889599999995,
          281.5,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          436.80889599999995,
          300.63,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "244,367 ",
        "box": [
          318.17,
          436.80889599999995,
          353.17,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          436.80889599999995,
          362.88,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "241,995 ",
        "box": [
          380.42,
          436.80889599999995,
          415.42,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.97 %",
        "box": [
          441.20999,
          436.80889599999995,
          478.49998999999997,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2030",
        "box": [
          498.29001,
          436.80889599999995,
          537.45001,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          60.13,
          451.80889599999995,
          81.21,
          460.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding / ",
        "box": [
          73.63,
          466.80889599999995,
          223.20000000000005,
          475.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Provided (5)",
        "box": [
          83.63,
          478.208896,
          168.24318999999997,
          486.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          276.5,
          466.80889599999995,
          281.5,
          475.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          466.80889599999995,
          305.63,
          475.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,750,810 ",
        "box": [
          310.67,
          466.80889599999995,
          353.17,
          475.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          466.80889599999995,
          367.88,
          475.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,732,964 ",
        "box": [
          372.92,
          466.80889599999995,
          415.42,
          475.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.93 %",
        "box": [
          441.20999,
          466.80889599999995,
          478.49998999999997,
          475.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          73.63,
          493.05889599999995,
          189.60000000000002,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61",
        "box": [
          274.0,
          493.05889599999995,
          284.0,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          493.05889599999995,
          300.63,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,387,699 ",
        "box": [
          310.67,
          493.05889599999995,
          353.17,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          493.05889599999995,
          362.88,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,385,327 ",
        "box": [
          372.92,
          493.05889599999995,
          415.42,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.35 %",
        "box": [
          441.20999,
          493.05889599999995,
          478.49998999999997,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          517.308896,
          70.16,
          525.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The book value of underlying collateral assets excludes any applicable CECL reserves.",
        "box": [
          85.5,
          517.308896,
          433.3800000000001,
          525.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          528.808896,
          70.16,
          537.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan ",
        "box": [
          85.5,
          528.808896,
          555.8699999999999,
          537.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination costs, purchase discounts, and accrual of exit fees, while all-in cost includes the amortization of deferred ",
        "box": [
          85.5,
          540.308896,
          555.9700000000003,
          548.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination fees and financing costs. The weighted-average all-in yield and cost are expressed as a spread over the ",
        "box": [
          85.5,
          551.808896,
          555.9400100000003,
          560.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relevant  floating  benchmark  rates,  which  is  SOFR  for  the  CLOs  and  EURIBOR  for  the  European  Loan ",
        "box": [
          85.5,
          563.308896,
          555.9400000000002,
          571.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, ",
        "box": [
          85.5,
          574.808896,
          555.9100099999998,
          583.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned real estate assets, and cash from repayment proceeds held in certain of our CLOs that may be used to add ",
        "box": [
          85.5,
          586.308896,
          555.9900000000001,
          594.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "new eligible collateral assets.",
        "box": [
          85.5,
          597.808896,
          202.52000000000004,
          606.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          609.308896,
          70.16,
          617.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying  collateral  assets  term  represents  the  weighted-average  final  maturity  of  such  loans,  assuming  all ",
        "box": [
          85.5,
          609.308896,
          555.9899999999999,
          617.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension options are exercised by the borrower, and excludes owned real estate assets. Repayments of securitized ",
        "box": [
          85.5,
          620.808896,
          555.8800000000003,
          629.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt  obligations  are  tied  to  timing  of  the  related  collateral  loan  asset  repayments.  The  term  of  these  obligations ",
        "box": [
          85.5,
          632.308896,
          555.8399999999998,
          640.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "represents the rated final distribution date of the securitizations.",
        "box": [
          85.5,
          643.808896,
          339.87,
          652.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          655.308896,
          70.16,
          663.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  financed  our  $55.8  million  retained  interests  in  the  securitization  under  a  repurchase  agreement  structured ",
        "box": [
          85.5,
          655.308896,
          555.9699999999999,
          663.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "without capital markets-based mark-to-market provisions. The amount of the financing is included in other liabilities ",
        "box": [
          85.5,
          666.808896,
          555.9099999999999,
          675.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our consolidated balance sheets.",
        "box": [
          85.5,
          678.308896,
          226.72000000000006,
          686.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          689.808896,
          70.16,
          698.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026, we recorded $40.1 million and $74.8 million, respectively, of ",
        "box": [
          85.5,
          689.808896,
          555.9900000000001,
          698.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest expense related to our securitized debt obligations.",
        "box": [
          85.5,
          701.308896,
          320.18,
          709.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 37,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
          61.13,
          58.233154799999966,
          63.13,
          64.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          374.56,
          58.233154799999966,
          439.2000000000001,
          64.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized Debt Obligations",
        "box": [
          61.13,
          79.98315479999997,
          159.30599999999998,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          267.22,
          79.98315479999997,
          288.54,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          309.35999,
          71.98315479999997,
          340.89599,
          78.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Balance",
        "box": [
          310.57999,
          79.98315479999997,
          339.68399000000005,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value (1)",
        "box": [
          364.47,
          79.34194112,
          410.2832000000001,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          432.19,
          70.79309479999995,
          463.07,
          77.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Yield/Cost (2)(3)",
        "box": [
          424.57999,
          79.34194112,
          474.6663800000001,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term (4)",
        "box": [
          505.29999,
          79.34194112,
          530.4532099999999,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLOs",
        "box": [
          61.13,
          92.558896,
          84.99999999999999,
          100.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025 FL5 Collateralized Loan Obligation",
        "box": [
          69.13,
          107.558896,
          235.0400000000001,
          115.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.13,
          122.558896,
          219.93000000000006,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          275.37,
          122.558896,
          280.37,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          122.558896,
          305.63,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "831,250 ",
        "box": [
          318.17,
          122.558896,
          353.17,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          122.558896,
          367.88,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "822,243 ",
        "box": [
          380.42,
          122.558896,
          415.42,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.15 %",
        "box": [
          441.20999,
          122.558896,
          478.49998999999997,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2042",
        "box": [
          490.53,
          122.558896,
          545.2100000000002,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.13,
          137.558896,
          194.10000000000002,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          272.87,
          137.558896,
          282.87,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          137.558896,
          300.63,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "944,537 ",
        "box": [
          318.17,
          137.558896,
          353.17,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          137.558896,
          362.88,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "944,537 ",
        "box": [
          380.42,
          137.558896,
          415.42,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.49 %",
        "box": [
          441.20999,
          137.558896,
          478.49998999999997,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2028",
        "box": [
          490.53,
          137.558896,
          545.2100000000002,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021 FL4 Collateralized Loan Obligation",
        "box": [
          61.13,
          152.558896,
          227.0400000000001,
          160.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          167.558896,
          220.30000000000007,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          275.37,
          167.558896,
          280.37,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          167.558896,
          300.63,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "605,613 ",
        "box": [
          318.17,
          167.558896,
          353.17,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          167.558896,
          362.88,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "605,613 ",
        "box": [
          380.42,
          167.558896,
          415.42,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.45 %",
        "box": [
          441.20999,
          167.558896,
          478.49998999999997,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2038",
        "box": [
          497.45999,
          167.558896,
          538.27999,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          182.558896,
          194.47000000000003,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          272.87,
          182.558896,
          282.87,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          182.558896,
          300.63,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "736,360 ",
        "box": [
          318.17,
          182.558896,
          353.17,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          182.558896,
          362.88,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "736,360 ",
        "box": [
          380.42,
          182.558896,
          415.42,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.18 %",
        "box": [
          441.20999,
          182.558896,
          478.49998999999997,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2027",
        "box": [
          488.57999,
          182.558896,
          547.1599900000001,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2020 FL2 Collateralized Loan Obligation",
        "box": [
          61.13,
          197.558896,
          227.0400000000001,
          205.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          212.558896,
          220.30000000000007,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          275.37,
          212.558896,
          280.37,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          212.558896,
          300.63,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "519,967 ",
        "box": [
          318.17,
          212.558896,
          353.17,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          212.558896,
          362.88,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "519,967 ",
        "box": [
          380.42,
          212.558896,
          415.42,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.82 %",
        "box": [
          441.20999,
          212.558896,
          478.49998999999997,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2038",
        "box": [
          488.57999,
          212.558896,
          547.1599900000001,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          227.558896,
          194.47000000000003,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          272.87,
          227.558896,
          282.87,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          227.558896,
          300.63,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "691,964 ",
        "box": [
          318.17,
          227.558896,
          353.17,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          227.558896,
          362.88,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "691,964 ",
        "box": [
          380.42,
          227.558896,
          415.42,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.84 %",
        "box": [
          441.20999,
          227.558896,
          478.49998999999997,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2027",
        "box": [
          491.07999,
          227.558896,
          544.6599900000001,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total CLOs",
        "box": [
          61.13,
          242.558896,
          108.56999999999998,
          250.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          257.558896,
          220.30000000000007,
          265.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          275.37,
          257.558896,
          280.37,
          265.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          257.558896,
          305.63,
          265.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,956,830 ",
        "box": [
          310.67,
          257.558896,
          353.17,
          265.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          257.558896,
          367.88,
          265.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,947,823 ",
        "box": [
          372.92,
          257.558896,
          415.42,
          265.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.84 %",
        "box": [
          441.20999,
          257.558896,
          478.49998999999997,
          265.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          272.558896,
          194.47000000000003,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          272.87,
          272.558896,
          282.87,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          272.558896,
          300.63,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,372,861 ",
        "box": [
          310.67,
          272.558896,
          353.17,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          272.558896,
          362.88,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,372,861 ",
        "box": [
          372.92,
          272.558896,
          415.42,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.22 %",
        "box": [
          441.20999,
          272.558896,
          478.49998999999997,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "European Loan Securitization",
        "box": [
          61.13,
          287.55889599999995,
          180.41000000000005,
          295.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Provided",
        "box": [
          69.13,
          302.55889599999995,
          147.67999999999998,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          275.37,
          302.55889599999995,
          280.37,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          302.55889599999995,
          305.63,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "192,666 ",
        "box": [
          318.17,
          302.55889599999995,
          353.17,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          302.55889599999995,
          367.88,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "191,896 ",
        "box": [
          380.42,
          302.55889599999995,
          415.42,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.53 %",
        "box": [
          441.20999,
          302.55889599999995,
          478.49998999999997,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2030",
        "box": [
          498.29001,
          302.55889599999995,
          537.45001,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets (5)",
        "box": [
          69.13,
          317.55889599999995,
          190.43862249999998,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          275.37,
          317.55889599999995,
          280.37,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          317.55889599999995,
          300.63,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "249,160 ",
        "box": [
          318.17,
          317.55889599999995,
          353.17,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          317.55889599999995,
          362.88,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "246,421 ",
        "box": [
          380.42,
          317.55889599999995,
          415.42,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.97 %",
        "box": [
          441.20999,
          317.55889599999995,
          478.49998999999997,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2030",
        "box": [
          498.29001,
          317.55889599999995,
          537.45001,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          60.13,
          332.55889599999995,
          81.21,
          340.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding / ",
        "box": [
          73.63,
          347.55889599999995,
          223.20000000000005,
          355.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Provided (6)",
        "box": [
          83.63,
          358.958896,
          167.5186025,
          367.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          275.37,
          347.55889599999995,
          280.37,
          355.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          347.55889599999995,
          305.63,
          355.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,149,496 ",
        "box": [
          310.67,
          347.55889599999995,
          353.17,
          355.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          347.55889599999995,
          367.88,
          355.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,139,719 ",
        "box": [
          372.92,
          347.55889599999995,
          415.42,
          355.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.82 %",
        "box": [
          441.20999,
          347.55889599999995,
          478.49998999999997,
          355.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          73.63,
          373.80889599999995,
          189.60000000000002,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46",
        "box": [
          272.87,
          373.80889599999995,
          282.87,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          373.80889599999995,
          300.63,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,622,021 ",
        "box": [
          310.67,
          373.80889599999995,
          353.17,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          373.80889599999995,
          362.88,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,619,282 ",
        "box": [
          372.92,
          373.80889599999995,
          415.42,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.22 %",
        "box": [
          441.20999,
          373.80889599999995,
          478.49998999999997,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          399.55889599999995,
          70.16,
          407.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The book value of underlying collateral assets excludes any applicable CECL reserves.",
        "box": [
          85.5,
          399.55889599999995,
          433.3800000000001,
          407.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          411.05889599999995,
          70.16,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan ",
        "box": [
          85.5,
          411.05889599999995,
          555.8699999999999,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination costs, purchase discounts, and accrual of exit fees.",
        "box": [
          85.5,
          422.55889599999995,
          332.7099999999999,
          430.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          434.05889599999995,
          70.16,
          442.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, ",
        "box": [
          85.5,
          434.05889599999995,
          555.92,
          442.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which  is  SOFR  for  the  CLOs  and  EURIBOR  for  the  European  Loan  Securitization.  All-in  yield  excludes  loans ",
        "box": [
          85.5,
          445.55889599999995,
          555.87999,
          453.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounted  for  under  the  cost-recovery  and  nonaccrual  methods,  if  any,  owned  real  estate  assets,  and  cash  from ",
        "box": [
          85.5,
          457.05889599999995,
          555.9000000000002,
          465.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayment proceeds held in certain of our CLOs that may be used to add new eligible collateral assets.",
        "box": [
          85.5,
          468.55889599999995,
          494.96999999999997,
          476.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          480.05889599999995,
          70.16,
          488.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying  collateral  assets  term  represents  the  weighted-average  final  maturity  of  such  loans,  assuming  all ",
        "box": [
          85.5,
          480.05889599999995,
          555.9899999999999,
          488.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the ",
        "box": [
          85.5,
          491.55889599999995,
          555.9399999999997,
          499.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of ",
        "box": [
          85.5,
          503.05889599999995,
          555.9599999999997,
          511.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the securitizations.",
        "box": [
          85.5,
          514.558896,
          160.38,
          522.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          526.058896,
          70.16,
          534.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  financed  our  $55.8  million  retained  interests  in  the  securitization  under  a  repurchase  agreement  structured ",
        "box": [
          85.5,
          526.058896,
          555.9699999999999,
          534.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "without capital markets-based mark-to-market provisions. The amount of the financing is included in other liabilities ",
        "box": [
          85.5,
          537.558896,
          555.9099999999999,
          545.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our consolidated balance sheets.",
        "box": [
          85.5,
          549.058896,
          226.72000000000006,
          557.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          58.5,
          560.558896,
          70.16,
          568.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the year ended December 31, 2025, we recorded $140.0 million of interest expense related to our securitized ",
        "box": [
          85.5,
          560.558896,
          555.87,
          568.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt obligations.",
        "box": [
          85.5,
          572.058896,
          152.1,
          580.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 38,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "9. ASSET-SPECIFIC DEBT, NET",
        "box": [
          58.5,
          54.148926000000074,
          205.37999999999994,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables detail our asset-specific debt ($ in thousands): ",
        "box": [
          58.5,
          71.808896,
          329.84999999999997,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          101.03314479999995,
          63.13,
          107.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          353.28,
          100.66314479999994,
          399.712,
          107.24578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-Specific Debt",
        "box": [
          61.13,
          122.78314479999995,
          127.09000000000003,
          129.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          225.22,
          122.78314479999995,
          246.54,
          129.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          289.10999,
          113.67309479999994,
          320.64599,
          120.25573204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Balance",
        "box": [
          290.32999,
          122.78314479999995,
          319.43399000000005,
          129.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value (1)",
        "box": [
          350.97,
          122.14193111999998,
          396.7832000000001,
          129.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          425.44,
          113.67309479999994,
          456.32,
          120.25573204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield/Cost (2)",
        "box": [
          421.85999,
          122.14193111999998,
          463.88318000000004,
          129.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          498.94,
          113.59313479999992,
          529.8199999999999,
          120.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Term (3)",
        "box": [
          502.79999,
          122.14193111999998,
          529.9532099999999,
          129.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing provided",
        "box": [
          61.13,
          135.35888599999998,
          139.11999999999998,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          233.37,
          135.35888599999998,
          238.37,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.88,
          135.35888599999998,
          282.38,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "972,635 ",
        "box": [
          300.92,
          135.35888599999998,
          335.92,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          343.88,
          135.35888599999998,
          351.38,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "971,305 ",
        "box": [
          369.92,
          135.35888599999998,
          404.92,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.73 %",
        "box": [
          437.45999,
          135.35888599999998,
          474.74998999999997,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2030",
        "box": [
          487.07999,
          135.35888599999998,
          545.6599900000001,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          61.13,
          150.35888599999998,
          126.28999999999994,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          233.37,
          150.35888599999998,
          238.37,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.88,
          150.35888599999998,
          282.38,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,209,740 ",
        "box": [
          293.42,
          150.35888599999998,
          335.92,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          343.88,
          150.35888599999998,
          351.38,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,202,445 ",
        "box": [
          362.42,
          150.35888599999998,
          404.92,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 4.10 %",
        "box": [
          437.45999,
          150.35888599999998,
          474.74998999999997,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2030",
        "box": [
          487.07999,
          150.35888599999998,
          545.6599900000001,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          165.07788060000007,
          61.38,
          165.90071025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          172.04309479999995,
          63.13,
          178.62573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          344.19,
          171.91314479999994,
          408.8300000000001,
          178.49578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-Specific Debt",
        "box": [
          61.13,
          194.03314479999995,
          127.09000000000003,
          200.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          225.22,
          194.03314479999995,
          246.54,
          200.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          289.10999,
          184.92309479999994,
          320.64599,
          191.50573204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Balance",
        "box": [
          290.32999,
          194.03314479999995,
          319.43399000000005,
          200.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value (1)",
        "box": [
          350.97,
          193.39193111999998,
          396.7832000000001,
          200.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          425.44,
          184.66314479999994,
          456.32,
          191.24578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Yield/Cost (2)",
        "box": [
          420.85999,
          193.21194112,
          464.88318000000004,
          200.43578204494622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          498.94,
          184.66314479999994,
          529.8199999999999,
          191.24578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Term (3)",
        "box": [
          502.79999,
          193.21194112,
          529.9532099999999,
          200.43578204494622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing provided",
        "box": [
          61.13,
          206.60888599999998,
          139.11999999999998,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          233.37,
          206.60888599999998,
          238.37,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.88,
          206.60888599999998,
          282.38,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "999,810 ",
        "box": [
          300.92,
          206.60888599999998,
          335.92,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          343.88,
          206.60888599999998,
          351.38,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,746 ",
        "box": [
          369.92,
          206.60888599999998,
          404.92,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.66 %",
        "box": [
          437.45999,
          206.60888599999998,
          474.74998999999997,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2030",
        "box": [
          487.07999,
          206.60888599999998,
          545.6599900000001,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          61.13,
          221.60888599999998,
          126.28999999999994,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          233.37,
          221.60888599999998,
          238.37,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.88,
          221.60888599999998,
          282.38,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,243,500 ",
        "box": [
          293.42,
          221.60888599999998,
          335.92,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          343.88,
          221.60888599999998,
          351.38,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,234,205 ",
        "box": [
          362.42,
          221.60888599999998,
          404.92,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 4.02 %",
        "box": [
          437.45999,
          221.60888599999998,
          474.74998999999997,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2030",
        "box": [
          487.07999,
          221.60888599999998,
          545.6599900000001,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          249.35888599999998,
          70.16,
          257.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The book value of underlying collateral assets excludes any applicable CECL reserves.",
        "box": [
          85.5,
          249.35888599999998,
          433.3800000000001,
          257.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          260.858886,
          70.16,
          269.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, ",
        "box": [
          85.5,
          260.858886,
          555.92,
          269.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and ",
        "box": [
          85.5,
          272.358886,
          555.8499800000002,
          280.58718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost ",
        "box": [
          85.5,
          283.85891599999997,
          555.9000000000001,
          292.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "includes the amortization of deferred origination fees and financing costs.",
        "box": [
          85.5,
          295.35891599999997,
          380.13000000000005,
          303.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          306.85891599999997,
          70.16,
          315.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all ",
        "box": [
          85.5,
          306.85891599999997,
          555.9399999999998,
          315.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case ",
        "box": [
          85.5,
          318.35891599999997,
          555.9800000000002,
          326.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the corresponding collateral loans.",
        "box": [
          85.5,
          329.85891599999997,
          233.37000000000006,
          338.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10. TERM LOANS, NET",
        "box": [
          58.5,
          359.198916,
          165.94999999999996,
          367.4272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  six  months  ended  June  30,  2026,  we  borrowed  an  additional  $770.8  million  under  a  B-9  Term  Loan,  the ",
        "box": [
          58.5,
          376.85891599999997,
          555.82998,
          385.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds of which were used, among other things, to repay all $695.8 million in principal outstanding under the B-6 Term ",
        "box": [
          58.5,
          388.05889599999995,
          555.8700300000002,
          396.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan.",
        "box": [
          58.5,
          399.25890599999997,
          81.53,
          407.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated ",
        "box": [
          58.5,
          422.458896,
          555.9800000000001,
          430.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheets ($ in thousands):",
        "box": [
          58.5,
          433.958896,
          185.58999999999997,
          442.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face Value",
        "box": [
          241.27,
          449.3831148,
          279.24600000000004,
          455.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Loans",
        "box": [
          61.13,
          462.1331148,
          103.12200000000003,
          468.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          198.41,
          462.1331148,
          244.84199999999998,
          468.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          266.56,
          462.1331148,
          331.2000000000001,
          468.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate (1)",
        "box": [
          343.29001,
          461.49191112,
          393.96322000000004,
          468.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in Cost (1)(2)",
        "box": [
          406.28,
          461.49191112,
          455.4764100000001,
          468.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          492.95999,
          462.1331148,
          524.0559900000001,
          468.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-6 Term Loan",
        "box": [
          61.13,
          474.708896,
          123.27999999999996,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          187.13,
          474.708896,
          189.63,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          244.67,
          474.708896,
          252.17,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          264.38,
          474.708896,
          266.88,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "695,754 ",
        "box": [
          299.42,
          474.708896,
          334.42,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.00 %",
        "box": [
          360.20999,
          474.708896,
          397.49998999999997,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.61 %",
        "box": [
          422.45999,
          474.708896,
          459.74998999999997,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 10, 2030",
        "box": [
          472.32999,
          474.708896,
          550.86999,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-7 Term Loan",
        "box": [
          61.13,
          489.708896,
          123.27999999999996,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          187.13,
          489.708896,
          189.63,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "449,706 ",
        "box": [
          222.17,
          489.708896,
          257.16999999999996,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          264.38,
          489.708896,
          266.88,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "451,972 ",
        "box": [
          299.42,
          489.708896,
          334.42,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.50 %",
        "box": [
          360.20999,
          489.708896,
          397.49998999999997,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.11 %",
        "box": [
          422.45999,
          489.708896,
          459.74998999999997,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 9, 2029",
        "box": [
          500.04999,
          489.708896,
          550.86999,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-8 Term Loan",
        "box": [
          61.13,
          504.708896,
          123.27999999999996,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          187.13,
          504.708896,
          189.63,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "696,500 ",
        "box": [
          222.17,
          504.708896,
          257.16999999999996,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          264.38,
          504.708896,
          266.88,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "700,000 ",
        "box": [
          299.42,
          504.708896,
          334.42,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.50 %",
        "box": [
          360.20999,
          504.708896,
          397.49998999999997,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.95 %",
        "box": [
          422.45999,
          504.708896,
          459.74998999999997,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 19, 2032",
        "box": [
          472.32999,
          504.708896,
          550.86999,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-9 Term Loan",
        "box": [
          61.13,
          519.708926,
          123.27999999999996,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          187.13,
          519.708926,
          189.63,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "768,827 ",
        "box": [
          222.17,
          519.708926,
          257.16999999999996,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          264.38,
          519.708926,
          266.88,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          321.91999999999996,
          519.708926,
          329.41999999999996,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.50 %",
        "box": [
          360.20999,
          519.708926,
          397.49998999999997,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.95 %",
        "box": [
          422.45999,
          519.708926,
          459.74998999999997,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 10, 2030",
        "box": [
          472.32999,
          519.708926,
          550.86999,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total face value",
        "box": [
          69.13,
          534.708926,
          133.45999999999992,
          542.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          187.13,
          534.708926,
          194.63,
          542.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,915,033 ",
        "box": [
          214.67,
          534.708926,
          257.16999999999996,
          542.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          264.38,
          534.708926,
          271.88,
          542.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,847,726 ",
        "box": [
          291.92,
          534.708926,
          334.42,
          542.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred financing costs and ",
        "box": [
          61.13,
          549.708926,
          178.76999999999995,
          557.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unamortized discounts",
        "box": [
          71.13,
          561.108886,
          161.30999999999995,
          569.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(36,471)",
        "box": [
          221.96001,
          549.708926,
          256.12001000000004,
          557.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(39,726)",
        "box": [
          299.20999,
          549.708926,
          333.36999,
          557.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value",
        "box": [
          69.13,
          575.958926,
          130.18999999999997,
          584.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          187.13,
          575.958926,
          194.63,
          584.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,878,562 ",
        "box": [
          214.67,
          575.958926,
          257.16999999999996,
          584.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          264.38,
          575.958926,
          271.88,
          584.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,808,000 ",
        "box": [
          291.92,
          575.958926,
          334.42,
          584.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          604.458926,
          70.16,
          612.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The B-7 Term Loan and B-9 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50%. The ",
        "box": [
          85.5,
          604.458926,
          555.8200400000001,
          612.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term loans are indexed to one-month SOFR.",
        "box": [
          85.5,
          615.958926,
          265.61000000000007,
          624.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          627.458926,
          70.16,
          635.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes  issue  discount  and  transaction  expenses  that  are  amortized  through  interest  expense  over  the  life  of  the ",
        "box": [
          85.5,
          627.458926,
          555.9599999999998,
          635.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable Term Loans.",
        "box": [
          85.5,
          638.958926,
          180.08000000000004,
          647.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Term  Loans  are  partially  amortizing,  with  an  amount  equal  to  1.0%  per  annum  of  the  aggregate  initial  principal ",
        "box": [
          58.5,
          662.458926,
          555.9699999999999,
          670.6872225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance due in quarterly installments.",
        "box": [
          58.5,
          673.958926,
          208.00999,
          682.1872225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 39,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table details our interest expense related to the Term Loans ($ in thousands):",
        "box": [
          58.5,
          54.308896000000004,
          423.61999999999995,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          81.73315479999997,
          63.13,
          88.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          312.12,
          81.73315479999997,
          415.40000000000015,
          88.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          444.5,
          81.73315479999997,
          538.012,
          88.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          94.48315479999997,
          63.13,
          101.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          323.87,
          94.48315479999997,
          339.87,
          101.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          387.62,
          94.48315479999997,
          403.62,
          101.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          451.37,
          94.48315479999997,
          467.37,
          101.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          515.12,
          94.48315479999997,
          531.12,
          101.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash coupon",
        "box": [
          61.13,
          107.058896,
          113.03999999999998,
          115.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          107.058896,
          311.63,
          115.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,825 ",
        "box": [
          330.67,
          107.058896,
          360.67,
          115.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          107.058896,
          375.38,
          115.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,096 ",
        "box": [
          394.42,
          107.058896,
          424.42,
          115.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          107.058896,
          439.13,
          115.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59,506 ",
        "box": [
          458.17,
          107.058896,
          488.17,
          115.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          107.058896,
          502.88,
          115.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,144 ",
        "box": [
          521.92,
          107.058896,
          551.92,
          115.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount and issuance cost amortization",
        "box": [
          61.13,
          122.058896,
          222.0400000000001,
          130.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          122.058896,
          306.63,
          130.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,023 ",
        "box": [
          335.67,
          122.058896,
          360.67,
          130.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          122.058896,
          370.38,
          130.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,886 ",
        "box": [
          399.42,
          122.058896,
          424.42,
          130.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          122.058896,
          434.13,
          130.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,472 ",
        "box": [
          463.17,
          122.058896,
          488.17,
          130.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          122.058896,
          497.88,
          130.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,068 ",
        "box": [
          526.92,
          122.058896,
          551.92,
          130.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total interest expense",
        "box": [
          61.13,
          137.058896,
          148.77999999999994,
          145.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          137.058896,
          311.63,
          145.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,848 ",
        "box": [
          330.67,
          137.058896,
          360.67,
          145.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          137.058896,
          375.38,
          145.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,982 ",
        "box": [
          394.42,
          137.058896,
          424.42,
          145.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          137.058896,
          439.13,
          145.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,978 ",
        "box": [
          458.17,
          137.058896,
          488.17,
          145.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          137.058896,
          502.88,
          145.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,212 ",
        "box": [
          521.92,
          137.058896,
          551.92,
          145.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of ",
        "box": [
          58.5,
          165.308896,
          555.8300000000002,
          173.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 and December 31, 2025, we were in compliance with this covenant. Refer to Note 2 for further discussion of ",
        "box": [
          58.5,
          176.808896,
          555.9000100000001,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our accounting policies for the Term Loans.",
        "box": [
          58.5,
          188.308896,
          234.1300000000001,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11. SENIOR SECURED NOTES, NET",
        "box": [
          58.5,
          217.64892600000007,
          223.99999999999997,
          225.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we issued an additional $450.0 million principal amount of senior secured ",
        "box": [
          58.5,
          235.308896,
          555.8500100000002,
          243.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "notes, or Senior Secured Notes, the proceeds of which were used, among other things, to repay existing secured debt.",
        "box": [
          58.5,
          246.50890600000002,
          526.6499999999999,
          254.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  details  the  net  book  value  of  our  Senior  Secured  Notes  on  our  consolidated  balance  sheets  ($  in ",
        "box": [
          58.5,
          269.70886600000006,
          555.8799999999999,
          277.93716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands): ",
        "box": [
          58.5,
          281.708896,
          107.08,
          289.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face Value",
        "box": [
          243.52,
          297.6331148,
          281.49600000000004,
          304.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Secured Notes Issuance",
        "box": [
          61.13,
          319.3831148,
          165.29000000000002,
          325.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          207.41,
          319.3831148,
          253.84199999999998,
          325.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, ",
        "box": [
          271.06,
          311.3831148,
          319.7000000000001,
          317.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          286.37,
          319.3831148,
          302.37,
          325.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest ",
        "box": [
          336.92999,
          311.3831148,
          365.57799000000006,
          317.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate",
        "box": [
          342.26001,
          319.3831148,
          358.25201000000004,
          325.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Swapped ",
        "box": [
          382.70999,
          310.1931148,
          415.79799,
          316.77575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate (1)",
        "box": [
          387.23001,
          318.74191112,
          409.27322000000004,
          325.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in ",
        "box": [
          436.48001,
          310.1931148,
          458.03200999999996,
          316.77575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost (2)",
        "box": [
          435.45001,
          318.74191112,
          457.05322000000007,
          325.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          497.07999,
          319.3831148,
          528.1759900000001,
          325.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2021",
        "box": [
          61.13,
          331.958896,
          115.80999999999999,
          340.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          202.88,
          331.958896,
          210.38,
          340.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335,316 ",
        "box": [
          224.42,
          331.958896,
          259.41999999999996,
          340.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          266.63,
          331.958896,
          274.13,
          340.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335,316 ",
        "box": [
          288.17,
          331.958896,
          323.17,
          340.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.75 %",
        "box": [
          342.84,
          331.958896,
          371.99999999999994,
          340.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          393.09,
          331.958896,
          405.29999999999995,
          340.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.06 %",
        "box": [
          438.84,
          331.958896,
          467.99999999999994,
          340.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 15, 2027",
        "box": [
          482.29001,
          331.958896,
          550.87001,
          340.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2024",
        "box": [
          61.13,
          346.958896,
          124.66999999999997,
          355.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          202.88,
          346.958896,
          205.38,
          355.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000 ",
        "box": [
          224.42,
          346.958896,
          259.41999999999996,
          355.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          266.63,
          346.958896,
          269.13,
          355.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000 ",
        "box": [
          288.17,
          346.958896,
          323.17,
          355.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.75 %",
        "box": [
          342.84,
          346.958896,
          371.99999999999994,
          355.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.95 %",
        "box": [
          382.70999,
          346.958896,
          419.99998999999997,
          355.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  8.14 %",
        "box": [
          438.84,
          346.958896,
          467.99999999999994,
          355.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 1, 2029",
        "box": [
          477.32999,
          346.958896,
          550.8699900000001,
          355.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2026",
        "box": [
          61.13,
          361.958896,
          101.95,
          370.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          202.88,
          361.958896,
          205.38,
          370.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000 ",
        "box": [
          224.42,
          361.958896,
          259.41999999999996,
          370.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          266.63,
          361.958896,
          269.13,
          370.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          310.67,
          361.958896,
          318.17,
          370.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.25 %",
        "box": [
          342.84,
          361.958896,
          371.99999999999994,
          370.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.50 %",
        "box": [
          382.70999,
          361.958896,
          419.99998999999997,
          370.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.68 %",
        "box": [
          438.84,
          361.958896,
          467.99999999999994,
          370.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 1, 2031",
        "box": [
          500.04999,
          361.958896,
          550.86999,
          370.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total face value",
        "box": [
          69.13,
          376.958896,
          133.45999999999992,
          385.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          202.88,
          376.958896,
          210.38,
          385.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,235,316 ",
        "box": [
          216.92,
          376.958896,
          259.41999999999996,
          385.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          266.63,
          376.958896,
          274.13,
          385.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "785,316 ",
        "box": [
          288.17,
          376.958896,
          323.17,
          385.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred financing costs and ",
        "box": [
          61.13,
          391.958896,
          178.76999999999995,
          400.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unamortized discounts",
        "box": [
          71.13,
          403.35891599999997,
          161.30999999999995,
          411.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,111)",
        "box": [
          224.21001,
          391.958896,
          258.37001000000004,
          400.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,280)",
        "box": [
          292.95999,
          391.958896,
          322.11999,
          400.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hedging adjustments (3)",
        "box": [
          61.13,
          418.208896,
          151.83319999999998,
          426.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,706)",
        "box": [
          229.21001,
          418.208896,
          258.37001000000004,
          426.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,840",
        "box": [
          299.62,
          418.208896,
          322.12,
          426.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value",
        "box": [
          69.13,
          433.208896,
          130.18999999999997,
          441.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          202.88,
          433.208896,
          210.38,
          441.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,217,499 ",
        "box": [
          216.92,
          433.208896,
          259.41999999999996,
          441.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          266.63,
          433.208896,
          274.13,
          441.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "784,876 ",
        "box": [
          288.17,
          433.208896,
          323.17,
          441.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          459.458896,
          70.16,
          467.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For certain of the Senior Secured Notes, we have entered into interest rate swaps that effectively convert our fixed ",
        "box": [
          85.5,
          459.458896,
          555.8799999999998,
          467.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate exposure to floating rate exposure. The interest rate swaps are indexed to one-month SOFR. Refer to Note 13 ",
        "box": [
          85.5,
          470.958896,
          555.98999,
          479.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for further discussion.",
        "box": [
          85.5,
          482.458896,
          173.48999999999995,
          490.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          493.958896,
          70.16,
          502.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.",
        "box": [
          85.5,
          493.958896,
          546.8699999999999,
          502.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          505.45892599999996,
          70.16,
          513.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the aggregate fair value of interest rate swaps that we entered into to convert the fixed rate exposure of ",
        "box": [
          85.5,
          505.45892599999996,
          555.9200000000003,
          513.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "both  the  December  2024  and  May  2026  Senior  Secured  Notes  into  floating  rate.  Refer  to  Note  13  for  further ",
        "box": [
          85.5,
          516.958926,
          555.9100100000003,
          525.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion.",
        "box": [
          85.5,
          528.458926,
          129.64,
          536.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our interest expense related to the Senior Secured Notes ($ in thousands):",
        "box": [
          58.5,
          551.958926,
          461.6499999999999,
          560.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          579.3831148,
          63.13,
          585.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          311.75,
          579.3831148,
          415.03000000000014,
          585.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          444.5,
          579.3831148,
          538.012,
          585.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          592.1331148,
          63.13,
          598.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          323.12,
          592.1331148,
          339.12,
          598.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          387.62,
          592.1331148,
          403.62,
          598.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          451.37,
          592.1331148,
          467.37,
          598.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          515.12,
          592.1331148,
          531.12,
          598.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash coupon",
        "box": [
          61.13,
          604.708926,
          113.03999999999998,
          612.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          604.708926,
          310.88,
          612.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,222 ",
        "box": [
          329.92,
          604.708926,
          359.92,
          612.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          604.708926,
          375.38,
          612.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,862 ",
        "box": [
          394.42,
          604.708926,
          424.42,
          612.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          604.708926,
          439.13,
          612.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,084 ",
        "box": [
          458.17,
          604.708926,
          488.17,
          612.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          604.708926,
          502.88,
          612.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,725 ",
        "box": [
          521.92,
          604.708926,
          551.92,
          612.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount and issuance cost amortization",
        "box": [
          61.13,
          619.708926,
          222.0400000000001,
          627.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          619.708926,
          305.88,
          627.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "818 ",
        "box": [
          342.42,
          619.708926,
          359.92,
          627.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          619.708926,
          370.38,
          627.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "651 ",
        "box": [
          406.92,
          619.708926,
          424.42,
          627.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          619.708926,
          434.13,
          627.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,459 ",
        "box": [
          463.17,
          619.708926,
          488.17,
          627.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          619.708926,
          497.88,
          627.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,349 ",
        "box": [
          526.92,
          619.708926,
          551.92,
          627.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total interest expense",
        "box": [
          73.13,
          634.708926,
          160.77999999999994,
          642.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          634.708926,
          310.88,
          642.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,040 ",
        "box": [
          329.92,
          634.708926,
          359.92,
          642.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          634.708926,
          375.38,
          642.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,513 ",
        "box": [
          394.42,
          634.708926,
          424.42,
          642.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          634.708926,
          439.13,
          642.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,543 ",
        "box": [
          458.17,
          634.708926,
          488.17,
          642.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          634.708926,
          502.88,
          642.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,074 ",
        "box": [
          521.92,
          634.708926,
          551.92,
          642.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. ",
        "box": [
          58.5,
          662.958926,
          555.85001,
          671.1872225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, we were in compliance with this covenant. Under certain circumstances, we ",
        "box": [
          58.5,
          674.458926,
          555.8700000000001,
          682.6872225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required ",
        "box": [
          58.5,
          685.958926,
          555.9200000000003,
          694.1872225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  maintain  a  total  unencumbered  assets  to  total  unsecured  indebtedness  ratio  of  1.20  or  greater.  This  covenant  is  not ",
        "box": [
          58.5,
          697.458926,
          555.90001,
          705.6872225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currently in effect as the collateral securing our Senior Secured Notes has not been released.",
        "box": [
          58.5,
          708.958926,
          426.62000000000006,
          717.1872225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 40,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "12. CONVERTIBLE NOTES, NET",
        "box": [
          58.5,
          54.148926000000074,
          209.25999999999996,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated ",
        "box": [
          58.5,
          71.808896,
          556.0000000000001,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheets ($ in thousands): ",
        "box": [
          58.5,
          83.308896,
          188.07999999999998,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face Value",
        "box": [
          248.77,
          116.23315479999997,
          286.74600000000004,
          122.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes",
        "box": [
          61.13,
          137.98315479999997,
          122.65800000000004,
          144.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          205.53,
          137.98315479999997,
          251.962,
          144.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          274.44,
          137.98315479999997,
          339.0800000000001,
          144.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest ",
        "box": [
          354.56,
          129.98315479999997,
          383.2080000000001,
          136.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate ",
        "box": [
          359.88,
          137.98315479999997,
          377.872,
          144.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in ",
        "box": [
          401.60999,
          129.98315479999997,
          423.16198999999995,
          136.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost (1)",
        "box": [
          400.57001,
          137.34194112,
          422.1732200000001,
          144.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Conversion ",
        "box": [
          437.95999,
          128.79309479999995,
          479.05599000000007,
          135.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Price (2)",
        "box": [
          445.59,
          137.34194112,
          469.4032,
          144.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          503.07999,
          137.98315479999997,
          534.1759900000001,
          144.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face value",
        "box": [
          61.12,
          150.558896,
          104.10999999999996,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          193.88,
          150.558896,
          201.38,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          229.67,
          150.558896,
          264.66999999999996,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          271.88,
          150.558896,
          279.38,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          307.67,
          150.558896,
          342.67,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.50%",
        "box": [
          355.89999,
          150.558896,
          381.72999,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.79%",
        "box": [
          399.39999,
          150.558896,
          425.22999,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$36.27",
        "box": [
          444.69,
          150.558896,
          472.19,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 15, 2027",
        "box": [
          486.82999,
          150.558896,
          550.40999,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred financing costs and ",
        "box": [
          61.12,
          165.558896,
          178.75999999999996,
          173.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unamortized discount",
        "box": [
          61.13,
          176.95892600000002,
          147.42999999999998,
          185.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(847)",
        "box": [
          241.96001,
          165.558896,
          263.62001000000004,
          173.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,412)",
        "box": [
          312.45999,
          165.558896,
          341.61999,
          173.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value",
        "box": [
          70.13,
          191.808896,
          131.18999999999997,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          193.88,
          191.808896,
          201.38,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "265,310 ",
        "box": [
          229.67,
          191.808896,
          264.66999999999996,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          271.88,
          191.808896,
          279.38,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,745 ",
        "box": [
          307.67,
          191.808896,
          342.67,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          219.558896,
          70.16,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the ",
        "box": [
          85.5,
          219.558896,
          555.9099999999999,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "effective interest method. ",
        "box": [
          85.5,
          231.058896,
          189.78,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          242.558896,
          70.16,
          250.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible ",
        "box": [
          85.5,
          242.558896,
          555.97,
          250.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal ",
        "box": [
          85.5,
          254.058896,
          556.0000400000001,
          262.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2026. ",
        "box": [
          85.5,
          265.558896,
          523.40002,
          273.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem ",
        "box": [
          58.5,
          289.05889599999995,
          555.9700000000004,
          297.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders' option into shares of our ",
        "box": [
          58.5,
          300.55889599999995,
          555.8899999999999,
          308.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "class  A  common  stock,  only  under  specific  circumstances,  prior  to  the  close  of  business  on  December  14,  2026  at  the ",
        "box": [
          58.5,
          312.05889599999995,
          555.9999999999998,
          320.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option ",
        "box": [
          58.5,
          323.55889599999995,
          555.98,
          331.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported ",
        "box": [
          58.5,
          335.05889599999995,
          555.8199999999999,
          343.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale price of our class A common stock of $16.95 on June 30, 2026, the last trading day in the six months ended June 30, ",
        "box": [
          58.5,
          346.55889599999995,
          555.7900000000001,
          354.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026, was less than the per share conversion price of the Convertible Notes.",
        "box": [
          58.5,
          358.05889599999995,
          362.06998999999996,
          366.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our interest expense related to the Convertible Notes ($ in thousands):",
        "box": [
          58.5,
          381.55889599999995,
          448.03999999999985,
          389.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          409.4831248,
          63.13,
          416.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          311.75,
          409.4831248,
          415.03000000000014,
          416.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          444.5,
          409.4831248,
          538.012,
          416.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          422.2331248,
          63.13,
          428.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          323.12,
          422.2331248,
          339.12,
          428.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          387.62,
          422.2331248,
          403.62,
          428.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          451.37,
          422.2331248,
          467.37,
          428.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          515.12,
          422.2331248,
          531.12,
          428.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash coupon",
        "box": [
          61.13,
          434.80889599999995,
          113.03999999999998,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          434.80889599999995,
          310.88,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,660 ",
        "box": [
          334.92,
          434.80889599999995,
          359.92,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          434.80889599999995,
          375.38,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,660 ",
        "box": [
          399.42,
          434.80889599999995,
          424.42,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          434.80889599999995,
          439.13,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,319 ",
        "box": [
          463.17,
          434.80889599999995,
          488.17,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          434.80889599999995,
          502.88,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,319 ",
        "box": [
          526.92,
          434.80889599999995,
          551.92,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount and issuance cost amortization",
        "box": [
          61.13,
          449.80889599999995,
          222.0400000000001,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          449.80889599999995,
          305.88,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "282 ",
        "box": [
          342.42,
          449.80889599999995,
          359.92,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          449.80889599999995,
          370.38,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "282 ",
        "box": [
          406.92,
          449.80889599999995,
          424.42,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          449.80889599999995,
          434.13,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "565 ",
        "box": [
          470.67,
          449.80889599999995,
          488.17,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          449.80889599999995,
          497.88,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "565 ",
        "box": [
          534.42,
          449.80889599999995,
          551.92,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total interest expense",
        "box": [
          73.13,
          464.80889599999995,
          160.77999999999994,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          464.80889599999995,
          310.88,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,942 ",
        "box": [
          334.92,
          464.80889599999995,
          359.92,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          464.80889599999995,
          375.38,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,942 ",
        "box": [
          399.42,
          464.80889599999995,
          424.42,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          464.80889599999995,
          439.13,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,884 ",
        "box": [
          463.17,
          464.80889599999995,
          488.17,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          464.80889599999995,
          502.88,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,884 ",
        "box": [
          526.92,
          464.80889599999995,
          551.92,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest payable for the Convertible Notes was $4.3 million as of both June 30, 2026 and December 31, 2025. ",
        "box": [
          58.5,
          493.05889599999995,
          556.0,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 2 for further discussion of our accounting policies for the Convertible Notes. ",
        "box": [
          58.5,
          504.55889599999995,
          424.2399999999999,
          512.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13. DERIVATIVE FINANCIAL INSTRUMENTS",
        "box": [
          58.5,
          533.898926,
          272.29999999999995,
          542.1272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  objective  of  our  use  of  derivative  financial  instruments  is  to  minimize  the  risks  and/or  costs  associated  with  our ",
        "box": [
          58.5,
          551.558896,
          555.9999999999998,
          559.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair ",
        "box": [
          58.5,
          563.058896,
          555.8399999999998,
          571.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value hedges under the hedge accounting requirements of the ASC Topic 815, 'Derivatives and Hedging.' Derivatives not ",
        "box": [
          58.5,
          574.558896,
          555.9700000000001,
          582.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "designated  as  hedges  are  not  speculative  and  are  used  to  manage  our  exposure  to  interest  rate  movements  and  other ",
        "box": [
          58.5,
          586.058896,
          555.9100000000001,
          594.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "identified risks. Refer to Note 2 for further discussion of the accounting for designated and non-designated hedges. ",
        "box": [
          58.5,
          597.558896,
          519.9799899999999,
          605.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  use  of  derivative  financial  instruments  involves  certain  risks,  including  the  risk  that  the  counterparties  to  these ",
        "box": [
          58.5,
          621.058896,
          555.9899999999998,
          629.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contractual  arrangements  do  not  perform  as  agreed.  To  mitigate  this  risk,  we  only  enter  into  derivative  financial ",
        "box": [
          58.5,
          632.558896,
          555.8800000000001,
          640.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and ",
        "box": [
          58.5,
          644.058896,
          555.91,
          652.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our affiliates also have other financial relationships. ",
        "box": [
          58.5,
          655.558896,
          268.2100000000001,
          663.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 41,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Net Investment Hedges of Foreign Currency Risk",
        "box": [
          58.5,
          54.148926000000074,
          269.43000000000006,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates. ",
        "box": [
          58.5,
          71.808896,
          555.9300000000002,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S. ",
        "box": [
          58.5,
          83.308896,
          555.8299999999997,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dollar.  We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash ",
        "box": [
          58.5,
          94.808896,
          555.9999999999999,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "flows in terms of the U.S. dollar.",
        "box": [
          58.5,
          106.308896,
          189.78000000000003,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Designated Hedges of Foreign Currency Risk",
        "box": [
          58.5,
          135.81890600000008,
          241.36999999999998,
          144.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of ",
        "box": [
          58.5,
          153.308896,
          555.94,
          161.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreign currency risk (notional amounts in thousands): ",
        "box": [
          58.5,
          164.808896,
          278.58,
          173.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          176.3746972,
          61.5,
          186.24865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          157.91,
          194.03314479999995,
          204.34199999999998,
          200.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          397.81,
          194.03314479999995,
          462.4500000000001,
          200.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign Currency Derivatives",
        "box": [
          61.13,
          215.03314479999995,
          163.29800000000003,
          221.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of",
        "box": [
          197.84,
          207.03314479999995,
          234.92799999999997,
          213.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Instruments",
        "box": [
          194.50999,
          215.03314479999995,
          238.2619899999999,
          221.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional",
        "box": [
          259.84,
          207.03314479999995,
          289.16799999999995,
          213.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Amount",
        "box": [
          259.51001,
          215.03314479999995,
          289.49401,
          221.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign Currency Derivatives",
        "box": [
          310.13,
          215.03314479999995,
          412.2980000000002,
          221.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of",
        "box": [
          446.84,
          207.03314479999995,
          483.928,
          213.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Instruments",
        "box": [
          443.51001,
          215.03314479999995,
          487.2620100000001,
          221.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional",
        "box": [
          508.84,
          207.03314479999995,
          538.168,
          213.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Amount",
        "box": [
          508.51001,
          215.03314479999995,
          538.4940099999999,
          221.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell SEK Forward",
        "box": [
          61.13,
          227.60888599999998,
          181.34000000000003,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          213.87,
          227.60888599999998,
          218.87,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "kr  ",
        "box": [
          247.88,
          227.60888599999998,
          261.21,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "940,679 ",
        "box": [
          267.16999999999996,
          227.60888599999998,
          302.16999999999996,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell SEK Forward",
        "box": [
          310.13,
          227.60888599999998,
          430.3400000000001,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          462.87,
          227.60888599999998,
          467.87,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "kr  ",
        "box": [
          496.88,
          227.60888599999998,
          510.21,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "970,417 ",
        "box": [
          516.17,
          227.60888599999998,
          551.17,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell EUR Forward",
        "box": [
          61.13,
          242.60888599999998,
          182.44000000000003,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          211.37,
          242.60888599999998,
          221.37,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          247.88,
          242.60888599999998,
          255.38,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "695,360 ",
        "box": [
          267.17,
          242.60888599999998,
          302.17,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell GBP Forward",
        "box": [
          310.13,
          242.60888599999998,
          430.9000000000001,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          462.87,
          242.60888599999998,
          467.87,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          496.88,
          242.60888599999998,
          504.38,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "739,956 ",
        "box": [
          516.17,
          242.60888599999998,
          551.17,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell GBP Forward",
        "box": [
          61.13,
          257.608886,
          181.9,
          265.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          213.87,
          257.608886,
          218.87,
          265.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          247.88,
          257.608886,
          255.38,
          265.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "684,764 ",
        "box": [
          267.17,
          257.608886,
          302.17,
          265.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell EUR Forward",
        "box": [
          310.13,
          257.608886,
          431.4400000000001,
          265.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          460.37,
          258.27892600000007,
          470.37,
          266.5072225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          496.88,
          257.608886,
          504.38,
          265.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "689,868 ",
        "box": [
          516.17,
          257.608886,
          551.17,
          265.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell AUD Forward",
        "box": [
          61.13,
          272.608886,
          184.12,
          280.83718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          213.87,
          272.608886,
          218.87,
          280.83718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$  389,995 ",
        "box": [
          247.88,
          272.608886,
          302.17,
          280.83718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell AUD Forward",
        "box": [
          310.13,
          272.608886,
          433.1200000000001,
          280.83718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          462.87,
          272.608886,
          467.87,
          280.83718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$  371,141 ",
        "box": [
          496.88,
          272.608886,
          551.1700000000001,
          280.83718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell CAD Forward",
        "box": [
          61.13,
          287.60891599999997,
          183.56,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          213.87,
          287.60891599999997,
          218.87,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "C$ ",
        "box": [
          247.88,
          287.60891599999997,
          262.03999999999996,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120,799 ",
        "box": [
          267.16999999999996,
          287.60891599999997,
          302.16999999999996,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell CAD Forward",
        "box": [
          310.13,
          287.60891599999997,
          432.5600000000001,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          462.87,
          287.60891599999997,
          467.87,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "C$ ",
        "box": [
          496.88,
          287.60891599999997,
          511.04,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120,557 ",
        "box": [
          516.1700000000001,
          287.60891599999997,
          551.1700000000001,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell CHF Forward",
        "box": [
          61.13,
          302.60891599999997,
          181.9,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          213.87,
          302.60891599999997,
          218.87,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CHF ",
        "box": [
          247.88,
          302.60891599999997,
          269.82,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52 ",
        "box": [
          289.67,
          302.60891599999997,
          302.17,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell CHF Forward",
        "box": [
          310.13,
          302.60891599999997,
          430.9000000000001,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          462.87,
          302.60891599999997,
          467.87,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CHF ",
        "box": [
          496.88,
          302.60891599999997,
          518.82,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52 ",
        "box": [
          538.6700000000001,
          302.60891599999997,
          551.1700000000001,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-designated Hedges of Foreign Currency Risk",
        "box": [
          58.5,
          330.36889599999995,
          259.14000000000004,
          338.5971925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  details  our  outstanding  foreign  exchange  derivatives  that  were  non-designated  hedges  of  foreign ",
        "box": [
          58.5,
          347.85891599999997,
          555.9800000000002,
          356.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currency risk (notional amounts in thousands): ",
        "box": [
          58.5,
          359.35891599999997,
          247.22000000000006,
          367.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          370.9246872,
          61.5,
          380.7986430674192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          157.53,
          388.5831248,
          203.962,
          395.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          396.69,
          388.5831248,
          461.3300000000001,
          395.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-designated Hedges",
        "box": [
          61.13,
          409.5831248,
          141.31400000000002,
          416.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of",
        "box": [
          201.59,
          401.5831248,
          238.67799999999997,
          408.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Instruments",
        "box": [
          198.25999,
          409.5831248,
          242.0119899999999,
          416.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional",
        "box": [
          261.72,
          401.5831248,
          291.048,
          408.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Amount",
        "box": [
          261.39001,
          409.5831248,
          291.37401,
          416.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-designated Hedges",
        "box": [
          331.54999,
          409.5831248,
          411.73399000000006,
          416.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of",
        "box": [
          449.09,
          401.5831248,
          486.178,
          408.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Instruments",
        "box": [
          445.76001,
          409.5831248,
          489.5120100000001,
          416.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional",
        "box": [
          509.22,
          401.5831248,
          538.548,
          408.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Amount",
        "box": [
          508.89001,
          409.5831248,
          538.8740099999999,
          416.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy EUR / Sell USD Forward",
        "box": [
          61.13,
          422.15890599999994,
          182.44,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          217.62,
          422.15890599999994,
          222.62,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          252.38,
          422.15890599999994,
          259.88,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "119,100 ",
        "box": [
          266.42,
          422.15890599999994,
          301.42,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy GBP / Sell USD Forward",
        "box": [
          308.63,
          422.15890599999994,
          429.4000000000001,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          465.12,
          422.828916,
          470.12,
          431.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          498.38,
          422.15890599999994,
          505.88,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86,800 ",
        "box": [
          520.42,
          422.15890599999994,
          550.42,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell EUR Forward",
        "box": [
          61.13,
          437.15890599999994,
          182.44000000000003,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          217.62,
          437.15890599999994,
          222.62,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          252.38,
          437.15890599999994,
          259.88,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "119,100 ",
        "box": [
          266.42,
          437.15890599999994,
          301.42,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell GBP Forward",
        "box": [
          308.63,
          437.15890599999994,
          429.4000000000001,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          465.12,
          437.828916,
          470.12,
          446.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          498.38,
          437.15890599999994,
          505.88,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86,800 ",
        "box": [
          520.42,
          437.15890599999994,
          550.42,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy GBP / Sell USD Forward",
        "box": [
          61.13,
          452.15890599999994,
          181.9,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          217.62,
          452.15890599999994,
          222.62,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          252.38,
          452.15890599999994,
          259.88,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,100 ",
        "box": [
          266.42,
          452.15890599999994,
          301.42,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy EUR / Sell USD Forward",
        "box": [
          308.63,
          452.15890599999994,
          429.9400000000001,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          465.12,
          452.15890599999994,
          470.12,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          498.38,
          452.15890599999994,
          505.88,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,700 ",
        "box": [
          520.42,
          452.15890599999994,
          550.42,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell GBP Forward",
        "box": [
          61.13,
          467.15890599999994,
          181.9,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          217.62,
          467.15890599999994,
          222.62,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          252.38,
          467.15890599999994,
          259.88,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,100 ",
        "box": [
          266.42,
          467.15890599999994,
          301.42,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell EUR Forward",
        "box": [
          308.63,
          467.15890599999994,
          429.9400000000001,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          465.12,
          467.15890599999994,
          470.12,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          498.38,
          467.15890599999994,
          505.88,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,700 ",
        "box": [
          520.42,
          467.15890599999994,
          550.42,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy AUD / Sell USD Forward",
        "box": [
          61.13,
          482.15890599999994,
          184.12,
          490.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          217.62,
          482.15890599999994,
          222.62,
          490.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$  15,500 ",
        "box": [
          252.38,
          482.15890599999994,
          301.42,
          490.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy AUD / Sell USD Forward",
        "box": [
          308.63,
          482.15890599999994,
          431.6200000000001,
          490.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          465.12,
          482.15890599999994,
          470.12,
          490.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$ ",
        "box": [
          498.38,
          482.15890599999994,
          513.1,
          490.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,200 ",
        "box": [
          520.4200000000001,
          482.15890599999994,
          550.4200000000001,
          490.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell AUD Forward",
        "box": [
          61.13,
          496.40890599999994,
          184.12,
          504.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          217.62,
          496.40890599999994,
          222.62,
          504.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$  15,500 ",
        "box": [
          252.38,
          496.40890599999994,
          301.42,
          504.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell AUD Forward",
        "box": [
          308.63,
          496.40890599999994,
          431.6200000000001,
          504.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          465.12,
          496.40890599999994,
          470.12,
          504.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$ ",
        "box": [
          498.38,
          496.40890599999994,
          513.1,
          504.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,200 ",
        "box": [
          520.4200000000001,
          496.40890599999994,
          550.4200000000001,
          504.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flow Hedges of Interest Rate Risk",
        "box": [
          58.5,
          529.748906,
          228.38000000000002,
          537.9772025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain of our financing transactions expose us to a fixed versus floating rate mismatch between our assets and liabilities. ",
        "box": [
          58.5,
          547.408936,
          555.9599999999999,
          555.6372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We use derivative financial instruments, which include interest rate swaps (and may also include interest rate caps, interest ",
        "box": [
          58.5,
          558.908936,
          555.9499999999999,
          567.1372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate options, floors, and other interest rate derivative contracts) to hedge interest rate risk associated with our borrowings ",
        "box": [
          58.5,
          570.408936,
          555.88,
          578.6372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "where there is potential for an index mismatch.",
        "box": [
          58.5,
          581.908936,
          246.5900000000001,
          590.1372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 42,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate ",
        "box": [
          58.5,
          54.308896000000004,
          555.9000000000002,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk (notional amounts in thousands):",
        "box": [
          58.5,
          65.808896,
          207.27999999999997,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          282.78,
          87.04309479999995,
          329.212,
          93.62573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Derivatives",
        "box": [
          61.13,
          108.98315479999997,
          146.426,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
          219.59,
          99.87310479999996,
          258.678,
          106.45574204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Instruments",
        "box": [
          217.25999,
          108.98315479999997,
          259.0119899999999,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional Amount",
        "box": [
          274.48001,
          108.98315479999997,
          333.79200999999995,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed Rate",
        "box": [
          352.34,
          108.98315479999997,
          389.428,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index",
        "box": [
          418.10001,
          108.98315479999997,
          437.64401000000004,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (Years)",
        "box": [
          476.67999,
          108.98315479999997,
          535.0959899999999,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Swaps",
        "box": [
          61.13,
          122.22888599999999,
          140.46999999999997,
          130.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          235.62,
          122.22888599999999,
          240.62,
          130.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.38,
          121.558896,
          277.88,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,600 ",
        "box": [
          308.92,
          121.558896,
          338.92,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.51%",
        "box": [
          358.89999,
          122.22888599999999,
          384.72999,
          130.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR",
        "box": [
          415.37,
          122.22888599999999,
          440.38000000000005,
          130.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.5",
        "box": [
          499.62,
          122.22888599999999,
          512.12,
          130.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          273.69,
          153.54309479999995,
          338.3300000000001,
          160.12573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Derivatives",
        "box": [
          61.13,
          175.48315479999997,
          146.426,
          182.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
          219.59,
          166.37310479999996,
          258.678,
          172.9557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Instruments",
        "box": [
          217.25999,
          175.48315479999997,
          259.0119899999999,
          182.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional Amount",
        "box": [
          274.48001,
          175.48315479999997,
          333.79200999999995,
          182.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed Rate",
        "box": [
          352.34,
          175.48315479999997,
          389.428,
          182.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index",
        "box": [
          418.10001,
          175.48315479999997,
          437.64401000000004,
          182.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (Years)",
        "box": [
          476.67999,
          175.48315479999997,
          535.0959899999999,
          182.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Swaps",
        "box": [
          61.13,
          188.728886,
          140.46999999999997,
          196.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          235.62,
          188.728886,
          240.62,
          196.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.38,
          188.058896,
          277.88,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,600 ",
        "box": [
          308.92,
          188.058896,
          338.92,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.51%",
        "box": [
          358.89999,
          188.728886,
          384.72999,
          196.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR",
        "box": [
          415.37,
          188.728886,
          440.38000000000005,
          196.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.0",
        "box": [
          499.62,
          188.728886,
          512.12,
          196.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value Hedges of Interest Rate Risk ",
        "box": [
          58.5,
          222.14892600000007,
          231.39999,
          230.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain of our corporate financings expose us to fluctuations in the fair value of our outstanding fixed rate debt. We use ",
        "box": [
          58.5,
          239.808896,
          555.8799999999998,
          248.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivative financial instruments, which include interest rate swaps, to hedge interest rate risk associated with changes in the ",
        "box": [
          58.5,
          251.308896,
          555.8599999999999,
          259.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value of our fixed rate debt. The changes in the value of the interest rate swap is recognized in earnings and offset the ",
        "box": [
          58.5,
          262.808896,
          555.79,
          271.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corresponding changes in the fair value of the debt. ",
        "box": [
          58.5,
          274.308896,
          266.05000000000007,
          282.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Designated Hedges of Interest Rate Risk  ",
        "box": [
          58.5,
          303.81890599999997,
          225.25000000000003,
          312.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables detail our outstanding interest rate derivatives that were designated as fair value hedges of interest rate ",
        "box": [
          58.5,
          327.30889599999995,
          555.8599999999998,
          335.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk (notional amount in thousands):",
        "box": [
          58.5,
          338.80889599999995,
          203.39,
          347.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          282.41,
          360.0431248,
          328.84200000000004,
          366.62576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Derivatives",
        "box": [
          61.13,
          381.9831248,
          146.426,
          388.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
          198.59,
          372.8731348,
          237.67799999999997,
          379.4557720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Instruments",
        "box": [
          196.25999,
          381.9831248,
          238.0119899999999,
          388.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aggregate Notional ",
        "box": [
          253.67999,
          372.8731348,
          322.10399,
          379.4557720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          272.89001,
          381.9831248,
          300.87401,
          388.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed Rate",
        "box": [
          349.34,
          381.9831248,
          386.428,
          388.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index",
        "box": [
          421.48001,
          381.9831248,
          441.02401000000003,
          388.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (Years)",
        "box": [
          475.92999,
          381.9831248,
          534.3459899999999,
          388.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Swaps",
        "box": [
          61.13,
          395.22891599999997,
          140.46999999999997,
          403.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          214.62,
          395.22891599999997,
          219.62,
          403.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          249.38,
          394.55889599999995,
          256.88,
          402.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "900,000 ",
        "box": [
          290.42,
          394.55889599999995,
          325.42,
          402.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.75% - 3.81%",
        "box": [
          337.88,
          395.22891599999997,
          397.87001,
          403.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR",
        "box": [
          418.75,
          395.22891599999997,
          443.76000000000005,
          403.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4 - 4.9",
        "box": [
          488.45999,
          395.22891599999997,
          521.78998,
          403.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          273.69,
          426.5431248,
          338.3300000000001,
          433.12576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Derivatives",
        "box": [
          61.13,
          448.4831248,
          146.426,
          455.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
          198.59,
          439.3731348,
          237.67799999999997,
          445.9557720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Instruments",
        "box": [
          196.25999,
          448.4831248,
          238.0119899999999,
          455.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional Amount",
        "box": [
          257.23001,
          448.4831248,
          316.54200999999995,
          455.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed Rate",
        "box": [
          349.34,
          448.4831248,
          386.428,
          455.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index",
        "box": [
          421.48001,
          448.4831248,
          441.02401000000003,
          455.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (Years)",
        "box": [
          476.31,
          448.4831248,
          534.726,
          455.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Swaps",
        "box": [
          61.13,
          461.72891599999997,
          140.46999999999997,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          214.62,
          461.72891599999997,
          219.62,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          249.38,
          461.05889599999995,
          256.88,
          469.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000 ",
        "box": [
          290.42,
          461.05889599999995,
          325.42,
          469.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.81%",
        "box": [
          355.89999,
          461.72891599999997,
          381.72999,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR",
        "box": [
          418.75,
          461.72891599999997,
          443.76000000000005,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.9",
        "box": [
          499.25,
          461.72891599999997,
          511.75,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables detail the carrying amount and cumulative basis adjustments on hedged items designated as fair value ",
        "box": [
          58.5,
          495.30889599999995,
          555.9000000000001,
          503.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hedges ($ in thousands):",
        "box": [
          58.5,
          506.80889599999995,
          155.93999999999997,
          515.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          282.78,
          528.0431548,
          329.212,
          534.6257920449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Line Item in the Consolidated Balance ",
        "box": [
          61.13,
          540.7631248,
          193.96999999999997,
          547.3457620449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sheets in which the Hedged Item is ",
        "box": [
          61.13,
          549.8731048,
          182.17799999999997,
          556.4557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included",
        "box": [
          61.13,
          558.9831548,
          91.33800000000002,
          565.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Amount of the Hedged Assets/ ",
        "box": [
          228.35001,
          549.8731048,
          366.95801000000006,
          556.4557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          279.53,
          558.9831548,
          313.75399999999996,
          565.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cumulative Amount of Fair Value Hedging ",
        "box": [
          395.07999,
          549.8731048,
          545.2399899999999,
          556.4557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustment Included in Carrying Amount",
        "box": [
          396.75,
          558.9831548,
          541.5579999999999,
          565.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net",
        "box": [
          61.13,
          572.228886,
          161.02999999999997,
          580.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          214.88,
          571.558896,
          222.38,
          579.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "882,722 ",
        "box": [
          344.42,
          571.558896,
          379.42,
          579.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          387.38,
          571.558896,
          394.88,
          579.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,706) ",
        "box": [
          523.59,
          571.558896,
          555.2500000000001,
          579.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          273.69,
          603.5431548,
          338.3300000000001,
          610.1257920449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Line Item in the Consolidated Balance ",
        "box": [
          61.13,
          616.2631248,
          193.96999999999997,
          622.8457620449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sheets in which the Hedged Item is ",
        "box": [
          61.13,
          625.3731048,
          182.17799999999997,
          631.9557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included",
        "box": [
          61.13,
          634.4831548,
          91.33800000000002,
          641.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Amount of the Hedged Assets/ ",
        "box": [
          228.35001,
          625.3731048,
          366.95801000000006,
          631.9557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          279.53,
          634.4831548,
          313.75399999999996,
          641.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cumulative Amount of Fair Value Hedging ",
        "box": [
          395.07999,
          625.3731048,
          545.2399899999999,
          631.9557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustment Included in Carrying Amount",
        "box": [
          396.75,
          634.4831548,
          541.5579999999999,
          641.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net",
        "box": [
          61.13,
          647.728886,
          161.02999999999997,
          655.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          214.88,
          647.058896,
          222.38,
          655.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,597 ",
        "box": [
          344.42,
          647.058896,
          379.42,
          655.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          387.38,
          647.058896,
          394.88,
          655.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,840 ",
        "box": [
          526.9200000000001,
          647.058896,
          551.9200000000001,
          655.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 43,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Financial Statement Impact of Hedges of Foreign Currency and Interest Rate Risks",
        "box": [
          58.5,
          54.148926000000074,
          414.61000000000007,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ",
        "box": [
          58.5,
          71.808896,
          555.9899999999996,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in thousands): ",
        "box": [
          58.5,
          83.308896,
          128.17999999999998,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          98.73315479999997,
          63.13,
          105.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase (Decrease) to Net Interest Income Recognized from Derivatives",
        "box": [
          304.14001,
          98.73315479999997,
          550.2360100000005,
          105.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          311.75,
          111.48315479999997,
          415.03000000000014,
          118.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          444.5,
          111.48315479999997,
          538.012,
          118.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives in Hedging Relationships",
        "box": [
          61.13,
          133.23315479999997,
          187.53799999999998,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location of Income",
        "box": [
          216.66,
          124.04309479999995,
          282.86,
          130.62573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " (Expense) Recognized",
        "box": [
          211.34,
          133.23315479999997,
          288.196,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          323.12,
          133.23315479999997,
          339.12,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          387.62,
          133.23315479999997,
          403.62,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          451.37,
          133.23315479999997,
          467.37,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          515.12,
          133.23315479999997,
          531.12,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Designated Hedges",
        "box": [
          61.13,
          145.808896,
          138.53999999999996,
          154.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Income (1)",
        "box": [
          222.38,
          145.808896,
          290.85321000000005,
          154.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          145.808896,
          310.88,
          154.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,504 ",
        "box": [
          334.92,
          145.808896,
          359.92,
          154.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          145.808896,
          375.38,
          154.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,694 ",
        "box": [
          399.42,
          145.808896,
          424.42,
          154.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          145.808896,
          439.13,
          154.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,464 ",
        "box": [
          463.17,
          145.808896,
          488.17,
          154.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          145.808896,
          502.88,
          154.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,645 ",
        "box": [
          526.92,
          145.808896,
          551.92,
          154.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Designated Hedges",
        "box": [
          61.13,
          160.808896,
          138.53999999999996,
          169.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Expense (2)",
        "box": [
          222.38,
          160.808896,
          294.74319,
          169.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          160.808896,
          305.88,
          169.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "260 ",
        "box": [
          342.42,
          160.808896,
          359.92,
          169.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          160.808896,
          370.38,
          169.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(625)   ",
        "box": [
          403.59,
          160.808896,
          434.13,
          169.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "421 ",
        "box": [
          470.67,
          160.808896,
          488.17,
          169.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          160.808896,
          497.88,
          169.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,210) ",
        "box": [
          523.59,
          160.808896,
          555.2500000000001,
          169.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Designated Hedges",
        "box": [
          61.13,
          175.808896,
          159.08999999999997,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Income (1)",
        "box": [
          222.38,
          175.808896,
          290.85321000000005,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          175.808896,
          305.88,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7) ",
        "box": [
          349.09,
          175.808896,
          363.24999999999994,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          175.808896,
          370.38,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(50) ",
        "box": [
          408.59,
          175.808896,
          427.74999999999994,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          175.808896,
          434.13,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12) ",
        "box": [
          472.34,
          175.808896,
          491.49999999999994,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          175.808896,
          497.88,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(50) ",
        "box": [
          536.09,
          175.808896,
          555.2500000000001,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Designated Hedges",
        "box": [
          61.13,
          190.808896,
          159.08999999999997,
          199.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Expense (3)",
        "box": [
          222.38,
          190.808896,
          294.74319,
          199.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          190.808896,
          305.88,
          199.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17 ",
        "box": [
          347.42,
          190.808896,
          359.92,
          199.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          190.808896,
          370.38,
          199.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,931)   ",
        "box": [
          396.09,
          190.808896,
          434.13,
          199.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24 ",
        "box": [
          475.67,
          190.808896,
          488.17,
          199.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          190.808896,
          497.88,
          199.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,928) ",
        "box": [
          523.59,
          190.808896,
          555.2500000000001,
          199.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          73.13,
          205.808896,
          94.20999999999998,
          214.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          204.38,
          205.808896,
          206.88,
          214.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          205.808896,
          310.88,
          214.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,774 ",
        "box": [
          334.92,
          205.808896,
          359.92,
          214.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          205.808896,
          375.38,
          214.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,088 ",
        "box": [
          399.42,
          205.808896,
          424.42,
          214.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          205.808896,
          439.13,
          214.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,897 ",
        "box": [
          463.17,
          205.808896,
          488.17,
          214.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          205.808896,
          502.88,
          214.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,457 ",
        "box": [
          526.92,
          205.808896,
          551.92,
          214.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          233.558896,
          70.16,
          241.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  the  forward  points  earned  on  our  foreign  currency  forward  contracts,  which  reflect  the  interest  rate ",
        "box": [
          85.5,
          233.558896,
          555.9100000000003,
          241.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates. ",
        "box": [
          85.5,
          245.058896,
          555.9399999999999,
          253.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These forward contracts effectively convert the foreign currency rate exposure for such investments to ",
        "box": [
          85.5,
          256.558896,
          497.20999999999987,
          264.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD-equivalent interest rates.",
        "box": [
          85.5,
          268.058896,
          206.17000000000007,
          276.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          279.558896,
          70.16,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest ",
        "box": [
          85.5,
          279.558896,
          555.93,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate swap.",
        "box": [
          85.5,
          291.05889599999995,
          125.99999999999997,
          299.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          302.55889599999995,
          70.16,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the spot rate movement in our non-designated foreign currency hedges, which are marked-to-market and ",
        "box": [
          85.5,
          302.55889599999995,
          555.9700000000001,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized in interest and related expenses in our consolidated statements of operations. The amounts in the three ",
        "box": [
          85.5,
          314.05889599999995,
          555.9100000000002,
          322.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and six months ended June 30, 2025 also include a realized loss on an interest rate swap related to our Bank Loan ",
        "box": [
          85.5,
          325.55889599999995,
          555.8200100000001,
          333.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portfolio  Joint  Venture  that  was  entered  into  during  the  three  months  ended  June  30,  2025  and  subsequently ",
        "box": [
          85.5,
          337.05889599999995,
          555.8799899999998,
          345.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "terminated. ",
        "box": [
          85.5,
          348.55889599999995,
          133.19999999999996,
          356.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value Hedges",
        "box": [
          58.5,
          372.06890599999997,
          134.52999999999997,
          380.2972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  presents  the  net  gains  (losses)  on  derivatives  and  the  related  hedged  items  in  fair  value  hedging ",
        "box": [
          58.5,
          389.55889599999995,
          555.9499999999998,
          397.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relationships ($ in thousands):",
        "box": [
          58.5,
          401.05889599999995,
          179.23999999999998,
          409.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          312.12,
          422.4831248,
          415.40000000000015,
          429.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          444.5,
          422.4831248,
          538.012,
          429.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          323.87,
          435.2331248,
          339.87,
          441.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          387.62,
          435.2331248,
          403.62,
          441.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          451.37,
          435.2331248,
          467.37,
          441.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          515.12,
          435.2331248,
          531.12,
          441.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total interest and related expenses presented in the ",
        "box": [
          61.13,
          447.80889599999995,
          267.50000000000006,
          456.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations",
        "box": [
          71.13,
          459.208896,
          221.22000000000006,
          467.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          447.80889599999995,
          311.63,
          456.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "227,182 ",
        "box": [
          325.67,
          447.80889599999995,
          360.67,
          456.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          447.80889599999995,
          375.38,
          456.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,727 ",
        "box": [
          389.42,
          447.80889599999995,
          424.42,
          456.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          447.80889599999995,
          439.13,
          456.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "447,918 ",
        "box": [
          453.17,
          447.80889599999995,
          488.17,
          456.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          447.80889599999995,
          502.88,
          456.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "506,960 ",
        "box": [
          516.92,
          447.80889599999995,
          551.92,
          456.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gains (losses) on fair value hedging relationships",
        "box": [
          61.13,
          474.05889599999995,
          258.7100000000001,
          482.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total (loss) gain on derivative instruments",
        "box": [
          71.12,
          489.05889599999995,
          240.6500000000001,
          497.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          489.05889599999995,
          311.63,
          497.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,159)  $ ",
        "box": [
          332.34,
          489.05889599999995,
          375.38,
          497.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,124 ",
        "box": [
          399.42,
          489.05889599999995,
          424.42,
          497.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          489.05889599999995,
          439.13,
          497.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,453)  $ ",
        "box": [
          454.84,
          489.05889599999995,
          502.88,
          497.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,288 ",
        "box": [
          521.92,
          489.05889599999995,
          551.92,
          497.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair value basis adjustment on hedged items",
        "box": [
          71.12,
          504.05889599999995,
          248.14000000000004,
          512.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,245",
        "box": [
          337.12,
          504.05889599999995,
          359.62,
          512.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,231)",
        "box": [
          394.20999,
          504.05889599999995,
          423.36999,
          512.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,546",
        "box": [
          459.62,
          504.05889599999995,
          487.12,
          512.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,340)",
        "box": [
          521.71002,
          504.05889599999995,
          550.8700200000001,
          512.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative settlements and accruals",
        "box": [
          71.12,
          519.058896,
          212.83000000000004,
          527.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "175",
        "box": [
          344.62,
          519.058896,
          359.62,
          527.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "624",
        "box": [
          408.37,
          519.058896,
          423.37,
          527.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "328",
        "box": [
          472.12,
          519.058896,
          487.12,
          527.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,442",
        "box": [
          528.37,
          519.058896,
          550.87,
          527.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net gain on fair value hedging relationships (1)",
        "box": [
          78.13,
          534.058896,
          259.55319000000003,
          542.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          534.058896,
          311.63,
          542.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "261 ",
        "box": [
          343.17,
          534.058896,
          360.67,
          542.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          534.058896,
          375.38,
          542.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,517 ",
        "box": [
          399.42,
          534.058896,
          424.42,
          542.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          534.058896,
          439.13,
          542.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "421 ",
        "box": [
          470.67,
          534.058896,
          488.17,
          542.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          534.058896,
          502.88,
          542.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,390 ",
        "box": [
          526.92,
          534.058896,
          551.92,
          542.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          559.808896,
          70.16,
          568.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included within interest and related expenses presented in the consolidated statements of operations.",
        "box": [
          85.5,
          559.808896,
          486.3799999999999,
          568.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 44,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Valuation and Other Comprehensive Income",
        "box": [
          58.5,
          54.318906000000084,
          237.79,
          62.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes the fair value of our derivative financial instruments ($ in thousands):",
        "box": [
          58.5,
          71.808896,
          468.01999999999975,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          102.23315479999997,
          63.13,
          108.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value of Derivatives in an Asset",
        "box": [
          271.89001,
          93.04309479999995,
          397.17801000000014,
          99.62573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Position (1)  as of",
        "box": [
          307.82001,
          102.23315479999997,
          361.18600000000004,
          108.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value of Derivatives in a Liability ",
        "box": [
          415.54999,
          93.04309479999995,
          549.5179900000002,
          99.62573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Position (2)  as of",
        "box": [
          455.82001,
          102.23315479999997,
          507.18600000000004,
          108.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          274.53,
          114.98315479999997,
          320.962,
          121.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          338.94,
          114.98315479999997,
          403.5800000000001,
          121.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          421.53,
          114.98315479999997,
          467.962,
          121.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          485.94,
          114.98315479999997,
          550.58,
          121.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives designated as hedging instruments",
        "box": [
          61.13,
          128.228886,
          247.03000000000003,
          136.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign exchange contracts",
        "box": [
          71.12,
          142.558896,
          180.98000000000005,
          150.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.13,
          142.558896,
          272.63,
          150.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,178 ",
        "box": [
          301.42,
          142.558896,
          331.42,
          150.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          338.63,
          142.558896,
          346.13,
          150.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22 ",
        "box": [
          392.41999999999996,
          142.558896,
          404.91999999999996,
          150.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          142.558896,
          419.63,
          150.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6 ",
        "box": [
          470.91999999999996,
          142.558896,
          478.41999999999996,
          150.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.63,
          142.558896,
          493.13,
          150.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,994 ",
        "box": [
          521.92,
          142.558896,
          551.92,
          150.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate derivatives",
        "box": [
          71.12,
          157.558896,
          164.85000000000002,
          165.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          265.13,
          157.558896,
          267.63,
          165.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "580 ",
        "box": [
          313.91999999999996,
          157.558896,
          331.41999999999996,
          165.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          338.63,
          157.558896,
          341.13,
          165.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,877 ",
        "box": [
          379.92,
          157.558896,
          404.92,
          165.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          157.558896,
          414.63,
          165.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,576 ",
        "box": [
          453.42,
          157.558896,
          478.42,
          165.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.63,
          157.558896,
          488.13,
          165.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76 ",
        "box": [
          539.42,
          157.558896,
          551.92,
          165.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total derivatives designated as hedging ",
        "box": [
          79.12,
          172.558896,
          239.75,
          180.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments",
        "box": [
          79.13,
          183.95892600000002,
          125.74999999999997,
          192.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.13,
          172.558896,
          272.63,
          180.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,758 ",
        "box": [
          301.42,
          172.558896,
          331.42,
          180.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          338.63,
          172.558896,
          346.13,
          180.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,899 ",
        "box": [
          379.92,
          172.558896,
          404.92,
          180.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          172.558896,
          419.63,
          180.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,582 ",
        "box": [
          453.42,
          172.558896,
          478.42,
          180.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.63,
          172.558896,
          493.13,
          180.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,070 ",
        "box": [
          521.92,
          172.558896,
          551.92,
          180.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives not designated as hedging instruments",
        "box": [
          61.13,
          199.478886,
          262.3,
          207.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign exchange contracts",
        "box": [
          71.12,
          213.808896,
          180.98000000000005,
          222.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.13,
          213.808896,
          272.63,
          222.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,150 ",
        "box": [
          306.42,
          213.808896,
          331.42,
          222.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          338.63,
          213.808896,
          346.13,
          222.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,593 ",
        "box": [
          379.92,
          213.808896,
          404.92,
          222.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          213.808896,
          419.63,
          222.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,769 ",
        "box": [
          453.42,
          213.808896,
          478.42,
          222.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.63,
          213.808896,
          493.13,
          222.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,526 ",
        "box": [
          526.92,
          213.808896,
          551.92,
          222.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total derivatives not designated as hedging ",
        "box": [
          79.12,
          228.808896,
          255.02,
          237.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments",
        "box": [
          79.13,
          240.20892600000002,
          125.74999999999997,
          248.43722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.13,
          228.808896,
          272.63,
          237.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,150 ",
        "box": [
          306.42,
          228.808896,
          331.42,
          237.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          338.63,
          228.808896,
          346.13,
          237.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,593 ",
        "box": [
          379.92,
          228.808896,
          404.92,
          237.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          228.808896,
          419.63,
          237.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,769 ",
        "box": [
          453.42,
          228.808896,
          478.42,
          237.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.63,
          228.808896,
          493.13,
          237.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,526 ",
        "box": [
          526.92,
          228.808896,
          551.92,
          237.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total derivatives",
        "box": [
          61.13,
          255.058896,
          128.51999999999995,
          263.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.13,
          255.058896,
          272.63,
          263.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,908 ",
        "box": [
          301.42,
          255.058896,
          331.42,
          263.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          338.63,
          255.058896,
          346.13,
          263.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,492 ",
        "box": [
          374.92,
          255.058896,
          404.92,
          263.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          255.058896,
          419.63,
          263.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,351 ",
        "box": [
          448.42,
          255.058896,
          478.42,
          263.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.63,
          255.058896,
          493.13,
          263.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,596 ",
        "box": [
          521.92,
          255.058896,
          551.92,
          263.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          279.308896,
          70.16,
          287.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in other assets in our consolidated balance sheets.",
        "box": [
          85.5,
          279.308896,
          321.05,
          287.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          290.80889599999995,
          70.16,
          299.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in other liabilities in our consolidated balance sheets.",
        "box": [
          85.5,
          290.80889599999995,
          334.8900000000001,
          299.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 45,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The  following  table  presents  the  effect  of  our  derivative  financial  instruments  on  our  consolidated  statements  of ",
        "box": [
          58.5,
          54.308896000000004,
          555.99,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comprehensive income and operations ($ in thousands): ",
        "box": [
          58.5,
          65.808896,
          284.10999,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives in Hedging ",
        "box": [
          61.13,
          113.29309479999995,
          141.33000000000004,
          119.87573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Relationships",
        "box": [
          61.13,
          122.48315479999997,
          107.33800000000004,
          129.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount of Gain (Loss) Recognized in",
        "box": [
          173.69,
          87.04309479999995,
          301.87399999999997,
          93.62573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OCI on Derivatives",
        "box": [
          204.66,
          96.23315479999997,
          270.868,
          102.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location of Gain ",
        "box": [
          328.13,
          90.48315479999997,
          387.89799999999997,
          97.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loss)",
        "box": [
          346.56,
          98.48315479999997,
          367.44800000000004,
          105.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reclassified",
        "box": [
          336.79999,
          106.48315479999997,
          377.23999000000003,
          113.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from Accumulated ",
        "box": [
          324.92001,
          114.48315479999997,
          391.10401,
          121.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OCI into Income",
        "box": [
          328.13,
          122.48315479999997,
          385.89000000000004,
          129.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount of Gain (Loss) Reclassified from ",
        "box": [
          403.42001,
          87.04309479999995,
          545.15601,
          93.62573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated OCI into Income",
        "box": [
          420.73999,
          96.23315479999997,
          525.80399,
          102.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended ",
        "box": [
          160.46001,
          113.37310479999996,
          235.30800999999997,
          119.95574204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          173.66,
          122.48315479999997,
          220.09199999999998,
          129.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended ",
        "box": [
          247.09,
          113.37310479999996,
          312.1700000000001,
          119.95574204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          255.41,
          122.48315479999997,
          301.842,
          129.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended ",
        "box": [
          395.95999,
          113.37310479999996,
          470.80799000000013,
          119.95574204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          409.16,
          122.48315479999997,
          455.59200000000004,
          129.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended ",
        "box": [
          482.59,
          113.37310479999996,
          547.6699999999997,
          119.95574204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          490.91,
          122.48315479999997,
          537.3420000000001,
          129.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Investment Hedges",
        "box": [
          61.13,
          135.058896,
          154.90999999999997,
          143.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign exchange ",
        "box": [
          76.5,
          150.058896,
          150.31,
          158.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contracts (1)",
        "box": [
          85.5,
          160.75738890000002,
          129.129,
          169.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          160.13,
          150.058896,
          167.63,
          158.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,705 ",
        "box": [
          204.67,
          150.058896,
          234.67,
          158.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.88,
          150.058896,
          249.38,
          158.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,895 ",
        "box": [
          286.42,
          150.058896,
          316.42,
          158.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Expense",
        "box": [
          323.85001,
          150.058896,
          390.16000999999994,
          158.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          150.058896,
          403.13,
          158.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,504 ",
        "box": [
          445.17,
          150.058896,
          470.17,
          158.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          150.058896,
          484.88,
          158.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,464 ",
        "box": [
          526.92,
          150.058896,
          551.92,
          158.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flow Hedges",
        "box": [
          61.13,
          176.308896,
          136.62999999999997,
          184.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          323.63,
          176.308896,
          326.13,
          184.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate ",
        "box": [
          76.5,
          191.308896,
          126.40999999999995,
          199.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivatives (2)",
        "box": [
          85.5,
          201.90740890000006,
          136.89901,
          210.93722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "427",
        "box": [
          218.62,
          191.308896,
          233.62,
          199.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "684",
        "box": [
          300.37,
          191.308896,
          315.37,
          199.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest ",
        "box": [
          342.01999,
          191.308896,
          374.46998999999994,
          199.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expense (3)",
        "box": [
          336.29001,
          201.90740890000006,
          377.71900999999997,
          210.93722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          459.12,
          191.308896,
          469.12,
          199.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28",
        "box": [
          540.87,
          191.308896,
          550.87,
          199.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          61.13,
          217.558896,
          82.21,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          160.13,
          217.558896,
          167.63,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,132 ",
        "box": [
          204.67,
          217.558896,
          234.67,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.88,
          217.558896,
          249.38,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,579 ",
        "box": [
          286.42,
          217.558896,
          316.42,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          323.63,
          217.558896,
          326.13,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          217.558896,
          403.13,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,517 ",
        "box": [
          445.17,
          217.558896,
          470.17,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          217.558896,
          484.88,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,492 ",
        "box": [
          526.92,
          217.558896,
          551.92,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          247.558896,
          70.16,
          255.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  three  and  six  months  ended  June  30,  2026,  we  paid  net  cash  settlements  of  $4.6  million  and ",
        "box": [
          85.5,
          247.558896,
          555.88999,
          255.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$22.6 million, respectively, on our foreign currency forward contracts. Those amounts are included as a component ",
        "box": [
          85.5,
          259.058896,
          555.89999,
          267.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of accumulated other comprehensive income on our consolidated balance sheets.",
        "box": [
          85.5,
          270.558896,
          408.42,
          278.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          282.05889599999995,
          70.16,
          290.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  three  and  six  months  ended  June  30,  2026,  we  received  net  cash  settlements  of  $0.1  million  and ",
        "box": [
          85.5,
          282.05889599999995,
          555.9500300000001,
          290.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.2  million,  respectively,  on  our  interest  rate  swaps.  Those  amounts  are  included  within  interest  and  related ",
        "box": [
          85.5,
          293.55889599999995,
          555.8900000000001,
          301.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses in the consolidated statements of operations.",
        "box": [
          85.5,
          305.05889599999995,
          301.63000000000005,
          313.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          316.55889599999995,
          70.16,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  three  and  six  months  ended  June  30,  2026,  we  recorded  total  interest  and  related  expenses  of ",
        "box": [
          85.5,
          316.55889599999995,
          555.9299899999999,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$227.2 million and $447.9 million, which was reduced by $13 thousand and $28 thousand, respectively, related to ",
        "box": [
          85.5,
          328.05889599999995,
          556.0000100000001,
          336.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income generated by our cash flow hedges.",
        "box": [
          85.5,
          339.55889599999995,
          258.37000000000006,
          347.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There were no cash flow hedges outstanding during the three and six months ended June 30, 2025.",
        "box": [
          58.5,
          362.55889599999995,
          452.60999,
          370.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit-Risk Related Contingent Features ",
        "box": [
          58.5,
          391.898896,
          238.35000000000005,
          400.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to ",
        "box": [
          58.5,
          409.55889599999995,
          555.86,
          417.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the ",
        "box": [
          58.5,
          421.05889599999995,
          555.9,
          429.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our ",
        "box": [
          58.5,
          432.55889599999995,
          555.8699999999997,
          440.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivative counterparties require that we post collateral to secure net liability positions. As of June 30, 2026, we were in a ",
        "box": [
          58.5,
          444.05889599999995,
          555.9500000000002,
          452.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net asset position with our two counterparties related to our foreign exchange hedges and had no collateral posted with such ",
        "box": [
          58.5,
          455.55889599999995,
          555.9100099999999,
          463.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "counterparties. As of June 30, 2026, we were in a net liability position with our two counterparties related to our interest ",
        "box": [
          58.5,
          467.05889599999995,
          555.8599700000001,
          475.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate swaps and had $3.3 million collateral posted with such counterparties. As of December 31, 2025, we were in a net ",
        "box": [
          58.5,
          478.55889599999995,
          555.9199900000001,
          486.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset position with one of our counterparties and in a net liability position with our other two counterparties related to our ",
        "box": [
          58.5,
          490.05889599999995,
          555.9700000000001,
          498.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreign exchange hedges and had $25.3 million of collateral posted with such counterparties.",
        "box": [
          58.5,
          501.55889599999995,
          429.7499899999998,
          509.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14. EQUITY",
        "box": [
          58.5,
          530.898926,
          112.91999999999999,
          539.1272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stock and Stock Equivalents ",
        "box": [
          58.5,
          548.398926,
          182.91000000000003,
          556.6272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Authorized Capital ",
        "box": [
          58.5,
          566.068906,
          137.31999999999996,
          574.2972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000 shares of ",
        "box": [
          58.5,
          583.558896,
          555.8999700000002,
          591.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing requirements, our ",
        "box": [
          58.5,
          595.058896,
          555.9099999999996,
          603.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In ",
        "box": [
          58.5,
          606.558896,
          555.8799999999999,
          614.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "addition,  to  the  extent  not  issued,  currently  authorized  stock  may  be  reclassified  between  class  A  common  stock  and ",
        "box": [
          58.5,
          618.058896,
          555.9399999999999,
          626.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preferred stock. As of both June 30, 2026 and December 31, 2025, we did not have any shares of preferred stock issued and ",
        "box": [
          58.5,
          629.558896,
          555.81,
          637.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding.",
        "box": [
          58.5,
          641.058896,
          107.62999999999998,
          649.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share Repurchase Program",
        "box": [
          58.5,
          670.568906,
          170.08999999999995,
          678.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In October 2025, our board of directors authorized the repurchase of up to $150.0 million of shares of our class A common ",
        "box": [
          58.5,
          688.058896,
          555.8800100000001,
          696.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock under our repurchase program. Repurchases may be made from time to time in open market transactions, in privately ",
        "box": [
          58.5,
          699.558896,
          555.8899999999999,
          707.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "negotiated transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 ",
        "box": [
          58.5,
          711.058896,
          555.9599999999997,
          719.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, ",
        "box": [
          58.5,
          722.558896,
          555.9600000000003,
          730.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 46,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "including  legal  requirements,  price  and  economic  and  market  conditions.  The  repurchase  program  may  be  changed, ",
        "box": [
          58.5,
          54.308896000000004,
          555.98,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "suspended or discontinued at any time and does not have a specified expiration date.",
        "box": [
          58.5,
          65.808896,
          395.89,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  six  months  ended  June  30,  2026,  we  repurchased  212,875  shares  of  class  A  common  stock  at  a  weighted-",
        "box": [
          58.5,
          89.308896,
          553.4699999999999,
          97.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average  price  per  share  of  $17.99,  for  a  total  cost  of  $3.8  million.  During  the  six  months  ended  June  30,  2025,  we ",
        "box": [
          58.5,
          100.808896,
          555.8000400000001,
          109.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchased 1,794,936 shares of class A common stock at a weighted-average price per share of $17.63, for a total cost of ",
        "box": [
          58.5,
          112.308896,
          555.8700000000001,
          120.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$31.6 million. As of June 30, 2026, the amount remaining available for repurchases under the program was $145.8 million.",
        "box": [
          58.5,
          123.808896,
          550.83997,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A Common Stock and Deferred Stock Units ",
        "box": [
          58.5,
          153.31890600000008,
          258.88000000000005,
          161.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and ",
        "box": [
          58.5,
          170.808896,
          555.9200000000001,
          179.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are entitled to receive dividends authorized by our board of directors and declared by us, in all cases subject to the rights of ",
        "box": [
          58.5,
          182.308896,
          555.9899999999997,
          190.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the holders of shares of outstanding preferred stock, if any.",
        "box": [
          58.5,
          193.808896,
          294.10999,
          202.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  also  issue  restricted  class  A  common  stock  under  our  stock-based  incentive  plans.  Refer  to  Note  17  for  further ",
        "box": [
          58.5,
          217.308896,
          555.9599900000002,
          225.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units ",
        "box": [
          58.5,
          228.808896,
          555.8199999999999,
          237.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to certain members of our board of directors for services rendered. These deferred stock units are non-voting, but carry the ",
        "box": [
          58.5,
          240.308896,
          555.8600000000001,
          248.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid ",
        "box": [
          58.5,
          251.808896,
          555.9399999999998,
          260.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to holders of shares of class A common stock. Each vested deferred stock unit is settled by delivery of one share of class A ",
        "box": [
          58.5,
          263.308896,
          555.8300000000002,
          271.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock upon the non-employee director's separation from service. ",
        "box": [
          58.5,
          274.808896,
          355.96000000000004,
          283.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the movement in our outstanding shares of class A common stock, including restricted class A ",
        "box": [
          58.5,
          298.30889599999995,
          555.88,
          306.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock and deferred stock units: ",
        "box": [
          58.5,
          309.80889599999995,
          220.56000000000006,
          318.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          326.7331248,
          63.13,
          333.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          430.63,
          326.7331248,
          524.142,
          333.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common Stock Outstanding (1)",
        "box": [
          61.13,
          340.34191111999996,
          164.4432,
          347.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          430.37,
          340.9831248,
          446.37,
          347.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          508.37,
          340.9831248,
          524.37,
          347.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Beginning balance",
        "box": [
          61.13,
          353.55889599999995,
          135.75999999999996,
          361.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,599,052",
        "box": [
          422.87,
          353.55889599999995,
          472.87,
          361.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "173,204,190",
        "box": [
          500.87,
          353.55889599999995,
          550.87,
          361.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuance of class A common stock (2)",
        "box": [
          61.13,
          368.55889599999995,
          205.1132,
          376.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          462.87,
          368.55889599999995,
          467.87,
          376.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,778",
        "box": [
          528.37,
          368.55889599999995,
          550.87,
          376.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase of class A common stock",
        "box": [
          61.13,
          383.55889599999995,
          211.24999999999997,
          391.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(212,875)",
        "box": [
          433.70999,
          383.55889599999995,
          472.86999,
          391.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,794,936)",
        "box": [
          504.20999,
          383.55889599999995,
          550.86999,
          391.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuance of restricted class A common stock, net (3)(4)",
        "box": [
          61.13,
          398.55889599999995,
          268.0264100000001,
          406.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "497,443",
        "box": [
          440.37,
          398.55889599999995,
          472.87,
          406.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "482,004",
        "box": [
          518.37,
          398.55889599999995,
          550.87,
          406.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuance of deferred stock units",
        "box": [
          61.13,
          413.55889599999995,
          187.66,
          421.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,519",
        "box": [
          445.37,
          413.55889599999995,
          472.87,
          421.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,431",
        "box": [
          523.37,
          413.55889599999995,
          550.87,
          421.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ending balance",
        "box": [
          61.13,
          428.55889599999995,
          122.99999999999997,
          436.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,913,139",
        "box": [
          422.87,
          428.55889599999995,
          472.87,
          436.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,917,467",
        "box": [
          500.87,
          428.55889599999995,
          550.87,
          436.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          454.80889599999995,
          70.16,
          463.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes 369,548 and 323,877 deferred stock units held by members of our board of directors as of June 30, 2026 ",
        "box": [
          85.5,
          454.80889599999995,
          555.82001,
          463.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and 2025, respectively. ",
        "box": [
          85.5,
          466.30889599999995,
          180.68000000000006,
          474.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          477.80889599999995,
          70.16,
          486.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents shares issued under our dividend reinvestment program during the six months ended June 30, 2025.",
        "box": [
          85.5,
          477.80889599999995,
          529.85999,
          486.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          489.30889599999995,
          70.16,
          497.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes 32,985 and 29,140 shares of restricted class A common stock issued to our board of directors during the six ",
        "box": [
          85.5,
          489.30889599999995,
          555.89999,
          497.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026 and 2025, respectively.",
        "box": [
          85.5,
          500.80889599999995,
          294.78998999999993,
          509.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          512.308896,
          70.16,
          520.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net of 26,145 and 29,008 shares of restricted class A common stock forfeited under our stock-based incentive plans ",
        "box": [
          85.5,
          512.308896,
          555.9199999999997,
          520.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the six months ended June 30, 2026 and 2025, respectively.",
        "box": [
          85.5,
          523.808896,
          352.24998999999997,
          532.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend Reinvestment and Direct Stock Purchase Plan ",
        "box": [
          58.5,
          553.318906,
          284.61,
          561.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have adopted a dividend reinvestment and direct stock purchase plan under which an aggregate of 10,000,000 shares of ",
        "box": [
          58.5,
          570.808896,
          555.9800000000002,
          579.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "class A common stock are available for sale. Under the dividend reinvestment component of the plan, our class A common ",
        "box": [
          58.5,
          582.308896,
          555.9999999999999,
          590.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common ",
        "box": [
          58.5,
          593.808896,
          555.9900000000001,
          602.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock. Such shares may, at our option, be newly issued shares from us, shares purchased by the plan administrator on the ",
        "box": [
          58.5,
          605.308896,
          555.98,
          613.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "open  market,  or  a  combination  thereof.  The  direct  stock  purchase  component  of  the  plan  allows  stockholders  and  new ",
        "box": [
          58.5,
          616.808896,
          555.96,
          625.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investors, subject to our approval, to purchase shares of class A common stock directly from us. During the six months ",
        "box": [
          58.5,
          628.308896,
          555.89001,
          636.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2026, 16,497 shares of class A common stock were purchased on the open market by the plan administrator ",
        "box": [
          58.5,
          639.808896,
          555.8100000000002,
          648.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under  the  dividend  reinvestment  component  of  the  plan.  During  the  six  months  ended  June  30,  2025,  we  issued  1,778 ",
        "box": [
          58.5,
          651.308896,
          555.98999,
          659.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares of class A common stock under the dividend reinvestment component of the plan. As of June 30, 2026, a total of ",
        "box": [
          58.5,
          662.808896,
          555.9100099999999,
          671.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,948,628 shares of class A common stock remained available under the dividend reinvestment and direct stock purchase ",
        "box": [
          58.5,
          674.308896,
          555.8599999999999,
          682.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "plan.",
        "box": [
          58.5,
          685.808896,
          78.19999999999999,
          694.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 47,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "At the Market Stock Offering Program ",
        "box": [
          58.5,
          54.318906000000084,
          214.99999999999997,
          62.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which we may ",
        "box": [
          58.5,
          71.808896,
          555.84,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sell, from time to time, up to an aggregate sales price of $699.1 million of our class A common stock. Sales of class A ",
        "box": [
          58.5,
          83.308896,
          555.99999,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that are ",
        "box": [
          58.5,
          94.808896,
          555.96,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deemed to be 'at the market' offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales ",
        "box": [
          58.5,
          106.308896,
          555.9,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital ",
        "box": [
          58.5,
          117.808896,
          555.9999999999999,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "needs,  and  our  determination  of  the  appropriate  sources  of  funding  to  meet  such  needs.  During  the  six  months  ended ",
        "box": [
          58.5,
          129.308896,
          555.98999,
          137.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 or June 30, 2025, we did not issue any shares of our class A common stock under ATM Agreements. As of ",
        "box": [
          58.5,
          140.808896,
          555.81,
          149.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026, shares of our class A common stock with an aggregate sales price of $480.9 million remained available for ",
        "box": [
          58.5,
          152.308896,
          555.9499900000002,
          160.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issuance and sale under our ATM Agreements.",
        "box": [
          58.5,
          163.808896,
          246.36,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends  ",
        "box": [
          58.5,
          193.14892600000007,
          106.25999999999999,
          201.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as ",
        "box": [
          58.5,
          210.808896,
          555.9900000000001,
          219.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal ",
        "box": [
          58.5,
          222.308896,
          555.9200000000001,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the ",
        "box": [
          58.5,
          233.808896,
          555.88,
          242.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discretion  of  our  board  of  directors.  All  distributions  will  be  made  at  the  discretion  of  our  board  of  directors  and  will ",
        "box": [
          58.5,
          245.308896,
          555.95,
          253.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors ",
        "box": [
          58.5,
          256.808896,
          555.9300000000002,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as our board of directors deems relevant.",
        "box": [
          58.5,
          268.308896,
          221.3700000000001,
          276.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On June 15, 2026, we declared a dividend of $0.47 per share, or $79.2 million in aggregate, that was paid on July 15, 2026 ",
        "box": [
          58.5,
          291.80889599999995,
          555.85999,
          300.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to stockholders of record as of June 30, 2026.",
        "box": [
          58.5,
          303.30889599999995,
          240.60001,
          311.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our dividend activity ($ in thousands, except per share data):",
        "box": [
          58.5,
          326.80889599999995,
          410.31,
          335.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          353.7331248,
          63.13,
          360.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          311.75,
          353.7331248,
          415.03000000000014,
          360.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          444.5,
          353.7331248,
          538.012,
          360.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          366.4831248,
          63.13,
          373.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          323.12,
          366.4831248,
          339.12,
          373.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          387.62,
          366.4831248,
          403.62,
          373.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          451.37,
          366.4831248,
          467.37,
          373.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          515.12,
          366.4831248,
          531.12,
          373.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared per share of common stock",
        "box": [
          61.13,
          379.05889599999995,
          249.26000000000005,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          379.05889599999995,
          310.88,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          339.92,
          379.05889599999995,
          359.92,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          379.05889599999995,
          375.38,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          404.42,
          379.05889599999995,
          424.42,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          379.05889599999995,
          439.13,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.94 ",
        "box": [
          465.5,
          379.05889599999995,
          485.5,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          379.05889599999995,
          502.88,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.94 ",
        "box": [
          529.25,
          379.05889599999995,
          549.25,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A common stock dividends declared",
        "box": [
          61.13,
          394.05889599999995,
          231.23000000000005,
          402.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          394.05889599999995,
          310.88,
          402.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,215 ",
        "box": [
          329.92,
          394.05889599999995,
          359.92,
          402.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          394.05889599999995,
          375.38,
          402.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,649 ",
        "box": [
          394.42,
          394.05889599999995,
          424.42,
          402.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          394.05889599999995,
          439.13,
          402.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "158,498 ",
        "box": [
          450.5,
          394.05889599999995,
          485.5,
          402.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          394.05889599999995,
          502.88,
          402.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161,293 ",
        "box": [
          514.25,
          394.05889599999995,
          549.25,
          402.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred stock unit dividends declared",
        "box": [
          61.13,
          409.05889599999995,
          215.94000000000005,
          417.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          409.05889599999995,
          305.88,
          417.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "165 ",
        "box": [
          342.42,
          409.05889599999995,
          359.92,
          417.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          409.05889599999995,
          370.38,
          417.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "147 ",
        "box": [
          406.92,
          409.05889599999995,
          424.42,
          417.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "324",
        "box": [
          466.12,
          409.05889599999995,
          481.12,
          417.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "340",
        "box": [
          529.87,
          409.05889599999995,
          544.87,
          417.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total dividends declared",
        "box": [
          70.13,
          424.05889599999995,
          168.88,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          424.05889599999995,
          310.88,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,380 ",
        "box": [
          329.92,
          424.05889599999995,
          359.92,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          424.05889599999995,
          375.38,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,796 ",
        "box": [
          394.42,
          424.05889599999995,
          424.42,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          424.05889599999995,
          439.13,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "158,822 ",
        "box": [
          450.5,
          424.05889599999995,
          485.5,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          424.05889599999995,
          502.88,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161,633 ",
        "box": [
          514.25,
          424.05889599999995,
          549.25,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings Per Share",
        "box": [
          58.5,
          458.148896,
          142.31999999999996,
          466.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested ",
        "box": [
          58.5,
          475.80889599999995,
          555.8699999999997,
          484.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted ",
        "box": [
          58.5,
          487.30889599999995,
          555.9900000000002,
          495.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares have the same rights as our other shares of class A common stock, including participating in any dividends, and ",
        "box": [
          58.5,
          498.80889599999995,
          555.96,
          507.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "therefore  have  been  included  in  our  basic  and  diluted  net  income  per  share  calculation.  The  shares  issuable  under  our ",
        "box": [
          58.5,
          510.30889599999995,
          555.8299999999999,
          518.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible  Notes  are  included  in  dilutive  earnings  per  share  using  the  if-converted  method  when  the  effect  is  not ",
        "box": [
          58.5,
          521.808896,
          555.9799999999998,
          530.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "antidilutive.",
        "box": [
          58.5,
          533.308896,
          106.47999999999998,
          541.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 48,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on ",
        "box": [
          58.5,
          54.308896000000004,
          555.91,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per ",
        "box": [
          58.5,
          65.808896,
          555.91,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share data):",
        "box": [
          58.5,
          77.308896,
          104.81999999999996,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          98.73315479999997,
          63.13,
          105.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          311.37,
          98.73315479999997,
          414.65000000000015,
          105.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          444.13,
          98.73315479999997,
          537.6419999999999,
          105.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          323.12,
          111.48315479999997,
          339.12,
          118.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          386.87,
          111.48315479999997,
          402.87,
          118.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          450.62,
          111.48315479999997,
          466.62,
          118.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          515.12,
          111.48315479999997,
          531.12,
          118.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic and Diluted Earnings",
        "box": [
          61.13,
          124.72888599999999,
          170.71999999999997,
          132.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income (1)",
        "box": [
          69.13,
          139.058896,
          146.22319999999996,
          147.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          139.058896,
          310.88,
          147.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(81,222)  $ ",
        "box": [
          326.59,
          139.058896,
          374.63,
          147.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,969 ",
        "box": [
          398.67,
          139.058896,
          423.67,
          147.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          430.88,
          139.058896,
          438.38,
          147.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(87,519) ",
        "box": [
          454.09,
          139.058896,
          490.74999999999994,
          147.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          139.058896,
          502.88,
          147.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,612 ",
        "box": [
          526.92,
          139.058896,
          551.92,
          147.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares outstanding, basic and diluted (2)",
        "box": [
          69.13,
          154.058896,
          297.69320000000005,
          162.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,964,515",
        "box": [
          308.87,
          154.058896,
          358.87,
          162.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,893,905",
        "box": [
          372.62,
          154.058896,
          422.62,
          162.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,021,130",
        "box": [
          436.37,
          154.058896,
          486.37,
          162.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,949,090",
        "box": [
          500.87,
          154.058896,
          550.87,
          162.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per share amount, basic and diluted",
        "box": [
          78.13,
          169.058896,
          220.19000000000003,
          177.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          169.058896,
          310.88,
          177.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.48) ",
        "box": [
          336.59,
          169.058896,
          363.24999999999994,
          177.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.13,
          169.058896,
          374.63,
          177.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.04 ",
        "box": [
          403.67,
          169.058896,
          423.67,
          177.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          430.88,
          169.058896,
          438.38,
          177.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.52) ",
        "box": [
          464.09,
          169.058896,
          490.74999999999994,
          177.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          169.058896,
          502.88,
          177.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.04 ",
        "box": [
          531.92,
          169.058896,
          551.92,
          177.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          195.558896,
          70.16,
          203.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents net (loss) income attributable to Blackstone Mortgage Trust, Inc.",
        "box": [
          85.5,
          195.558896,
          390.96000000000004,
          203.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          207.058896,
          70.16,
          215.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For both the three and six months ended June 30, 2026 and 2025, our Convertible Notes were not included in the ",
        "box": [
          85.5,
          207.058896,
          555.8999900000001,
          215.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculation of diluted earnings per share, as the impact is antidilutive. Refer to Note 12 for further discussion of our ",
        "box": [
          85.5,
          218.558896,
          555.8699899999999,
          226.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "convertible notes.",
        "box": [
          85.5,
          230.058896,
          156.51999999999998,
          238.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Balance Sheet Items",
        "box": [
          58.5,
          259.3989260000001,
          172.54999999999998,
          267.6272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated Other Comprehensive Income ",
        "box": [
          58.5,
          277.06890599999997,
          235.51999999999998,
          285.2972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, total accumulated other comprehensive income was $11.2 million, representing $121.6 million of net ",
        "box": [
          58.5,
          294.55889599999995,
          555.9600400000002,
          302.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "realized and unrealized gains related to changes in the fair value of derivative instruments and $0.3 million of unrealized ",
        "box": [
          58.5,
          306.05889599999995,
          555.9899900000003,
          314.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains  related  to  the  changes  in  the  fair  value  of  derivative  instruments  held  by  unconsolidated  entities,  offset  by ",
        "box": [
          58.5,
          317.55889599999995,
          555.99,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$110.7 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign ",
        "box": [
          58.5,
          329.05889599999995,
          555.9099999999999,
          337.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currencies.  As  of  December  31,  2025,  total  accumulated  other  comprehensive  income  was  $12.1  million,  primarily ",
        "box": [
          58.5,
          340.55889599999995,
          555.8900100000001,
          348.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "representing $86.6 million of net realized and unrealized gains related to changes in the fair value of derivative instruments ",
        "box": [
          58.5,
          352.05889599999995,
          555.9300099999997,
          360.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offset by $73.6 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in ",
        "box": [
          58.5,
          363.55889599999995,
          555.86,
          371.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreign currencies and $0.8 million of unrealized losses related to the changes in the fair value of derivative instruments ",
        "box": [
          58.5,
          375.05889599999995,
          555.9599999999997,
          383.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held by unconsolidated entities.",
        "box": [
          58.5,
          386.55889599999995,
          185.02000000000004,
          394.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Controlling Interests ",
        "box": [
          58.5,
          416.06890599999997,
          164.51999999999998,
          424.2972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily ",
        "box": [
          58.5,
          433.55889599999995,
          555.9299999999996,
          441.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture's consolidated equity and results of ",
        "box": [
          58.5,
          445.05889599999995,
          555.8499999999999,
          453.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations  are  allocated  to  these  non-controlling  interests  based  on  their  pro  rata  ownership  of  our  Multifamily  Joint ",
        "box": [
          58.5,
          456.55889599999995,
          555.9599999999998,
          464.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture. As of June 30, 2026, our Multifamily Joint Venture's total equity was $20.3 million, of which $17.3 million was ",
        "box": [
          58.5,
          468.05889599999995,
          555.9000100000001,
          476.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned by us, and $3.0 million was allocated to non-controlling interests. As of December 31, 2025, our Multifamily Joint ",
        "box": [
          58.5,
          479.55889599999995,
          555.9999899999998,
          487.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture's total equity was $36.5 million, of which $31.0 million was owned by us, and $5.5 million was allocated to non-",
        "box": [
          58.5,
          491.05889599999995,
          553.3299900000002,
          499.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling interests.",
        "box": [
          58.5,
          502.55889599999995,
          140.61999999999995,
          510.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15. OTHER EXPENSES",
        "box": [
          58.5,
          531.898926,
          163.72,
          540.1272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  other  expenses  consist  of  the  management  and  incentive  fees  we  pay  to  our  Manager  and  our  general  and ",
        "box": [
          58.5,
          549.558896,
          555.9000000000003,
          557.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "administrative expenses. ",
        "box": [
          58.5,
          561.058896,
          159.19999999999993,
          569.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management and Incentive Fees",
        "box": [
          58.5,
          590.398926,
          196.44,
          598.6272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pursuant to a management agreement between our Manager and us, or our Management Agreement, our Manager earns a ",
        "box": [
          58.5,
          608.058896,
          555.9700000000003,
          616.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "base management fee in an amount equal to 1.50% per annum multiplied by our Equity, as defined in the Management ",
        "box": [
          58.5,
          619.558896,
          555.89001,
          627.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the ",
        "box": [
          58.5,
          631.058896,
          555.98,
          639.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excess of (a) our Core Earnings (as defined in our Management Agreement) for the previous 12-month period over (b) an ",
        "box": [
          58.5,
          642.558896,
          555.8600000000001,
          650.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount equal to 7.00% per annum multiplied by our Equity, provided that our Core Earnings over the prior three-year ",
        "box": [
          58.5,
          654.058896,
          556.0,
          662.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period is greater than zero. Core Earnings, as defined in our Management Agreement, is generally equal to our GAAP net ",
        "box": [
          58.5,
          665.558896,
          555.8599999999998,
          673.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and ",
        "box": [
          58.5,
          677.058896,
          555.8999999999999,
          685.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), (iv) ",
        "box": [
          58.5,
          688.558896,
          555.9999999999999,
          696.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net income (loss) attributable to our legacy portfolio, (v) certain non-cash items, and (vi) incentive management fees.",
        "box": [
          58.5,
          700.058896,
          526.5099999999999,
          708.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 49,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "During  the  three  and  six  months  ended  June  30,  2026,  we  incurred  $14.6  million  and  $29.5  million,  respectively,  of ",
        "box": [
          58.5,
          54.308896000000004,
          555.95,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management fees payable to our Manager compared with $17.0 million and $34.3 million, respectively, during the same ",
        "box": [
          58.5,
          65.808896,
          555.8900000000001,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "periods  in  2025.  During  the  three  and  six  months  ended  June  30,  2026  and  2025,  we  did  not  incur  any  incentive  fees ",
        "box": [
          58.5,
          77.308896,
          555.8699900000003,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payable to our Manager.",
        "box": [
          58.5,
          88.808896,
          156.17000000000002,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, we had accrued management fees payable to our Manager of $14.6 million ",
        "box": [
          58.5,
          112.308896,
          555.92004,
          120.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and $16.4 million, respectively.",
        "box": [
          58.5,
          123.808896,
          185.03000000000006,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and Administrative Expenses",
        "box": [
          58.5,
          153.14892600000007,
          220.32000000000002,
          161.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses consisted of the following ($ in thousands): ",
        "box": [
          58.5,
          170.808896,
          383.9900099999999,
          179.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          186.23315479999997,
          63.13,
          192.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          312.12,
          186.23315479999997,
          415.40000000000015,
          192.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          444.5,
          186.23315479999997,
          538.012,
          192.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          198.98315479999997,
          63.13,
          205.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          323.87,
          198.98315479999997,
          339.87,
          205.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          387.62,
          198.98315479999997,
          403.62,
          205.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          451.37,
          198.98315479999997,
          467.37,
          205.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          515.12,
          198.98315479999997,
          531.12,
          205.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Professional services",
        "box": [
          69.13,
          211.558896,
          153.20000000000002,
          219.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          211.558896,
          311.63,
          219.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,861 ",
        "box": [
          335.67,
          211.558896,
          360.67,
          219.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          211.558896,
          375.38,
          219.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,281 ",
        "box": [
          399.42,
          211.558896,
          424.42,
          219.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          211.558896,
          439.13,
          219.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,992 ",
        "box": [
          463.17,
          211.558896,
          488.17,
          219.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          211.558896,
          502.88,
          219.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,192 ",
        "box": [
          526.92,
          211.558896,
          551.92,
          219.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating and other costs",
        "box": [
          69.13,
          226.558896,
          171.51999999999998,
          234.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          226.558896,
          306.63,
          234.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,382 ",
        "box": [
          335.67,
          226.558896,
          360.67,
          234.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          226.558896,
          370.38,
          234.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,942 ",
        "box": [
          399.42,
          226.558896,
          424.42,
          234.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          226.558896,
          434.13,
          234.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,545 ",
        "box": [
          463.17,
          226.558896,
          488.17,
          234.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          226.558896,
          497.88,
          234.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,730 ",
        "box": [
          526.92,
          226.558896,
          551.92,
          234.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          78.5,
          241.558896,
          111.80999999999999,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          241.558896,
          306.63,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,243 ",
        "box": [
          335.67,
          241.558896,
          360.67,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          241.558896,
          370.38,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,223 ",
        "box": [
          399.42,
          241.558896,
          424.42,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          241.558896,
          434.13,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,537 ",
        "box": [
          458.17,
          241.558896,
          488.17,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          241.558896,
          497.88,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,922 ",
        "box": [
          521.92,
          241.558896,
          551.92,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash compensation expenses",
        "box": [
          61.13,
          256.558896,
          195.99,
          264.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted class A common stock earned",
        "box": [
          69.13,
          271.558896,
          231.42,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          271.558896,
          306.63,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,476 ",
        "box": [
          335.67,
          271.558896,
          360.67,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          271.558896,
          370.38,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,131 ",
        "box": [
          399.42,
          271.558896,
          424.42,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          271.558896,
          434.13,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,965 ",
        "box": [
          458.17,
          271.558896,
          488.17,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          271.558896,
          497.88,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,923 ",
        "box": [
          521.92,
          271.558896,
          551.92,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Director stock-based compensation",
        "box": [
          69.13,
          286.55889599999995,
          210.07,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          286.55889599999995,
          306.63,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "199 ",
        "box": [
          343.17,
          286.55889599999995,
          360.67,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          286.55889599999995,
          370.38,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "172 ",
        "box": [
          406.92,
          286.55889599999995,
          424.42,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          286.55889599999995,
          434.13,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "397 ",
        "box": [
          470.67,
          286.55889599999995,
          488.17,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          286.55889599999995,
          497.88,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "345 ",
        "box": [
          534.42,
          286.55889599999995,
          551.92,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          78.5,
          301.55889599999995,
          111.80999999999999,
          309.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          301.55889599999995,
          306.63,
          309.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,675 ",
        "box": [
          335.67,
          301.55889599999995,
          360.67,
          309.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          301.55889599999995,
          370.38,
          309.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,303 ",
        "box": [
          399.42,
          301.55889599999995,
          424.42,
          309.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          301.55889599999995,
          434.13,
          309.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,362 ",
        "box": [
          458.17,
          301.55889599999995,
          488.17,
          309.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          301.55889599999995,
          497.88,
          309.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,268 ",
        "box": [
          521.92,
          301.55889599999995,
          551.92,
          309.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total general and administrative expenses",
        "box": [
          78.5,
          316.55889599999995,
          246.59000000000006,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          316.55889599999995,
          311.63,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,918 ",
        "box": [
          330.67,
          316.55889599999995,
          360.67,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          316.55889599999995,
          375.38,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,526 ",
        "box": [
          394.42,
          316.55889599999995,
          424.42,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          316.55889599999995,
          439.13,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,899 ",
        "box": [
          458.17,
          316.55889599999995,
          488.17,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          316.55889599999995,
          502.88,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,190 ",
        "box": [
          521.92,
          316.55889599999995,
          551.92,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16. INCOME TAXES",
        "box": [
          58.5,
          350.648896,
          151.51,
          358.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  have  elected  to  be  taxed  as  a  REIT  under  the  Internal  Revenue  Code  for  U.S.  federal  income  tax  purposes.  We ",
        "box": [
          58.5,
          368.30889599999995,
          555.8700000000002,
          376.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any ",
        "box": [
          58.5,
          379.80889599999995,
          555.9299999999998,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net  capital  gain,  in  order  for  U.S.  federal  income  tax  not  to  apply  to  our  earnings.  To  the  extent  that  we  satisfy  this ",
        "box": [
          58.5,
          391.30889599999995,
          555.8599999999998,
          399.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income ",
        "box": [
          58.5,
          402.80889599999995,
          555.97,
          411.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tax  on  our  undistributed  taxable  income.  In  addition,  we  will  be  subject  to  a  4%  nondeductible  excise  tax  if  the  actual ",
        "box": [
          58.5,
          414.30889599999995,
          555.8700000000001,
          422.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal ",
        "box": [
          58.5,
          425.80889599999995,
          555.8600000000001,
          434.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tax laws.",
        "box": [
          58.5,
          437.30889599999995,
          94.00999999999999,
          445.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  qualification  as  a  REIT  also  depends  on  our  ability  to  meet  various  other  requirements  imposed  by  the  Internal ",
        "box": [
          58.5,
          460.80889599999995,
          555.9499999999998,
          469.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to ",
        "box": [
          58.5,
          472.30889599999995,
          555.9300000000001,
          480.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. ",
        "box": [
          58.5,
          483.80889599999995,
          555.7800000000003,
          492.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification ",
        "box": [
          58.5,
          495.30889599999995,
          555.8099999999996,
          503.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on ",
        "box": [
          58.5,
          506.80889599999995,
          555.7999999999997,
          515.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full ",
        "box": [
          58.5,
          518.308896,
          555.8300000000002,
          526.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxable years. As of June 30, 2026 and December 31, 2025, we were in compliance with all REIT requirements. ",
        "box": [
          58.5,
          529.808896,
          508.57000999999997,
          538.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a ",
        "box": [
          58.5,
          553.308896,
          555.8899999999998,
          561.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely ",
        "box": [
          58.5,
          564.808896,
          555.9399999999999,
          573.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "affected  by  the  characterization  of  the  securitization  as  a  taxable  mortgage  pool.  Certain  categories  of  stockholders, ",
        "box": [
          58.5,
          576.308896,
          555.9099999999999,
          584.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "however,  such  as  foreign  stockholders  eligible  for  treaty  or  other  benefits,  stockholders  with  net  operating  losses,  and ",
        "box": [
          58.5,
          587.808896,
          555.99,
          596.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain tax-exempt stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased ",
        "box": [
          58.5,
          599.308896,
          555.8900000000001,
          607.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. We have not made ",
        "box": [
          58.5,
          610.808896,
          555.9300000000001,
          619.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UBTI distributions to our common stockholders and do not intend to make such UBTI distributions in the future. ",
        "box": [
          58.5,
          622.308896,
          512.8399999999998,
          630.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026, we recorded a current income tax provision of $2.5 million and ",
        "box": [
          58.5,
          645.808896,
          555.9699700000001,
          654.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3.7 million, respectively, compared with $0.9 million and $1.6 million, respectively, during the same periods of 2025, all ",
        "box": [
          58.5,
          657.308896,
          555.96,
          665.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of which primarily related to activities of our U.S. and foreign taxable subsidiaries and various state and local taxes. We ",
        "box": [
          58.5,
          668.808896,
          555.9700000000001,
          677.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "did not have any deferred tax assets or liabilities as of June 30, 2026 or December 31, 2025. ",
        "box": [
          58.5,
          680.308896,
          428.42001,
          688.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in ",
        "box": [
          58.5,
          703.808896,
          555.9000000000001,
          712.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "current or future periods. As a result of our issuance of 25,875,000 shares of class A common stock in May 2013, the ",
        "box": [
          58.5,
          715.308896,
          555.9099600000001,
          723.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "availability of our NOLs is generally limited to $2.0 million per annum by change of control provisions promulgated by the ",
        "box": [
          58.5,
          726.808896,
          555.90001,
          735.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 50,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Internal  Revenue  Service  with  respect  to  the  ownership  of  Blackstone  Mortgage  Trust.  As  of  June  30,  2026,  we  had ",
        "box": [
          58.5,
          54.308896000000004,
          556.0000100000001,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimated NOLs of $159.0 million that will expire in 2029, unless they are utilized by us prior to expiration. Previously, we ",
        "box": [
          58.5,
          65.808896,
          556.0000099999997,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded  a  full  valuation  allowance  against  such  NOLs  as  we  expected  that  they  would  expire  unutilized.  However, ",
        "box": [
          58.5,
          77.308896,
          555.8500000000005,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "although uncertain, we may utilize a portion of NOLs prior to expiration. We do not expect the utilization of NOLs to have ",
        "box": [
          58.5,
          88.808896,
          555.8799999999998,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a material impact on our consolidated financial statements. We have recorded a full valuation allowance against such NOLs ",
        "box": [
          58.5,
          100.308896,
          555.8600000000001,
          108.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as it is probable that they will expire unutilized.",
        "box": [
          58.5,
          111.808896,
          249.0800000000001,
          120.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, tax years 2022 through 2025 remain subject to examination by taxing authorities. ",
        "box": [
          58.5,
          135.308896,
          470.93000999999975,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17. STOCK-BASED INCENTIVE PLANS",
        "box": [
          58.5,
          164.64892600000007,
          239.52999999999994,
          172.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are externally managed by our Manager and do not currently have any employees. However, as of June 30, 2026, our ",
        "box": [
          58.5,
          182.308896,
          555.88,
          190.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were ",
        "box": [
          58.5,
          193.808896,
          556.0,
          202.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensated, in part, through our issuance of stock-based instruments. ",
        "box": [
          58.5,
          205.308896,
          344.3399999999999,
          213.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Under our two current stock incentive plans, a maximum of 10,400,000 shares of our class A common stock may be issued ",
        "box": [
          58.5,
          228.808896,
          555.8700099999999,
          237.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of June 30, 2026, there ",
        "box": [
          58.5,
          240.308896,
          555.9800100000001,
          248.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were 4,548,925 shares available under our current stock incentive plans. ",
        "box": [
          58.5,
          251.808896,
          349.57000000000005,
          260.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-",
        "box": [
          58.5,
          275.308896,
          553.4499999999998,
          283.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average grant date fair value per share:",
        "box": [
          58.5,
          286.80889599999995,
          213.82000000000008,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          318.7331248,
          63.13,
          325.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted Class A",
        "box": [
          414.35001,
          310.7331248,
          477.43801000000013,
          317.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Common Stock ",
        "box": [
          418.56,
          318.7331248,
          475.2,
          325.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-Average",
        "box": [
          486.64999,
          302.7331248,
          546.61799,
          309.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Grant Date Fair",
        "box": [
          489.87,
          310.7331248,
          547.398,
          317.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Value Per Share",
        "box": [
          489.64999,
          318.7331248,
          547.60999,
          325.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance as of December 31, 2025",
        "box": [
          61.13,
          331.30889599999995,
          195.97000000000006,
          339.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,174,931",
        "box": [
          438.12,
          331.30889599999995,
          478.12,
          339.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          486.38,
          331.30889599999995,
          493.88,
          339.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.14 ",
        "box": [
          526.92,
          331.30889599999995,
          551.92,
          339.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Granted",
        "box": [
          69.13,
          346.30889599999995,
          101.30999999999997,
          354.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "523,588",
        "box": [
          445.62,
          346.30889599999995,
          478.12,
          354.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19.35",
        "box": [
          528.37,
          346.30889599999995,
          550.87,
          354.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Vested",
        "box": [
          69.13,
          361.30889599999995,
          96.86999999999998,
          369.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(670,742)",
        "box": [
          438.95999,
          361.30889599999995,
          478.11999,
          369.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.31",
        "box": [
          528.37,
          361.30889599999995,
          550.87,
          369.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forfeited",
        "box": [
          69.13,
          376.30889599999995,
          105.74999999999997,
          384.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,145)",
        "box": [
          443.95999,
          376.30889599999995,
          478.11999,
          384.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19.47",
        "box": [
          528.37,
          376.30889599999995,
          550.87,
          384.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance as of June 30, 2026",
        "box": [
          61.13,
          391.30889599999995,
          173.25,
          399.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,001,632",
        "box": [
          438.12,
          391.30889599999995,
          478.12,
          399.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          486.38,
          391.30889599999995,
          493.88,
          399.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19.89 ",
        "box": [
          526.92,
          391.30889599999995,
          551.92,
          399.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These  shares  generally  vest  in  installments  over  a  period  of  three  years,  pursuant  to  the  terms  of  the  respective  award ",
        "box": [
          58.5,
          419.55889599999995,
          555.93,
          427.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements and the terms of our current stock incentive plans. The 2,001,632 shares of restricted class A common stock ",
        "box": [
          58.5,
          431.05889599999995,
          555.8599999999999,
          439.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding as of June 30, 2026 will vest as follows: 670,126 shares will vest in 2026; 869,012 shares will vest in 2027; ",
        "box": [
          58.5,
          442.55889599999995,
          555.93003,
          450.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  462,494  shares  will  vest  in  2028.  As  of  June  30,  2026,  total  unrecognized  compensation  cost  relating  to  unvested ",
        "box": [
          58.5,
          454.05889599999995,
          555.9400000000002,
          462.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share-based compensation arrangements was $38.3 million based on the grant date fair value of shares granted. This cost is ",
        "box": [
          58.5,
          465.55889599999995,
          555.9200099999995,
          473.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected to be recognized over a weighted-average period of 1.1 years from June 30, 2026.",
        "box": [
          58.5,
          477.05889599999995,
          423.39001,
          485.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 51,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "18. FAIR VALUES",
        "box": [
          58.5,
          54.148926000000074,
          140.97,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets and Liabilities Measured at Fair Value",
        "box": [
          58.5,
          71.64892600000007,
          253.34000000000012,
          79.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):",
        "box": [
          58.5,
          89.308896,
          527.3899999999998,
          97.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          100.87469720000001,
          61.5,
          110.74865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          118.53314479999995,
          63.13,
          125.11578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          232.53,
          118.53314479999995,
          278.962,
          125.11578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          421.44,
          118.53314479999995,
          486.0800000000001,
          125.11578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          131.28314479999995,
          63.13,
          137.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 1",
        "box": [
          169.17,
          131.28314479999995,
          193.83399999999997,
          137.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 2",
        "box": [
          218.67,
          131.28314479999995,
          243.33399999999997,
          137.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 3",
        "box": [
          268.17001,
          131.28314479999995,
          292.83401000000003,
          137.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          320.89001,
          131.28314479999995,
          339.11401,
          137.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 1",
        "box": [
          367.17001,
          131.28314479999995,
          391.83401000000003,
          137.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 2",
        "box": [
          416.67001,
          131.28314479999995,
          441.33401000000003,
          137.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 3",
        "box": [
          466.17001,
          131.28314479999995,
          490.83401000000003,
          137.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          518.89001,
          131.28314479999995,
          537.11401,
          137.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          61.13,
          143.85888599999998,
          87.22,
          152.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          160.88,
          143.85888599999998,
          163.38,
          152.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          210.38,
          143.85888599999998,
          212.88,
          152.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          259.88,
          143.85888599999998,
          262.38,
          152.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.38,
          143.85888599999998,
          311.88,
          152.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.88,
          143.85888599999998,
          361.38,
          152.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          408.38,
          143.85888599999998,
          410.88,
          152.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          457.88,
          143.85888599999998,
          460.38,
          152.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          507.38,
          143.85888599999998,
          509.88,
          152.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives",
        "box": [
          78.5,
          158.85888599999998,
          124.53999999999996,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          160.88,
          158.85888599999998,
          168.38,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.67,
          158.85888599999998,
          198.17,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          210.38,
          158.85888599999998,
          217.88,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,908 ",
        "box": [
          222.67,
          158.85888599999998,
          252.67,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          259.88,
          158.85888599999998,
          267.38,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          289.67,
          158.85888599999998,
          297.17,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          309.38,
          158.85888599999998,
          316.88,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,908 ",
        "box": [
          321.67,
          158.85888599999998,
          351.67,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          358.88,
          158.85888599999998,
          366.38,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.67,
          158.85888599999998,
          396.17,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          408.38,
          158.85888599999998,
          415.88,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,492 ",
        "box": [
          420.67,
          158.85888599999998,
          450.67,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          457.88,
          158.85888599999998,
          465.38,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          487.67,
          158.85888599999998,
          495.17,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          507.38,
          158.85888599999998,
          514.88,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,492 ",
        "box": [
          519.67,
          158.85888599999998,
          549.67,
          167.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt securities",
        "box": [
          78.5,
          173.85888599999998,
          138.12999999999997,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          160.88,
          173.85888599999998,
          163.38,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.67,
          173.85888599999998,
          198.17,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          210.38,
          173.85888599999998,
          212.88,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          240.17,
          173.85888599999998,
          247.67,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          259.88,
          173.85888599999998,
          262.38,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,310 ",
        "box": [
          272.17,
          173.85888599999998,
          302.17,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.38,
          173.85888599999998,
          311.88,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,310 ",
        "box": [
          321.67,
          173.85888599999998,
          351.67,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.88,
          173.85888599999998,
          361.38,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.67,
          173.85888599999998,
          396.17,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          408.38,
          173.85888599999998,
          410.88,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.17,
          173.85888599999998,
          445.67,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          457.88,
          173.85888599999998,
          460.38,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          487.67,
          173.85888599999998,
          495.17,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          507.38,
          173.85888599999998,
          509.88,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          537.17,
          173.85888599999998,
          544.67,
          182.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          82.63,
          188.85888599999998,
          103.70999999999998,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          160.88,
          188.85888599999998,
          168.38,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.67,
          188.85888599999998,
          198.17,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          210.38,
          188.85888599999998,
          217.88,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,908 ",
        "box": [
          222.67,
          188.85888599999998,
          252.67,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          259.88,
          188.85888599999998,
          267.38,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,310 ",
        "box": [
          272.17,
          188.85888599999998,
          302.17,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 114,218 ",
        "box": [
          309.38,
          188.85888599999998,
          351.67,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          358.88,
          188.85888599999998,
          366.38,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.67,
          188.85888599999998,
          396.17,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          408.38,
          188.85888599999998,
          415.88,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,492 ",
        "box": [
          420.67,
          188.85888599999998,
          450.67,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          457.88,
          188.85888599999998,
          465.38,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          487.67,
          188.85888599999998,
          495.17,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          507.38,
          188.85888599999998,
          514.88,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,492 ",
        "box": [
          519.67,
          188.85888599999998,
          549.67,
          197.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          61.13,
          203.85888599999998,
          101.59999999999997,
          212.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives",
        "box": [
          78.5,
          218.85888599999998,
          124.53999999999996,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          160.88,
          218.85888599999998,
          168.38,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.67,
          218.85888599999998,
          198.17,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          210.38,
          218.85888599999998,
          217.88,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,351 ",
        "box": [
          222.67,
          218.85888599999998,
          252.67,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          259.88,
          218.85888599999998,
          267.38,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          289.67,
          218.85888599999998,
          297.17,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          309.38,
          218.85888599999998,
          316.88,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,351 ",
        "box": [
          321.67,
          218.85888599999998,
          351.67,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          358.88,
          218.85888599999998,
          366.38,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.67,
          218.85888599999998,
          396.17,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          408.38,
          218.85888599999998,
          415.88,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,596 ",
        "box": [
          420.67,
          218.85888599999998,
          450.67,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          457.88,
          218.85888599999998,
          465.38,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          487.67,
          218.85888599999998,
          495.17,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          507.38,
          218.85888599999998,
          514.88,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,596 ",
        "box": [
          519.67,
          218.85888599999998,
          549.67,
          227.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This table excludes $136.2 million and $111.0 million of investments in unconsolidated entities that are measured at fair ",
        "box": [
          58.5,
          247.10888599999998,
          555.9799999999999,
          255.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value using net asset value as a practical expedient and not classified in the fair value hierarchy as of June 30, 2026 and ",
        "box": [
          58.5,
          258.608886,
          555.84,
          266.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, respectively. Refer to Note 5 for further information. ",
        "box": [
          58.5,
          270.108886,
          355.67999999999984,
          278.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 2 for further discussion regarding fair value measurement. ",
        "box": [
          58.5,
          293.60891599999997,
          350.39000000000004,
          301.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value of Financial Instruments ",
        "box": [
          58.5,
          322.948916,
          214.77,
          331.1772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not ",
        "box": [
          58.5,
          340.60891599999997,
          555.8799999999999,
          348.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized at fair value in the statement of financial position, for which it is practicable to estimate that value. ",
        "box": [
          58.5,
          352.10891599999997,
          500.89999999999975,
          360.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the book value, face amount, and fair value of the financial instruments described in Note 2     ",
        "box": [
          58.5,
          375.60891599999997,
          566.0,
          383.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in thousands): ",
        "box": [
          58.5,
          387.10891599999997,
          128.17999999999998,
          395.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          414.5331148,
          63.13,
          421.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          271.91,
          414.5331148,
          318.34200000000004,
          421.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          436.06,
          414.5331148,
          500.7000000000001,
          421.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          435.5331148,
          63.13,
          442.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book",
        "box": [
          228.49001,
          427.5331148,
          246.27401000000003,
          434.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          227.38,
          435.5331148,
          247.37199999999999,
          442.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face",
        "box": [
          287.13,
          427.5331148,
          303.11400000000003,
          434.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Amount",
        "box": [
          280.14001,
          435.5331148,
          310.12401,
          442.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair",
        "box": [
          345.54999,
          427.5331148,
          360.20599,
          434.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          342.88,
          435.5331148,
          362.872,
          442.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book",
        "box": [
          401.73999,
          427.5331148,
          419.52398999999997,
          434.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          400.63,
          435.5331148,
          420.622,
          442.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face",
        "box": [
          460.38,
          427.5331148,
          476.36400000000003,
          434.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Amount",
        "box": [
          453.39001,
          435.5331148,
          483.37401,
          442.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair",
        "box": [
          518.79999,
          427.5331148,
          533.45599,
          434.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          516.13,
          435.5331148,
          536.122,
          442.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial assets",
        "box": [
          61.13,
          448.10891599999997,
          124.08999999999995,
          456.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          448.10891599999997,
          215.13,
          456.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          448.10891599999997,
          272.88,
          456.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          448.10891599999997,
          330.63,
          456.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          448.10891599999997,
          388.38,
          456.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.63,
          448.10891599999997,
          446.13,
          456.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.38,
          448.10891599999997,
          503.88,
          456.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          76.5,
          463.10891599999997,
          181.65,
          471.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          212.63,
          463.10891599999997,
          220.13,
          471.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "432,833 ",
        "box": [
          228.17,
          463.10891599999997,
          263.16999999999996,
          471.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.38,
          463.10891599999997,
          277.88,
          471.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "432,833 ",
        "box": [
          285.92,
          463.10891599999997,
          320.92,
          471.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          328.13,
          463.10891599999997,
          335.63,
          471.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "432,833 ",
        "box": [
          343.67,
          463.10891599999997,
          378.67,
          471.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.88,
          463.10891599999997,
          393.38,
          471.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "452,526 ",
        "box": [
          401.42,
          463.10891599999997,
          436.42,
          471.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          443.63,
          463.10891599999997,
          451.13,
          471.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "452,526 ",
        "box": [
          459.17,
          463.10891599999997,
          494.17,
          471.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          501.38,
          463.10891599999997,
          508.88,
          471.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "452,526 ",
        "box": [
          516.92,
          463.10891599999997,
          551.92,
          471.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          76.5,
          478.10891599999997,
          161.65,
          486.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 16,936,895 ",
        "box": [
          212.63,
          478.10891599999997,
          263.16999999999996,
          486.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 17,409,208 ",
        "box": [
          270.38,
          478.10891599999997,
          320.92,
          486.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 16,912,904 ",
        "box": [
          328.13,
          478.10891599999997,
          378.67,
          486.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 17,784,694 ",
        "box": [
          385.88,
          478.10891599999997,
          436.42,
          486.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 18,154,768 ",
        "box": [
          443.63,
          478.10891599999997,
          494.17,
          486.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 17,856,303 ",
        "box": [
          501.38,
          478.10891599999997,
          551.9200000000001,
          486.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial liabilities",
        "box": [
          61.13,
          493.10891599999997,
          137.92999999999992,
          501.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured debt, net",
        "box": [
          76.5,
          508.108886,
          145.58999999999997,
          516.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          508.108886,
          215.13,
          516.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,708,944 ",
        "box": [
          220.67,
          508.108886,
          263.16999999999996,
          516.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          508.108886,
          272.88,
          516.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,717,351 ",
        "box": [
          278.42,
          508.108886,
          320.92,
          516.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          508.108886,
          330.63,
          516.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,648,332 ",
        "box": [
          336.17,
          508.108886,
          378.67,
          516.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 10,117,292 ",
        "box": [
          385.88,
          508.108886,
          436.42,
          516.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 10,125,839 ",
        "box": [
          443.63,
          508.108886,
          494.17,
          516.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 10,029,890 ",
        "box": [
          501.38,
          508.108886,
          551.9200000000001,
          516.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other secured debt (1)",
        "box": [
          76.5,
          523.108886,
          158.02319,
          531.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          523.108886,
          215.13,
          531.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,386 ",
        "box": [
          233.17,
          523.108886,
          263.16999999999996,
          531.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          523.108886,
          272.88,
          531.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,386 ",
        "box": [
          290.92,
          523.108886,
          320.92,
          531.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          523.108886,
          330.63,
          531.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,386 ",
        "box": [
          348.67,
          523.108886,
          378.67,
          531.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          523.108886,
          388.38,
          531.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,475 ",
        "box": [
          406.42,
          523.108886,
          436.42,
          531.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.63,
          523.108886,
          446.13,
          531.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,475 ",
        "box": [
          464.17,
          523.108886,
          494.17,
          531.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.38,
          523.108886,
          503.88,
          531.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,475 ",
        "box": [
          521.92,
          523.108886,
          551.92,
          531.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations, net",
        "box": [
          76.5,
          538.108886,
          205.23000000000002,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          538.108886,
          215.13,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,732,964 ",
        "box": [
          220.67,
          538.108886,
          263.16999999999996,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          538.108886,
          272.88,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,750,810 ",
        "box": [
          278.42,
          538.108886,
          320.92,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          538.108886,
          330.63,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,743,355 ",
        "box": [
          336.17,
          538.108886,
          378.67,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          538.108886,
          388.38,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,139,719 ",
        "box": [
          393.92,
          538.108886,
          436.42,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.63,
          538.108886,
          446.13,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,149,496 ",
        "box": [
          451.67,
          538.108886,
          494.17,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.38,
          538.108886,
          503.88,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,132,667 ",
        "box": [
          509.42,
          538.108886,
          551.9200000000001,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-specific debt, net",
        "box": [
          76.5,
          553.108886,
          169.99,
          561.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          553.108886,
          215.13,
          561.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "971,305 ",
        "box": [
          228.17,
          553.108886,
          263.16999999999996,
          561.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          553.108886,
          272.88,
          561.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "972,635 ",
        "box": [
          285.92,
          553.108886,
          320.92,
          561.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          553.108886,
          330.63,
          561.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "972,635 ",
        "box": [
          343.67,
          553.108886,
          378.67,
          561.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          553.108886,
          388.38,
          561.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,746 ",
        "box": [
          401.42,
          553.108886,
          436.42,
          561.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.63,
          553.108886,
          446.13,
          561.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "999,810 ",
        "box": [
          459.17,
          553.108886,
          494.17,
          561.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.38,
          553.108886,
          503.88,
          561.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "996,308 ",
        "box": [
          516.92,
          553.108886,
          551.92,
          561.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured term loans, net",
        "box": [
          76.5,
          568.108886,
          170.27999999999997,
          576.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          568.108886,
          215.13,
          576.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,878,562 ",
        "box": [
          220.67,
          568.108886,
          263.16999999999996,
          576.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          568.108886,
          272.88,
          576.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,915,033 ",
        "box": [
          278.42,
          568.108886,
          320.92,
          576.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          568.108886,
          330.63,
          576.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,906,096 ",
        "box": [
          336.17,
          568.108886,
          378.67,
          576.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          568.108886,
          388.38,
          576.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,808,000 ",
        "box": [
          393.92,
          568.108886,
          436.42,
          576.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.63,
          568.108886,
          446.13,
          576.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,847,726 ",
        "box": [
          451.67,
          568.108886,
          494.17,
          576.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.38,
          568.108886,
          503.88,
          576.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,850,327 ",
        "box": [
          509.42,
          568.108886,
          551.9200000000001,
          576.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net",
        "box": [
          76.5,
          583.108886,
          176.4,
          591.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          583.108886,
          215.13,
          591.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,217,499 ",
        "box": [
          220.67,
          583.108886,
          263.16999999999996,
          591.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          583.108886,
          272.88,
          591.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,235,316 ",
        "box": [
          278.42,
          583.108886,
          320.92,
          591.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          583.108886,
          330.63,
          591.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,232,033 ",
        "box": [
          336.17,
          583.108886,
          378.67,
          591.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          583.108886,
          388.38,
          591.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "784,876 ",
        "box": [
          401.42,
          583.108886,
          436.42,
          591.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.63,
          583.108886,
          446.13,
          591.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "785,316 ",
        "box": [
          459.17,
          583.108886,
          494.17,
          591.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.38,
          583.108886,
          503.88,
          591.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "810,608 ",
        "box": [
          516.92,
          583.108886,
          551.92,
          591.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible notes, net",
        "box": [
          76.5,
          598.108886,
          164.45999999999998,
          606.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          598.108886,
          215.13,
          606.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "265,310 ",
        "box": [
          228.17,
          598.108886,
          263.16999999999996,
          606.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          598.108886,
          272.88,
          606.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          285.92,
          598.108886,
          320.92,
          606.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          598.108886,
          330.63,
          606.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "265,508 ",
        "box": [
          343.67,
          598.108886,
          378.67,
          606.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          598.108886,
          388.38,
          606.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,745 ",
        "box": [
          401.42,
          598.108886,
          436.42,
          606.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.63,
          598.108886,
          446.13,
          606.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          459.17,
          598.108886,
          494.17,
          606.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.38,
          598.108886,
          503.88,
          606.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,286 ",
        "box": [
          516.92,
          598.108886,
          551.92,
          606.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          624.358886,
          70.16,
          632.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included within other liabilities on our consolidated balance sheets. See Note 6 for further information.",
        "box": [
          85.5,
          624.358886,
          497.23999999999984,
          632.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market ",
        "box": [
          58.5,
          647.858886,
          555.8600000000001,
          656.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prices, or Level 1 inputs. Estimates of fair value for securitized debt obligations, the Term Loans, and the Senior Secured ",
        "box": [
          58.5,
          659.358886,
          555.9700000000001,
          667.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value ",
        "box": [
          58.5,
          670.858886,
          555.9000000000002,
          679.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding ",
        "box": [
          58.5,
          682.358886,
          555.92999,
          690.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value measurement of certain of our assets and liabilities.",
        "box": [
          58.5,
          693.858886,
          304.25999999999993,
          702.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 52,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "19. VARIABLE INTEREST ENTITIES",
        "box": [
          58.5,
          54.148926000000074,
          228.97999999999993,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have financed a portion of our loans through the CLOs and the European Loan Securitization, all of which are VIEs. ",
        "box": [
          58.5,
          71.808896,
          555.8900100000003,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are  the  primary  beneficiary  of,  and  therefore  consolidate,  the  CLOs  and  the  European  Loan  Securitization  on  our ",
        "box": [
          58.5,
          83.308896,
          555.95996,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheet as we (i) control the relevant interests of the CLOs and the European Loan Securitization that give us power ",
        "box": [
          58.5,
          94.808896,
          555.9000100000002,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to direct the activities that most significantly affect the CLOs and the European Loan Securitization, and (ii) have the right ",
        "box": [
          58.5,
          106.308896,
          555.83001,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  receive  benefits  and  obligation  to  absorb  losses  of  the  CLOs  and  the  European  Loan  Securitization  through  the ",
        "box": [
          58.5,
          117.808896,
          555.8800100000001,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subordinate interests we own. ",
        "box": [
          58.5,
          129.308896,
          179.76999999999995,
          137.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During 2025, we modified three loans that included, among other changes, control over decision making at the respective ",
        "box": [
          58.5,
          152.808896,
          555.9200000000003,
          161.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties. Similarly, during 2024, we modified two other loans that included, among other changes, an equity interest in ",
        "box": [
          58.5,
          164.308896,
          555.94999,
          172.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and/or control over decision-making at the property. As a result of these modifications, our investments in these loans are ",
        "box": [
          58.5,
          175.808896,
          555.9299999999997,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs. As of June 30, 2026, we are the primary beneficiary of, and therefore consolidated the assets of these VIEs on our ",
        "box": [
          58.5,
          187.308896,
          555.9799899999999,
          195.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheet as we (i) have the power to direct the activities that most significantly affect the property, and (ii) have the ",
        "box": [
          58.5,
          198.808896,
          555.8400000000001,
          207.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "right to receive excess sale proceeds upon exit.",
        "box": [
          58.5,
          210.308896,
          246.02999999999997,
          218.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the assets and liabilities of our consolidated VIEs ($ in thousands): ",
        "box": [
          58.5,
          257.308896,
          437.78999999999996,
          265.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          268.8746972,
          61.5,
          278.74865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          286.5331148,
          63.13,
          293.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          412.53,
          286.5331148,
          458.962,
          293.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          484.44,
          286.5331148,
          549.08,
          293.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          61.13,
          299.10891599999997,
          87.22,
          307.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          69.13,
          314.10891599999997,
          174.28,
          322.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          397.88,
          314.10891599999997,
          405.38,
          322.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,974 ",
        "box": [
          444.67,
          314.10891599999997,
          474.67,
          322.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          314.10891599999997,
          490.13,
          322.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,663 ",
        "box": [
          521.92,
          314.10891599999997,
          551.92,
          322.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable",
        "box": [
          69.13,
          329.10891599999997,
          137.07999999999996,
          337.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          397.88,
          329.10891599999997,
          400.38,
          337.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,194,645 ",
        "box": [
          432.17,
          329.10891599999997,
          474.67,
          337.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          329.10891599999997,
          485.13,
          337.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,422,505 ",
        "box": [
          509.42,
          329.10891599999997,
          551.9200000000001,
          337.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current expected credit loss reserve",
        "box": [
          69.13,
          344.10891599999997,
          212.27,
          352.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          397.88,
          344.10891599999997,
          400.38,
          352.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(92,867) ",
        "box": [
          441.34,
          344.10891599999997,
          477.99999999999994,
          352.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          344.10891599999997,
          485.13,
          352.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(23,609) ",
        "box": [
          518.59,
          344.10891599999997,
          555.2500000000001,
          352.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          78.5,
          359.10891599999997,
          163.64999999999998,
          367.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          397.88,
          359.10891599999997,
          400.38,
          367.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,101,778 ",
        "box": [
          432.17,
          359.10891599999997,
          474.67,
          367.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          359.10891599999997,
          485.13,
          367.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,398,896 ",
        "box": [
          509.42,
          359.10891599999997,
          551.9200000000001,
          367.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned real estate, net",
        "box": [
          69.13,
          374.10891599999997,
          157.89,
          382.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          397.88,
          374.10891599999997,
          400.38,
          382.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "602,877 ",
        "box": [
          439.67,
          374.10891599999997,
          474.67,
          382.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          374.10891599999997,
          485.13,
          382.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "603,130 ",
        "box": [
          516.92,
          374.10891599999997,
          551.92,
          382.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          69.13,
          389.10891599999997,
          117.67999999999996,
          397.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          397.88,
          389.10891599999997,
          400.38,
          397.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "140,395 ",
        "box": [
          439.67,
          389.10891599999997,
          474.67,
          397.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          389.10891599999997,
          485.13,
          397.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "196,840 ",
        "box": [
          516.92,
          389.10891599999997,
          551.92,
          397.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          78.13,
          404.10891599999997,
          124.99999999999996,
          412.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          397.88,
          404.10891599999997,
          405.38,
          412.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,894,024 ",
        "box": [
          432.17,
          404.10891599999997,
          474.67,
          412.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          404.10891599999997,
          490.13,
          412.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,257,529 ",
        "box": [
          509.42,
          404.10891599999997,
          551.9200000000001,
          412.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          61.13,
          419.10891599999997,
          101.59999999999997,
          427.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations, net",
        "box": [
          69.13,
          434.10891599999997,
          197.86,
          442.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          397.88,
          434.10891599999997,
          405.38,
          442.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,732,964 ",
        "box": [
          432.17,
          434.10891599999997,
          474.67,
          442.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          434.10891599999997,
          490.13,
          442.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,139,719 ",
        "box": [
          509.42,
          434.10891599999997,
          551.9200000000001,
          442.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          69.13,
          449.10891599999997,
          131.51999999999992,
          457.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          397.88,
          449.10891599999997,
          400.38,
          457.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,697 ",
        "box": [
          444.67,
          449.10891599999997,
          474.67,
          457.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          449.10891599999997,
          485.13,
          457.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,645 ",
        "box": [
          521.92,
          449.10891599999997,
          551.92,
          457.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities",
        "box": [
          78.13,
          464.10891599999997,
          138.83999999999995,
          472.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          397.88,
          464.10891599999997,
          405.38,
          472.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,787,661 ",
        "box": [
          432.17,
          464.10891599999997,
          474.67,
          472.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          464.10891599999997,
          490.13,
          472.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,187,364 ",
        "box": [
          509.42,
          464.10891599999997,
          551.9200000000001,
          472.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate ",
        "box": [
          58.5,
          492.35891599999997,
          555.8599999999998,
          500.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests of the securitized debt obligations owned by us. The liabilities of these VIEs are non-recourse to us and can only ",
        "box": [
          58.5,
          503.85891599999997,
          555.8399999999999,
          512.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "be  satisfied  from  the  assets  of  the  VIEs.  The  consolidation  of  these  VIEs  results  in  an  increase  in  our  gross  assets, ",
        "box": [
          58.5,
          515.358886,
          555.9599999999999,
          523.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities, revenues and expenses; however, it does not affect our stockholders' equity or net income. We are not obligated ",
        "box": [
          58.5,
          526.858886,
          555.9199999999997,
          535.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to provide, have not provided, and do not intend to provide material financial support to these consolidated VIEs.",
        "box": [
          58.5,
          538.358886,
          511.3699999999998,
          546.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.37,
          539.6831048,
          513.37,
          546.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20. TRANSACTIONS WITH RELATED PARTIES",
        "box": [
          58.5,
          567.698916,
          275.35,
          575.9272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Manager",
        "box": [
          58.5,
          591.198916,
          117.61999999999998,
          599.4272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  are  managed  by  our  Manager  pursuant  to  the  Management  Agreement.  The  current  term  of  the  Management ",
        "box": [
          58.5,
          608.858886,
          555.9300000000003,
          617.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement expires on December 19, 2026, and it will be automatically renewed for a one-year term upon such date and ",
        "box": [
          58.5,
          620.358886,
          555.9399900000002,
          628.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "each anniversary thereafter unless earlier terminated.",
        "box": [
          58.5,
          631.858886,
          269.82000000000016,
          640.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, our consolidated balance sheets included $14.6 million and $16.4 million, ",
        "box": [
          58.5,
          655.358886,
          555.85999,
          663.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, of accrued management fees payable to our Manager. During the three and six months ended June 30, 2026, ",
        "box": [
          58.5,
          666.858886,
          555.95001,
          675.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we paid management fees of $14.8 million and $31.2 million, respectively, to our Manager, compared to $17.2 million and ",
        "box": [
          58.5,
          678.358886,
          555.95998,
          686.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$35.8 million, respectively, during the same periods in 2025. We did not pay any incentive fees to our Manager during the ",
        "box": [
          58.5,
          689.858886,
          555.9599999999999,
          698.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three and six months ended June 30, 2026 and 2025. In addition, during the three and six months ended June 30, 2026, we ",
        "box": [
          58.5,
          701.358886,
          555.87004,
          709.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incurred expenses of $0.4 million and $0.8 million, respectively, that were paid by our Manager and have been or will be ",
        "box": [
          58.5,
          712.858886,
          555.92998,
          721.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 53,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "reimbursed by us, compared to $0.2 million and $0.4 million, respectively, of such expenses during the same periods in ",
        "box": [
          58.5,
          54.308896000000004,
          555.8900199999998,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025.",
        "box": [
          58.5,
          65.808896,
          81.0,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  June  30,  2026,  our  Manager  held  1,008,941  shares  of  unvested  restricted  class  A  common  stock,  which  had  an ",
        "box": [
          58.5,
          89.308896,
          556.0000000000001,
          97.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate  grant  date  fair  value  of  $20.5  million.  These  shares  vest  in  installments  over  three  years  from  the  date  of ",
        "box": [
          58.5,
          100.808896,
          555.9100000000002,
          109.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issuance. During the three and six months ended June 30, 2026, we recorded non-cash expenses related to shares held by ",
        "box": [
          58.5,
          112.308896,
          555.84001,
          120.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our Manager of $3.5 million and $7.0 million, respectively, compared to $3.6 million and $7.2 million, respectively, during ",
        "box": [
          58.5,
          123.808896,
          555.8800100000001,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the same periods in 2025. Refer to Note 17 for further details on our restricted class A common stock. ",
        "box": [
          58.5,
          135.308896,
          468.3599999999998,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  June  30,  2026,  our  Manager,  its  affiliates  (including  Blackstone  and  Blackstone-advised  investment  vehicles), ",
        "box": [
          58.5,
          158.808896,
          555.8800100000001,
          167.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone employees, and our directors held an aggregate 13,764,005 shares, or 8.2%, of our class A common stock, of ",
        "box": [
          58.5,
          170.308896,
          555.85001,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which 8,916,412 shares, or 5.3%, were held by Blackstone and its subsidiaries. Additionally, our directors held 369,548 of ",
        "box": [
          58.5,
          181.808896,
          555.97998,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deferred stock units as of June 30, 2026. Certain of the parties listed above have in the past purchased or sold shares of our ",
        "box": [
          58.5,
          193.308896,
          555.9499999999999,
          201.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "class A common stock in open market transactions, and such parties may in the future purchase or sell additional shares of ",
        "box": [
          58.5,
          204.808896,
          555.9700000000001,
          213.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  class  A  common  stock  and/or  engage  in  derivatives  transactions  related  to  our  class  A  common  stock.  Any  such ",
        "box": [
          58.5,
          216.308896,
          555.9899999999998,
          224.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions would be made in the sole discretion of the relevant party based on market conditions and other considerations ",
        "box": [
          58.5,
          227.808896,
          555.9099999999997,
          236.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relevant to such parties.",
        "box": [
          58.5,
          239.308896,
          153.36999999999998,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Affiliate Services",
        "box": [
          58.5,
          268.6489260000001,
          130.88999999999993,
          276.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have engaged certain portfolio companies owned by Blackstone-advised investment vehicles to provide, as applicable, ",
        "box": [
          58.5,
          286.30889599999995,
          555.9800000000002,
          294.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management, corporate support, and transaction support services. The following table details the costs incurred (refunded) ",
        "box": [
          58.5,
          297.80889599999995,
          555.8899900000002,
          306.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for these services ($ in thousands):",
        "box": [
          58.5,
          309.30889599999995,
          197.54,
          317.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          312.12,
          336.7331248,
          415.40000000000015,
          343.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          444.5,
          336.7331248,
          538.012,
          343.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Primary Asset ",
        "box": [
          246.59,
          349.3731348,
          297.67800000000005,
          355.9557720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class",
        "box": [
          262.01999,
          358.4831248,
          280.24399000000005,
          365.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          323.87,
          358.4831248,
          339.87,
          365.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          387.62,
          358.4831248,
          403.62,
          365.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          451.37,
          358.4831248,
          467.37,
          365.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          515.12,
          358.4831248,
          531.12,
          365.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Perform Properties, LLC",
        "box": [
          61.13,
          371.72891599999997,
          160.75999999999996,
          379.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.37,
          371.72891599999997,
          283.89,
          379.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          371.72891599999997,
          311.63,
          379.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,466 ",
        "box": [
          335.67,
          371.72891599999997,
          360.67,
          379.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          371.72891599999997,
          375.38,
          379.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "319 ",
        "box": [
          406.92,
          371.72891599999997,
          424.42,
          379.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          371.72891599999997,
          439.13,
          379.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,432 ",
        "box": [
          463.17,
          371.72891599999997,
          488.17,
          379.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          371.72891599999997,
          502.88,
          379.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "894 ",
        "box": [
          534.42,
          371.72891599999997,
          551.92,
          379.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Brio Real Estate Services, LLC, Brio Real ",
        "box": [
          61.13,
          386.97891599999997,
          232.82000000000005,
          395.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Estate (UK) Ltd., and Brio Real Estate ",
        "box": [
          61.13,
          396.97891599999997,
          217.86,
          405.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(AUS) Pty Ltd.",
        "box": [
          61.13,
          406.97891599999997,
          122.49,
          415.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          265.01999,
          406.97891599999997,
          277.22999,
          415.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          406.97891599999997,
          306.63,
          415.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,672 ",
        "box": [
          335.67,
          406.97891599999997,
          360.67,
          415.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          406.97891599999997,
          370.38,
          415.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,101 ",
        "box": [
          399.42,
          406.97891599999997,
          424.42,
          415.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          406.97891599999997,
          434.13,
          415.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,377 ",
        "box": [
          463.17,
          406.97891599999997,
          488.17,
          415.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          406.97891599999997,
          497.88,
          415.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,101 ",
        "box": [
          526.92,
          406.97891599999997,
          551.92,
          415.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRE Hotels & Resorts, LLC",
        "box": [
          61.13,
          421.97891599999997,
          175.73999999999998,
          430.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          248.92999,
          421.97891599999997,
          293.3199899999999,
          430.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          421.97891599999997,
          306.63,
          430.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "282 ",
        "box": [
          343.17,
          421.97891599999997,
          360.67,
          430.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          421.97891599999997,
          370.38,
          430.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "380 ",
        "box": [
          406.92,
          421.97891599999997,
          424.42,
          430.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          421.97891599999997,
          434.13,
          430.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "793 ",
        "box": [
          470.67,
          421.97891599999997,
          488.17,
          430.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          421.97891599999997,
          497.88,
          430.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "869 ",
        "box": [
          534.42,
          421.97891599999997,
          551.92,
          430.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revantage Corporate Services, LLC and ",
        "box": [
          61.13,
          436.72891599999997,
          225.36000000000004,
          444.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revantage Global Services Europe S.\u00e0 r.l.",
        "box": [
          61.13,
          446.72891599999997,
          229.26000000000008,
          454.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          265.01999,
          446.72891599999997,
          277.22999,
          454.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          446.72891599999997,
          306.63,
          454.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "337 ",
        "box": [
          343.17,
          446.72891599999997,
          360.67,
          454.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          446.72891599999997,
          370.38,
          454.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "381 ",
        "box": [
          406.92,
          446.72891599999997,
          424.42,
          454.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          446.72891599999997,
          434.13,
          454.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "664 ",
        "box": [
          470.67,
          446.72891599999997,
          488.17,
          454.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          446.72891599999997,
          497.88,
          454.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "343 ",
        "box": [
          534.42,
          446.72891599999997,
          551.92,
          454.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LivCor, LLC",
        "box": [
          61.13,
          461.72891599999997,
          113.85999999999999,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          246.99001,
          461.72891599999997,
          295.2600099999999,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          461.72891599999997,
          306.63,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45 ",
        "box": [
          348.17,
          461.72891599999997,
          360.67,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          461.72891599999997,
          370.38,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "117 ",
        "box": [
          406.92,
          461.72891599999997,
          424.42,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          461.72891599999997,
          434.13,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "140 ",
        "box": [
          470.67,
          461.72891599999997,
          488.17,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          461.72891599999997,
          497.88,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "276 ",
        "box": [
          534.42,
          461.72891599999997,
          551.92,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LendingOne, LLC (1)",
        "box": [
          61.13,
          476.72891599999997,
          141.0032,
          484.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          246.99001,
          476.72891599999997,
          295.2600099999999,
          484.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          476.72891599999997,
          306.63,
          484.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          348.17,
          476.72891599999997,
          355.67,
          484.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          476.72891599999997,
          370.38,
          484.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "158 ",
        "box": [
          406.92,
          476.72891599999997,
          424.42,
          484.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          476.72891599999997,
          434.13,
          484.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.67,
          476.72891599999997,
          483.17,
          484.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          476.72891599999997,
          497.88,
          484.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "158 ",
        "box": [
          534.42,
          476.72891599999997,
          551.92,
          484.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          73.13,
          491.72891599999997,
          94.20999999999998,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          491.72891599999997,
          311.63,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,802 ",
        "box": [
          335.67,
          491.72891599999997,
          360.67,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          491.72891599999997,
          375.38,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,456 ",
        "box": [
          399.42,
          491.72891599999997,
          424.42,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          491.72891599999997,
          439.13,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,406 ",
        "box": [
          463.17,
          491.72891599999997,
          488.17,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          491.72891599999997,
          502.88,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,641 ",
        "box": [
          526.92,
          491.72891599999997,
          551.92,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          519.558896,
          70.16,
          527.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provides loan origination services related to certain of our investments.",
        "box": [
          85.5,
          519.558896,
          370.15999999999997,
          527.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we entered into an agreement with another Blackstone-advised investment ",
        "box": [
          58.5,
          542.758906,
          555.8900000000001,
          550.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "vehicle to fund our pro rata share of any payments required under a guaranty agreement with a lending institution. The ",
        "box": [
          58.5,
          553.958926,
          556.0000000000001,
          562.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "guaranty relates to a revolving credit facility with a portfolio company owned by Blackstone-advised investment vehicles ",
        "box": [
          58.5,
          565.158936,
          555.98,
          573.3872325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that provides services to us, and our participation reflects our share of the associated costs based on services rendered. As ",
        "box": [
          58.5,
          576.358886,
          555.9599999999999,
          584.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of June 30, 2026, our maximum potential obligation under the arrangement was $0.9 million. No events through the date of ",
        "box": [
          58.5,
          587.558896,
          555.84999,
          595.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these  consolidated  financial  statements  required  performance  under  the  guaranty,  and  no  liability  was  recorded  as  of ",
        "box": [
          58.5,
          598.758906,
          556.0000000000002,
          606.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026.",
        "box": [
          58.5,
          609.958926,
          116.82,
          618.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 54,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "We have engaged other affiliates of our Manager to provide various services. The following table details the costs incurred ",
        "box": [
          58.5,
          54.308896000000004,
          555.94001,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for these services ($ in thousands):",
        "box": [
          58.5,
          65.808896,
          197.54,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          312.12,
          87.23315479999997,
          415.40000000000015,
          93.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          444.5,
          87.23315479999997,
          538.012,
          93.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          323.87,
          99.98315479999997,
          339.87,
          106.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          387.62,
          99.98315479999997,
          403.62,
          106.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          451.37,
          99.98315479999997,
          467.37,
          106.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          515.12,
          99.98315479999997,
          531.12,
          106.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gryphon Mutual Property Americas IC (1)",
        "box": [
          61.13,
          113.22888599999999,
          224.28319999999997,
          121.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          113.22888599999999,
          311.63,
          121.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "916 ",
        "box": [
          343.17,
          113.22888599999999,
          360.67,
          121.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          113.22888599999999,
          375.38,
          121.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "601 ",
        "box": [
          406.92,
          113.22888599999999,
          424.42,
          121.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          113.22888599999999,
          439.13,
          121.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,699 ",
        "box": [
          463.17,
          113.22888599999999,
          488.17,
          121.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          113.22888599999999,
          502.88,
          121.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,148 ",
        "box": [
          526.92,
          113.22888599999999,
          551.92,
          121.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Securities Partners L.P. (2)",
        "box": [
          61.13,
          128.228886,
          207.85321,
          136.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          128.228886,
          306.63,
          136.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "422 ",
        "box": [
          343.17,
          128.228886,
          360.67,
          136.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          128.228886,
          370.38,
          136.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79 ",
        "box": [
          411.92,
          128.228886,
          424.42,
          136.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          128.228886,
          434.13,
          136.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "422 ",
        "box": [
          470.67,
          128.228886,
          488.17,
          136.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          128.228886,
          497.88,
          136.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79 ",
        "box": [
          539.42,
          128.228886,
          551.92,
          136.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lexington National Land Services (3)",
        "box": [
          61.13,
          143.228886,
          204.52321,
          151.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          143.228886,
          306.63,
          151.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37 ",
        "box": [
          348.17,
          143.228886,
          360.67,
          151.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          143.228886,
          370.38,
          151.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46 ",
        "box": [
          411.92,
          143.228886,
          424.42,
          151.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.63,
          143.228886,
          434.13,
          151.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134 ",
        "box": [
          470.67,
          143.228886,
          488.17,
          151.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          143.228886,
          497.88,
          151.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46 ",
        "box": [
          539.42,
          143.228886,
          551.92,
          151.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone internal audit services",
        "box": [
          61.13,
          158.228886,
          195.65,
          166.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.13,
          158.228886,
          306.63,
          166.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          348.17,
          158.228886,
          355.67,
          166.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          367.88,
          158.228886,
          370.38,
          166.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(111)   ",
        "box": [
          403.59,
          158.228886,
          434.13,
          166.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.67,
          158.228886,
          483.17,
          166.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          495.38,
          158.228886,
          497.88,
          166.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          158.228886,
          546.92,
          166.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          73.13,
          173.228886,
          94.20999999999998,
          181.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.13,
          173.228886,
          311.63,
          181.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,375 ",
        "box": [
          335.67,
          173.228886,
          360.67,
          181.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          367.88,
          173.228886,
          375.38,
          181.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "615 ",
        "box": [
          406.92,
          173.228886,
          424.42,
          181.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          173.228886,
          439.13,
          181.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,255 ",
        "box": [
          463.17,
          173.228886,
          488.17,
          181.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          495.38,
          173.228886,
          502.88,
          181.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,273 ",
        "box": [
          526.92,
          173.228886,
          551.92,
          181.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          201.058896,
          70.16,
          209.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In order to provide insurance for our owned real estate assets, we became a member of Gryphon Mutual Property ",
        "box": [
          85.5,
          201.058896,
          555.8800000000003,
          209.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Americas  IC,  or  Gryphon,  a  captive  insurance  company  owned  by  us  and  other  Blackstone-advised  investment ",
        "box": [
          85.5,
          212.25890600000002,
          555.9300000000002,
          220.48720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "vehicles. A Blackstone affiliate provides oversight and management services to Gryphon and receives fees based on ",
        "box": [
          85.5,
          223.45892600000002,
          555.93,
          231.68722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a percentage of premiums paid for such policies. The fees and expenses of Gryphon, including insurance premiums ",
        "box": [
          85.5,
          234.65893600000004,
          555.9,
          242.88723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and fees paid to its manager, are borne by us and the other Blackstone-advised investment vehicles that are members ",
        "box": [
          85.5,
          245.85888599999998,
          555.9799999999999,
          254.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  Gryphon  pro  rata  based  on  insurance  premiums  paid  for  each  member's  respective  properties.  During  the  six ",
        "box": [
          85.5,
          257.058896,
          555.93002,
          265.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026 and June 30, 2025, we paid $0.3 million and $0.8 million, respectively, to Gryphon for ",
        "box": [
          85.5,
          268.258906,
          555.9400100000001,
          276.48720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "insurance costs, inclusive of premiums, capital surplus contributions, taxes, and our pro rata share of other expenses. ",
        "box": [
          85.5,
          279.458896,
          555.9799999999998,
          287.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Of these amounts, $5 thousand and $31 thousand, respectively, were attributable to the fees paid to a Blackstone ",
        "box": [
          85.5,
          290.65890599999994,
          555.8600099999998,
          298.8872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "affiliate to provide oversight and management services to Gryphon. The amounts included in the table above reflect ",
        "box": [
          85.5,
          301.85891599999997,
          555.92,
          310.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the amortization of the insurance expense over the relevant periods of the respective policies.",
        "box": [
          85.5,
          313.05889599999995,
          457.76999999999987,
          321.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          324.25890599999997,
          70.16,
          332.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  six  months  ended  June  30,  2026,  Blackstone  Securities  Partners  L.P.,  or  BSP,  an  affiliate  of  our ",
        "box": [
          85.5,
          324.25890599999997,
          555.97,
          332.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager, was engaged as a member of the syndicate for our May 2026 Senior Secured Notes. During the six months ",
        "box": [
          85.5,
          335.458896,
          555.8300099999999,
          343.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended  June  30,  2025,  BSP  was  also  engaged  as  a  member  of  the  syndicate  for  our  B-6  Term  Loan.  These ",
        "box": [
          85.5,
          346.65890599999994,
          555.8600000000002,
          354.8872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "engagements were on terms equivalent to those of unaffiliated third parties.",
        "box": [
          85.5,
          357.85891599999997,
          387.05999999999983,
          366.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          369.05889599999995,
          70.16,
          377.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lexington National Land Services, or LNLS, is a Blackstone affiliate that (i) acts as a title agent in facilitating and ",
        "box": [
          85.5,
          369.05889599999995,
          555.84,
          377.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issuing ",
        "box": [
          85.5,
          380.25890599999997,
          116.32,
          388.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "title ",
        "box": [
          120.3,
          380.25890599999997,
          138.31,
          388.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "insurance, ",
        "box": [
          142.29,
          380.25890599999997,
          185.57000000000002,
          388.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii) ",
        "box": [
          189.55,
          380.25890599999997,
          204.25000000000006,
          388.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provides  title ",
        "box": [
          208.23000000000005,
          380.25890599999997,
          267.14000000000004,
          388.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "support  services ",
        "box": [
          271.12000000000006,
          380.25890599999997,
          342.26,
          388.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for ",
        "box": [
          346.24,
          380.25890599999997,
          360.4,
          388.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "title ",
        "box": [
          364.38,
          380.25890599999997,
          382.38999999999993,
          388.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "insurance  underwriters,  (iii) ",
        "box": [
          386.36999999999995,
          380.25890599999997,
          508.0799999999998,
          388.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in ",
        "box": [
          512.0599999999998,
          380.25890599999997,
          522.3299999999998,
          388.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain ",
        "box": [
          526.3099999999998,
          380.25890599999997,
          555.97,
          388.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "circumstances, provides courtesy title settlement services and (iv) acts as escrow agent in connection with certain ",
        "box": [
          85.5,
          391.458896,
          555.9999999999999,
          399.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments  by  Blackstone-advised  vehicles,  including  us,  Blackstone-advised  investment  vehicles  and  portfolio ",
        "box": [
          85.5,
          402.65890599999994,
          555.98,
          410.8872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "companies  owned  by  Blackstone-advised  investment  vehicles,  affiliates  and  related  parties,  and  third  parties, ",
        "box": [
          85.5,
          413.85891599999997,
          555.9399999999997,
          422.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including, in certain cases, Blackstone's borrowers. In exchange for such services, LNLS earns fees which would ",
        "box": [
          85.5,
          425.05889599999995,
          555.9700000000003,
          433.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have  otherwise  been  paid  to  third  parties.  Blackstone  receives  distributions  from  LNLS  in  connection  with ",
        "box": [
          85.5,
          436.25890599999997,
          555.9,
          444.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments made by us based on its equity interest in LNLS. In each case, there will be no related expense offset to ",
        "box": [
          85.5,
          447.458896,
          555.8100000000001,
          455.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "us.",
        "box": [
          85.5,
          458.65890599999994,
          96.89,
          466.8872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CT Investment Management Co., LLC, or CTIMCO, serves as the special servicer of all of our CLOs, and the Manager ",
        "box": [
          58.5,
          481.85891599999997,
          555.9,
          490.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "serves as the collateral manager and benchmark agent for our FL6 and FL5 CLOs issued in the first quarter of 2026 and ",
        "box": [
          58.5,
          493.05889599999995,
          555.8299999999998,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025,  respectively.  As  of  June  30,  2026,  three  of  our  assets  were  in  special  servicing  under  CLOs.  CTIMCO  and  our ",
        "box": [
          58.5,
          504.25890599999997,
          555.9600000000002,
          512.4872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager have waived any fees that would be payable to a third party  serving  in  such  roles  pursuant  to  the  applicable ",
        "box": [
          58.5,
          515.458926,
          555.93,
          523.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements, and no such fees have been paid or will become payable to CTIMCO or our Manager.",
        "box": [
          58.5,
          526.658936,
          452.51,
          534.8872325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Transactions",
        "box": [
          58.5,
          555.698916,
          142.03999999999996,
          563.9272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  six  months  ended  June  30,  2026,  we  invested  $494.2  million  in  four  senior  loans,  $32.3  million  in  two ",
        "box": [
          58.5,
          573.358886,
          555.97998,
          581.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mezzanine loans to unaffiliated third parties, and $66.7 million in a new issuance of a debt security (see Note 6 for further ",
        "box": [
          58.5,
          584.858886,
          555.8199900000003,
          593.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion) in which Blackstone-advised investment vehicles also invested at the same level of the capital structure on a ",
        "box": [
          58.5,
          596.358886,
          555.9499999999997,
          604.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pari passu basis.",
        "box": [
          58.5,
          607.858886,
          123.71999999999997,
          616.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the first quarter of 2026, Blackstone-advised investment vehicles acquired an aggregate $71.4 million participation in ",
        "box": [
          58.5,
          631.358886,
          555.95,
          639.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  $770.8  million  B-9  Term  Loan.  In  the  fourth  quarter  of  2025,  Blackstone-advised  investment  vehicles  acquired  an ",
        "box": [
          58.5,
          642.858886,
          555.89,
          651.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate  $63.0  million  participation  in  our  $700.0  million  B-8  Term  Loan.  In  the  third  quarter  of  2025,  Blackstone-",
        "box": [
          58.5,
          654.358886,
          553.3600000000001,
          662.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "advised investment vehicles acquired an aggregate $33.0 million participation in our $453.1 million B-7 Term Loan. In the ",
        "box": [
          58.5,
          665.858886,
          555.8899800000002,
          674.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "second quarter of 2025, Blackstone-advised investment vehicles acquired an aggregate $83.9 million participation in our ",
        "box": [
          58.5,
          677.358886,
          555.94999,
          685.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.0  billion  B-6  Term  Loan,  which  has  subsequently  been  repaid  in  full.  All  of  these  transactions  were  part  of  broad ",
        "box": [
          58.5,
          688.858886,
          555.9299999999998,
          697.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "syndications led by third-party banks, and were on terms equivalent to those of unaffiliated third parties. BSP was engaged ",
        "box": [
          58.5,
          700.358886,
          555.9299999999998,
          708.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as  a  member  of  the  syndicate  for  these  transactions.  Our  engagements  of  BSP  are  on  terms  equivalent  to  those  of ",
        "box": [
          58.5,
          711.858886,
          555.87,
          720.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unaffiliated third parties. See '-Affiliate Services' for further information.",
        "box": [
          58.5,
          723.358886,
          356.97999999999996,
          731.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 55,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "As  part  of  broad  syndications  led  by  third-party  banks,  Blackstone-advised  investment  vehicles  acquired  an  aggregate ",
        "box": [
          58.5,
          54.308896000000004,
          555.9300000000004,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$11.0 million of notes in our $1.0 billion FL6 CLO offering in the first quarter of 2026, and $75.0 million of notes in our ",
        "box": [
          58.5,
          65.808896,
          555.98999,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.0 billion FL5 CLO offering in the first quarter of 2025. Both of these transactions were on terms equivalent to those of ",
        "box": [
          58.5,
          77.308896,
          555.8699999999998,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unaffiliated third parties.",
        "box": [
          58.5,
          88.808896,
          157.51999999999998,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  the  second  quarter  of  2026,  we  entered  into  our  Homebuilder  Finance Joint Venture with an unaffiliated third-party, ",
        "box": [
          58.5,
          112.308896,
          555.9500000000002,
          120.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "alongside a Blackstone-advised investment vehicle, that concurrently acquired a $286.7 million portfolio of single family ",
        "box": [
          58.5,
          123.808896,
          555.91,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "construction loans in which we made an equity investment of $28.5 million representing our aggregate ownership interest ",
        "box": [
          58.5,
          135.308896,
          555.8999999999999,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of 45%.",
        "box": [
          58.5,
          146.808896,
          90.16,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the fourth quarter of 2025, we made a $75.0 million capital commitment at the initial closing of a fund managed by ",
        "box": [
          58.5,
          170.308896,
          555.9300000000002,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Real Estate Debt Strategies, or BREDS, the BREDS-advised private fund, formed to invest in Core+ real estate ",
        "box": [
          58.5,
          181.808896,
          555.9200100000003,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt  investments  in  the  U.S.  and  Canada.  Blackstone  affiliates,  including  us,  do  not  pay  management  fees  or  carried ",
        "box": [
          58.5,
          193.308896,
          555.9600000000003,
          201.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest  with  respect  to  their  investments  in  the  BREDS-advised  private  fund.  Our  capital  commitment  represented  a ",
        "box": [
          58.5,
          204.808896,
          556.0000100000002,
          213.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "minority  of  the  total  capital  commitments  the  BREDS-advised  private  fund  had  received  as  of  June  30,  2026.  As  of ",
        "box": [
          58.5,
          216.308896,
          555.99999,
          224.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026, the BREDS-advised private fund had not called any capital. To fund its investments, the BREDS-advised ",
        "box": [
          58.5,
          227.808896,
          555.9400100000001,
          236.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "private fund will draw down on capital commitments made by its investors, including us, on a pro rata basis. ",
        "box": [
          58.5,
          239.308896,
          494.73001,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  the  second  quarter  of  2025,  we  entered  into  our  Bank  Loan  Portfolio  Joint  Venture  with  a  Blackstone-advised ",
        "box": [
          58.5,
          262.808896,
          555.8900000000001,
          271.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment vehicle that concurrently acquired a $1.4 billion portfolio of performing commercial mortgage loans in which ",
        "box": [
          58.5,
          274.308896,
          555.9199799999998,
          282.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we made an equity investment of $57.6 million and our ownership interest was 29%. In the third quarter of 2025, our Bank ",
        "box": [
          58.5,
          285.80889599999995,
          555.93998,
          294.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Joint Venture acquired a $606.0 million portfolio of performing commercial mortgage loans in which we ",
        "box": [
          58.5,
          297.30889599999995,
          555.9699999999998,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "made an equity investment of $44.7 million and our ownership interest was 50%. In the fourth quarter of 2024, we entered ",
        "box": [
          58.5,
          308.80889599999995,
          555.8200100000001,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "into our Net Lease Joint Venture with a Blackstone-advised investment vehicle to invest in triple net lease properties.",
        "box": [
          58.5,
          320.30889599999995,
          527.3299899999998,
          328.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We do not consolidate our Bank Loan Portfolio Joint Venture, our Net Lease Joint Venture, or the BREDS-advised private ",
        "box": [
          58.5,
          343.80889599999995,
          555.9400100000004,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fund, as we do not have a controlling financial interest. As of June 30, 2026, the aggregate value of our equity investment ",
        "box": [
          58.5,
          355.30889599999995,
          555.91999,
          363.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in our Bank Loan Portfolio Joint Venture was $99.8 million and our ownership interest was 35%, and the aggregate value ",
        "box": [
          58.5,
          366.80889599999995,
          555.8500100000003,
          375.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our equity investment in our Net Lease Joint Venture was $185.9 million and our ownership interest was 75%. As of ",
        "box": [
          58.5,
          378.30889599999995,
          555.96001,
          386.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026, we had not made an equity investment in the BREDS-advised private fund. We, these joint ventures, these ",
        "box": [
          58.5,
          389.80889599999995,
          555.90999,
          398.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone-advised  investment  vehicles,  and  other  Blackstone  affiliates  have  engaged  and  may  in  the  future  engage  in ",
        "box": [
          58.5,
          401.30889599999995,
          555.9100000000002,
          409.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain investment, financing, derivative and/or hedging arrangements related to these unconsolidated entities.",
        "box": [
          58.5,
          412.80889599999995,
          498.45999999999987,
          421.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the second quarter of 2026, one of our senior loans to a borrower controlled by Blackstone-advised investment vehicles ",
        "box": [
          58.5,
          436.30889599999995,
          555.9599999999999,
          444.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was  modified.  The  terms  of  the  modification  (including,  among  other  changes,  an  extension  of  the  maturity  date,  a ",
        "box": [
          58.5,
          447.80889599999995,
          555.9300000000001,
          456.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reduction in the contractual interest rate, and a meaningful additional commitment and credit support from the borrower) ",
        "box": [
          58.5,
          459.30889599999995,
          555.9199999999998,
          467.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were  negotiated  by  our  third-party  co-lenders.  We  continue  to  forgo  all  non-economic  rights  under  the  loan,  including ",
        "box": [
          58.5,
          470.80889599999995,
          556.0,
          479.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "voting rights, so long as the Blackstone-advised investment vehicles control the borrower.",
        "box": [
          58.5,
          482.30889599999995,
          418.39999999999986,
          490.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21. COMMITMENTS AND CONTINGENCIES",
        "box": [
          58.5,
          511.64892599999996,
          265.04999999999995,
          519.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded Commitments Under Loans Receivable ",
        "box": [
          58.5,
          535.148926,
          273.65000000000003,
          543.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  June  30,  2026,  we  had  aggregate  unfunded  commitments  of  $1.1  billion  across  53  loans  receivable,  and ",
        "box": [
          58.5,
          552.808896,
          555.9899900000001,
          561.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$680.3 million of committed or identified financings for those commitments, resulting in net unfunded commitments of ",
        "box": [
          58.5,
          564.308896,
          555.92,
          572.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$427.4 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, ",
        "box": [
          58.5,
          575.808896,
          555.9299999999997,
          584.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  interest  and  carry  costs.  Loan  funding  commitments  are  generally  subject  to  certain  conditions,  including,  without ",
        "box": [
          58.5,
          587.308896,
          555.8699999999995,
          595.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact ",
        "box": [
          58.5,
          598.808896,
          555.9400100000001,
          607.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of ",
        "box": [
          58.5,
          610.308896,
          555.96,
          618.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, ",
        "box": [
          58.5,
          621.808896,
          555.9099999999997,
          630.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which have a weighted-average future funding period of",
        "box": [
          58.5,
          633.308896,
          283.5300000000001,
          641.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          283.53,
          633.308896,
          286.03,
          641.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.7 years.",
        "box": [
          286.03,
          633.308896,
          324.60999,
          641.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 56,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Principal Debt Repayments ",
        "box": [
          58.5,
          54.148926000000074,
          178.68,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our contractual principal debt repayments as of June 30, 2026 were as follows ($ in thousands): ",
        "box": [
          58.5,
          71.808896,
          444.51999999999987,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Year",
        "box": [
          90.94,
          112.73315479999997,
          107.82000000000001,
          119.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured ",
        "box": [
          156.86,
          103.54309479999995,
          186.38799999999998,
          110.12573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt (1)",
        "box": [
          159.38,
          112.09194112,
          181.8632,
          119.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-Specific ",
        "box": [
          203.88,
          103.54309479999995,
          253.4079999999999,
          110.12573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt (1)",
        "box": [
          216.38,
          112.09194112,
          238.8632,
          119.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term ",
        "box": [
          275.07999,
          103.54309479999995,
          296.18399000000005,
          110.12573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans (2)",
        "box": [
          271.14999,
          112.09194112,
          298.0932,
          119.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior ",
        "box": [
          330.51999,
          94.3531448,
          354.72799000000003,
          100.93578204494622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured ",
        "box": [
          327.85999,
          103.54309479999995,
          357.38799000000006,
          110.12573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes",
        "box": [
          332.07999,
          112.73315479999997,
          351.18399000000005,
          119.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible ",
        "box": [
          377.67001,
          103.54309479999995,
          420.09401,
          110.12573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes (3)",
        "box": [
          385.29999,
          112.09194112,
          410.45318000000003,
          119.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other ",
        "box": [
          444.66,
          94.3531448,
          467.09200000000004,
          100.93578204494622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured ",
        "box": [
          441.10999,
          103.54309479999995,
          470.63799000000006,
          110.12573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt (4)",
        "box": [
          443.63,
          112.09194112,
          466.11322000000007,
          119.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total (5)",
        "box": [
          505.73999,
          112.09194112,
          530.01321,
          119.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 (remaining)",
        "box": [
          61.13,
          125.308896,
          130.78999999999996,
          133.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 1,168,763 ",
        "box": [
          146.63,
          125.308896,
          195.67,
          133.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          203.63,
          125.308896,
          211.13,
          133.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          240.17,
          125.308896,
          247.67,
          133.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          260.63,
          125.308896,
          268.13,
          133.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,619 ",
        "box": [
          284.67,
          125.308896,
          309.67,
          133.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          317.63,
          125.308896,
          325.13,
          133.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          354.17,
          125.308896,
          361.67,
          133.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          373.88,
          125.308896,
          381.38,
          133.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          410.42,
          125.308896,
          417.92,
          133.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          430.88,
          125.308896,
          438.38,
          133.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          467.42,
          125.308896,
          474.92,
          133.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          487.88,
          125.308896,
          495.38,
          133.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,178,382 ",
        "box": [
          506.42,
          125.308896,
          548.9200000000001,
          133.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          61.13,
          140.308896,
          81.13,
          148.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2,235,081 ",
        "box": [
          146.63,
          140.308896,
          195.67,
          148.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          203.63,
          140.308896,
          206.13,
          148.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "367,814 ",
        "box": [
          217.67,
          140.308896,
          252.67,
          148.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          260.63,
          140.308896,
          263.13,
          148.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,239 ",
        "box": [
          279.67,
          140.308896,
          309.67,
          148.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.63,
          140.308896,
          320.13,
          148.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335,316 ",
        "box": [
          331.67,
          140.308896,
          366.67,
          148.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          373.88,
          140.308896,
          376.38,
          148.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          387.92,
          140.308896,
          422.92,
          148.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.88,
          140.308896,
          433.38,
          148.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          467.42,
          140.308896,
          474.92,
          148.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.88,
          140.308896,
          490.38,
          148.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,223,607 ",
        "box": [
          506.42,
          140.308896,
          548.9200000000001,
          148.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          61.13,
          155.308896,
          81.13,
          163.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1,337,203 ",
        "box": [
          146.63,
          155.308896,
          195.67,
          163.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          203.63,
          155.308896,
          206.13,
          163.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          240.17,
          155.308896,
          247.67,
          163.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          260.63,
          155.308896,
          263.13,
          163.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,239 ",
        "box": [
          279.67,
          155.308896,
          309.67,
          163.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.63,
          155.308896,
          320.13,
          163.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          354.17,
          155.308896,
          361.67,
          163.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          373.88,
          155.308896,
          376.38,
          163.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          410.42,
          155.308896,
          417.92,
          163.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.88,
          155.308896,
          433.38,
          163.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          467.42,
          155.308896,
          474.92,
          163.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.88,
          155.308896,
          490.38,
          163.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,356,442 ",
        "box": [
          506.42,
          155.308896,
          548.9200000000001,
          163.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          61.13,
          170.308896,
          81.13,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          146.63,
          170.308896,
          149.13,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "993,380 ",
        "box": [
          160.67,
          170.308896,
          195.67,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          203.63,
          170.308896,
          206.13,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "445,005 ",
        "box": [
          217.67,
          170.308896,
          252.67,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          260.63,
          170.308896,
          263.13,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "453,085 ",
        "box": [
          274.67,
          170.308896,
          309.67,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.63,
          170.308896,
          320.13,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000 ",
        "box": [
          331.67,
          170.308896,
          366.67,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          373.88,
          170.308896,
          376.38,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          410.42,
          170.308896,
          417.92,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.88,
          170.308896,
          433.38,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          467.42,
          170.308896,
          474.92,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.88,
          170.308896,
          490.38,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,341,470 ",
        "box": [
          506.42,
          170.308896,
          548.9200000000001,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          61.13,
          185.308896,
          81.13,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2,062,897 ",
        "box": [
          146.63,
          185.308896,
          195.67,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          203.63,
          185.308896,
          206.13,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "159,816 ",
        "box": [
          217.67,
          185.308896,
          252.67,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          260.63,
          185.308896,
          263.13,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "748,851 ",
        "box": [
          274.67,
          185.308896,
          309.67,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.63,
          185.308896,
          320.13,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          354.17,
          185.308896,
          361.67,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          373.88,
          185.308896,
          376.38,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          410.42,
          185.308896,
          417.92,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.88,
          185.308896,
          433.38,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,386 ",
        "box": [
          449.92,
          185.308896,
          479.92,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.88,
          185.308896,
          490.38,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,009,950 ",
        "box": [
          506.42,
          185.308896,
          548.9200000000001,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          61.13,
          200.308896,
          102.70999999999997,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          146.63,
          200.308896,
          149.13,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "920,027 ",
        "box": [
          160.67,
          200.308896,
          195.67,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          203.63,
          200.308896,
          206.13,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          240.17,
          200.308896,
          247.67,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          260.63,
          200.308896,
          263.13,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "665,000 ",
        "box": [
          274.67,
          200.308896,
          309.67,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.63,
          200.308896,
          320.13,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000 ",
        "box": [
          331.67,
          200.308896,
          366.67,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          373.88,
          200.308896,
          376.38,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          410.42,
          200.308896,
          417.92,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.88,
          200.308896,
          433.38,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          467.42,
          200.308896,
          474.92,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.88,
          200.308896,
          490.38,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,035,027 ",
        "box": [
          506.42,
          200.308896,
          548.9200000000001,
          208.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total obligation",
        "box": [
          72.13,
          215.308896,
          136.20999999999995,
          223.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 8,717,351 ",
        "box": [
          146.63,
          215.308896,
          195.67,
          223.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          203.63,
          215.308896,
          211.13,
          223.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "972,635 ",
        "box": [
          217.67,
          215.308896,
          252.67,
          223.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 1,915,033 ",
        "box": [
          260.63,
          215.308896,
          309.67,
          223.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 1,235,316 ",
        "box": [
          317.63,
          215.308896,
          366.67,
          223.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          373.88,
          215.308896,
          381.38,
          223.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          387.92,
          215.308896,
          422.92,
          223.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          430.88,
          215.308896,
          438.38,
          223.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,386 ",
        "box": [
          449.92,
          215.308896,
          479.92,
          223.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          487.88,
          215.308896,
          495.38,
          223.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,144,878 ",
        "box": [
          501.42,
          215.308896,
          548.9200000000001,
          223.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          243.058896,
          70.16,
          251.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  secured  debt  and  asset-specific  debt  agreements  are  generally  term-matched  to  their  underlying  collateral. ",
        "box": [
          85.5,
          243.058896,
          555.9000000000002,
          251.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity ",
        "box": [
          85.5,
          254.558896,
          555.93,
          262.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the ",
        "box": [
          85.5,
          266.058896,
          555.9,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maturity date of the respective debt agreement is used.",
        "box": [
          85.5,
          277.558896,
          303.25000000000006,
          285.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          289.05889599999995,
          70.16,
          297.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance ",
        "box": [
          85.5,
          289.05889599999995,
          555.9200000000003,
          297.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due in quarterly installments. Refer to Note 10 for further details on our Term Loans. ",
        "box": [
          85.5,
          300.55889599999995,
          428.18000999999987,
          308.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          312.05889599999995,
          70.16,
          320.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer ",
        "box": [
          85.5,
          312.05889599999995,
          555.95,
          320.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to Note 12 for further details on our Convertible Notes.",
        "box": [
          85.5,
          323.55889599999995,
          306.4000000000001,
          331.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          335.05889599999995,
          70.16,
          343.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts are included in other liabilities on our consolidated balance sheets.",
        "box": [
          85.5,
          335.05889599999995,
          390.4000000000001,
          343.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          346.55889599999995,
          70.16,
          354.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total does not include $2.7 billion of consolidated securitized debt obligations, as the satisfaction of these liabilities ",
        "box": [
          85.5,
          346.55889599999995,
          555.9399999999998,
          354.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "will not require cash outlays from us. ",
        "box": [
          85.5,
          358.05889599999995,
          237.02000000000004,
          366.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Board of Directors' Compensation",
        "box": [
          58.5,
          387.398896,
          205.89000000000001,
          395.6271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, our seven non-employee directors are entitled to annual compensation of $210,000 each, of which ",
        "box": [
          58.5,
          405.05889599999995,
          555.9800000000001,
          413.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of restricted ",
        "box": [
          58.5,
          416.55889599999995,
          555.8800099999996,
          424.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock. As of June 30, 2026, the other two board members are employees of affiliates of our Manager who also ",
        "box": [
          58.5,
          428.05889599999995,
          555.8599899999997,
          436.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "serve  as  executive  officers  and  they  are  not  compensated  by  us  for  their  service  as  directors.  In  addition,  (i)  the  lead ",
        "box": [
          58.5,
          439.55889599999995,
          555.8400000000001,
          447.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "independent director receives additional annual cash compensation of $30,000, (ii) the chairs of our audit, compensation, ",
        "box": [
          58.5,
          451.05889599999995,
          555.8599899999999,
          459.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  corporate  governance  committees  receive  additional  annual  cash  compensation  of  $20,000,  $15,000,  and  $10,000, ",
        "box": [
          58.5,
          462.55889599999995,
          555.95996,
          470.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, and (iii) the members of our audit and investment risk management committees receive additional annual cash ",
        "box": [
          58.5,
          474.05889599999995,
          555.8500000000001,
          482.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation of $10,000 and $7,500, respectively.",
        "box": [
          58.5,
          485.55889599999995,
          262.50000000000006,
          493.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Litigation ",
        "box": [
          58.5,
          514.898926,
          103.18999999999998,
          523.1272225561827
        ],
        "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. As of ",
        "box": [
          58.5,
          532.558896,
          555.9099999999999,
          540.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026, we were not involved in any material legal proceedings. ",
        "box": [
          58.5,
          544.058896,
          345.70000000000005,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22. SEGMENT REPORTING",
        "box": [
          58.5,
          573.398926,
          186.48,
          581.6272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete ",
        "box": [
          58.5,
          591.058896,
          555.9500000000002,
          599.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial information is available that is evaluated on a regular basis by the chief operating decision maker, or CODM. Our ",
        "box": [
          58.5,
          602.558896,
          555.9300000000003,
          610.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CODM is, collectively, our Chief Executive Officer and Chief Financial Officer, who decide how to allocate resources and ",
        "box": [
          58.5,
          614.058896,
          555.9900000000002,
          622.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assess performance. A single management team reports to the CODM, who manages the entire business.",
        "box": [
          58.5,
          625.558896,
          476.09000000000003,
          633.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have determined that we have one reportable segment based on how the CODM reviews and manages the business, ",
        "box": [
          58.5,
          649.058896,
          555.9800000000004,
          657.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which originates and acquires commercial mortgage loans and related investments. ",
        "box": [
          58.5,
          660.558896,
          392.78000000000003,
          668.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our CODM reviews, among other things, consolidated net income (loss) that is reported on the Consolidated Statements of ",
        "box": [
          58.5,
          684.058896,
          555.9399999999997,
          692.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operations to make decisions, allocate resources and assess performance and does not evaluate the net income (loss) from ",
        "box": [
          58.5,
          695.558896,
          555.8700000000001,
          703.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any separate geography or product line. The measure of segment assets is reported on the Consolidated Balance Sheets as ",
        "box": [
          58.5,
          707.058896,
          555.9899999999999,
          715.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "total consolidated assets.",
        "box": [
          58.5,
          718.558896,
          157.52999999999994,
          726.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 57,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "ITEM 2. ",
        "box": [
          58.5,
          54.148926000000074,
          97.64,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND ",
        "box": [
          130.5,
          54.148926000000074,
          519.2300000000005,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RESULTS OF OPERATIONS",
        "box": [
          58.5,
          65.64892600000007,
          188.97999999999996,
          73.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "References  herein  to  'Blackstone  Mortgage  Trust,'  'Company,'  'we,'  'us,'  or  'our'  refer  to  Blackstone  Mortgage ",
        "box": [
          58.5,
          83.31890600000008,
          555.9499999999998,
          91.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.",
        "box": [
          58.5,
          94.81890600000008,
          381.20999999999987,
          103.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following discussion and analysis of our financial condition and results of operations should be read in conjunction ",
        "box": [
          58.5,
          112.31890600000008,
          555.9799999999996,
          120.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on ",
        "box": [
          58.5,
          123.81890600000008,
          555.9499999999998,
          132.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Form 10-Q and with our Annual Report on Form 10-K for the year ended December 31, 2025. In addition to historical ",
        "box": [
          58.5,
          135.31890600000008,
          555.9300099999999,
          143.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "data, this discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities ",
        "box": [
          58.5,
          146.81890600000008,
          555.9599999999999,
          155.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the ",
        "box": [
          58.5,
          158.31890600000008,
          556.0,
          166.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exchange Act, which reflect our current views with respect to, among other things, our business, operations and financial ",
        "box": [
          58.5,
          169.81890600000008,
          555.8999999999997,
          178.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance. You can identify these forward-looking statements by the use of words such as 'intend,' 'goal,' 'estimate,' ",
        "box": [
          58.5,
          181.31890600000008,
          555.86,
          189.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'expect,'  'project,'  'projections,'  'plans,'  'seeks,'  'anticipates,'  'should,'  'could,'  'may,'  'designed  to,' ",
        "box": [
          58.5,
          192.81890600000008,
          555.9900000000001,
          201.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'foreseeable  future,'  'believe,'  'scheduled,'  and  similar  expressions.  Such  forward-looking  statements  are  subject  to ",
        "box": [
          58.5,
          204.31890600000008,
          555.9299999999998,
          212.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "various  risks,  uncertainties  and  assumptions.  Our  actual  results  or  outcomes  may  differ  materially  from  those  in  this ",
        "box": [
          58.5,
          215.81890600000008,
          555.9199999999998,
          224.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion and analysis as a result of various factors, including but not limited to those discussed in Item 1A. Risk Factors ",
        "box": [
          58.5,
          227.31890600000008,
          555.9899999999997,
          235.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in our Annual Report on Form 10-K for the year ended December 31, 2025 and elsewhere in this Quarterly Report on ",
        "box": [
          58.5,
          238.81890600000008,
          555.86,
          247.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Form 10-Q.",
        "box": [
          58.5,
          250.31890600000008,
          106.25999999999999,
          258.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Introduction ",
        "box": [
          58.5,
          279.64889600000004,
          115.41999999999999,
          287.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other ",
        "box": [
          58.5,
          297.30889599999995,
          555.9799999999999,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and ",
        "box": [
          58.5,
          308.80889599999995,
          555.8900000000001,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major ",
        "box": [
          58.5,
          320.30889599999995,
          555.8999999999996,
          328.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "markets,  and  sponsored  by  experienced,  well-capitalized  real  estate  investment  owners  and  operators.  We  finance  our ",
        "box": [
          58.5,
          331.80889599999995,
          556.0000000000001,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments in a variety of ways, including borrowing under secured credit facilities, issuing collateralized loan obligations, ",
        "box": [
          58.5,
          343.30889599999995,
          555.9499999999997,
          351.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or  CLOs, other securitization transactions, syndicating senior loans and/or participations, and other forms of asset-level ",
        "box": [
          58.5,
          354.80889599999995,
          556.0000000000001,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing,  depending  on  our  view  of  the  most  prudent  financing  option  available  for  each  of  our  investments.  We  are ",
        "box": [
          58.5,
          366.30889599999995,
          556.0000000000001,
          374.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a ",
        "box": [
          58.5,
          377.80889599999995,
          555.8300000000002,
          386.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol 'BXMT.'",
        "box": [
          58.5,
          389.30889599999995,
          531.0800000000004,
          397.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  benefit  from  the  deep  knowledge,  experience  and  information  advantages  of  our  Manager,  which  is  a  part  of ",
        "box": [
          58.5,
          412.80889599999995,
          555.9300000000003,
          421.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Real Estate. Blackstone Real Estate was founded in 1991 and is the world's largest owner of commercial real ",
        "box": [
          58.5,
          424.30889599999995,
          555.8800000000002,
          432.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate.  Blackstone Real Estate operates as one globally integrated business with investments in North America, Europe, ",
        "box": [
          58.5,
          435.80889599999995,
          555.86,
          444.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asia  and  Latin  America.  In  the  United  States,  Blackstone  Real  Estate  is  one  of  the  largest  owners  of  rental  housing, ",
        "box": [
          58.5,
          447.30889599999995,
          555.9,
          455.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "industrial,  office,  hospitality  and  retail  assets.  The  market-leading  real  estate  expertise  derived  from  the  strength  of  the ",
        "box": [
          58.5,
          458.80889599999995,
          555.8699999999998,
          467.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone platform deeply informs our credit and underwriting process, and we believe it gives us the tools to manage the ",
        "box": [
          58.5,
          470.30889599999995,
          555.9000000000002,
          478.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets in our portfolio and work with our borrowers throughout periods of economic stress and uncertainty. ",
        "box": [
          58.5,
          481.80889599999995,
          488.98001,
          490.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal ",
        "box": [
          58.5,
          505.30889599999995,
          555.99,
          513.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders ",
        "box": [
          58.5,
          516.808896,
          555.9399999999999,
          525.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  maintain  our  qualification  as  a  REIT.  We  also  operate  our  business  in  a  manner  that  permits  us  to  maintain  an ",
        "box": [
          58.5,
          528.308896,
          555.8700000000001,
          536.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exclusion  from  registration  under  the  Investment  Company  Act  of  1940,  as  amended.  We  are  organized  as  a  holding ",
        "box": [
          58.5,
          539.808896,
          555.8699999999999,
          548.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "company and conduct our business primarily through our various subsidiaries. ",
        "box": [
          58.5,
          551.308896,
          374.0799999999999,
          559.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 58,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "I. Key Financial Measures and Indicators ",
        "box": [
          58.5,
          54.148926000000074,
          238.08999999999997,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per ",
        "box": [
          58.5,
          71.808896,
          555.9400000000002,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share, dividends declared, Distributable Earnings, Distributable Earnings prior to realized gains and losses, and book value ",
        "box": [
          58.5,
          83.308896,
          555.8899900000001,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per share. For the three months ended June 30, 2026, we recorded basic net loss per share of $0.48, declared a dividend of ",
        "box": [
          58.5,
          94.808896,
          555.8500100000001,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.47 per share, reported $0.31 per share of Distributable Earnings, and reported $0.48 per share of Distributable Earnings ",
        "box": [
          58.5,
          106.308896,
          555.9700100000001,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prior to realized gains and losses. In addition, our book value as of June 30, 2026 was $19.31 per share, which is net of ",
        "box": [
          58.5,
          117.808896,
          555.9500000000002,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cumulative CECL reserves of $2.43 per share, and accumulated depreciation and amortization of owned real estate assets, ",
        "box": [
          58.5,
          129.308896,
          555.9200000000003,
          137.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including our share related to unconsolidated entities, of $0.76 per share.",
        "box": [
          58.5,
          140.808896,
          349.56998,
          149.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  further  described  below,  Distributable  Earnings  and  Distributable  Earnings  prior  to  realized  gains  and  losses  are ",
        "box": [
          58.5,
          164.308896,
          555.8900100000002,
          172.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measures  that  are  not  prepared  in  accordance  with  accounting  principles  generally  accepted  in  the  United  States  of ",
        "box": [
          58.5,
          175.808896,
          555.8900000000001,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "America, or GAAP. Distributable Earnings and Distributable Earnings prior to realized gains and losses help us to evaluate ",
        "box": [
          58.5,
          187.308896,
          555.8800000000001,
          195.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our performance, excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily ",
        "box": [
          58.5,
          198.808896,
          555.9900000000001,
          207.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indicative of our current investments and operations. In addition, Distributable Earnings and Distributable Earnings prior to ",
        "box": [
          58.5,
          210.308896,
          555.9799999999999,
          218.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "realized gains and losses are performance metrics we consider when declaring our dividends.",
        "box": [
          58.5,
          221.808896,
          430.5400100000001,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings Per Share and Dividends Declared",
        "box": [
          58.5,
          251.14892600000007,
          246.96000000000004,
          259.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets forth the calculation of basic net loss per share and dividends declared per share ($ in thousands, ",
        "box": [
          58.5,
          268.808896,
          555.9700100000001,
          277.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "except per share data):",
        "box": [
          58.5,
          280.30889599999995,
          148.64000000000001,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          295.7331248,
          63.13,
          302.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          441.34,
          295.7331248,
          514.1960000000001,
          302.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          415.91,
          308.4831248,
          462.34200000000004,
          315.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          489.82999,
          308.4831248,
          542.9259900000001,
          315.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss (1)",
        "box": [
          61.13,
          321.05889599999995,
          99.66320999999999,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          321.05889599999995,
          412.13,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(81,222)  $ ",
        "box": [
          441.34,
          321.05889599999995,
          489.38,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,297) ",
        "box": [
          523.59,
          321.05889599999995,
          555.2500000000001,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares outstanding, basic",
        "box": [
          61.13,
          336.05889599999995,
          236.47,
          344.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,964,515",
        "box": [
          423.62,
          336.05889599999995,
          473.62,
          344.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,078,373",
        "box": [
          500.87,
          336.05889599999995,
          550.87,
          344.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss per share, basic",
        "box": [
          61.13,
          351.05889599999995,
          157.97,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          351.05889599999995,
          412.13,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.48) ",
        "box": [
          451.34,
          351.05889599999995,
          477.99999999999994,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          351.05889599999995,
          489.38,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.04) ",
        "box": [
          528.59,
          351.05889599999995,
          555.2500000000001,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared per share",
        "box": [
          61.13,
          366.05889599999995,
          177.38,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          366.05889599999995,
          412.13,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          454.66999999999996,
          366.05889599999995,
          474.66999999999996,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          366.05889599999995,
          489.38,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          531.92,
          366.05889599999995,
          551.92,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          393.80889599999995,
          70.16,
          402.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents net loss attributable to Blackstone Mortgage Trust, Inc. Refer to Note 14 to our consolidated financial ",
        "box": [
          85.5,
          393.80889599999995,
          555.9900100000001,
          402.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements for the calculation of diluted net loss per share.",
        "box": [
          85.5,
          405.30889599999995,
          317.96999999999997,
          413.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings and Distributable Earnings Prior to Realized Gains and Losses",
        "box": [
          58.5,
          434.648896,
          427.14,
          442.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings and Distributable Earnings prior to realized gains and losses are non-GAAP measures. We define ",
        "box": [
          58.5,
          452.30889599999995,
          555.8800000000002,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings as GAAP net income (loss), including realized gains and losses not otherwise recognized in current ",
        "box": [
          58.5,
          463.80889599999995,
          555.8499999999999,
          472.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period  GAAP  net  income  (loss),  and  excluding  (i)  non-cash  equity  compensation  expense,  (ii)  depreciation  and ",
        "box": [
          58.5,
          475.30889599999995,
          555.9300000000002,
          483.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted ",
        "box": [
          58.5,
          486.80889599999995,
          555.8599999999999,
          495.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from  time  to  time  to  exclude  one-time  events  pursuant  to  changes  in  GAAP  and  certain  other  non-cash  charges  as ",
        "box": [
          58.5,
          498.30889599999995,
          555.96,
          506.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined by our Manager, subject to approval by a majority of our independent directors. Distributable Earnings mirrors ",
        "box": [
          58.5,
          509.80889599999995,
          555.9099999999997,
          518.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of ",
        "box": [
          58.5,
          521.308896,
          555.88,
          529.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculating our incentive fee expense. Therefore, Distributable Earnings prior to realized gains and losses is calculated net ",
        "box": [
          58.5,
          532.808896,
          555.8499900000002,
          541.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the incentive fee expense that would have been recognized if such realized gains or losses had not occurred. ",
        "box": [
          58.5,
          544.308896,
          502.9499999999999,
          552.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  CECL  reserves  have  been  excluded  from  Distributable  Earnings  consistent  with  other  unrealized  gains  (losses) ",
        "box": [
          58.5,
          567.808896,
          555.87,
          576.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pursuant  to  our  existing  policy  for  reporting  Distributable  Earnings.  We  expect  to  only  recognize  such  potential  credit ",
        "box": [
          58.5,
          579.308896,
          555.85,
          587.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses  in  Distributable  Earnings  if  and  when  such  amounts  are  realized  and  deemed  non-recoverable  upon  a  realization ",
        "box": [
          58.5,
          590.808896,
          555.89,
          599.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but ",
        "box": [
          58.5,
          602.308896,
          555.8100000000003,
          610.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "realization and non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due ",
        "box": [
          58.5,
          613.808896,
          555.9699999999996,
          622.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "will not be collected. The timing of any such credit loss realization in our Distributable Earnings may differ materially from ",
        "box": [
          58.5,
          625.308896,
          555.9199999999997,
          633.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the timing of CECL reserves or charge-offs in our consolidated financial statements prepared in accordance with GAAP. ",
        "box": [
          58.5,
          636.808896,
          555.9499999999997,
          645.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  realized  loss  amount  reflected  in  Distributable  Earnings  will  equal  the  difference  between  the  cash  received,  or ",
        "box": [
          58.5,
          648.308896,
          555.9599999999999,
          656.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected to be received, and the book value of the asset, and is reflective of our economic experience as it relates to the ",
        "box": [
          58.5,
          659.808896,
          555.9299999999998,
          668.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ultimate realization of the loan. ",
        "box": [
          58.5,
          671.308896,
          186.06999999999996,
          679.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) ",
        "box": [
          58.5,
          694.808896,
          555.98,
          703.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  cash  flow  from  operating  activities  determined  in  accordance  with  GAAP.  We  believe  Distributable  Earnings  is  a ",
        "box": [
          58.5,
          706.308896,
          555.8700000000002,
          714.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "useful financial metric for existing and potential future holders of our class A common stock as historically, over time, ",
        "box": [
          58.5,
          717.808896,
          555.95,
          726.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute ",
        "box": [
          58.5,
          729.308896,
          555.9700000000001,
          737.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 59,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "annually at least 90% of our net taxable income, subject to certain adjustments, and therefore we believe our dividends are ",
        "box": [
          58.5,
          54.308896000000004,
          555.98,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "one of the principal reasons stockholders may invest in our class A common stock. Refer to Note 16 to our consolidated ",
        "box": [
          58.5,
          65.808896,
          555.85001,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements for further discussion of our distribution requirements as a REIT. Further, Distributable Earnings helps ",
        "box": [
          58.5,
          77.308896,
          555.8699999999998,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "us to evaluate our performance, excluding the effects of certain transactions and GAAP adjustments that we believe are not ",
        "box": [
          58.5,
          88.808896,
          555.94,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "necessarily indicative of our current investment portfolio and operations, and is a performance metric we consider when ",
        "box": [
          58.5,
          100.308896,
          555.89,
          108.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "declaring our dividends. ",
        "box": [
          58.5,
          111.808896,
          157.84999999999997,
          120.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Furthermore, we believe it is useful to present Distributable Earnings prior to realized gains and losses, which include but ",
        "box": [
          58.5,
          135.308896,
          555.9300000000001,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are not limited to charge-offs of CECL reserves, to reflect our direct operating results and help existing and potential future ",
        "box": [
          58.5,
          146.808896,
          555.9899999999999,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "holders of our class A common stock assess the performance of our business excluding such realized gains or losses. We ",
        "box": [
          58.5,
          158.308896,
          555.8299999999998,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may make similar adjustments with respect to other types of investments, if and when applicable transactions occur. During ",
        "box": [
          58.5,
          169.808896,
          555.8599900000002,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the period from the first quarter of 2024 to the fourth quarter of 2025, we reported this metric as Distributable Earnings ",
        "box": [
          58.5,
          181.308896,
          555.85,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prior to charge-offs of CECL reserves, as the only applicable realized gains or losses during such period were charge-offs ",
        "box": [
          58.5,
          192.808896,
          555.8400000000001,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of CECL reserves. We utilize Distributable Earnings prior to realized gains and losses as an additional performance metric ",
        "box": [
          58.5,
          204.308896,
          555.9999900000001,
          212.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  consider  when  declaring  our  dividends.  Distributable  Earnings  mirrors  the  terms  of  our  Management  Agreement  for ",
        "box": [
          58.5,
          215.808896,
          555.9499999999998,
          224.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purposes of calculating our incentive fee expense. Therefore, Distributable Earnings prior to realized gains and losses is ",
        "box": [
          58.5,
          227.308896,
          555.86001,
          235.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculated  net  of  the  incentive  fee  expense  that  would  have  been  recognized  if  such  realized  gains  or  losses  had  not ",
        "box": [
          58.5,
          238.808896,
          556.0000000000002,
          247.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "occurred.",
        "box": [
          58.5,
          250.308896,
          95.94999999999997,
          258.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings and Distributable Earnings prior to realized gains and losses do not represent net income (loss) or ",
        "box": [
          58.5,
          273.808896,
          555.8899899999999,
          282.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash  generated  from  operating  activities  and  should  not  be  considered  as  alternatives  to  GAAP  net  income  (loss),  or ",
        "box": [
          58.5,
          285.30889599999995,
          555.9299999999998,
          293.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indicators of our GAAP cash flows from operations, measures of our liquidity, or indicators of funds available for our cash ",
        "box": [
          58.5,
          296.80889599999995,
          555.92,
          305.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "needs.  In  addition,  our  methodology  for  calculating  Distributable  Earnings  and  Distributable  Earnings  prior  to  realized ",
        "box": [
          58.5,
          308.30889599999995,
          555.9100100000002,
          316.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains  and  losses  may  differ  from  the  methodologies  employed  by  other  companies  to  calculate  the  same  or  similar ",
        "box": [
          58.5,
          319.80889599999995,
          555.9899999999999,
          328.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "supplemental performance measures, and accordingly, our reported Distributable Earnings and Distributable Earnings prior ",
        "box": [
          58.5,
          331.30889599999995,
          556.0,
          339.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to realized gains and losses may not be comparable to similar metrics reported by other companies.",
        "box": [
          58.5,
          342.80889599999995,
          454.6699999999998,
          351.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 60,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table provides a reconciliation of Distributable Earnings and Distributable Earnings prior to realized gains ",
        "box": [
          58.5,
          54.308896000000004,
          555.87,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and losses to GAAP net income (loss) ($ in thousands, except per share data):",
        "box": [
          58.5,
          65.808896,
          369.32,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          441.70999,
          81.23315479999997,
          514.5659900000002,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          416.28,
          93.98315479999997,
          462.712,
          100.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          490.20001,
          93.98315479999997,
          543.29601,
          100.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss (1)",
        "box": [
          61.13,
          106.558896,
          99.66320999999999,
          114.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          106.558896,
          412.88,
          114.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(81,222) ",
        "box": [
          441.34,
          106.558896,
          477.99999999999994,
          114.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          106.558896,
          490.13,
          114.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,297) ",
        "box": [
          523.59,
          106.558896,
          555.2500000000001,
          114.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs of CECL reserves (2)",
        "box": [
          61.13,
          121.558896,
          189.0032,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          121.558896,
          407.88,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(28,620) ",
        "box": [
          441.34,
          121.558896,
          477.99999999999994,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          121.558896,
          485.13,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(46,451) ",
        "box": [
          518.59,
          121.558896,
          555.2500000000001,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in CECL reserves",
        "box": [
          61.13,
          136.558896,
          167.92,
          144.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          136.558896,
          407.88,
          144.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134,403 ",
        "box": [
          439.67,
          136.558896,
          474.67,
          144.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          136.558896,
          485.13,
          144.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,055 ",
        "box": [
          521.92,
          136.558896,
          551.92,
          144.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization of owned real estate (3)",
        "box": [
          61.13,
          151.558896,
          271.33319000000006,
          159.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          151.558896,
          407.88,
          159.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,104 ",
        "box": [
          444.67,
          151.558896,
          474.67,
          159.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          151.558896,
          485.13,
          159.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,717 ",
        "box": [
          521.92,
          151.558896,
          551.92,
          159.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustment to realized loss on disposition of owned real estate (4)",
        "box": [
          61.13,
          166.558896,
          317.74319,
          174.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          166.558896,
          407.88,
          174.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          462.17,
          166.558896,
          469.67,
          174.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          166.558896,
          485.13,
          174.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,497) ",
        "box": [
          523.59,
          166.558896,
          555.2500000000001,
          174.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash compensation expense",
        "box": [
          61.13,
          181.558896,
          192.11,
          189.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          181.558896,
          407.88,
          189.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,675 ",
        "box": [
          449.67,
          181.558896,
          474.67,
          189.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          181.558896,
          485.13,
          189.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,687 ",
        "box": [
          526.92,
          181.558896,
          551.92,
          189.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized hedging and foreign currency (loss) gain, net (5)",
        "box": [
          61.13,
          196.558896,
          284.16321000000005,
          204.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          196.558896,
          407.88,
          204.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,098) ",
        "box": [
          446.34,
          196.558896,
          477.99999999999994,
          204.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          196.558896,
          485.13,
          204.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4 ",
        "box": [
          544.42,
          196.558896,
          551.92,
          204.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allocable share of adjustments related to unconsolidated entities (6)",
        "box": [
          61.13,
          211.558896,
          324.89322000000004,
          219.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          211.558896,
          407.88,
          219.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "508 ",
        "box": [
          457.17,
          211.558896,
          474.67,
          219.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          211.558896,
          485.13,
          219.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,380 ",
        "box": [
          526.92,
          211.558896,
          551.92,
          219.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash income from Agency Multifamily Lending Partnership, net (7)",
        "box": [
          61.13,
          226.558896,
          326.36322000000007,
          234.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          226.558896,
          407.88,
          234.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30 ",
        "box": [
          462.17,
          226.558896,
          474.67,
          234.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          226.558896,
          485.13,
          234.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29 ",
        "box": [
          539.42,
          226.558896,
          551.92,
          234.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments attributable to non-controlling interests, net",
        "box": [
          61.13,
          241.558896,
          287.5400000000001,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          241.558896,
          407.88,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26) ",
        "box": [
          458.84,
          241.558896,
          477.99999999999994,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          241.558896,
          485.13,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "191 ",
        "box": [
          534.42,
          241.558896,
          551.92,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other items",
        "box": [
          61.13,
          256.558896,
          108.00999999999998,
          264.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18)",
        "box": [
          456.95999,
          256.558896,
          473.61999,
          264.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          256.558896,
          485.13,
          264.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8) ",
        "box": [
          541.09,
          256.558896,
          555.2500000000001,
          264.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings",
        "box": [
          61.13,
          271.558896,
          151.29999999999995,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          271.558896,
          412.88,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,736 ",
        "box": [
          444.67,
          271.558896,
          474.67,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          271.558896,
          490.13,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,810 ",
        "box": [
          521.92,
          271.558896,
          551.92,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs of CECL reserves (2)",
        "box": [
          61.13,
          286.55889599999995,
          189.0032,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          286.55889599999995,
          407.88,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,620 ",
        "box": [
          444.67,
          286.55889599999995,
          474.67,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          286.55889599999995,
          485.13,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,451 ",
        "box": [
          521.92,
          286.55889599999995,
          551.92,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP realized loss on disposition of owned real estate (8)",
        "box": [
          61.13,
          301.55889599999995,
          288.0732100000001,
          309.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          301.55889599999995,
          407.88,
          309.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          462.17,
          301.55889599999995,
          469.67,
          309.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          301.55889599999995,
          485.13,
          309.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "160 ",
        "box": [
          534.42,
          301.55889599999995,
          551.92,
          309.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustment to realized loss on disposition of owned real estate (4)",
        "box": [
          61.13,
          316.55889599999995,
          317.74319,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          316.55889599999995,
          407.88,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          462.17,
          316.55889599999995,
          469.67,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          316.55889599999995,
          485.13,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,497 ",
        "box": [
          526.92,
          316.55889599999995,
          551.92,
          324.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments attributable to non-controlling interests",
        "box": [
          61.13,
          331.55889599999995,
          270.3300000000001,
          339.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          331.55889599999995,
          407.88,
          339.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          462.17,
          331.55889599999995,
          469.67,
          339.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          331.55889599999995,
          485.13,
          339.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(249) ",
        "box": [
          531.09,
          331.55889599999995,
          555.2500000000001,
          339.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allocable share of adjustments related to unconsolidated entities (6)",
        "box": [
          61.13,
          346.55889599999995,
          324.89322000000004,
          354.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          346.55889599999995,
          407.88,
          354.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51 ",
        "box": [
          462.17,
          346.55889599999995,
          474.67,
          354.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          346.55889599999995,
          485.13,
          354.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          346.55889599999995,
          546.92,
          354.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings prior to realized gains and losses",
        "box": [
          61.13,
          361.55889599999995,
          284.48,
          369.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          361.55889599999995,
          412.88,
          369.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,407 ",
        "box": [
          444.67,
          361.55889599999995,
          474.67,
          369.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          361.55889599999995,
          490.13,
          369.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,669 ",
        "box": [
          521.92,
          361.55889599999995,
          551.92,
          369.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares outstanding, basic (9)",
        "box": [
          61.13,
          376.55889599999995,
          242.52321,
          384.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          376.55889599999995,
          407.88,
          384.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,964,515 ",
        "box": [
          422.17,
          376.55889599999995,
          474.67,
          384.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          376.55889599999995,
          485.13,
          384.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,078,373 ",
        "box": [
          499.42,
          376.55889599999995,
          551.9200000000001,
          384.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings per share, basic",
        "box": [
          61.13,
          391.55889599999995,
          215.67,
          399.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          391.55889599999995,
          412.88,
          399.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.31 ",
        "box": [
          454.67,
          391.55889599999995,
          474.67,
          399.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          391.55889599999995,
          490.13,
          399.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.21 ",
        "box": [
          531.92,
          391.55889599999995,
          551.92,
          399.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings prior to realized gains and losses per share, basic",
        "box": [
          61.13,
          406.55889599999995,
          348.84999999999997,
          414.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          406.55889599999995,
          412.88,
          414.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.48 ",
        "box": [
          454.67,
          406.55889599999995,
          474.67,
          414.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          406.55889599999995,
          490.13,
          414.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.49 ",
        "box": [
          531.92,
          406.55889599999995,
          551.92,
          414.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          432.80889599999995,
          70.16,
          441.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents net loss attributable to Blackstone Mortgage Trust, Inc. ",
        "box": [
          85.5,
          432.80889599999995,
          354.90000000000003,
          441.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          444.30889599999995,
          70.16,
          452.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents realized losses related to loan principal amounts deemed non-recoverable.",
        "box": [
          85.5,
          444.30889599999995,
          427.24999999999994,
          452.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          455.80889599999995,
          70.16,
          464.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents depreciation of owned real estate assets and amortization of intangible real estate assets and liabilities.",
        "box": [
          85.5,
          455.80889599999995,
          540.3699999999998,
          464.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          467.30889599999995,
          70.16,
          475.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents an adjustment to the realized loss on the sale of a property held at depreciated cost. Because depreciation ",
        "box": [
          85.5,
          467.30889599999995,
          555.88,
          475.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and amortization is a non-cash expense that is excluded from Distributable Earnings, GAAP gains upon sale of a ",
        "box": [
          85.5,
          478.80889599999995,
          555.97,
          487.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property  are  higher,  and  GAAP  losses  are  lower,  than  the  respective  realized  amounts  reflected  in  Distributable ",
        "box": [
          85.5,
          490.30889599999995,
          555.9600000000002,
          498.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings.  For  Distributable  Earnings,  the  amount  is  calculated  as  net  sales  proceeds  less  the  property's  carrying ",
        "box": [
          85.5,
          501.80889599999995,
          555.9100000000003,
          510.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value prior to depreciation and amortization.",
        "box": [
          85.5,
          513.308896,
          263.59000000000015,
          521.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          524.808896,
          70.16,
          533.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  realized  (losses)  gains  on  the  repatriation  of  unhedged  foreign  currency.  These  amounts  were  not ",
        "box": [
          85.5,
          524.808896,
          555.96,
          533.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "included in GAAP net loss, but rather as a component of other comprehensive income in our consolidated financial ",
        "box": [
          85.5,
          536.308896,
          555.9200000000001,
          544.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements.",
        "box": [
          85.5,
          547.808896,
          130.14999999999998,
          556.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          58.5,
          559.308896,
          70.16,
          567.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allocable share of adjustments related to unconsolidated entities for the three months ended June 30, 2026 reflects ",
        "box": [
          85.5,
          559.308896,
          555.9100000000002,
          567.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our share of non-cash items such as (i) $(3.8) million of unrealized gains recorded by such unconsolidated entities, ",
        "box": [
          85.5,
          570.808896,
          555.98999,
          579.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii)  $4.3  million  of  depreciation  and  amortization,  and  (iii)  related  adjustments  for  realized  gains,  if  any.  For  the ",
        "box": [
          85.5,
          582.308896,
          555.9699999999997,
          590.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended March 31, 2026, reflects our share of non-cash items such as (i) $3.2 million of unrealized losses ",
        "box": [
          85.5,
          593.808896,
          555.8699900000001,
          602.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded  by  such  unconsolidated  entities,  (ii)  $3.1  million  of  depreciation  and  amortization,  and  (iii)  related ",
        "box": [
          85.5,
          605.308896,
          555.9500000000002,
          613.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjustments for realized gains, if any.",
        "box": [
          85.5,
          616.808896,
          235.5900000000001,
          625.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          58.5,
          628.308896,
          70.16,
          636.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  (i)  the  non-cash  income  recognized  under  GAAP  related  to  our  Agency  Multifamily  Lending ",
        "box": [
          85.5,
          628.308896,
          555.94,
          636.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Partnership, in which we receive a portion of origination, servicing, and other fees for loans we refer to MTRCC for ",
        "box": [
          85.5,
          639.808896,
          555.9399999999997,
          648.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination, offset by the related loss-sharing obligation accruals, and (ii) the cash received related to such income ",
        "box": [
          85.5,
          651.308896,
          555.9999999999997,
          659.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "previously recognized under GAAP. Refer to Note 2 to our consolidated financial statements for further information ",
        "box": [
          85.5,
          662.808896,
          555.8999999999997,
          671.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our Agency Multifamily Lending Partnership.",
        "box": [
          85.5,
          674.308896,
          281.98999,
          682.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          58.5,
          685.808896,
          70.16,
          694.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the amount included on our consolidated statements of operations.",
        "box": [
          85.5,
          685.808896,
          396.8199999999999,
          694.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9)",
        "box": [
          58.5,
          697.308896,
          70.16,
          705.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  weighted-average  shares  outstanding,  basic,  exclude  shares  issuable  from  a  potential  conversion  of  our ",
        "box": [
          85.5,
          697.308896,
          555.9299999999997,
          705.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes then outstanding. Consistent with the treatment of other unrealized adjustments to Distributable ",
        "box": [
          85.5,
          708.808896,
          555.8899999999998,
          717.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings,  these  potentially  issuable  shares  are  excluded  until  a  conversion  occurs.  Refer  to  Note  14  to  our ",
        "box": [
          85.5,
          720.308896,
          555.8899700000001,
          728.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated financial statements for the calculation of diluted net income per share.",
        "box": [
          85.5,
          731.808896,
          422.23999999999995,
          740.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 61,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Book Value Per Share",
        "box": [
          58.5,
          54.148926000000074,
          153.14999999999998,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table calculates our book value per share ($ in thousands, except per share data):",
        "box": [
          58.5,
          71.808896,
          439.1599999999999,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          93.23315479999997,
          63.13,
          99.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          409.53,
          93.23315479999997,
          455.962,
          99.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          486.07999,
          93.23315479999997,
          539.1759900000001,
          99.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' equity",
        "box": [
          61.13,
          105.808896,
          144.10999999999999,
          114.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          396.38,
          105.808896,
          403.88,
          114.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,261,540 ",
        "box": [
          427.67,
          105.808896,
          470.17,
          114.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          478.13,
          105.808896,
          485.63,
          114.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,414,960 ",
        "box": [
          505.67,
          105.808896,
          548.1700000000001,
          114.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares",
        "box": [
          61.13,
          120.808896,
          87.76999999999998,
          129.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A common stock",
        "box": [
          78.5,
          135.808896,
          170.92,
          144.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.38,
          135.808896,
          398.88,
          144.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,543,591 ",
        "box": [
          417.67,
          135.808896,
          470.17,
          144.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          478.13,
          135.808896,
          480.63,
          144.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,683,520 ",
        "box": [
          495.67,
          135.808896,
          548.1700000000001,
          144.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred stock units",
        "box": [
          78.5,
          150.808896,
          159.51999999999998,
          159.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.38,
          150.808896,
          398.88,
          159.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "369,548 ",
        "box": [
          435.17,
          150.808896,
          470.17,
          159.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          478.13,
          150.808896,
          480.63,
          159.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "348,222 ",
        "box": [
          513.17,
          150.808896,
          548.17,
          159.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total outstanding",
        "box": [
          61.13,
          165.808896,
          131.32999999999998,
          174.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,913,139",
        "box": [
          419.12,
          165.808896,
          469.12,
          174.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,031,742",
        "box": [
          497.12,
          165.808896,
          547.12,
          174.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value per share (1)",
        "box": [
          61.13,
          180.808896,
          151.82318999999995,
          189.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          396.38,
          180.808896,
          403.88,
          189.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19.31 ",
        "box": [
          445.16999999999996,
          180.808896,
          470.16999999999996,
          189.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          478.13,
          180.808896,
          485.63,
          189.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.20 ",
        "box": [
          523.17,
          180.808896,
          548.17,
          189.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          207.308896,
          70.16,
          215.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  book  value  per  share  excludes  shares  issuable  from  a  potential  conversion  of  our  Convertible  Notes  then ",
        "box": [
          85.5,
          207.308896,
          555.88,
          215.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding. Refer to Note 14 to our consolidated financial statements for the calculation of diluted net income per ",
        "box": [
          85.5,
          218.808896,
          555.9599900000001,
          227.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share.",
        "box": [
          85.5,
          230.308896,
          109.07999999999998,
          238.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 62,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "II. Investments",
        "box": [
          58.5,
          54.148926000000074,
          122.91999999999999,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment Portfolio",
        "box": [
          58.5,
          77.64892600000007,
          146.48,
          85.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Investment Portfolio consists of our Loan Portfolio, our investments in our Bank Loan Portfolio Joint Venture, Net ",
        "box": [
          58.5,
          95.308896,
          555.9999600000001,
          103.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease  Joint  Venture  and  Homebuilder  Finance  Joint  Venture,  our  owned  real  estate  assets,  and  our  investment  in  debt ",
        "box": [
          58.5,
          106.808896,
          555.9399799999999,
          115.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities. The chart below details the composition of our Investment Portfolio as of June 30, 2026:",
        "box": [
          58.5,
          118.308896,
          455.60999,
          126.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment Portfolio (1)(2)(3)",
        "box": [
          228.69,
          141.99621960000002,
          383.33700999999985,
          155.16149408989236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          402.598968669,
          215.08010779651886,
          437.0979692417776,
          222.48557486296568
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23%",
        "box": [
          402.598968669,
          225.88010775151884,
          419.09596903853276,
          233.28557481796565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          428.45678022059997,
          416.0923259955188,
          471.9997828959632,
          423.4977930619657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21%",
        "box": [
          428.45678022059997,
          426.8923259523188,
          444.95378059013274,
          434.2977930187657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "US Office",
        "box": [
          264.5406007146,
          489.69635443531877,
          301.25459943699354,
          497.10182150176564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16%",
        "box": [
          264.5406007146,
          500.4963543921188,
          281.0376010841328,
          507.9018214585657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-US Office",
        "box": [
          150.413288364,
          445.44646788811883,
          205.60728720034555,
          452.8519349545657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5%",
        "box": [
          150.413288364,
          456.2464678431188,
          162.4102886327328,
          463.6519349095657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          128.1783959748,
          386.0811787803188,
          168.21239667156158,
          393.48664584676567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9%",
        "box": [
          128.1783959748,
          396.8811787353188,
          140.1753962435328,
          404.2866458017657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          136.4627055474,
          329.3408096223188,
          157.9897061296048,
          336.74627668876565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4%",
        "box": [
          136.4627055474,
          340.1408095773188,
          148.45970581613278,
          347.5462766437657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Self-Storage",
        "box": [
          122.8342624794,
          297.4159813335188,
          167.81626168699677,
          304.8214483999657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          122.8342624794,
          308.2159812885188,
          134.8312627481328,
          315.62144835496565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Life Sciences/Studio",
        "box": [
          86.1560661834,
          274.81062651811885,
          160.93506895844962,
          282.21609358456567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          86.1560661834,
          285.61062647491883,
          98.1530664521328,
          293.0160935413657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Loans",
        "box": [
          123.63107455439999,
          250.0177220637189,
          168.3680757565088,
          257.4231891301657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4%",
        "box": [
          123.63107455439999,
          260.8177220205189,
          135.62807482313278,
          268.2231890869657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Lease JV",
        "box": [
          140.07903291539998,
          223.87450057891886,
          188.57103220162074,
          231.27996764536567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          140.07903291539998,
          234.67450053391883,
          152.07603318413277,
          242.07996760036565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bank Loan JV",
        "box": [
          153.3255236892,
          197.9772011871189,
          205.32952555408963,
          205.38266825356573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          153.3255236892,
          208.77720114211888,
          165.3225239579328,
          216.1826682085657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          216.01454906159998,
          171.95023737151882,
          236.509550220688,
          179.35570443796564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments",
        "box": [
          216.01454906159998,
          182.7502373265189,
          259.5305508363584,
          190.15570439296573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          216.01454906159998,
          193.5502372815189,
          228.01154933033277,
          200.9557043479657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned",
        "box": [
          269.3081407986,
          175.31790679051892,
          295.2871408805296,
          182.72337385696574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RE",
        "box": [
          269.3081407986,
          186.1179067455189,
          280.8161413563792,
          193.5233738119657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7%",
        "box": [
          269.3081407986,
          196.91790670051887,
          281.3051410673328,
          204.3233737669657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Included in our Loan Portfolio (4)",
        "box": [
          74.61,
          550.9710054,
          192.84319999999997,
          558.3764723005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          584.348876,
          70.16,
          592.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Investment Portfolio reflects the gross amount of our investments as of June 30, 2026, which consists of (i) our ",
        "box": [
          85.5,
          584.348876,
          555.82999,
          592.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio,  which  represents  net  book  value  less  total  loans  receivable  CECL  reserves,  (ii)  our  share  of  the ",
        "box": [
          85.5,
          595.848876,
          555.8600000000004,
          604.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying value of investments held by our Net Lease Joint Venture, (iii) our share of the fair value of the loans held ",
        "box": [
          85.5,
          607.348876,
          555.8000099999999,
          615.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by both our Bank Loan Portfolio Joint Venture and Homebuilder Finance Joint Venture, (iv) the aggregate carrying ",
        "box": [
          85.5,
          618.848876,
          555.8800100000001,
          627.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value of our owned real estate assets, and (v) the fair value of our investments in debt securities.",
        "box": [
          85.5,
          630.348876,
          469.75999999999976,
          638.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          641.848876,
          70.16,
          650.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets in our Loan Portfolio with multiple components are proportioned into the relevant property types based on ",
        "box": [
          85.5,
          641.848876,
          555.92001,
          650.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the allocated value of each property type.",
        "box": [
          85.5,
          653.348876,
          250.54000000000008,
          661.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          664.848876,
          70.16,
          673.0771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment types that represent less than 1% of our Investment Portfolio are included in Other Investments in the ",
        "box": [
          85.5,
          664.848876,
          555.98999,
          673.0771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "chart, which includes our Homebuilder Finance Joint Venture and investment in debt securities. ",
        "box": [
          85.5,
          676.348876,
          470.89000999999985,
          684.5771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          687.848876,
          70.16,
          696.0771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the types of properties securing the loans in our Loan Portfolio.",
        "box": [
          85.5,
          687.848876,
          385.19999999999993,
          696.0771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to section VII of this Item 2 for details of our Loan Portfolio, on a loan-by-loan basis. ",
        "box": [
          58.5,
          711.348876,
          427.5899999999999,
          719.5771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 63,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Loan Portfolio",
        "box": [
          58.5,
          54.148926000000074,
          120.94999999999997,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Originations",
        "box": [
          58.5,
          83.81890600000008,
          132.64,
          92.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  three  months  ended  June  30,  2026,  we  originated  or  acquired  $1.2  billion  of  loans,  inclusive  of  additional ",
        "box": [
          58.5,
          101.308896,
          555.87001,
          109.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments made under existing loans. ",
        "box": [
          58.5,
          112.808896,
          224.98000000000002,
          121.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Activity",
        "box": [
          58.5,
          142.31890600000008,
          150.61000000000004,
          150.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026, loan fundings totaled $1.2 billion and loan repayments and sales totaled ",
        "box": [
          58.5,
          159.808896,
          555.96,
          168.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.2 billion. ",
        "box": [
          58.5,
          171.308896,
          109.58,
          179.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our Loan Portfolio activity ($ in thousands): ",
        "box": [
          58.5,
          194.808896,
          347.3600099999999,
          203.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          209.99310479999997,
          63.13,
          216.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended ",
        "box": [
          383.20999,
          210.12310479999996,
          458.05799000000013,
          216.7057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          396.41,
          219.23315479999997,
          442.84200000000004,
          225.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended",
        "box": [
          480.34,
          210.12310479999996,
          543.4279999999998,
          216.7057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          488.66,
          219.23315479999997,
          535.0920000000001,
          225.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan fundings (1)",
        "box": [
          61.13,
          231.808896,
          125.2132,
          240.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          374.63,
          231.808896,
          382.13,
          240.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,164,772 ",
        "box": [
          423.17,
          231.808896,
          465.67,
          240.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          472.88,
          231.808896,
          480.38,
          240.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,460,704 ",
        "box": [
          509.42,
          231.808896,
          551.9200000000001,
          240.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan repayments and sales (1)",
        "box": [
          61.13,
          246.808896,
          175.1132,
          255.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,188,345)",
        "box": [
          417.95999,
          246.808896,
          464.61999,
          255.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,819,277)",
        "box": [
          504.20999,
          246.808896,
          550.86999,
          255.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net repayments",
        "box": [
          73.13,
          261.808896,
          157.45,
          270.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          374.63,
          261.808896,
          382.13,
          270.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(23,573)  $ ",
        "box": [
          432.34,
          261.808896,
          480.38,
          270.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(358,573) ",
        "box": [
          513.59,
          261.808896,
          555.2500000000001,
          270.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          288.05889599999995,
          70.16,
          296.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes amounts for loans held by our Bank Loan Portfolio Joint Venture and Homebuilder Finance Joint Venture, ",
        "box": [
          85.5,
          288.05889599999995,
          555.95996,
          296.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which are included in investments in unconsolidated entities on our consolidated balance sheets.",
        "box": [
          85.5,
          299.55889599999995,
          470.3099999999999,
          307.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details overall statistics for our Loan Portfolio as of June 30, 2026 ($ in thousands):",
        "box": [
          58.5,
          340.05889599999995,
          473.6700099999999,
          348.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          480.41,
          357.7331248,
          526.8420000000001,
          364.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of loans",
        "box": [
          61.13,
          370.30889599999995,
          128.29999999999998,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          456.38,
          370.30889599999995,
          458.88,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133 ",
        "box": [
          526.09,
          370.30889599999995,
          543.59,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal balance",
        "box": [
          61.13,
          385.30889599999995,
          130.18999999999994,
          393.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          456.38,
          385.30889599999995,
          463.88,
          393.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,409,208 ",
        "box": [
          496.09,
          385.30889599999995,
          543.5899999999999,
          393.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value",
        "box": [
          61.13,
          400.30889599999995,
          122.18999999999998,
          408.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          456.38,
          400.30889599999995,
          463.88,
          408.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,936,895 ",
        "box": [
          496.09,
          400.30889599999995,
          543.5899999999999,
          408.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded loan commitments (1)",
        "box": [
          61.13,
          415.30889599999995,
          183.74320999999998,
          423.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          456.38,
          415.30889599999995,
          463.88,
          423.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,107,729 ",
        "box": [
          501.09,
          415.30889599999995,
          543.5899999999999,
          423.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average cash coupon (2)",
        "box": [
          61.13,
          430.30889599999995,
          192.58319999999998,
          438.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.13 %",
        "box": [
          515.46002,
          430.30889599999995,
          552.7500200000001,
          438.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average all-in yield (2)",
        "box": [
          61.13,
          445.30889599999995,
          186.4432,
          453.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.35 %",
        "box": [
          515.46002,
          445.30889599999995,
          552.7500200000001,
          453.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average maximum maturity (years) (3)",
        "box": [
          61.13,
          460.30889599999995,
          249.99320999999998,
          468.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8",
        "box": [
          532.37,
          460.30889599999995,
          544.87,
          468.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination loan-to-value (LTV) (4)",
        "box": [
          61.13,
          475.30889599999995,
          197.59319999999997,
          483.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          531.09003,
          475.30889599999995,
          552.75003,
          483.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          504.55889599999995,
          70.16,
          512.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded commitments will  primarily  be  funded  to  finance  our  borrowers'  construction  or  development  of  real ",
        "box": [
          85.5,
          504.55889599999995,
          555.9000000000002,
          512.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will ",
        "box": [
          85.5,
          516.058896,
          555.9599999999996,
          524.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally be funded over the term of each loan, subject in certain cases to an expiration date.",
        "box": [
          85.5,
          527.558896,
          455.54999999999995,
          535.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          539.058896,
          70.16,
          547.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark ",
        "box": [
          85.5,
          539.058896,
          555.9000000000002,
          547.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates,  which  include  SOFR,  SONIA,  EURIBOR,  CORRA,  and  other  indices  as  applicable  to  each  loan.  As  of ",
        "box": [
          85.5,
          550.558896,
          555.9900200000002,
          558.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026, 97% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. ",
        "box": [
          85.5,
          562.058896,
          555.9999999999997,
          570.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The remaining 3% of our loans by principal balance earned a fixed rate of interest.",
        "box": [
          85.5,
          573.558896,
          415.35999999999996,
          581.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          585.058896,
          70.16,
          593.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum maturity  assumes  all  extension  options  are  exercised  by  the  borrower;  however,  our  loans  and  other ",
        "box": [
          85.5,
          585.058896,
          555.8600000000002,
          593.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual ",
        "box": [
          85.5,
          596.558896,
          555.9599900000004,
          604.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "methods, if any. As of June 30, 2026,",
        "box": [
          85.5,
          608.058896,
          240.19,
          616.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          240.19,
          608.058896,
          242.69,
          616.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47% of our loans by principal balance were subject to yield maintenance or ",
        "box": [
          243.41,
          608.058896,
          555.8499900000004,
          616.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other prepayment restrictions and 53% were open to repayment by the borrower without penalty.",
        "box": [
          85.5,
          619.558896,
          472.8699999999999,
          627.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          631.058896,
          70.16,
          639.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Based on LTV as of the dates loans were originated or acquired by us, excluding any loans that are impaired.",
        "box": [
          85.5,
          631.058896,
          521.39001,
          639.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 64,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table details the index rate floors for our Loan Portfolio as of June 30, 2026 ($ in thousands):",
        "box": [
          58.5,
          54.308896000000004,
          489.23998999999986,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          72.73315479999997,
          63.13,
          79.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Principal Balance",
        "box": [
          389.20999,
          72.73315479999997,
          501.80998000000005,
          79.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index Rate Floors",
        "box": [
          61.13,
          85.48315479999997,
          122.43400000000003,
          92.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
          364.38,
          85.48315479999997,
          380.372,
          92.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-USD (1)",
        "box": [
          426.42001,
          84.84194112,
          465.33322000000004,
          92.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          509.51999,
          85.48315479999997,
          527.74399,
          92.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed Rate",
        "box": [
          61.13,
          98.058896,
          104.68999999999997,
          106.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          340.13,
          98.058896,
          347.63,
          106.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "398,405 ",
        "box": [
          370.67,
          98.058896,
          405.67,
          106.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          413.63,
          98.058896,
          421.13,
          106.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "135,273 ",
        "box": [
          444.17,
          98.058896,
          479.17,
          106.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          486.38,
          98.058896,
          493.88,
          106.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "533,678 ",
        "box": [
          516.92,
          98.058896,
          551.92,
          106.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00% or no floor (2)",
        "box": [
          61.13,
          113.058896,
          138.28319999999997,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          113.058896,
          342.63,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,060,787 ",
        "box": [
          363.17,
          113.058896,
          405.67,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          413.63,
          113.058896,
          416.13,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,701,597 ",
        "box": [
          436.67,
          113.058896,
          479.17,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          486.38,
          113.058896,
          488.88,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,762,384 ",
        "box": [
          509.42,
          113.058896,
          551.9200000000001,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.01% to 1.00% floor",
        "box": [
          61.13,
          128.058896,
          147.49000000000004,
          136.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          128.058896,
          342.63,
          136.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,314,333 ",
        "box": [
          363.17,
          128.058896,
          405.67,
          136.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          413.63,
          128.058896,
          416.13,
          136.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,286,448 ",
        "box": [
          436.67,
          128.058896,
          479.17,
          136.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          486.38,
          128.058896,
          488.88,
          136.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,600,781 ",
        "box": [
          509.42,
          128.058896,
          551.9200000000001,
          136.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.01% to 2.00% floor",
        "box": [
          61.13,
          143.058896,
          147.49000000000004,
          151.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          143.058896,
          342.63,
          151.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "856,529 ",
        "box": [
          370.67,
          143.058896,
          405.67,
          151.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          413.63,
          143.058896,
          416.13,
          151.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,651,960 ",
        "box": [
          436.67,
          143.058896,
          479.17,
          151.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          486.38,
          143.058896,
          488.88,
          151.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,508,489 ",
        "box": [
          509.42,
          143.058896,
          551.9200000000001,
          151.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.01% to 3.00% floor",
        "box": [
          61.13,
          158.058896,
          147.49000000000004,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          158.058896,
          342.63,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,754,709 ",
        "box": [
          363.17,
          158.058896,
          405.67,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          413.63,
          158.058896,
          416.13,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "366,401 ",
        "box": [
          444.17,
          158.058896,
          479.17,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          486.38,
          158.058896,
          488.88,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,121,110 ",
        "box": [
          509.42,
          158.058896,
          551.9200000000001,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.01% or more floor",
        "box": [
          61.13,
          173.058896,
          142.75,
          181.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          173.058896,
          342.63,
          181.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "608,673 ",
        "box": [
          370.67,
          173.058896,
          405.67,
          181.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          413.63,
          173.058896,
          416.13,
          181.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "274,093 ",
        "box": [
          444.17,
          173.058896,
          479.17,
          181.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          486.38,
          173.058896,
          488.88,
          181.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "882,766 ",
        "box": [
          516.92,
          173.058896,
          551.92,
          181.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total (3)",
        "box": [
          73.13,
          188.058896,
          100.2632,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          340.13,
          188.058896,
          347.63,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,993,436 ",
        "box": [
          363.17,
          188.058896,
          405.67,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          413.63,
          188.058896,
          421.13,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,415,772 ",
        "box": [
          436.67,
          188.058896,
          479.17,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          486.38,
          188.058896,
          493.88,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,409,208 ",
        "box": [
          504.42,
          188.058896,
          551.9200000000001,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          214.558896,
          70.16,
          222.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Canadian Dollar currencies.",
        "box": [
          85.5,
          214.558896,
          510.35,
          222.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          226.058896,
          70.16,
          234.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes all impaired loans.",
        "box": [
          85.5,
          226.058896,
          195.91000000000005,
          234.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          237.558896,
          70.16,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, the weighted-average index rate floor of our floating-rate Loan Portfolio principal balance was ",
        "box": [
          85.5,
          237.558896,
          555.9100000000002,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.53%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 2.11%.",
        "box": [
          85.5,
          249.058896,
          547.57996,
          257.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  details  the  floating  benchmark  rates  for  our  Loan  Portfolio  as  of  June  30,  2026  (Loan  Portfolio ",
        "box": [
          58.5,
          272.558896,
          555.91003,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal balance amounts in thousands):",
        "box": [
          58.5,
          284.05889599999995,
          222.20999999999998,
          292.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan",
        "box": [
          88.99,
          299.7931248,
          106.774,
          306.37576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          87.22,
          309.9831248,
          108.53999999999999,
          316.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Currency ",
        "box": [
          162.95,
          309.9831248,
          199.81399999999996,
          316.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio ",
        "box": [
          240.14,
          300.7931248,
          292.10001,
          307.37576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal Balance",
        "box": [
          234.82001,
          309.9831248,
          295.46001,
          316.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating Rate ",
        "box": [
          326.29999,
          300.7931248,
          374.72398999999996,
          307.37576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index (1)",
        "box": [
          336.70001,
          309.34191111999996,
          362.30322000000007,
          316.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Coupon (2)",
        "box": [
          405.39001,
          309.34191111999996,
          457.86322000000007,
          316.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in Yield (2)",
        "box": [
          491.23001,
          309.34191111999996,
          537.0232199999999,
          316.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97",
        "box": [
          92.87,
          322.55889599999995,
          102.87,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          177.87,
          322.55889599999995,
          182.87,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          226.13,
          322.55889599999995,
          233.63,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,993,436 ",
        "box": [
          262.67,
          322.55889599999995,
          305.17,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " SOFR",
        "box": [
          335.75,
          322.55889599999995,
          363.26000000000005,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.05%",
        "box": [
          415.57999,
          322.55889599999995,
          449.53999,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.28%",
        "box": [
          498.07999,
          322.55889599999995,
          532.0399900000001,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          92.87,
          337.55889599999995,
          102.87,
          345.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3",
        "box": [
          177.87,
          337.55889599999995,
          182.87,
          345.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          226.13,
          337.55889599999995,
          233.63,
          345.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,028,310 ",
        "box": [
          262.67,
          337.55889599999995,
          305.17,
          345.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SONIA",
        "box": [
          334.22,
          337.55889599999995,
          364.7700000000001,
          345.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.20%",
        "box": [
          415.57999,
          337.55889599999995,
          449.53999,
          345.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.24%",
        "box": [
          498.07999,
          337.55889599999995,
          532.0399900000001,
          345.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          92.87,
          352.55889599999995,
          102.87,
          360.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac",
        "box": [
          177.87,
          352.55889599999995,
          182.87,
          360.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          226.13,
          352.55889599999995,
          233.63,
          360.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,294,807 ",
        "box": [
          262.67,
          352.55889599999995,
          305.17,
          360.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EURIBOR",
        "box": [
          327.57001,
          352.55889599999995,
          371.43001000000015,
          360.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 2.60%",
        "box": [
          415.57999,
          352.55889599999995,
          449.53999,
          360.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 2.99%",
        "box": [
          498.07999,
          352.55889599999995,
          532.0399900000001,
          360.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          95.37,
          367.55889599999995,
          100.37,
          375.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          164.55,
          367.55889599999995,
          196.19000000000003,
          375.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          226.13,
          367.55889599999995,
          233.63,
          375.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,104,700 ",
        "box": [
          262.67,
          367.55889599999995,
          305.17,
          375.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other (3)",
        "box": [
          335.09,
          367.55889599999995,
          363.9032,
          375.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 4.06%",
        "box": [
          415.57999,
          367.55889599999995,
          449.53999,
          375.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 4.26%",
        "box": [
          498.07999,
          367.55889599999995,
          532.0399900000001,
          375.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133",
        "box": [
          90.37,
          382.55889599999995,
          105.37,
          390.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          226.13,
          382.55889599999995,
          233.63,
          390.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,409,208 ",
        "box": [
          257.67,
          382.55889599999995,
          305.17,
          390.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.13%",
        "box": [
          415.57999,
          382.55889599999995,
          449.53999,
          390.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.35%",
        "box": [
          498.07999,
          382.55889599999995,
          532.0399900000001,
          390.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          411.05889599999995,
          70.16,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash ",
        "box": [
          85.5,
          411.05889599999995,
          555.8399999999999,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "flows  in  terms  of  the  U.S.  dollar.  We  earn  forward  points  on  our  forward  contracts  that  reflect  the  interest  rate ",
        "box": [
          85.5,
          422.55889599999995,
          555.9999999999999,
          430.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates. ",
        "box": [
          85.5,
          434.05889599999995,
          555.9399999999999,
          442.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These  forward  contracts  effectively  convert  the  foreign  currency  rate  exposure  for  such  investments  to  USD-",
        "box": [
          85.5,
          445.55889599999995,
          553.4400000000002,
          453.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equivalent interest rates. ",
        "box": [
          85.5,
          457.05889599999995,
          185.34000000000003,
          465.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          468.55889599999995,
          70.16,
          476.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan ",
        "box": [
          85.5,
          468.55889599999995,
          555.8699999999999,
          476.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the ",
        "box": [
          85.5,
          480.05889599999995,
          555.9200000000001,
          488.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cost-recovery and nonaccrual methods, if any.",
        "box": [
          85.5,
          491.55889599999995,
          270.01001,
          499.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          503.05889599999995,
          70.16,
          511.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes floating rate loans indexed to STIBOR, CORRA, and BBSY indices.",
        "box": [
          85.5,
          503.05889599999995,
          397.14001,
          511.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 65,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The charts below detail the geographic distribution and types of properties securing our Loan Portfolio, as of June 30, ",
        "box": [
          58.5,
          54.308896000000004,
          555.9400200000001,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026:",
        "box": [
          58.5,
          65.808896,
          81.28,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Geographic Diversification",
        "box": [
          87.11,
          94.99621960000002,
          261.7340000000001,
          108.16149408989236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Net Loan Exposure) (1)",
        "box": [
          128.41,
          115.39739889999998,
          220.34900000000002,
          124.42721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sunbelt",
        "box": [
          247.59154521079998,
          196.7974095503189,
          275.10154522702396,
          204.2028766167657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          247.59154521079998,
          207.59740950531886,
          264.0885455803328,
          215.00287657176568
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Northeast",
        "box": [
          265.40120747419996,
          314.3964588851188,
          300.39020675795354,
          321.8019259515657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13%",
        "box": [
          265.40120747419996,
          325.1964588401188,
          281.89820784373273,
          332.60192590656567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "West",
        "box": [
          213.29973536299997,
          371.5503946427188,
          231.79973617739998,
          378.9558617091657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11%",
        "box": [
          213.29973536299997,
          382.35039459771883,
          229.79673573253277,
          389.7558616641657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Midwest",
        "box": [
          165.178747349,
          383.9941281359188,
          196.6787480546,
          391.3995952023657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          165.178747349,
          394.79412809091883,
          177.17574761773278,
          402.1995951573657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Northwest",
        "box": [
          118.45104893179999,
          377.22503923851883,
          155.93104937135197,
          384.6305063049657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          118.45104893179999,
          388.0250391935188,
          130.44804920053278,
          395.4305062599657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UK",
        "box": [
          79.551332639,
          342.9927615575188,
          92.5393328299312,
          350.3982286239657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17%",
        "box": [
          79.551332639,
          353.7927615125188,
          96.0483330085328,
          361.19822857896565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          56.1315060854,
          224.38917271011883,
          76.62650724448801,
          231.79463977656565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Europe",
        "box": [
          56.1315060854,
          235.18917266511892,
          82.11650736746401,
          242.59463973156574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19%",
        "box": [
          56.1315060854,
          245.9891726201189,
          72.62850645493279,
          253.3946396865657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Australia",
        "box": [
          123.7202350694,
          174.02170370331885,
          156.7222350086448,
          181.42717076976567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7%",
        "box": [
          123.7202350694,
          184.82170365831882,
          135.7172353381328,
          192.22717072476564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Canada",
        "box": [
          165.78098124919998,
          161.48770350411883,
          192.78398155406717,
          168.89317057056564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          165.78098124919998,
          172.28770345911892,
          177.77798151793277,
          179.69317052556573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral Diversification",
        "box": [
          356.14001,
          94.99621960000002,
          519.1739999999998,
          108.16149408989236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Net Loan Exposure) (1)(2)",
        "box": [
          387.87,
          115.39739889999998,
          487.3879799999999,
          124.42721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          517.025451905,
          204.60788221251892,
          551.5244524777776,
          212.01334927896573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26%",
        "box": [
          517.025451905,
          215.4078821675189,
          533.5224522745327,
          222.8133492339657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          501.84545888959997,
          353.3810216771188,
          545.3884615649632,
          360.78648874356566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          501.84545888959997,
          364.18102163211876,
          518.3424592591327,
          371.58648869856563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "US Office",
        "box": [
          345.3355009394,
          361.74527967711884,
          382.04949966179356,
          369.1507467435657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18%",
        "box": [
          345.3355009394,
          372.5452796321188,
          361.8325013089328,
          379.9507466985657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-US",
        "box": [
          309.7245305996,
          285.45608958591885,
          339.6985317710176,
          292.8615566523657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          309.7245305996,
          296.2560895409188,
          332.6985314142176,
          303.6615566073657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7%",
        "box": [
          309.7245305996,
          307.0560894977188,
          321.72153086833276,
          314.4615565641657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          307.1482973936,
          234.72051563811885,
          347.1822980903616,
          242.12598270456567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10%",
        "box": [
          307.1482973936,
          245.52051559311883,
          323.6452977631328,
          252.92598265956565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          355.87050292879997,
          198.19754843691885,
          377.39750351100474,
          205.60301550336567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5%",
        "box": [
          355.87050292879997,
          208.99754839191883,
          367.86750319753276,
          216.40301545836564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Self-Storage",
        "box": [
          338.8789244474,
          171.74172299331883,
          383.8609236549967,
          179.14719005976565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          338.8789244474,
          182.54172294831892,
          350.8759247161328,
          189.94719001476574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Life Sciences/",
        "box": [
          374.4354523796,
          136.50862798911885,
          425.68945542768967,
          143.91409505556567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Studio",
        "box": [
          374.4354523796,
          147.30862794591883,
          397.9534528064032,
          154.71409501236565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          374.4354523796,
          158.10862790091892,
          386.4324526483328,
          165.51409496736574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          424.829740616,
          152.5907380385189,
          445.324741775088,
          159.99620510496572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          424.829740616,
          163.3907379953189,
          455.8177421101312,
          170.7962050617657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4%",
        "box": [
          424.829740616,
          174.19073795031886,
          436.82674088473277,
          181.59620501676568
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          470.338896,
          70.16,
          478.5671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2026, ",
        "box": [
          85.5,
          470.338896,
          555.88,
          478.5671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which is our principal balance net of (i) $972.6 million of asset-specific debt, (ii) $20.3 million of cost-recovery ",
        "box": [
          85.5,
          481.838896,
          555.8500100000002,
          490.0671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds, and (iii) our total loans receivable CECL reserve of $397.8 million. Our asset-specific debt is structurally ",
        "box": [
          85.5,
          493.338896,
          555.86,
          501.5671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-recourse and term-matched to the corresponding collateral loans. Geographic locations that represent less than ",
        "box": [
          85.5,
          504.838896,
          555.9599999999999,
          513.0671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1% of net loan exposure are excluded from the chart. ",
        "box": [
          85.5,
          516.3389259999999,
          299.9800000000001,
          524.5672225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          527.8389259999999,
          70.16,
          536.0672225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets with multiple components are proportioned into the relevant property types based on the allocated value of ",
        "box": [
          85.5,
          527.8389259999999,
          555.9899999999999,
          536.0672225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "each property type.",
        "box": [
          85.5,
          539.338926,
          162.35000000000002,
          547.5672225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to section VII of this Item 2 for details of our loan portfolio, on a loan-by-loan basis.",
        "box": [
          58.5,
          568.338926,
          421.19998999999984,
          576.5672225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 66,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Portfolio Management",
        "box": [
          58.5,
          54.318906000000084,
          149.26,
          62.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026,",
        "box": [
          58.5,
          71.808896,
          142.86,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          142.86,
          71.808896,
          145.36,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97% of our loans, based on net loan exposure, were performing with risk ratings of '1' through '4,' ",
        "box": [
          145.76001,
          71.808896,
          555.8299999999997,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and the remaining 3% were impaired with a risk rating of '5.' As of June 30, 2026, one of our performing loans with an ",
        "box": [
          58.5,
          83.308896,
          555.8499899999998,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortized cost basis of $148.8 million was in payment default, was less than 90 days past due on its interest payment, and ",
        "box": [
          58.5,
          94.808896,
          555.9699999999996,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "had  a  risk  rating  of  '4.'  This  loan  was  not  impaired  as  of  June  30,  2026  as  we  expect  to  fully  recover  all  contractual ",
        "box": [
          58.5,
          106.308896,
          555.9600000000004,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal  and  interest  amounts  due  under  the  loan  agreement.  All  other  borrowers  under  performing  loans  were  in ",
        "box": [
          58.5,
          117.808896,
          555.95,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compliance with the applicable contractual terms of each respective loan, including any required payment of interest. We ",
        "box": [
          58.5,
          129.308896,
          555.86998,
          137.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "believe this demonstrates the overall strength of our loan portfolio and the commitment and financial wherewithal of our ",
        "box": [
          58.5,
          140.808896,
          555.8399999999998,
          149.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowers  generally,  which  are  primarily  affiliated  with  large  real  estate  private  equity  funds  and  other  strong,  well-",
        "box": [
          58.5,
          152.308896,
          553.4700000000001,
          160.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capitalized, and experienced sponsors.",
        "box": [
          58.5,
          163.808896,
          211.91,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the ",
        "box": [
          58.5,
          181.308896,
          555.9999999999999,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and ",
        "box": [
          58.5,
          192.808896,
          555.8899999999996,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from our long-standing core business model of originating senior loans collateralized by large assets in major markets with ",
        "box": [
          58.5,
          204.308896,
          555.9699999999997,
          212.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "experienced,  well-capitalized  institutional  sponsors.  While  we  believe  the  principal  amounts  of  our  loans  are  generally ",
        "box": [
          58.5,
          215.808896,
          555.9500000000002,
          224.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of ",
        "box": [
          58.5,
          227.308896,
          555.9300000000002,
          235.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain investments. As of June 30, 2026, we had an aggregate $219.5 million asset-specific CECL reserve related to nine ",
        "box": [
          58.5,
          238.808896,
          555.92004,
          247.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  our  loans  receivable,  with  an  aggregate  amortized  cost  basis  of  $695.2  million,  net  of  cost-recovery  proceeds.  This ",
        "box": [
          58.5,
          250.308896,
          555.98,
          258.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve was recorded based on our estimation of the  fair  value  of  each  of  the  loan's  underlying  collateral  as  of ",
        "box": [
          58.5,
          261.808896,
          555.8699999999999,
          270.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026.",
        "box": [
          58.5,
          273.308896,
          116.82,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  benefit  from  the  deep  knowledge,  experience  and  information  advantages  of  our  Manager,  which  is  a  part  of ",
        "box": [
          58.5,
          296.80889599999995,
          555.9300000000003,
          305.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Real Estate. Blackstone Real Estate was founded in 1991 and is the world's largest owner of commercial real ",
        "box": [
          58.5,
          308.30889599999995,
          555.8800000000002,
          316.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate with investments in North America, Europe, Asia and Latin America. In the United States, Blackstone Real Estate is ",
        "box": [
          58.5,
          319.80889599999995,
          555.9700000000005,
          328.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "one of the largest owners of rental housing, industrial, office, hospitality and retail assets.",
        "box": [
          58.5,
          331.30889599999995,
          415.58999999999975,
          339.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed in Note 2 to our consolidated financial statements, we perform a quarterly review of our loan portfolio, assess ",
        "box": [
          58.5,
          354.80889599999995,
          555.9999999999999,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the performance of each loan, and assign it a risk rating between '1' and '5', from less risk to greater risk. As of June 30, ",
        "box": [
          58.5,
          366.30889599999995,
          555.9200300000001,
          374.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026, our loan portfolio had a weighted-average risk rating of 3.0, based on net loan exposure.",
        "box": [
          58.5,
          377.80889599999995,
          436.21000999999995,
          386.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table allocates the net book value and net loan exposure balances based on our internal risk ratings as of ",
        "box": [
          58.5,
          401.30889599999995,
          555.8399999999998,
          409.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 ($ in thousands): ",
        "box": [
          58.5,
          412.80889599999995,
          186.5,
          421.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          424.3746972,
          61.5,
          434.24865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          366.78,
          442.0331148,
          413.212,
          448.6157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rating",
        "box": [
          120.68,
          454.7831148,
          161.33599999999998,
          461.3657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Loans",
        "box": [
          246.02,
          454.7831148,
          305.9960000000001,
          461.3657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value",
        "box": [
          357.51001,
          454.7831148,
          411.27001000000007,
          461.3657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure (1)",
        "box": [
          462.26001,
          454.14190112,
          534.4931899999999,
          461.3657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          138.5,
          467.35891599999997,
          143.5,
          475.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          273.5,
          467.35891599999997,
          278.5,
          475.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.88,
          467.35891599999997,
          339.38,
          475.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,896 ",
        "box": [
          407.92,
          467.35891599999997,
          437.92,
          475.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.88,
          467.35891599999997,
          453.38,
          475.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,025 ",
        "box": [
          521.92,
          467.35891599999997,
          551.92,
          475.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          138.5,
          482.35891599999997,
          143.5,
          490.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          271.0,
          482.35891599999997,
          281.0,
          490.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.88,
          482.35891599999997,
          334.38,
          490.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,884,735 ",
        "box": [
          395.42,
          482.35891599999997,
          437.92,
          490.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.88,
          482.35891599999997,
          448.38,
          490.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,715,318 ",
        "box": [
          509.42,
          482.35891599999997,
          551.9200000000001,
          490.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          138.5,
          497.35891599999997,
          143.5,
          505.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "85",
        "box": [
          271.0,
          497.35891599999997,
          281.0,
          505.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.88,
          497.35891599999997,
          334.38,
          505.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,667,474 ",
        "box": [
          390.42,
          497.35891599999997,
          437.92,
          505.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.88,
          497.35891599999997,
          448.38,
          505.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,798,610 ",
        "box": [
          504.42,
          497.35891599999997,
          551.9200000000001,
          505.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          138.5,
          512.358886,
          143.5,
          520.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          271.0,
          512.358886,
          281.0,
          520.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.88,
          512.358886,
          334.38,
          520.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,026,473 ",
        "box": [
          395.42,
          512.358886,
          437.92,
          520.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.88,
          512.358886,
          448.38,
          520.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,969,169 ",
        "box": [
          509.42,
          512.358886,
          551.9200000000001,
          520.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          138.5,
          527.358886,
          143.5,
          535.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          273.5,
          527.358886,
          278.5,
          535.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.88,
          527.358886,
          334.38,
          535.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "695,152 ",
        "box": [
          402.92,
          527.358886,
          437.92,
          535.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.88,
          527.358886,
          448.38,
          535.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "474,310 ",
        "box": [
          516.92,
          527.358886,
          551.92,
          535.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable",
        "box": [
          61.13,
          542.358886,
          129.07999999999996,
          550.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133",
        "box": [
          268.5,
          542.358886,
          283.5,
          550.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.88,
          542.358886,
          339.38,
          550.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,334,730 ",
        "box": [
          390.42,
          542.358886,
          437.92,
          550.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.88,
          542.358886,
          453.38,
          550.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,018,432 ",
        "box": [
          504.42,
          542.358886,
          551.9200000000001,
          550.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          557.358886,
          117.99999999999996,
          565.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(397,835)",
        "box": [
          397.70999,
          557.358886,
          436.86999,
          565.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          572.358886,
          146.27999999999997,
          580.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.88,
          572.358886,
          339.38,
          580.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,936,895 ",
        "box": [
          390.42,
          572.358886,
          437.92,
          580.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          598.608886,
          70.16,
          606.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2026, ",
        "box": [
          85.5,
          598.608886,
          555.88,
          606.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which is our principal balance net of (i) $972.6 million of asset-specific debt, (ii) $20.3 million of cost-recovery ",
        "box": [
          85.5,
          610.108886,
          555.8500100000002,
          618.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds, and (iii) our total loans receivable CECL reserve of $397.8 million. Our asset-specific debt is structurally ",
        "box": [
          85.5,
          621.608886,
          555.86,
          629.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-recourse and term-matched to the corresponding collateral loans.",
        "box": [
          85.5,
          633.108886,
          362.93,
          641.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Expected Credit Loss Reserve",
        "box": [
          58.5,
          662.618896,
          212.19999999999993,
          670.8471925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The CECL reserves required by GAAP reflect our current estimate of potential credit losses related to our loans included in ",
        "box": [
          58.5,
          680.108886,
          555.8799999999997,
          688.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our consolidated balance sheets. Other than a few narrow exceptions, GAAP requires that all financial instruments subject ",
        "box": [
          58.5,
          691.608886,
          555.85,
          699.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the CECL model have some amount of loss reserve to reflect the principle underlying the CECL model that all loans and ",
        "box": [
          58.5,
          703.108886,
          555.8999999999999,
          711.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors.",
        "box": [
          58.5,
          714.608886,
          543.1899999999998,
          722.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 67,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "During the three months ended June 30, 2026, we recorded a net increase of $106.2 million in the CECL reserves against ",
        "box": [
          58.5,
          54.308896000000004,
          555.82,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our loans receivable portfolio, primarily driven by a $134.6 million increase in our asset-specific CECL reserve, partially ",
        "box": [
          58.5,
          65.808896,
          555.99999,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offset  by  a  $28.3  million  decrease  in  our  general  CECL  reserve,  bringing  our  total  loans  receivable  CECL  reserves  to ",
        "box": [
          58.5,
          77.308896,
          555.9600000000004,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$397.8 million as of June 30, 2026. The increase in our asset-specific reserve was driven by three additional loans with an ",
        "box": [
          58.5,
          88.808896,
          555.93999,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate amortized cost basis of $502.0 million that were impaired during the three months ended June 30, 2026, of which ",
        "box": [
          58.5,
          100.308896,
          555.8799700000001,
          108.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "two are secured by office properties, and the other is secured by an office/mixed-use asset. The office sector recovery in ",
        "box": [
          58.5,
          111.808896,
          555.8700000000001,
          120.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain markets has continued to lag other commercial real estate sectors, which has, in certain cases, extended business ",
        "box": [
          58.5,
          123.308896,
          555.88,
          131.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "plans  on  transitional  properties  and  impacted  their  performance,  affecting  some  borrowers'  willingness  and  ability  to ",
        "box": [
          58.5,
          134.808896,
          555.9399999999998,
          143.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "continue to support their assets. Impairments are determined individually as a result of changes in specific credit quality ",
        "box": [
          58.5,
          146.308896,
          555.86,
          154.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "factors for such loans. These factors include, among others, (i) the performance of the underlying property collateral, (ii) ",
        "box": [
          58.5,
          157.808896,
          555.8499999999999,
          166.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussions  with  the  borrower,  (iii)  borrower  events  of  default,  and  (iv)  other  facts  and  circumstances  affecting  the ",
        "box": [
          58.5,
          169.308896,
          555.8500000000003,
          177.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrower's willingness and ability to satisfy its contractual obligations under the terms of the loan. During the three months ",
        "box": [
          58.5,
          180.808896,
          555.9000000000001,
          189.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2026, we recorded $7.1 million of interest income on these loans. Upon determining that the three loans ",
        "box": [
          58.5,
          192.308896,
          555.85999,
          200.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were  impaired,  the  income  accrual  was  suspended,  as  the  recovery  of  interest  income  and  principal  was  doubtful.  The ",
        "box": [
          58.5,
          203.808896,
          555.9600000000003,
          212.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase in our asset-specific reserve was partially offset by charge-offs of $28.6 million primarily related to the resolution ",
        "box": [
          58.5,
          215.308896,
          555.8699999999999,
          223.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  one  previously  impaired  loan  as  a  result  of  our  acquisition  of  title  through  a  foreclosure  of  a  multifamily  collateral ",
        "box": [
          58.5,
          226.808896,
          555.8600000000002,
          235.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property located in Dallas, TX, which is now included on our consolidated balance sheet as an owned real estate asset. The ",
        "box": [
          58.5,
          238.308896,
          555.9400000000002,
          246.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decrease  in  our  general  CECL  reserve  was  primarily  driven  by  changes  in  risk  ratings,  and  a  decrease  in  our  loans ",
        "box": [
          58.5,
          249.808896,
          555.9099900000001,
          258.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable  balance,  partially  offset  by  new  loan  originations  and  an  increase  in  the  historical  loss  rate  used  in  reserve ",
        "box": [
          58.5,
          261.308896,
          555.9100000000001,
          269.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculations related to the additional CECL reserve charge-offs.",
        "box": [
          58.5,
          272.808896,
          313.12,
          281.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  June  30,  2026,  we  had  an  aggregate  $219.5  million  asset-specific  CECL  reserve  related  to  nine  of  our  loans ",
        "box": [
          58.5,
          296.30889599999995,
          555.8199999999999,
          304.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable,  with  a  total  amortized  cost  basis  of  $695.2  million,  net  of  cost-recovery  proceeds.  Impairments  are  each ",
        "box": [
          58.5,
          307.80889599999995,
          555.9100100000003,
          316.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined  individually  as  a  result  of  changes  in  the  specific  credit  quality  factors  for  each  such  loan.  These  factors ",
        "box": [
          58.5,
          319.30889599999995,
          555.9900000000001,
          327.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events ",
        "box": [
          58.5,
          330.80889599999995,
          555.8700000000001,
          339.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of default, and (iv) other facts that impact the borrower's ability to pay the contractual amounts due under the terms of the ",
        "box": [
          58.5,
          342.30889599999995,
          555.8799999999999,
          350.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan. This asset-specific CECL reserve was recorded based on our estimation of the fair value of each loan's underlying ",
        "box": [
          58.5,
          353.80889599999995,
          555.9799999999999,
          362.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral as of June 30, 2026.",
        "box": [
          58.5,
          365.30889599999995,
          178.10001,
          373.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No income was recorded on our impaired loans subsequent to determining that such loans were impaired. During the three ",
        "box": [
          58.5,
          388.80889599999995,
          555.9700100000001,
          397.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026, we did not receive any cash proceeds from such loans that would have been applied as a ",
        "box": [
          58.5,
          400.30889599999995,
          556.0000000000001,
          408.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reduction to the amortized cost basis of each respective loan.",
        "box": [
          58.5,
          411.80889599999995,
          301.50000000000006,
          420.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 2 to our consolidated financial statements for further discussion of our policies on revenue recognition and ",
        "box": [
          58.5,
          435.30889599999995,
          555.8599999999999,
          443.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our CECL reserves.",
        "box": [
          58.5,
          446.80889599999995,
          137.57999999999996,
          455.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 68,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Owned Real Estate",
        "box": [
          58.5,
          54.148926000000074,
          140.10999999999999,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As part of our portfolio management strategy to maximize economic outcomes, we may hold certain owned real estate ",
        "box": [
          58.5,
          71.808896,
          555.8800000000001,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets,  resulting  from  transactions  in  which  we  assume  legal  title,  physical  possession,  or  control  of  the  collateral ",
        "box": [
          58.5,
          83.308896,
          555.9200000000002,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "underlying  a  loan  through  a  foreclosure,  a  deed-in-lieu  of  foreclosure  transaction,  or  a  loan  modification  in  which  we ",
        "box": [
          58.5,
          94.808896,
          555.8900000000001,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receive an equity interest in and/or control over decision-making at the property. As of June 30, 2026, we had 14 owned ",
        "box": [
          58.5,
          106.308896,
          555.8100300000001,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate assets with an aggregate carrying value of $1.4 billion.",
        "box": [
          58.5,
          117.808896,
          319.82001,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table provides details of our owned real estate assets as of June 30, 2026 ($ in thousands):",
        "box": [
          58.5,
          141.308896,
          476.71999999999986,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition Date",
        "box": [
          91.1,
          162.73315479999997,
          148.188,
          169.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          192.64999,
          162.73315479999997,
          222.87399,
          169.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          275.76999,
          162.73315479999997,
          325.7379900000001,
          169.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition Date Fair Value",
        "box": [
          355.66,
          162.73315479999997,
          451.3960000000001,
          169.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SQFT / Units / Keys",
        "box": [
          472.04999,
          162.73315479999997,
          540.48199,
          169.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          69.87,
          175.24310479999997,
          73.87,
          181.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2025",
        "box": [
          82.13,
          175.308896,
          147.34999999999997,
          183.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York, NY",
        "box": [
          165.38,
          175.308896,
          226.74,
          183.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          258.38,
          175.308896,
          302.7699999999999,
          183.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.63,
          175.978886,
          361.13,
          184.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "228,253 ",
        "box": [
          419.42,
          175.978886,
          454.42,
          184.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "933 keys",
        "box": [
          516.92999,
          175.978886,
          552.74999,
          184.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          69.87,
          190.24310479999997,
          73.87,
          196.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2024",
        "box": [
          82.13,
          190.308896,
          145.66999999999996,
          198.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Francisco, CA",
        "box": [
          165.38,
          190.308896,
          240.59000000000003,
          198.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          258.38,
          190.308896,
          302.7699999999999,
          198.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          190.978886,
          356.13,
          199.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "201,530 ",
        "box": [
          419.42,
          190.978886,
          454.42,
          199.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "686 keys",
        "box": [
          516.92999,
          190.978886,
          552.74999,
          199.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          69.87,
          205.24310479999997,
          73.87,
          211.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2026",
        "box": [
          82.13,
          205.308896,
          122.94999999999999,
          213.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dallas, TX",
        "box": [
          165.38,
          205.308896,
          209.21,
          213.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          258.38,
          205.308896,
          306.64999999999986,
          213.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          205.978886,
          356.13,
          214.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "149,906 ",
        "box": [
          419.42,
          205.978886,
          454.42,
          214.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,530 units",
        "box": [
          508.32001,
          205.978886,
          552.75001,
          214.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          69.87,
          220.24310479999997,
          73.87,
          226.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2024",
        "box": [
          82.13,
          220.308896,
          145.66999999999996,
          228.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "El Segundo, CA",
        "box": [
          165.38,
          220.308896,
          230.62000000000003,
          228.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          220.308896,
          283.9,
          228.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          220.978886,
          356.13,
          229.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "145,363 ",
        "box": [
          419.42,
          220.978886,
          454.42,
          229.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "494,532 sqft",
        "box": [
          502.76001,
          220.978886,
          552.76001,
          229.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          69.87,
          235.24310479999997,
          73.87,
          241.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2025",
        "box": [
          82.13,
          235.308896,
          145.66999999999996,
          243.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York, NY",
        "box": [
          165.38,
          235.308896,
          226.74,
          243.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          235.308896,
          283.9,
          243.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          235.978886,
          356.13,
          244.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,313 ",
        "box": [
          419.42,
          235.978886,
          454.42,
          244.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "709,204 sqft",
        "box": [
          502.76001,
          235.978886,
          552.76001,
          244.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          69.87,
          250.24310479999997,
          73.87,
          256.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2025",
        "box": [
          82.13,
          250.308896,
          147.34999999999997,
          258.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Atlanta, GA",
        "box": [
          165.38,
          250.308896,
          214.21000000000004,
          258.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          250.308896,
          283.9,
          258.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          250.978886,
          356.13,
          259.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "132,974 ",
        "box": [
          419.42,
          250.978886,
          454.42,
          259.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,184,916 sqft",
        "box": [
          495.26001,
          250.978886,
          552.76001,
          259.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          69.87,
          265.24316479999993,
          73.87,
          271.82580204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2025",
        "box": [
          82.13,
          265.308896,
          146.80999999999997,
          273.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Denver, CO",
        "box": [
          165.38,
          265.308896,
          213.67000000000002,
          273.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          265.308896,
          283.9,
          273.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          265.978886,
          356.13,
          274.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114,748 ",
        "box": [
          419.42,
          265.978886,
          454.42,
          274.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "538,179 sqft",
        "box": [
          502.76001,
          265.978886,
          552.76001,
          274.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "box": [
          69.87,
          280.2431348,
          73.87,
          286.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2024",
        "box": [
          82.13,
          280.30889599999995,
          136.80999999999997,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Washington, DC",
        "box": [
          165.38,
          280.30889599999995,
          232.56,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          280.30889599999995,
          283.9,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          280.97891599999997,
          356.13,
          289.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "107,016 ",
        "box": [
          419.42,
          280.97891599999997,
          454.42,
          289.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "892,480 sqft",
        "box": [
          502.76001,
          280.97891599999997,
          552.76001,
          289.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          69.87,
          295.2431348,
          73.87,
          301.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2024",
        "box": [
          82.13,
          295.30889599999995,
          147.34999999999997,
          303.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Burlington, MA",
        "box": [
          165.38,
          295.30889599999995,
          229.79000000000005,
          303.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          295.30889599999995,
          283.9,
          303.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          295.97891599999997,
          356.13,
          304.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,628 ",
        "box": [
          424.41999999999996,
          295.97891599999997,
          454.41999999999996,
          304.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "379,018 sqft",
        "box": [
          502.76001,
          295.97891599999997,
          552.76001,
          304.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          65.87,
          310.2431348,
          73.87,
          316.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2024",
        "box": [
          82.13,
          310.30889599999995,
          130.70999999999998,
          318.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mountain View, CA",
        "box": [
          165.38,
          310.30889599999995,
          247.26000000000002,
          318.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          310.30889599999995,
          283.9,
          318.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          310.97891599999997,
          356.13,
          319.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,203 ",
        "box": [
          424.41999999999996,
          310.97891599999997,
          454.41999999999996,
          319.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "150,507 sqft",
        "box": [
          502.76001,
          310.97891599999997,
          552.76001,
          319.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          65.87,
          325.2431348,
          73.87,
          331.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2025",
        "box": [
          82.13,
          325.30889599999995,
          140.70999999999998,
          333.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chicago, IL",
        "box": [
          165.38,
          325.30889599999995,
          213.11,
          333.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          325.30889599999995,
          283.9,
          333.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          325.97891599999997,
          356.13,
          334.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,045 ",
        "box": [
          424.41999999999996,
          325.97891599999997,
          454.41999999999996,
          334.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "517,115 sqft",
        "box": [
          502.76001,
          325.97891599999997,
          552.76001,
          334.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          65.87,
          340.2431348,
          73.87,
          346.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2026",
        "box": [
          82.13,
          340.30889599999995,
          130.70999999999998,
          348.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Francisco, CA",
        "box": [
          165.38,
          340.30889599999995,
          240.59000000000003,
          348.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          258.38,
          340.30889599999995,
          302.7699999999999,
          348.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          340.97891599999997,
          356.13,
          349.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,082 ",
        "box": [
          424.41999999999996,
          340.97891599999997,
          454.41999999999996,
          349.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "459 keys",
        "box": [
          516.92999,
          340.97891599999997,
          552.74999,
          349.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          65.87,
          355.2431348,
          73.87,
          361.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2024",
        "box": [
          82.13,
          355.30889599999995,
          145.66999999999996,
          363.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Denver, CO",
        "box": [
          165.38,
          355.30889599999995,
          213.67000000000002,
          363.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          355.30889599999995,
          283.9,
          363.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          355.97891599999997,
          356.13,
          364.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,337 ",
        "box": [
          424.41999999999996,
          355.97891599999997,
          454.41999999999996,
          364.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "170,304 sqft",
        "box": [
          502.76001,
          355.97891599999997,
          552.76001,
          364.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          65.87,
          370.2431348,
          73.87,
          376.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2024",
        "box": [
          82.13,
          370.30889599999995,
          121.28999999999999,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Antonio, TX",
        "box": [
          165.38,
          370.30889599999995,
          233.95000000000002,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          258.38,
          370.30889599999995,
          306.64999999999986,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          370.97891599999997,
          356.13,
          379.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,491 ",
        "box": [
          424.41999999999996,
          370.97891599999997,
          454.41999999999996,
          379.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "198 units",
        "box": [
          515.82001,
          370.97891599999997,
          552.75001,
          379.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.63,
          385.97891599999997,
          361.13,
          394.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,474,889 ",
        "box": [
          411.92,
          385.97891599999997,
          454.42,
          394.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bank Loan Portfolio Joint Venture",
        "box": [
          58.5,
          419.398896,
          207.86000000000007,
          427.6271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  the  second  quarter  of  2025,  we  entered  into  a  joint  venture  with  a  Blackstone-advised  investment  vehicle  to  acquire ",
        "box": [
          58.5,
          437.05889599999995,
          555.9599999999999,
          445.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolios of performing commercial mortgage loans, or our Bank Loan Portfolio Joint Venture. In the second quarter of ",
        "box": [
          58.5,
          448.55889599999995,
          555.8599900000003,
          456.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025, the Bank Loan Portfolio Joint Venture acquired a $1.4 billion portfolio of 171 performing senior commercial real ",
        "box": [
          58.5,
          460.05889599999995,
          555.9600000000003,
          468.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate  loans  from  a  regional  bank.  The  loans  are  secured  primarily  by  retail  and  multifamily  properties  located  across ",
        "box": [
          58.5,
          471.55889599999995,
          555.8599999999998,
          479.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "various markets in the Mid-Atlantic region, are primarily fixed rate, and were acquired at a discount to par. In the third ",
        "box": [
          58.5,
          483.05889599999995,
          555.8899999999998,
          491.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quarter  of  2025,  the  Bank  Loan  Portfolio  Joint  Venture  acquired  a  $606.0  million  portfolio  of  425  performing  senior ",
        "box": [
          58.5,
          494.55889599999995,
          555.84,
          502.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial  real  estate  loans  from  a  regional  bank.  The  loans  are  secured  primarily  by  net  lease  retail  assets  located ",
        "box": [
          58.5,
          506.05889599999995,
          555.8899999999998,
          514.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "throughout the United States, are fixed rate, and were acquired at a discount to par. We have an aggregate 35% ownership ",
        "box": [
          58.5,
          517.558896,
          555.8800000000001,
          525.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest in the joint venture as of June 30, 2026. As of June 30, 2026, our share of the fair value of the loans held by our ",
        "box": [
          58.5,
          529.058896,
          555.8399899999996,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bank Loan Portfolio Joint Venture was $502.2 million.",
        "box": [
          58.5,
          540.558896,
          279.14999,
          548.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Bank Loan Portfolio Joint Venture is recorded on our consolidated balance sheets in investments in unconsolidated ",
        "box": [
          58.5,
          564.058896,
          555.8699899999999,
          572.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entities.  As  of  June  30,  2026,  our  investment  in  the  joint  venture  totaled  $99.8  million.  During  the  six  months  ended ",
        "box": [
          58.5,
          575.558896,
          555.82996,
          583.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026, we did not make any contributions to the joint venture, received $20.2 million of distributions, and recorded ",
        "box": [
          58.5,
          587.058896,
          555.9699900000002,
          595.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$9.0 million of income from unconsolidated entities in our consolidated statements of operations.",
        "box": [
          58.5,
          598.558896,
          447.51999999999987,
          606.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Lease Joint Venture",
        "box": [
          58.5,
          627.898926,
          162.02,
          636.1272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the fourth quarter of 2024, we entered into a joint venture with a Blackstone-advised investment vehicle to invest in ",
        "box": [
          58.5,
          645.558896,
          555.9999999999997,
          653.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "triple  net  lease  properties,  or  our  Net  Lease  Joint  Venture.  Our  investment  in  the  joint  venture  is  recorded  on  our ",
        "box": [
          58.5,
          657.058896,
          555.99002,
          665.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated  balance  sheets  in  investments  in  unconsolidated  entities.  As  of  June  30,  2026,  our  investment  in  the  joint ",
        "box": [
          58.5,
          668.558896,
          555.9699999999998,
          676.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "venture totaled $185.9 million. During the six months ended June 30, 2026, we contributed $100.0 million to the joint ",
        "box": [
          58.5,
          680.058896,
          555.9499899999998,
          688.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "venture, received $22.4 million of distributions, and recorded $0.7 million of income from unconsolidated entities in our ",
        "box": [
          58.5,
          691.558896,
          555.84999,
          699.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated  statements  of  operations,  inclusive  of  $7.4  million  of  depreciation  and  amortization  expense.  We  have  an ",
        "box": [
          58.5,
          703.058896,
          555.9500000000003,
          711.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate 75% ownership interest in the joint venture as of June 30, 2026. As of June 30, 2026, our share of the carrying ",
        "box": [
          58.5,
          714.558896,
          555.9200000000002,
          722.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value of investments held by our Net Lease Joint Venture was $661.3 million.",
        "box": [
          58.5,
          726.058896,
          370.41,
          734.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 69,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following  table  details  the  tenant  industries  and  the  geographic  location  of  the  assets  held  by  our  Net  Lease  Joint ",
        "box": [
          58.5,
          54.308896000000004,
          555.8399900000002,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture as of June 30, 2026:",
        "box": [
          58.5,
          65.808896,
          173.42999,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tenant Industry",
        "box": [
          180.03999,
          87.23315479999997,
          236.23198999999994,
          93.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Properties",
        "box": [
          368.45999,
          87.23315479999997,
          443.0759900000001,
          93.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of Annualized Base Rent",
        "box": [
          456.54999,
          87.23315479999997,
          546.7339899999998,
          93.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Early Childhood Education",
        "box": [
          61.13,
          99.808896,
          170.46000000000004,
          108.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          401.69,
          99.808896,
          411.69,
          108.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18%",
        "box": [
          495.39999,
          100.47888599999999,
          513.72999,
          108.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Car Washes",
        "box": [
          61.13,
          114.808896,
          109.11999999999996,
          123.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31",
        "box": [
          401.69,
          114.808896,
          411.69,
          123.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          499.56,
          115.47888599999999,
          509.56,
          123.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restaurants - Quick Service",
        "box": [
          61.13,
          129.808896,
          172.94000000000003,
          138.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72",
        "box": [
          401.69,
          129.808896,
          411.69,
          138.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15",
        "box": [
          499.56,
          130.478886,
          509.56,
          138.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Automotive Service",
        "box": [
          61.13,
          144.808896,
          141.32,
          153.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49",
        "box": [
          401.69,
          144.808896,
          411.69,
          153.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          499.56,
          145.478886,
          509.56,
          153.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Medical / Dental",
        "box": [
          61.13,
          159.808896,
          128.24999999999994,
          168.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29",
        "box": [
          401.69,
          159.808896,
          411.69,
          168.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          499.56,
          160.478886,
          509.56,
          168.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pet Care",
        "box": [
          61.13,
          174.808896,
          95.24999999999997,
          183.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47",
        "box": [
          401.69,
          174.808896,
          411.69,
          183.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          499.56,
          175.478886,
          509.56,
          183.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Home Improvement",
        "box": [
          61.13,
          189.808896,
          141.89,
          198.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          404.19,
          189.808896,
          409.19,
          198.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          502.06,
          190.478886,
          507.06,
          198.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convenience Stores",
        "box": [
          61.13,
          204.808896,
          140.75999999999996,
          213.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          401.69,
          204.808896,
          411.69,
          213.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          502.06,
          205.478886,
          507.06,
          213.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          61.13,
          219.808896,
          99.42999999999999,
          228.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          404.19,
          219.808896,
          409.19,
          228.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          502.06,
          220.478886,
          507.06,
          228.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wholesale Trade",
        "box": [
          61.13,
          234.808896,
          129.07999999999996,
          243.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          404.19,
          234.808896,
          409.19,
          243.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          502.06,
          235.478886,
          507.06,
          243.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Grocery",
        "box": [
          61.13,
          249.808896,
          93.86999999999999,
          258.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          404.19,
          249.808896,
          409.19,
          258.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          502.06,
          249.808896,
          507.06,
          258.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          61.13,
          264.058896,
          83.88,
          272.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          404.19,
          264.058896,
          409.19,
          272.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          502.06,
          264.728886,
          507.06,
          272.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          73.13,
          279.058896,
          94.20999999999998,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "306",
        "box": [
          399.19,
          279.058896,
          414.19,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          492.89999,
          279.058896,
          516.22999,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "State",
        "box": [
          199.47,
          309.9831248,
          216.78999999999996,
          316.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Properties",
        "box": [
          368.45999,
          309.9831248,
          443.0759900000001,
          316.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of Annualized Base Rent",
        "box": [
          456.54999,
          309.9831248,
          546.7339899999998,
          316.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          61.13,
          322.55889599999995,
          84.97999999999999,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41",
        "box": [
          401.69,
          322.55889599999995,
          411.69,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15%",
        "box": [
          495.39999,
          323.22891599999997,
          513.72999,
          331.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          61.13,
          337.55889599999995,
          89.99999999999999,
          345.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28",
        "box": [
          401.69,
          337.55889599999995,
          411.69,
          345.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          499.56,
          338.22891599999997,
          509.56,
          346.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Georgia",
        "box": [
          61.13,
          352.55889599999995,
          93.32,
          360.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          401.69,
          352.55889599999995,
          411.69,
          360.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          502.06,
          353.22891599999997,
          507.06,
          361.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Illinois",
        "box": [
          61.13,
          367.55889599999995,
          89.42999999999999,
          375.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28",
        "box": [
          401.69,
          367.55889599999995,
          411.69,
          375.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "box": [
          502.06,
          368.22891599999997,
          507.06,
          376.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "California",
        "box": [
          61.13,
          382.55889599999995,
          101.62999999999997,
          390.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          404.19,
          382.55889599999995,
          409.19,
          390.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          502.06,
          383.22891599999997,
          507.06,
          391.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Missouri",
        "box": [
          61.13,
          397.55889599999995,
          96.68,
          405.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          401.69,
          397.55889599999995,
          411.69,
          405.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          502.06,
          398.22891599999997,
          507.06,
          406.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Minnesota",
        "box": [
          61.13,
          412.55889599999995,
          103.32,
          420.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          401.69,
          412.55889599999995,
          411.69,
          420.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          502.06,
          413.22891599999997,
          507.06,
          421.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indiana",
        "box": [
          61.13,
          427.55889599999995,
          91.1,
          435.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15",
        "box": [
          401.69,
          427.55889599999995,
          411.69,
          435.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          502.06,
          428.22891599999997,
          507.06,
          436.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Alabama",
        "box": [
          61.13,
          442.55889599999995,
          97.18999999999998,
          450.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          401.69,
          442.55889599999995,
          411.69,
          450.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          502.06,
          443.22891599999997,
          507.06,
          451.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arizona",
        "box": [
          61.13,
          457.55889599999995,
          93.32,
          465.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          404.19,
          457.55889599999995,
          409.19,
          465.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          502.06,
          458.22891599999997,
          507.06,
          466.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other (25 states)",
        "box": [
          61.13,
          472.55889599999995,
          127.72000999999997,
          480.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110",
        "box": [
          399.19,
          472.55889599999995,
          414.19,
          480.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27",
        "box": [
          499.56,
          473.22891599999997,
          509.56,
          481.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          73.13,
          487.55889599999995,
          94.20999999999998,
          495.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "306",
        "box": [
          399.19,
          487.55889599999995,
          414.19,
          495.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          492.89999,
          487.55889599999995,
          516.22999,
          495.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, our Net Lease Joint Venture's leases had a weighted average remaining lease term of over 15 years ",
        "box": [
          58.5,
          515.808896,
          555.84998,
          524.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(based on annualized base rent), with weighted average annual rent increases of approximately 2%, and a rent coverage ",
        "box": [
          58.5,
          527.308896,
          555.9500100000002,
          535.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ratio of approximately 3x.",
        "box": [
          58.5,
          538.808896,
          162.83,
          547.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Homebuilder Finance Joint Venture",
        "box": [
          58.5,
          568.148926,
          213.09000000000003,
          576.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  the  second  quarter  of  2026,  we  entered  into  a  joint  venture  with  an  unaffiliated  third-party,  alongside  a  Blackstone-",
        "box": [
          58.5,
          585.808896,
          553.3600000000001,
          594.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "advised  investment  vehicle,  to  acquire  an  initial  $286.7  million  portfolio  of  construction  loans  collateralized  by  single ",
        "box": [
          58.5,
          597.308896,
          555.9500099999999,
          605.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "family homes, and to continue to acquire and fund such loans in the future, or our Homebuilder Finance Joint Venture. The ",
        "box": [
          58.5,
          608.808896,
          555.96,
          617.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans  are  secured  by  single  family  homes  under  construction  that  are  located  throughout  various  markets  in  the  United ",
        "box": [
          58.5,
          620.308896,
          555.9599999999998,
          628.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "States. We have an aggregate 45% ownership interest in the joint venture as of June 30, 2026. As of June 30, 2026, our ",
        "box": [
          58.5,
          631.808896,
          555.8999600000001,
          640.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share of the fair value of the loans held by our Homebuilder Finance Joint Venture was $149.1 million.",
        "box": [
          58.5,
          643.308896,
          470.59,
          651.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Homebuilder Finance Joint Venture is recorded on our consolidated balance sheets in investments in unconsolidated ",
        "box": [
          58.5,
          666.808896,
          555.93,
          675.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entities. As of June 30, 2026, our investment in the joint venture totaled $36.3 million. During the three and six months ",
        "box": [
          58.5,
          678.308896,
          555.9099899999999,
          686.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2026, we made $36.0 million of contributions to the joint venture, did not receive any distributions, and ",
        "box": [
          58.5,
          689.808896,
          555.83999,
          698.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded $0.3 million of income from unconsolidated entities in our consolidated statements of operations.",
        "box": [
          58.5,
          701.308896,
          484.96999999999974,
          709.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 70,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Core+ Real Estate Debt Fund Investment",
        "box": [
          58.5,
          54.148926000000074,
          234.89999000000003,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the fourth quarter of 2025, we made a $75.0 million capital commitment at the initial closing of a new BREDS-advised ",
        "box": [
          58.5,
          71.808896,
          555.8199900000002,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "private fund formed to invest in Core+ real estate debt investments in the U.S. and Canada. Blackstone affiliates, including ",
        "box": [
          58.5,
          83.308896,
          555.9199999999998,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "us, do not pay management fees or carried interest with respect to their investments in the BREDS-advised private fund. ",
        "box": [
          58.5,
          94.808896,
          555.95001,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our capital  commitment  represented  a  minority  of  the  total  capital  commitments  the  BREDS-advised  private  fund  had ",
        "box": [
          58.5,
          106.308896,
          555.8900000000001,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received as of June 30, 2026. As of June 30, 2026, the BREDS-advised private fund had not called any capital. To fund its ",
        "box": [
          58.5,
          117.808896,
          555.9999999999999,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments, the BREDS-advised private fund will draw down on capital commitments made by its investors, including us, ",
        "box": [
          58.5,
          129.308896,
          555.8799999999998,
          137.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on a pro rata basis.",
        "box": [
          58.5,
          140.808896,
          133.69999999999996,
          149.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt Securities Investment",
        "box": [
          58.5,
          170.14892600000007,
          173.39,
          178.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the first quarter of 2026, we invested $66.7 million in a significant risk transfer, or SRT, transaction with a UK financial ",
        "box": [
          58.5,
          187.808896,
          555.9900000000001,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "institution structured as a credit-linked note, or the UK Bank Loan Portfolio SRT. The investment constitutes the first-loss ",
        "box": [
          58.5,
          199.308896,
          555.9200099999999,
          207.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tranche of a reference portfolio comprising a diversified, granular portfolio of low-leverage commercial real estate loans ",
        "box": [
          58.5,
          210.808896,
          555.95,
          219.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held by the UK financial institution. The SRT investment earns a floating-rate cash coupon of SONIA + 7.00%. As of ",
        "box": [
          58.5,
          222.308896,
          555.84999,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026, no realized credit losses have been incurred with respect to the underlying reference loan portfolio.",
        "box": [
          58.5,
          233.808896,
          514.6400099999998,
          242.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency Multifamily Lending Partnership",
        "box": [
          58.5,
          263.1489260000001,
          235.30000000000007,
          271.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  the  second  quarter  of  2024,  we  entered  into  an  agreement  with  M&T  Realty  Capital  Corporation,  or  MTRCC,  a ",
        "box": [
          58.5,
          280.80889599999995,
          555.9499999999998,
          289.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiary  of  M&T Bank, that allows our borrowers to access multifamily agency financing through MTRCC's Fannie ",
        "box": [
          58.5,
          292.30889599999995,
          555.89,
          300.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mae DUS and Freddie Mac Optigo lending platforms, or our Agency Multifamily Lending Partnership. We will receive a ",
        "box": [
          58.5,
          303.80889599999995,
          555.9300100000004,
          312.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both the Fannie ",
        "box": [
          58.5,
          315.30889599999995,
          555.8700000000003,
          323.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans that we refer ",
        "box": [
          58.5,
          326.80889599999995,
          555.8600000000002,
          335.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to MTRCC for origination under the Fannie Mae program. During the six months ended June 30, 2026, we did not refer ",
        "box": [
          58.5,
          338.30889599999995,
          555.9299900000002,
          346.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any loans to MTRCC.",
        "box": [
          58.5,
          349.80889599999995,
          146.76,
          358.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 71,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "III. Financings",
        "box": [
          58.5,
          54.148926000000074,
          121.80999999999999,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Financings",
        "box": [
          58.5,
          77.64892600000007,
          170.09,
          85.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loan portfolio financing consists of secured debt, securitizations, and asset-specific debt. The following table details ",
        "box": [
          58.5,
          95.308896,
          555.8799999999999,
          103.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our portfolio financing ($ in thousands):",
        "box": [
          58.5,
          106.808896,
          219.22000000000003,
          115.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          127.99310479999997,
          63.13,
          134.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portfolio Financing",
        "box": [
          435.17999,
          128.48315479999997,
          501.58798999999993,
          135.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding Principal Balance",
        "box": [
          415.75,
          136.48315479999997,
          521.038,
          143.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          148.99310479999997,
          63.13,
          155.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          401.66,
          149.23315479999997,
          448.09200000000004,
          155.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          479.56,
          149.23315479999997,
          544.2,
          155.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured debt",
        "box": [
          61.13,
          161.808896,
          113.01999999999997,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.88,
          161.808896,
          393.38,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,717,351 ",
        "box": [
          422.42,
          161.808896,
          464.92,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          472.88,
          161.808896,
          480.38,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,125,839 ",
        "box": [
          504.42,
          161.808896,
          551.9200000000001,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitizations",
        "box": [
          61.13,
          176.808896,
          120.47999999999995,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          176.808896,
          388.38,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,750,810 ",
        "box": [
          422.42,
          176.808896,
          464.92,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.88,
          176.808896,
          475.38,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,149,496 ",
        "box": [
          509.42,
          176.808896,
          551.9200000000001,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-specific debt",
        "box": [
          61.13,
          191.808896,
          137.42,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          191.808896,
          388.38,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "972,635 ",
        "box": [
          429.92,
          191.808896,
          464.92,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.88,
          191.808896,
          475.38,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "999,810 ",
        "box": [
          516.92,
          191.808896,
          551.92,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loan portfolio financing",
        "box": [
          73.13,
          206.808896,
          191.60000000000005,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.88,
          206.808896,
          393.38,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,440,796 ",
        "box": [
          417.42,
          206.808896,
          464.92,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          472.88,
          206.808896,
          480.38,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,275,145 ",
        "box": [
          504.42,
          206.808896,
          551.9200000000001,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Debt",
        "box": [
          58.5,
          241.06890600000008,
          112.60999999999997,
          249.2972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our secured credit facilities by currency as of June 30, 2026 ($ in thousands): ",
        "box": [
          58.5,
          258.558896,
          478.8800099999999,
          266.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          279.9831247999999,
          63.13,
          286.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          106.13,
          279.9831247999999,
          108.13,
          286.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          148.88,
          279.9831247999999,
          150.88,
          286.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          321.38,
          279.9831247999999,
          323.38,
          286.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recourse Limitation",
        "box": [
          473.91,
          279.9831247999999,
          543.8940000000002,
          286.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Currency",
        "box": [
          61.13,
          312.2331248,
          93.99400000000006,
          318.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lenders (1)",
        "box": [
          106.36,
          311.59191111999996,
          140.39319999999998,
          318.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings",
        "box": [
          155.89,
          312.2331248,
          195.88199999999998,
          318.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg. ",
        "box": [
          219.19,
          304.2331248,
          252.07,
          310.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (2)",
        "box": [
          218.05,
          311.59191111999996,
          255.1932,
          318.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          272.81,
          296.2331248,
          303.69,
          302.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in ",
        "box": [
          280.48001,
          304.2331248,
          302.03200999999996,
          310.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost (3)(4)(5)",
        "box": [
          273.39001,
          311.59191111999996,
          307.11962000000017,
          318.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan ",
        "box": [
          324.48999,
          303.1231348,
          344.26599,
          309.7057720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          322.72,
          312.2331248,
          344.04,
          318.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral (6)",
        "box": [
          360.5,
          311.59191111999996,
          400.75320000000005,
          318.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          418.31,
          293.8531148,
          449.19,
          300.4357520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in ",
        "box": [
          425.98001,
          303.0431248,
          447.53200999999996,
          309.62576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield (3)(4)",
        "box": [
          420.59,
          311.59191111999996,
          450.9164100000001,
          318.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. ",
        "box": [
          471.64001,
          303.1231348,
          486.74401,
          309.7057720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Avg.",
        "box": [
          472.29999,
          312.2331248,
          488.07599,
          318.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Range",
        "box": [
          515.42999,
          312.2331248,
          537.1979899999999,
          318.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
          69.5,
          324.80889599999995,
          89.5,
          333.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          118.37,
          324.80889599999995,
          128.37,
          333.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          324.80889599999995,
          156.38,
          333.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,668,157 ",
        "box": [
          161.42,
          324.80889599999995,
          203.92,
          333.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2028",
        "box": [
          216.21001,
          324.80889599999995,
          257.03001,
          333.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.74 %",
        "box": [
          277.20999,
          324.80889599999995,
          311.99998999999997,
          333.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78",
        "box": [
          328.37,
          324.80889599999995,
          338.37,
          333.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.63,
          324.80889599999995,
          361.13,
          333.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,042,859 ",
        "box": [
          366.17,
          324.80889599999995,
          408.67,
          333.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.76 %",
        "box": [
          422.70999,
          324.80889599999995,
          457.49998999999997,
          333.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36%",
        "box": [
          471.01999,
          324.80889599999995,
          489.34999,
          333.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25% - 100%",
        "box": [
          500.38,
          324.80889599999995,
          550.36998,
          333.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GBP",
        "box": [
          69.78,
          339.80889599999995,
          89.22,
          348.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          120.87,
          339.80889599999995,
          125.87,
          348.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          148.88,
          339.80889599999995,
          151.38,
          348.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,906,500 ",
        "box": [
          161.42,
          339.80889599999995,
          203.92,
          348.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar 2029",
        "box": [
          217.05,
          339.80889599999995,
          256.20000000000005,
          348.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.68 %",
        "box": [
          277.20999,
          339.80889599999995,
          311.99998999999997,
          348.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          328.37,
          339.80889599999995,
          338.37,
          348.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          339.80889599999995,
          356.13,
          348.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,647,180 ",
        "box": [
          366.17,
          339.80889599999995,
          408.67,
          348.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +3.17 %",
        "box": [
          422.70999,
          339.80889599999995,
          457.49998999999997,
          348.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          471.01999,
          339.80889599999995,
          489.34999,
          348.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          516.21002,
          339.80889599999995,
          534.54002,
          348.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EUR",
        "box": [
          69.51,
          354.80889599999995,
          89.5,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          120.87,
          354.80889599999995,
          125.87,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          148.88,
          354.80889599999995,
          151.38,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,618,548 ",
        "box": [
          161.42,
          354.80889599999995,
          203.92,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Feb 2030",
        "box": [
          217.88,
          354.80889599999995,
          255.37,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.64 %",
        "box": [
          277.20999,
          354.80889599999995,
          311.99998999999997,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          328.37,
          354.80889599999995,
          338.37,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          354.80889599999995,
          356.13,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,380,828 ",
        "box": [
          366.17,
          354.80889599999995,
          408.67,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.99 %",
        "box": [
          422.70999,
          354.80889599999995,
          457.49998999999997,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37%",
        "box": [
          471.01999,
          354.80889599999995,
          489.34999,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15% - 100%",
        "box": [
          500.38,
          354.80889599999995,
          550.36998,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Others (7)",
        "box": [
          63.15,
          369.80889599999995,
          95.8532,
          378.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          120.87,
          369.80889599999995,
          125.87,
          378.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          148.88,
          369.80889599999995,
          151.38,
          378.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,524,146 ",
        "box": [
          161.42,
          369.80889599999995,
          203.92,
          378.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2029",
        "box": [
          216.21001,
          369.80889599999995,
          257.03001,
          378.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.21 %",
        "box": [
          277.20999,
          369.80889599999995,
          311.99998999999997,
          378.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          330.87,
          369.80889599999995,
          335.87,
          378.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          369.80889599999995,
          356.13,
          378.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,910,983 ",
        "box": [
          366.17,
          369.80889599999995,
          408.67,
          378.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +4.34 %",
        "box": [
          422.70999,
          369.80889599999995,
          457.49998999999997,
          378.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          471.01999,
          369.80889599999995,
          489.34999,
          378.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          516.21002,
          369.80889599999995,
          534.54002,
          378.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          68.96,
          384.80889599999995,
          90.03999999999998,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          118.37,
          384.80889599999995,
          128.37,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          384.80889599999995,
          156.38,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,717,351 ",
        "box": [
          161.42,
          384.80889599999995,
          203.92,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jan 2029",
        "box": [
          218.71001,
          384.80889599999995,
          254.53001,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.79 %",
        "box": [
          277.20999,
          384.80889599999995,
          311.99998999999997,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111",
        "box": [
          325.87,
          384.80889599999995,
          340.87,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 12,981,850 ",
        "box": [
          353.63,
          384.80889599999995,
          408.67,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +3.16 %",
        "box": [
          422.70999,
          384.80889599999995,
          457.49998999999997,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32%",
        "box": [
          471.01999,
          384.80889599999995,
          489.34999,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25% - 100%",
        "box": [
          500.38,
          384.80889599999995,
          550.36998,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          413.55889599999995,
          70.16,
          421.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of ",
        "box": [
          85.5,
          413.55889599999995,
          555.9900000000001,
          421.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facility lenders.",
        "box": [
          85.5,
          425.05889599999995,
          147.61999999999998,
          433.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          436.55889599999995,
          70.16,
          444.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our secured  debt  agreements  are  generally  term-matched  to  their  underlying  collateral.  Therefore,  the  weighted-",
        "box": [
          85.5,
          436.55889599999995,
          553.43,
          444.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all ",
        "box": [
          85.5,
          448.05889599999995,
          555.8799999999997,
          456.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured ",
        "box": [
          85.5,
          459.55889599999995,
          555.9100000000001,
          467.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit facility is used.",
        "box": [
          85.5,
          471.05889599999995,
          171.47999999999996,
          479.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          482.55889599999995,
          70.16,
          490.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  spread,  all-in  cost,  and  all-in  yield  are  expressed  over  the  relevant  floating  benchmark  rates,  which  include ",
        "box": [
          85.5,
          482.55889599999995,
          555.9,
          490.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.",
        "box": [
          85.5,
          494.05889599999995,
          364.4199999999999,
          502.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          505.55889599999995,
          70.16,
          513.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  addition  to  spread,  the  cost  includes  the  associated  deferred  fees  and  expenses  related  to  the  respective ",
        "box": [
          85.5,
          505.55889599999995,
          555.87,
          513.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension ",
        "box": [
          85.5,
          517.058896,
          555.9299999999998,
          525.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans ",
        "box": [
          85.5,
          528.558896,
          555.9299999999996,
          536.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounted for under the cost-recovery and nonaccrual methods, if any, and owned real estate assets. ",
        "box": [
          85.5,
          540.058896,
          486.67999,
          548.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          551.558896,
          70.16,
          559.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  the  weighted-average  all-in  cost  as  of  June  30,  2026  and  is  not  necessarily  indicative  of  the  spread ",
        "box": [
          85.5,
          551.558896,
          555.9500100000001,
          559.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable to recent or future borrowings.",
        "box": [
          85.5,
          563.058896,
          251.4200000000001,
          571.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          58.5,
          574.558896,
          70.16,
          582.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  the  principal  balance  of  the  collateral  loan  assets  and  the  carrying  value  of  the  collateral  owned  real ",
        "box": [
          85.5,
          574.558896,
          555.9800000000001,
          582.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate assets.",
        "box": [
          85.5,
          586.058896,
          136.51999999999995,
          594.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          58.5,
          597.558896,
          70.16,
          605.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.",
        "box": [
          85.5,
          597.558896,
          391.54000000000013,
          605.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 72,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Securitizations",
        "box": [
          58.5,
          54.318906000000084,
          117.87999999999997,
          62.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have financed certain pools of our loans through CLOs and have also financed one of our loans through a securitization ",
        "box": [
          58.5,
          71.808896,
          555.9200000000003,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "vehicle,  or  the  European  Loan  Securitization.  The  following  table  details  our  securitized  debt  obligations  and  the ",
        "box": [
          58.5,
          83.308896,
          555.9,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "underlying collateral assets that are financed by our CLOs and the European Loan Securitization ($ in thousands):",
        "box": [
          58.5,
          94.808896,
          514.0800099999999,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          385.91,
          109.86315479999996,
          432.34200000000004,
          116.44579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized Debt Obligations",
        "box": [
          61.13,
          131.98315479999997,
          159.30599999999998,
          138.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          272.09,
          131.98315479999997,
          293.40999999999997,
          138.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          313.85999,
          123.98315479999997,
          345.39599,
          130.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Balance",
        "box": [
          315.07999,
          131.98315479999997,
          344.18399000000005,
          138.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book",
        "box": [
          381.48999,
          122.66314479999994,
          399.27398999999997,
          129.24578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          377.35001,
          131.98315479999997,
          397.34201,
          138.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          397.33002,
          131.34194112,
          403.39322000000004,
          135.62065532921497
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          433.31,
          122.79309479999995,
          464.19,
          129.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Yield/Cost (2)",
        "box": [
          428.73999,
          131.34194112,
          472.76318000000003,
          138.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term (3)",
        "box": [
          505.29999,
          131.34194112,
          530.4532099999999,
          138.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLOs",
        "box": [
          61.13,
          144.558896,
          84.99999999999999,
          152.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 FL6 Collateralized Loan Obligation",
        "box": [
          61.13,
          159.558896,
          227.0400000000001,
          167.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          174.558896,
          220.30000000000007,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          280.25,
          174.558896,
          285.25,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          174.558896,
          310.88,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "880,000 ",
        "box": [
          321.92,
          174.558896,
          356.92,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          364.13,
          174.558896,
          371.63,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "872,474 ",
        "box": [
          382.67,
          174.558896,
          417.67,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.84 %",
        "box": [
          441.20999,
          174.558896,
          478.49998999999997,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2043",
        "box": [
          492.17999,
          174.558896,
          543.55999,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          189.558896,
          194.47000000000003,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          277.75,
          189.558896,
          287.75,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          189.558896,
          305.88,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "998,448 ",
        "box": [
          321.92,
          189.558896,
          356.92,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          189.558896,
          366.63,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "998,448 ",
        "box": [
          382.67,
          189.558896,
          417.67,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.04 %",
        "box": [
          441.20999,
          189.558896,
          478.49998999999997,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2029",
        "box": [
          485.26001,
          189.558896,
          550.4800100000001,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025 FL5 Collateralized Loan Obligation",
        "box": [
          71.12,
          204.558896,
          237.03000000000011,
          212.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          219.558896,
          220.30000000000007,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          280.25,
          219.558896,
          285.25,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          219.558896,
          305.88,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "831,250 ",
        "box": [
          321.92,
          219.558896,
          356.92,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          219.558896,
          366.63,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "823,296 ",
        "box": [
          382.67,
          219.558896,
          417.67,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.15 %",
        "box": [
          441.20999,
          219.558896,
          478.49998999999997,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2042",
        "box": [
          496.19,
          219.558896,
          550.8700000000001,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          234.558896,
          194.47000000000003,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          277.75,
          234.558896,
          287.75,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          234.558896,
          305.88,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,984 ",
        "box": [
          321.92,
          234.558896,
          356.92,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          234.558896,
          366.63,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,984 ",
        "box": [
          382.67,
          234.558896,
          417.67,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.44 %",
        "box": [
          441.20999,
          234.558896,
          478.49998999999997,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2029",
        "box": [
          492.29001,
          234.558896,
          550.8700100000001,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021 FL4 Collateralized Loan Obligation",
        "box": [
          71.12,
          249.558896,
          237.03000000000011,
          257.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          249.558896,
          272.88,
          257.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          249.558896,
          305.88,
          257.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          249.558896,
          366.63,
          257.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.88,
          249.558896,
          427.38,
          257.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.88,
          249.558896,
          487.38,
          257.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          264.558896,
          220.30000000000007,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          280.25,
          264.558896,
          285.25,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          264.558896,
          305.88,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "421,346 ",
        "box": [
          321.92,
          264.558896,
          356.92,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          264.558896,
          366.63,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "421,346 ",
        "box": [
          382.67,
          264.558896,
          417.67,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.83 %",
        "box": [
          441.20999,
          264.558896,
          478.49998999999997,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2038",
        "box": [
          510.04999,
          264.558896,
          550.86999,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          279.558896,
          194.47000000000003,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          277.75,
          279.558896,
          287.75,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          279.558896,
          305.88,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "551,661 ",
        "box": [
          321.92,
          279.558896,
          356.92,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          279.558896,
          366.63,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "551,661 ",
        "box": [
          382.67,
          279.558896,
          417.67,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 4.17 %",
        "box": [
          441.20999,
          279.558896,
          478.49998999999997,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2027",
        "box": [
          511.70999,
          279.558896,
          550.86999,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2020 FL2 Collateralized Loan Obligation",
        "box": [
          71.12,
          294.55889599999995,
          237.03000000000011,
          302.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          309.55889599999995,
          220.30000000000007,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          280.25,
          309.55889599999995,
          285.25,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          309.55889599999995,
          305.88,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "428,673 ",
        "box": [
          321.92,
          309.55889599999995,
          356.92,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          309.55889599999995,
          366.63,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "428,673 ",
        "box": [
          382.67,
          309.55889599999995,
          417.67,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.93 %",
        "box": [
          441.20999,
          309.55889599999995,
          478.49998999999997,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2038",
        "box": [
          492.29001,
          309.55889599999995,
          550.8700100000001,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          324.55889599999995,
          194.47000000000003,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          280.25,
          324.55889599999995,
          285.25,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          324.55889599999995,
          305.88,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "595,239 ",
        "box": [
          321.92,
          324.55889599999995,
          356.92,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          324.55889599999995,
          366.63,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "595,239 ",
        "box": [
          382.67,
          324.55889599999995,
          417.67,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.04 %",
        "box": [
          441.20999,
          324.55889599999995,
          478.49998999999997,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2027",
        "box": [
          492.29001,
          324.55889599999995,
          550.8700100000001,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          61.13,
          339.55889599999995,
          82.21,
          347.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          354.55889599999995,
          220.30000000000007,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          280.25,
          354.55889599999995,
          285.25,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  2,561,269 ",
        "box": [
          303.38,
          354.55889599999995,
          356.92,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  2,545,789 ",
        "box": [
          364.13,
          354.55889599999995,
          417.67,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.95 %",
        "box": [
          441.20999,
          354.55889599999995,
          478.49998999999997,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          369.55889599999995,
          194.47000000000003,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          277.75,
          369.55889599999995,
          287.75,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          369.55889599999995,
          305.88,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,143,332 ",
        "box": [
          314.42,
          369.55889599999995,
          356.92,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          369.55889599999995,
          366.63,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,143,332 ",
        "box": [
          375.17,
          369.55889599999995,
          417.67,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.35 %",
        "box": [
          441.20999,
          369.55889599999995,
          478.49998999999997,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitizations",
        "box": [
          61.13,
          384.55889599999995,
          120.47999999999995,
          392.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "European Loan Securitization",
        "box": [
          71.12,
          399.55889599999995,
          190.40000000000006,
          407.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Provided",
        "box": [
          78.5,
          414.55889599999995,
          157.05,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          280.25,
          414.55889599999995,
          285.25,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          414.55889599999995,
          310.88,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "189,541 ",
        "box": [
          321.92,
          414.55889599999995,
          356.92,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          364.13,
          414.55889599999995,
          371.63,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,175 ",
        "box": [
          382.67,
          414.55889599999995,
          417.67,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.71 %",
        "box": [
          441.20999,
          414.55889599999995,
          478.49998999999997,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2030",
        "box": [
          498.29001,
          414.55889599999995,
          537.45001,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets (4)",
        "box": [
          78.5,
          429.55889599999995,
          200.53319999999997,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          280.25,
          429.55889599999995,
          285.25,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          429.55889599999995,
          305.88,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "244,367 ",
        "box": [
          321.92,
          429.55889599999995,
          356.92,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          429.55889599999995,
          366.63,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "241,995 ",
        "box": [
          382.67,
          429.55889599999995,
          417.67,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.97 %",
        "box": [
          441.20999,
          429.55889599999995,
          478.49998999999997,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2030",
        "box": [
          498.29001,
          429.55889599999995,
          537.45001,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          60.13,
          444.55889599999995,
          81.21,
          452.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding / ",
        "box": [
          73.63,
          459.55889599999995,
          223.20000000000005,
          467.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Provided (5)",
        "box": [
          83.63,
          470.958896,
          168.24318999999997,
          479.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          280.25,
          459.55889599999995,
          285.25,
          467.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  2,750,810 ",
        "box": [
          303.38,
          459.55889599999995,
          356.92,
          467.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  2,732,964 ",
        "box": [
          364.13,
          459.55889599999995,
          417.67,
          467.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.93 %",
        "box": [
          441.20999,
          459.55889599999995,
          478.49998999999997,
          467.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          73.63,
          485.80889599999995,
          189.60000000000002,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61",
        "box": [
          277.75,
          485.80889599999995,
          287.75,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          485.80889599999995,
          305.88,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,387,699 ",
        "box": [
          314.42,
          485.80889599999995,
          356.92,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          485.80889599999995,
          366.63,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,385,327 ",
        "box": [
          375.17,
          485.80889599999995,
          417.67,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.35 %",
        "box": [
          441.20999,
          485.80889599999995,
          478.49998999999997,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          513.058896,
          70.16,
          521.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The book value of underlying collateral assets excludes any applicable CECL reserves.",
        "box": [
          85.5,
          513.058896,
          433.3800000000001,
          521.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          524.558896,
          70.16,
          532.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan ",
        "box": [
          85.5,
          524.558896,
          555.8699999999999,
          532.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination costs, purchase discounts, and accrual of exit fees, while all-in cost includes the amortization of deferred ",
        "box": [
          85.5,
          536.058896,
          555.9700000000003,
          544.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination fees and financing costs. The weighted-average all-in yield and cost are expressed as a spread over the ",
        "box": [
          85.5,
          547.558896,
          555.9400100000003,
          555.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relevant  floating  benchmark  rates,  which  is  SOFR  for  the  CLOs  and  EURIBOR  for  the  European  Loan ",
        "box": [
          85.5,
          559.058896,
          555.9400000000002,
          567.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, ",
        "box": [
          85.5,
          570.558896,
          555.9100099999998,
          578.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned real estate assets, and cash from repayment proceeds held in certain of our CLOs that may be used to add ",
        "box": [
          85.5,
          582.058896,
          555.9900000000001,
          590.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "new eligible collateral assets.",
        "box": [
          85.5,
          593.558896,
          202.52000000000004,
          601.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          605.058896,
          70.16,
          613.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying  collateral  assets  term  represents  the  weighted-average  final  maturity  of  such  loans,  assuming  all ",
        "box": [
          85.5,
          605.058896,
          555.9899999999999,
          613.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension options are exercised by the borrower, and excludes owned real estate assets. Repayments of securitized ",
        "box": [
          85.5,
          616.558896,
          555.8800000000003,
          624.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt  obligations  are  tied  to  timing  of  the  related  collateral  loan  asset  repayments.  The  term  of  these  obligations ",
        "box": [
          85.5,
          628.058896,
          555.8399999999998,
          636.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "represents the rated final distribution date of the securitizations.",
        "box": [
          85.5,
          639.558896,
          339.87,
          647.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          651.058896,
          70.16,
          659.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  financed  our  $55.8  million  retained  interests  in  the  securitization  under  a  repurchase  agreement  structured ",
        "box": [
          85.5,
          651.058896,
          555.9699999999999,
          659.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "without capital markets-based mark-to-market provisions. The amount of the financing is included in other liabilities ",
        "box": [
          85.5,
          662.558896,
          555.9099999999999,
          670.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our consolidated balance sheets.",
        "box": [
          85.5,
          674.058896,
          226.72000000000006,
          682.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          685.558896,
          70.16,
          693.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we recorded $74.8 million of interest expense related to our securitized ",
        "box": [
          85.5,
          685.558896,
          555.83001,
          693.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt obligations.",
        "box": [
          85.5,
          697.058896,
          152.1,
          705.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer  to  Note  8  and  Note  19  to  our  consolidated  financial  statements  for  additional  details  of  our  securitized  debt ",
        "box": [
          58.5,
          726.558896,
          555.8599999999997,
          734.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations.",
        "box": [
          58.5,
          738.058896,
          105.39999999999998,
          746.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 73,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Asset-Specific Debt ",
        "box": [
          58.5,
          54.318906000000084,
          138.92999999999998,
          62.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our asset-specific debt ($ in thousands): ",
        "box": [
          58.5,
          71.808896,
          329.84999999999997,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          357.78,
          87.23315479999997,
          404.212,
          93.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-Specific Debt",
        "box": [
          61.13,
          108.98315479999997,
          127.09000000000003,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          230.09,
          108.98315479999997,
          251.41,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          292.10999,
          99.87310479999996,
          323.64599,
          106.45574204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Balance",
        "box": [
          293.32999,
          108.98315479999997,
          322.43399000000005,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value (1)",
        "box": [
          352.47,
          108.34194112,
          398.2832000000001,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          425.44,
          99.87310479999996,
          456.32,
          106.45574204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield/Cost (2)",
        "box": [
          421.85999,
          108.34194112,
          463.88318000000004,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          498.19,
          99.79309479999995,
          529.0699999999999,
          106.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Term (3)",
        "box": [
          502.04999,
          108.34194112,
          529.2032099999999,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing provided",
        "box": [
          61.13,
          121.558896,
          139.11999999999998,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          238.25,
          121.558896,
          243.25,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          278.63,
          121.558896,
          286.13,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "972,635 ",
        "box": [
          303.17,
          121.558896,
          338.17,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          346.13,
          121.558896,
          353.63,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "971,305 ",
        "box": [
          370.67,
          121.558896,
          405.67,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.73 %",
        "box": [
          436.70999,
          121.558896,
          473.99998999999997,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2030",
        "box": [
          491.54001,
          121.558896,
          550.1200100000001,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          61.13,
          136.558896,
          126.28999999999994,
          144.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          238.25,
          136.558896,
          243.25,
          144.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          278.63,
          136.558896,
          286.13,
          144.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,209,740 ",
        "box": [
          295.67,
          136.558896,
          338.17,
          144.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          346.13,
          136.558896,
          353.63,
          144.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,202,445 ",
        "box": [
          363.17,
          136.558896,
          405.67,
          144.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 4.10 %",
        "box": [
          436.70999,
          136.558896,
          473.99998999999997,
          144.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2030",
        "box": [
          491.54001,
          136.558896,
          550.1200100000001,
          144.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          163.808896,
          70.16,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The book value of underlying collateral assets excludes any applicable CECL reserves.",
        "box": [
          85.5,
          163.808896,
          433.3800000000001,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          175.308896,
          70.16,
          183.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, ",
        "box": [
          85.5,
          175.308896,
          555.92,
          183.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and ",
        "box": [
          85.5,
          186.808896,
          555.8499800000002,
          195.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost ",
        "box": [
          85.5,
          198.308896,
          555.9000000000001,
          206.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "includes the amortization of deferred origination fees and financing costs.",
        "box": [
          85.5,
          209.808896,
          380.13000000000005,
          218.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          221.308896,
          70.16,
          229.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all ",
        "box": [
          85.5,
          221.308896,
          555.9399999999998,
          229.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case ",
        "box": [
          85.5,
          232.808896,
          555.9800000000002,
          241.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the corresponding collateral loans.",
        "box": [
          85.5,
          244.308896,
          233.37000000000006,
          252.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Financing ",
        "box": [
          58.5,
          273.64889600000004,
          150.64999999999998,
          281.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our outstanding corporate financing ($ in thousands): ",
        "box": [
          58.5,
          291.30889599999995,
          383.4399999999999,
          299.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          306.4931348,
          63.13,
          313.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Financing",
        "box": [
          437.76999,
          306.9831248,
          509.50599000000005,
          313.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding Principal Balance",
        "box": [
          421.0,
          314.9831248,
          526.2879999999999,
          321.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          327.4931348,
          63.13,
          334.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          409.53,
          327.7331248,
          455.962,
          334.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          482.19,
          327.7331248,
          546.83,
          334.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term loans",
        "box": [
          61.13,
          340.30889599999995,
          106.34999999999998,
          348.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          396.38,
          340.30889599999995,
          403.88,
          348.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,915,033 ",
        "box": [
          427.67,
          340.30889599999995,
          470.17,
          348.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          478.13,
          340.30889599999995,
          485.63,
          348.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,847,726 ",
        "box": [
          509.42,
          340.30889599999995,
          551.9200000000001,
          348.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes",
        "box": [
          61.13,
          355.30889599999995,
          143.81999999999996,
          363.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.38,
          355.30889599999995,
          398.88,
          363.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,235,316 ",
        "box": [
          427.67,
          355.30889599999995,
          470.17,
          363.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          478.13,
          355.30889599999995,
          480.63,
          363.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "785,316 ",
        "box": [
          516.92,
          355.30889599999995,
          551.92,
          363.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible notes",
        "box": [
          61.13,
          370.30889599999995,
          131.87999999999994,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.38,
          370.30889599999995,
          398.88,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          435.17,
          370.30889599999995,
          470.17,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          478.13,
          370.30889599999995,
          480.63,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          516.92,
          370.30889599999995,
          551.92,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total corporate financing",
        "box": [
          73.13,
          385.30889599999995,
          174.65,
          393.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          396.38,
          385.30889599999995,
          403.88,
          393.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,416,506 ",
        "box": [
          427.67,
          385.30889599999995,
          470.17,
          393.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          478.13,
          385.30889599999995,
          485.63,
          393.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,899,199 ",
        "box": [
          509.42,
          385.30889599999995,
          551.9200000000001,
          393.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 74,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table details our outstanding senior term loan facilities, or Term Loans, our outstanding senior secured notes, ",
        "box": [
          58.5,
          54.308896000000004,
          555.9599999999996,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or Senior Secured Notes, and convertible senior notes, or Convertible Notes, as of June 30, 2026 ($ in thousands):",
        "box": [
          58.5,
          65.808896,
          514.2399899999999,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Financing",
        "box": [
          61.13,
          100.98315479999997,
          132.86600000000004,
          107.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face Value",
        "box": [
          207.14,
          100.98315479999997,
          245.11599999999996,
          107.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate (1)",
        "box": [
          269.04001,
          100.34194112,
          319.71322000000004,
          107.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Swapped ",
        "box": [
          343.32999,
          92.98315479999997,
          376.41799000000003,
          99.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate (2)",
        "box": [
          347.85001,
          100.34194112,
          369.89322000000004,
          107.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in Cost (1)(3)",
        "box": [
          401.03,
          100.34194112,
          450.2264100000001,
          107.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          492.95999,
          100.98315479999997,
          524.0559900000001,
          107.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Loans",
        "box": [
          61.13,
          113.558896,
          109.67999999999998,
          121.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-7 Term Loan",
        "box": [
          69.13,
          127.808896,
          131.27999999999997,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          196.13,
          127.808896,
          203.63,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "449,706 ",
        "box": [
          222.17,
          127.808896,
          257.16999999999996,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.50 %",
        "box": [
          288.95999,
          127.808896,
          326.24998999999997,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          352.76999,
          127.808896,
          364.97999,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.11 %",
        "box": [
          422.45999,
          127.808896,
          459.74998999999997,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 9, 2029",
        "box": [
          500.04999,
          127.808896,
          550.86999,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-8 Term Loan",
        "box": [
          69.13,
          142.808896,
          131.27999999999997,
          151.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          196.13,
          142.808896,
          198.63,
          151.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "696,500 ",
        "box": [
          222.17,
          142.808896,
          257.16999999999996,
          151.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.50 %",
        "box": [
          288.95999,
          142.808896,
          326.24998999999997,
          151.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          352.76999,
          142.808896,
          364.97999,
          151.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.95 %",
        "box": [
          422.45999,
          142.808896,
          459.74998999999997,
          151.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 19, 2032",
        "box": [
          472.32999,
          142.808896,
          550.86999,
          151.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-9 Term Loan",
        "box": [
          69.13,
          157.808896,
          131.27999999999997,
          166.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          196.13,
          157.808896,
          198.63,
          166.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "768,827 ",
        "box": [
          222.17,
          157.808896,
          257.16999999999996,
          166.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.50 %",
        "box": [
          288.95999,
          157.808896,
          326.24998999999997,
          166.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          352.76999,
          157.808896,
          364.97999,
          166.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.95 %",
        "box": [
          422.45999,
          157.808896,
          459.74998999999997,
          166.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 10, 2030",
        "box": [
          472.32999,
          157.808896,
          550.86999,
          166.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total term loans",
        "box": [
          78.13,
          172.808896,
          143.58999999999995,
          181.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          196.13,
          172.808896,
          203.63,
          181.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,915,033 ",
        "box": [
          214.67,
          172.808896,
          257.16999999999996,
          181.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Secured Notes",
        "box": [
          61.13,
          187.808896,
          147.70999999999998,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2021",
        "box": [
          69.13,
          202.808896,
          123.80999999999997,
          211.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          196.13,
          202.808896,
          203.63,
          211.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335,316 ",
        "box": [
          222.17,
          202.808896,
          257.16999999999996,
          211.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.75 %",
        "box": [
          297.09,
          202.808896,
          326.24999999999994,
          211.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          353.70999,
          202.808896,
          365.91999,
          211.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.06 %",
        "box": [
          430.59,
          202.808896,
          459.74999999999994,
          211.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 15, 2027",
        "box": [
          482.29001,
          202.808896,
          550.87001,
          211.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2024",
        "box": [
          69.13,
          217.808896,
          132.66999999999996,
          226.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          196.13,
          217.808896,
          198.63,
          226.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000 ",
        "box": [
          222.17,
          217.808896,
          257.16999999999996,
          226.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.75 %",
        "box": [
          297.09,
          217.808896,
          326.24999999999994,
          226.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.95 %",
        "box": [
          349.70999,
          217.808896,
          386.99998999999997,
          226.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  8.14 %",
        "box": [
          430.59,
          217.808896,
          459.74999999999994,
          226.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 1, 2029",
        "box": [
          477.32999,
          217.808896,
          550.8699900000001,
          226.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2026",
        "box": [
          69.13,
          232.808896,
          109.94999999999999,
          241.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          196.13,
          232.808896,
          198.63,
          241.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000 ",
        "box": [
          222.17,
          232.808896,
          257.16999999999996,
          241.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.25 %",
        "box": [
          297.09,
          232.808896,
          326.24999999999994,
          241.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.50 %",
        "box": [
          349.70999,
          232.808896,
          386.99998999999997,
          241.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.68 %",
        "box": [
          430.59,
          232.808896,
          459.74999999999994,
          241.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 1, 2031",
        "box": [
          500.04999,
          232.808896,
          550.86999,
          241.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total senior secured notes",
        "box": [
          78.13,
          247.808896,
          182.71999999999997,
          256.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          196.13,
          247.808896,
          203.63,
          256.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,235,316 ",
        "box": [
          214.67,
          247.808896,
          257.16999999999996,
          256.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes",
        "box": [
          61.13,
          262.808896,
          134.09999999999997,
          271.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes (4)",
        "box": [
          69.13,
          277.808896,
          148.16321,
          286.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          196.13,
          277.808896,
          203.63,
          286.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          222.17,
          277.808896,
          257.16999999999996,
          286.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.50 %",
        "box": [
          297.09,
          277.808896,
          326.24999999999994,
          286.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          352.76999,
          277.808896,
          364.97999,
          286.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.79 %",
        "box": [
          430.59,
          277.808896,
          459.74999999999994,
          286.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 15, 2027",
        "box": [
          487.29001,
          277.808896,
          550.87001,
          286.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total corporate financings",
        "box": [
          78.13,
          292.80889599999995,
          183.54000000000002,
          301.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          196.13,
          292.80889599999995,
          203.63,
          301.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,416,506 ",
        "box": [
          214.67,
          292.80889599999995,
          257.16999999999996,
          301.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          320.55889599999995,
          70.16,
          328.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The B-7 Term Loan and B-9 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50%. ",
        "box": [
          85.5,
          320.55889599999995,
          520.31,
          328.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          332.05889599999995,
          70.16,
          340.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For certain of the Senior Secured Notes, we have entered into interest rate swaps that effectively convert our fixed ",
        "box": [
          85.5,
          332.05889599999995,
          555.8799999999998,
          340.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate exposure to floating rate exposure. Refer to Note 11 and Note 13 to our consolidated financial statements for ",
        "box": [
          85.5,
          343.55889599999995,
          555.9900099999999,
          351.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "further information.",
        "box": [
          85.5,
          355.05889599999995,
          164.86,
          363.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          366.55889599999995,
          70.16,
          374.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes  issue  discounts,  transaction  expenses,  and/or  issuance  costs,  as  applicable,  that  are  amortized  through ",
        "box": [
          85.5,
          366.55889599999995,
          555.8999999999999,
          374.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest expense over the life of each respective financing.",
        "box": [
          85.5,
          378.05889599999995,
          317.66,
          386.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          389.55889599999995,
          70.16,
          397.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The conversion price of the Convertible Notes is $36.27, which represents the price of class A common stock per ",
        "box": [
          85.5,
          389.55889599999995,
          555.9799999999999,
          397.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share  based  on  a  conversion  rate  of  27.5702.  The  conversion  rate  represents  the  number  of  shares  of  class  A ",
        "box": [
          85.5,
          401.05889599999995,
          555.9499900000001,
          409.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has ",
        "box": [
          85.5,
          412.55889599999995,
          555.9699999999999,
          420.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not been exceeded as of June 30, 2026.",
        "box": [
          85.5,
          424.05889599999995,
          241.75,
          432.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Notes 2, 10, 11, and 12 to our consolidated financial statements for further discussion of our Term Loans, Senior ",
        "box": [
          58.5,
          447.55889599999995,
          555.8499999999997,
          455.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Notes, and Convertible Notes.",
        "box": [
          58.5,
          459.05889599999995,
          213.89000000000001,
          467.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating Rate Loan Portfolio",
        "box": [
          58.5,
          488.398896,
          181.46000000000004,
          496.6271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates ",
        "box": [
          58.5,
          506.05889599999995,
          555.9699999999998,
          514.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "will decrease net income. As of June 30, 2026, 97% of our loans by principal balance earned a floating rate of interest, ",
        "box": [
          58.5,
          517.558896,
          555.8399899999998,
          525.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily  indexed  to  SOFR,  and  were  financed  with  liabilities  that  pay  interest  at  floating  rates,  which  resulted  in  an ",
        "box": [
          58.5,
          529.058896,
          555.99,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount of net equity that is positively correlated to rising interest rates, subject to the impact of interest rate floors on ",
        "box": [
          58.5,
          540.558896,
          555.92,
          548.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain of our floating rate loans.",
        "box": [
          58.5,
          552.058896,
          189.44000000000005,
          560.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our liabilities are generally currency and index-matched to each collateral asset, resulting in a net exposure to movements ",
        "box": [
          58.5,
          575.558896,
          555.96,
          583.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in benchmark rates that varies by currency silo based on the relative proportion of floating rate assets and liabilities. ",
        "box": [
          58.5,
          587.058896,
          524.0199999999998,
          595.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 75,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table details our investment portfolio's exposure to interest rates by currency as of June 30, 2026 (amounts ",
        "box": [
          58.5,
          54.308896000000004,
          555.8999600000001,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in thousands): ",
        "box": [
          58.5,
          65.808896,
          117.35,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          81.23315479999997,
          63.13,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
          293.13,
          81.23315479999997,
          309.122,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.11002,
          81.23315479999997,
          311.11002,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GBP",
        "box": [
          361.16,
          81.23315479999997,
          377.608,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.59,
          81.23315479999997,
          379.59,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EUR",
        "box": [
          429.19,
          81.23315479999997,
          446.07800000000003,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.06,
          81.23315479999997,
          448.06,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All Other (1)",
        "box": [
          486.53,
          80.59194112,
          525.22317,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating rate loans (2)(3)(4)(5)",
        "box": [
          61.13,
          93.808896,
          159.73279999999994,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          271.13,
          93.808896,
          278.63,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,894,661 ",
        "box": [
          289.67,
          93.808896,
          332.17,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          339.38,
          93.808896,
          346.88,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,915,960 ",
        "box": [
          357.92,
          93.808896,
          400.42,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          407.63,
          93.808896,
          415.13,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,294,807 ",
        "box": [
          426.17,
          93.808896,
          468.67,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.88,
          93.808896,
          483.38,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,104,700 ",
        "box": [
          494.42,
          93.808896,
          536.9200000000001,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating rate portfolio financings (2)(5)(6)(7)",
        "box": [
          61.13,
          108.808896,
          217.73280999999997,
          117.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          271.13,
          108.808896,
          273.63,
          117.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,006,645)   ",
        "box": [
          286.34,
          108.808896,
          341.88,
          117.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,437,566)   ",
        "box": [
          354.59,
          108.808896,
          410.13,
          117.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,616,595)   ",
        "box": [
          422.84,
          108.808896,
          478.38,
          117.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,683,962) ",
        "box": [
          491.09,
          108.808896,
          540.25,
          117.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating rate corporate financings (8)",
        "box": [
          61.13,
          123.808896,
          202.29321,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          271.13,
          123.808896,
          273.63,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,815,033)   ",
        "box": [
          286.34,
          123.808896,
          341.88,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.92,
          123.808896,
          395.42,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          407.63,
          123.808896,
          410.13,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          456.17,
          123.808896,
          463.67,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          123.808896,
          478.38,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          524.42,
          123.808896,
          531.92,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net floating rate exposure",
        "box": [
          78.5,
          138.808896,
          182.54,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          271.13,
          138.808896,
          278.63,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(927,017)  \u00a3 ",
        "box": [
          293.84,
          138.808896,
          346.88,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "478,394 ",
        "box": [
          365.42,
          138.808896,
          400.42,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          407.63,
          138.808896,
          415.13,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "678,212 ",
        "box": [
          433.67,
          138.808896,
          468.67,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.88,
          138.808896,
          483.38,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "420,738 ",
        "box": [
          501.92,
          138.808896,
          536.9200000000001,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net floating rate exposure in USD (9)",
        "box": [
          78.5,
          153.808896,
          221.3632,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          271.13,
          153.808896,
          278.63,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(927,017)  $ ",
        "box": [
          293.84,
          153.808896,
          346.88,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "634,446 ",
        "box": [
          365.42,
          153.808896,
          400.42,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          407.63,
          153.808896,
          415.13,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "774,653 ",
        "box": [
          433.67,
          153.808896,
          468.67,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.88,
          153.808896,
          483.38,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "420,738 ",
        "box": [
          501.92,
          153.808896,
          536.9200000000001,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          182.558896,
          70.16,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.",
        "box": [
          85.5,
          182.558896,
          391.54000000000013,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          194.058896,
          70.16,
          202.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  floating  rate  loans  and  related  liabilities  are  currency  and  index-matched  to  the  applicable  benchmark  rate ",
        "box": [
          85.5,
          194.058896,
          555.9300000000004,
          202.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relevant in each arrangement.",
        "box": [
          85.5,
          205.558896,
          203.64000000000004,
          213.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          217.058896,
          70.16,
          225.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes $699.7 million of principal balance on floating rate impaired loans.",
        "box": [
          85.5,
          217.058896,
          392.9099999999999,
          225.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          228.558896,
          70.16,
          236.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers' ",
        "box": [
          85.5,
          228.558896,
          555.88,
          236.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exposure to an increase in interest rates.",
        "box": [
          85.5,
          240.058896,
          245.0,
          248.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          251.558896,
          70.16,
          259.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes amounts related to our investments in unconsolidated entities.",
        "box": [
          85.5,
          251.558896,
          371.5499999999999,
          259.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          58.5,
          263.058896,
          70.16,
          271.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes amounts outstanding under secured debt, securitizations, and asset-specific debt. Excludes amounts related ",
        "box": [
          85.5,
          263.058896,
          555.9700000000001,
          271.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the indebtedness of unconsolidated entities.",
        "box": [
          85.5,
          274.558896,
          269.73,
          282.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          58.5,
          286.05889599999995,
          70.16,
          294.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes  an  interest  rate  swap  with  a  $35.6  million  notional  amount  that  effectively  converts  our  floating  rate ",
        "box": [
          85.5,
          286.05889599999995,
          555.98,
          294.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liability to a fixed rate liability to align with the financed fixed rate loan exposure.",
        "box": [
          85.5,
          297.55889599999995,
          413.6500000000001,
          305.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          58.5,
          309.05889599999995,
          70.16,
          317.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes amounts outstanding under Term Loans, the Senior Secured Notes due 2029, and the Senior Secured Notes ",
        "box": [
          85.5,
          309.05889599999995,
          555.9299900000001,
          317.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due 2031. In connection with the issuance of the Senior Secured Notes due 2029 and Senior Secured Notes due ",
        "box": [
          85.5,
          320.55889599999995,
          555.91,
          328.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2031, we entered into interest rate swaps with an aggregate notional amount of $900.0 million to effectively convert ",
        "box": [
          85.5,
          332.05889599999995,
          555.9200000000002,
          340.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our fixed rate exposure to floating rate exposure for such notes.",
        "box": [
          85.5,
          343.55889599999995,
          338.85,
          351.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9)",
        "box": [
          58.5,
          355.05889599999995,
          70.16,
          363.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the U.S. dollar equivalent as of June 30, 2026.",
        "box": [
          85.5,
          355.05889599999995,
          316.67999,
          363.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates, ",
        "box": [
          58.5,
          384.05889599999995,
          555.9800000000002,
          392.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the ",
        "box": [
          58.5,
          395.55889599999995,
          555.8499999999999,
          403.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may ",
        "box": [
          58.5,
          407.05889599999995,
          555.9400000000003,
          415.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate ",
        "box": [
          58.5,
          418.55889599999995,
          555.8399999999998,
          426.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stress-testing  during  our  underwriting  process,  which  generally  includes  a  requirement  for  our  borrower  to  purchase  an ",
        "box": [
          58.5,
          430.05889599999995,
          555.88,
          438.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest  rate  cap  contract  with  an  unaffiliated  third  party,  provide  an  interest  reserve  deposit,  and/or  provide  interest ",
        "box": [
          58.5,
          441.55889599999995,
          555.8899999999998,
          449.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "guarantees or other structural protections.",
        "box": [
          58.5,
          453.05889599999995,
          224.6800000000001,
          461.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 76,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "IV. Our Results of Operations ",
        "box": [
          58.5,
          54.148926000000074,
          189.53,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating Results",
        "box": [
          58.5,
          71.64892600000007,
          135.93999999999997,
          79.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  sets  forth  information  regarding  our  consolidated  results  of  operations  for  the  three  months  ended ",
        "box": [
          58.5,
          89.308896,
          555.94,
          97.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 and March 31, 2026 ($ in thousands, except per share data):",
        "box": [
          58.5,
          100.808896,
          356.04999999999995,
          109.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          122.23315479999997,
          63.13,
          128.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          377.20999,
          122.23315479999997,
          450.0659900000001,
          128.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change",
        "box": [
          510.39999,
          122.23315479999997,
          536.6079899999999,
          128.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          134.98315479999997,
          63.13,
          141.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          351.03,
          134.98315479999997,
          397.462,
          141.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          426.45001,
          134.98315479999997,
          479.5460100000001,
          141.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          521.5,
          134.98315479999997,
          525.5,
          141.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments",
        "box": [
          61.13,
          147.39892600000007,
          237.97000000000003,
          155.6272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest and related income",
        "box": [
          78.5,
          161.808896,
          186.95000000000005,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          339.38,
          161.808896,
          346.88,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "309,748 ",
        "box": [
          375.17,
          161.808896,
          410.17,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.13,
          161.808896,
          425.63,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "305,557 ",
        "box": [
          453.92,
          161.808896,
          488.92,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          161.808896,
          503.63,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,191 ",
        "box": [
          526.92,
          161.808896,
          551.92,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Interest and related expenses",
        "box": [
          78.5,
          176.808896,
          217.19000000000003,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          176.808896,
          341.88,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "227,182 ",
        "box": [
          375.17,
          176.808896,
          410.17,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          176.808896,
          420.63,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "220,736 ",
        "box": [
          453.92,
          176.808896,
          488.92,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          176.808896,
          498.63,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,446 ",
        "box": [
          526.92,
          176.808896,
          551.92,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments, net",
        "box": [
          98.5,
          191.64892600000007,
          293.6600000000001,
          199.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          191.808896,
          341.88,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,566 ",
        "box": [
          380.17,
          191.808896,
          410.17,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          191.808896,
          420.63,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,821 ",
        "box": [
          458.92,
          191.808896,
          488.92,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          191.808896,
          498.63,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,255) ",
        "box": [
          523.59,
          191.808896,
          555.2500000000001,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate",
        "box": [
          78.5,
          206.808896,
          207.22000000000003,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          206.808896,
          341.88,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,497 ",
        "box": [
          380.17,
          206.808896,
          410.17,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          206.808896,
          420.63,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,594 ",
        "box": [
          458.92,
          206.808896,
          488.92,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          206.808896,
          498.63,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "903 ",
        "box": [
          534.42,
          206.808896,
          551.92,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net revenues",
        "box": [
          98.5,
          221.64892600000007,
          177.31000000000003,
          229.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "158,063",
        "box": [
          376.62,
          221.808896,
          409.12,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "159,415",
        "box": [
          455.37,
          221.808896,
          487.87,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,352)",
        "box": [
          521.71002,
          221.808896,
          550.8700200000001,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          61.13,
          236.64892600000007,
          100.54999999999998,
          244.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management and incentive fees",
        "box": [
          78.5,
          251.058896,
          205.26000000000005,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          251.058896,
          341.88,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,641 ",
        "box": [
          380.17,
          251.058896,
          410.17,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          251.058896,
          420.63,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,813 ",
        "box": [
          458.92,
          251.058896,
          488.92,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          251.058896,
          498.63,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(172) ",
        "box": [
          531.09,
          251.058896,
          555.2500000000001,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses",
        "box": [
          78.5,
          266.058896,
          225.24000000000004,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          266.058896,
          341.88,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,918 ",
        "box": [
          380.17,
          266.058896,
          410.17,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          266.058896,
          420.63,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,981 ",
        "box": [
          458.92,
          266.058896,
          488.92,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          266.058896,
          498.63,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "937 ",
        "box": [
          534.42,
          266.058896,
          551.92,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses from owned real estate",
        "box": [
          78.5,
          281.05889599999995,
          210.01000000000005,
          289.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          281.05889599999995,
          341.88,
          289.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,440 ",
        "box": [
          380.17,
          281.05889599999995,
          410.17,
          289.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          281.05889599999995,
          420.63,
          289.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,975 ",
        "box": [
          458.92,
          281.05889599999995,
          488.92,
          289.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          281.05889599999995,
          498.63,
          289.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(535) ",
        "box": [
          531.09,
          281.05889599999995,
          555.2500000000001,
          289.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses",
        "box": [
          98.5,
          295.898896,
          160.95,
          304.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          296.05889599999995,
          341.88,
          304.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110,999 ",
        "box": [
          375.17,
          296.05889599999995,
          410.17,
          304.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          296.05889599999995,
          420.63,
          304.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110,769 ",
        "box": [
          453.92,
          296.05889599999995,
          488.92,
          304.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          296.05889599999995,
          498.63,
          304.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "230 ",
        "box": [
          534.42,
          296.05889599999995,
          551.92,
          304.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in current expected credit loss reserve",
        "box": [
          61.13,
          311.05889599999995,
          248.08000000000004,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          311.05889599999995,
          341.88,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(134,403) ",
        "box": [
          371.84,
          311.05889599999995,
          413.49999999999994,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          311.05889599999995,
          420.63,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(55,055)   ",
        "box": [
          455.59,
          311.05889599999995,
          498.63,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(79,348) ",
        "box": [
          518.59,
          311.05889599999995,
          555.2500000000001,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from unconsolidated entities",
        "box": [
          61.13,
          326.05889599999995,
          207.34000000000006,
          334.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          326.05889599999995,
          341.88,
          334.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,570 ",
        "box": [
          385.17,
          326.05889599999995,
          410.17,
          334.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          326.05889599999995,
          420.63,
          334.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,383 ",
        "box": [
          463.92,
          326.05889599999995,
          488.92,
          334.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          326.05889599999995,
          498.63,
          334.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,187 ",
        "box": [
          526.92,
          326.05889599999995,
          551.92,
          334.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss on disposition of owned real estate",
        "box": [
          61.13,
          341.05889599999995,
          235.13000000000008,
          349.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          341.05889599999995,
          341.88,
          349.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.67,
          341.05889599999995,
          405.17,
          349.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          341.05889599999995,
          420.63,
          349.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(160)   ",
        "box": [
          468.09000000000003,
          341.05889599999995,
          498.63,
          349.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "160 ",
        "box": [
          534.42,
          341.05889599999995,
          551.92,
          349.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income, net",
        "box": [
          61.13,
          356.05889599999995,
          132.98999999999998,
          364.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          356.05889599999995,
          341.88,
          364.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 ",
        "box": [
          402.67,
          356.05889599999995,
          410.17,
          364.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          356.05889599999995,
          420.63,
          364.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4 ",
        "box": [
          481.42,
          356.05889599999995,
          488.92,
          364.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          356.05889599999995,
          498.63,
          364.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1) ",
        "box": [
          541.09,
          356.05889599999995,
          555.2500000000001,
          364.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss before income taxes",
        "box": [
          61.13,
          370.898896,
          167.42,
          379.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          371.05889599999995,
          341.88,
          379.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(78,766) ",
        "box": [
          376.84,
          371.05889599999995,
          413.49999999999994,
          379.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          371.05889599999995,
          420.63,
          379.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,182)   ",
        "box": [
          460.59,
          371.05889599999995,
          498.63,
          379.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(73,584) ",
        "box": [
          518.59,
          371.05889599999995,
          555.2500000000001,
          379.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax provision",
        "box": [
          61.13,
          386.05889599999995,
          146.04999999999998,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          386.05889599999995,
          341.88,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,501 ",
        "box": [
          385.17,
          386.05889599999995,
          410.17,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          386.05889599999995,
          420.63,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,158 ",
        "box": [
          463.92,
          386.05889599999995,
          488.92,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          386.05889599999995,
          498.63,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,343 ",
        "box": [
          526.92,
          386.05889599999995,
          551.92,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss",
        "box": [
          61.13,
          400.898896,
          94.16,
          409.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          401.05889599999995,
          341.88,
          409.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(81,267) ",
        "box": [
          376.84,
          401.05889599999995,
          413.49999999999994,
          409.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          401.05889599999995,
          420.63,
          409.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,340)   ",
        "box": [
          460.59,
          401.05889599999995,
          498.63,
          409.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(74,927) ",
        "box": [
          518.59,
          401.05889599999995,
          555.2500000000001,
          409.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss attributable to non-controlling interests",
        "box": [
          61.13,
          416.05889599999995,
          252.2900000000001,
          424.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          416.05889599999995,
          341.88,
          424.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45 ",
        "box": [
          397.67,
          416.05889599999995,
          410.17,
          424.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          416.05889599999995,
          420.63,
          424.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43 ",
        "box": [
          476.42,
          416.05889599999995,
          488.92,
          424.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          416.05889599999995,
          498.63,
          424.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2 ",
        "box": [
          544.42,
          416.05889599999995,
          551.92,
          424.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss attributable to Blackstone Mortgage Trust, Inc.",
        "box": [
          61.13,
          430.898896,
          299.56000000000006,
          439.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          339.38,
          431.05889599999995,
          346.88,
          439.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(81,222) ",
        "box": [
          376.84,
          431.05889599999995,
          413.49999999999994,
          439.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.13,
          431.05889599999995,
          425.63,
          439.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,297)  $ ",
        "box": [
          460.59,
          431.05889599999995,
          503.63,
          439.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(74,925) ",
        "box": [
          518.59,
          431.05889599999995,
          555.2500000000001,
          439.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss per share of common stock, basic and diluted",
        "box": [
          61.13,
          445.898896,
          289.33,
          454.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          339.38,
          446.05889599999995,
          346.88,
          454.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.48) ",
        "box": [
          386.84,
          446.05889599999995,
          413.49999999999994,
          454.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.13,
          446.05889599999995,
          425.63,
          454.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.04) ",
        "box": [
          465.59,
          446.05889599999995,
          492.24999999999994,
          454.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          446.05889599999995,
          503.63,
          454.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.44) ",
        "box": [
          528.59,
          446.05889599999995,
          555.2500000000001,
          454.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares of common stock outstanding, basic ",
        "box": [
          61.13,
          475.148896,
          320.43,
          483.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and diluted",
        "box": [
          71.13,
          486.54891599999996,
          119.72999999999999,
          494.7772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,964,515",
        "box": [
          359.12,
          475.30889599999995,
          409.12,
          483.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,078,373",
        "box": [
          437.87,
          475.30889599999995,
          487.87,
          483.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          475.30889599999995,
          498.63,
          483.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(114) ",
        "box": [
          531.09,
          475.30889599999995,
          555.2500000000001,
          483.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared per share",
        "box": [
          61.13,
          501.398896,
          185.74,
          509.6271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          339.38,
          501.55889599999995,
          346.88,
          509.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          390.17,
          501.55889599999995,
          410.17,
          509.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.13,
          501.55889599999995,
          425.63,
          509.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          468.92,
          501.55889599999995,
          488.92,
          509.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          501.55889599999995,
          503.63,
          509.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          501.55889599999995,
          546.92,
          509.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments, net",
        "box": [
          58.5,
          529.318906,
          240.85,
          537.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income  from  loans  and  other  investments,  net  decreased  $2.3  million  during  the  three  months  ended  June  30,  2026 ",
        "box": [
          58.5,
          546.808896,
          556.0,
          555.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to the three  months  ended  March  31,  2026.  The  decrease  was  primarily  driven  by  (i)  an  increase  in  interest ",
        "box": [
          58.5,
          558.308896,
          555.85,
          566.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expense  due  to  a  $173.9  million  increase  in  the  weighted-average  principal  balance  of  our  outstanding  financing ",
        "box": [
          58.5,
          569.808896,
          556.0000100000002,
          578.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "arrangements, and (ii) a decline in interest income related to additional loans accounted for under the cost-recovery method ",
        "box": [
          58.5,
          581.308896,
          555.88,
          589.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during  the  three  months  ended  June  30,  2026.  These  decreases  were  partially  offset  by  an  increase  in  interest  income ",
        "box": [
          58.5,
          592.808896,
          555.9100100000002,
          601.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily due to new originations during the three months ended June 30, 2026.",
        "box": [
          58.5,
          604.308896,
          377.12,
          612.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate ",
        "box": [
          58.5,
          633.818906,
          189.17,
          642.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate increased by $0.9 million during the three months ended June 30, 2026 compared to the ",
        "box": [
          58.5,
          651.308896,
          555.9199900000001,
          659.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended March 31, 2026. The increase was primarily due to the acquisition of one additional owned real estate ",
        "box": [
          58.5,
          662.808896,
          555.8800100000003,
          671.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset during the three months ended June 30, 2026. This increase was partially offset by the seasonality of the operations at ",
        "box": [
          58.5,
          674.308896,
          555.8400099999999,
          682.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our hospitality assets.",
        "box": [
          58.5,
          685.808896,
          144.79999999999995,
          694.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 77,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Expenses",
        "box": [
          58.5,
          54.318906000000084,
          95.66999999999997,
          62.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses  include  management  and  incentive  fees  payable  to  our  Manager,  general  and  administrative  expenses,  and ",
        "box": [
          58.5,
          71.808896,
          555.9200000000002,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses  from  owned  real  estate.  Expenses  increased  by  $0.2  million  during  the  three  months  ended  June  30,  2026 ",
        "box": [
          58.5,
          83.308896,
          555.87,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to the three months ended March 31, 2026, primarily due to a $0.9 million increase in general and administrative ",
        "box": [
          58.5,
          94.808896,
          555.8600100000001,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses driven by costs incurred in connection with the formation of our Homebuilder Finance Joint Venture. This was ",
        "box": [
          58.5,
          106.308896,
          556.0000100000001,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partially  offset  by  (i)  a  $0.5  million  decrease  in  expenses  from  owned  real  estate,  primarily  due  to  the  benefit  from  a ",
        "box": [
          58.5,
          117.808896,
          555.86,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3.3 million property tax refund received by one of our owned real estate assets during the three months ended March 31, ",
        "box": [
          58.5,
          129.308896,
          555.9700100000002,
          137.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026, partially offset by the acquisition of one additional owned real estate asset during the three months ended June 30, ",
        "box": [
          58.5,
          140.808896,
          555.9199900000001,
          149.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026, and (ii) a $0.2 million decrease in management fees payable to our Manager, due to lower Equity, as defined in our ",
        "box": [
          58.5,
          152.308896,
          555.9599899999998,
          160.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management Agreement, primarily resulting from charge-offs of CECL reserves.",
        "box": [
          58.5,
          163.808896,
          383.67000000000013,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in current expected credit loss reserve",
        "box": [
          58.5,
          193.31890600000008,
          248.82000000000002,
          201.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026, we recorded a $134.4 million increase in our CECL reserves, as compared to ",
        "box": [
          58.5,
          210.808896,
          555.91,
          219.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a  $55.1  million  increase  during  the  three  months  ended  March  31,  2026.  The  increase  during  the  three  months  ended ",
        "box": [
          58.5,
          222.308896,
          555.89001,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 was primarily due to an increase in our asset-specific CECL reserves, driven by three additional loans that ",
        "box": [
          58.5,
          233.808896,
          555.8499899999999,
          242.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were impaired during the three months ended June 30, 2026. This was partially offset by a decrease in our general CECL ",
        "box": [
          58.5,
          245.308896,
          555.91001,
          253.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reserves  driven  by  changes  in  risk  ratings,  and  a  decrease  in  our  loans  receivable  balance,  partially  offset  by  new  loan ",
        "box": [
          58.5,
          256.808896,
          555.96,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "originations and an increase in the historical loss rate used in reserve calculations related to the additional CECL reserve ",
        "box": [
          58.5,
          268.308896,
          555.85,
          276.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "charge-offs.",
        "box": [
          58.5,
          279.808896,
          106.49999999999999,
          288.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We may be required to record further increases to our CECL reserves in the future, depending on the performance of our ",
        "box": [
          58.5,
          303.30889599999995,
          555.9100000000003,
          311.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan portfolio and changes in broader market conditions, and there may be volatility in the level of our CECL reserves. ",
        "box": [
          58.5,
          314.80889599999995,
          555.8499999999998,
          323.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Any  such  reserve  increases  are  difficult  to  predict,  but  are  expected  to  be  primarily  the  result  of  incremental  loan ",
        "box": [
          58.5,
          326.30889599999995,
          555.8500000000001,
          334.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairments resulting from changes in the specific credit quality factors of such loans and to be concentrated in our loans ",
        "box": [
          58.5,
          337.80889599999995,
          555.9399999999998,
          346.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable with a risk rating of '4' as of June 30, 2026. ",
        "box": [
          58.5,
          349.30889599999995,
          282.16,
          357.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from unconsolidated entities",
        "box": [
          58.5,
          378.81890599999997,
          204.18000000000004,
          387.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026, we recorded income from unconsolidated entities of $8.6 million compared ",
        "box": [
          58.5,
          396.30889599999995,
          555.8700100000002,
          404.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to $1.4 million during the three months ended March 31, 2026. This increase was primarily due to higher income from our ",
        "box": [
          58.5,
          407.80889599999995,
          555.82,
          416.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bank Loan Portfolio Joint Venture as a result of unrealized gains on the fair value adjustment of the portfolio during the ",
        "box": [
          58.5,
          419.30889599999995,
          555.8299999999999,
          427.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended June 30, 2026, compared to unrealized losses during the three months ended March 31, 2026.",
        "box": [
          58.5,
          430.80889599999995,
          512.82001,
          439.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax provision",
        "box": [
          58.5,
          460.31890599999997,
          142.85999999999996,
          468.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The income tax provision increased by $1.3 million during the three months ended June 30, 2026 compared to the three ",
        "box": [
          58.5,
          477.80889599999995,
          555.8600200000002,
          486.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months  ended  March  31,  2026,  primarily  due  to  an  increase  in  the  income  tax  provisions  related  to  our  taxable  REIT ",
        "box": [
          58.5,
          489.30889599999995,
          555.9499899999996,
          497.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiaries.",
        "box": [
          58.5,
          500.80889599999995,
          108.16999999999997,
          509.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends per share ",
        "box": [
          58.5,
          530.318906,
          142.03999999999996,
          538.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026, we declared dividends of $0.47 per share, or $79.2 million in aggregate.",
        "box": [
          58.5,
          547.808896,
          533.3599900000002,
          556.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we declared dividends of $0.47 per share, or $79.3 million in aggregate.",
        "box": [
          58.5,
          559.308896,
          541.1200000000002,
          567.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 78,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The  following  table  sets  forth  information  regarding  our  consolidated  results  of  operations  for  the  six  months  ended ",
        "box": [
          58.5,
          54.308896000000004,
          555.95996,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 and 2025 ($ in thousands, except per share data):",
        "box": [
          58.5,
          65.808896,
          312.46999999999997,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          87.23315479999997,
          63.13,
          93.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          370.25,
          87.23315479999997,
          463.76200000000006,
          93.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change",
        "box": [
          510.39999,
          87.23315479999997,
          536.6079899999999,
          93.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          99.98315479999997,
          63.13,
          106.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          371.5,
          99.98315479999997,
          387.5,
          106.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          446.5,
          99.98315479999997,
          462.5,
          106.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          521.5,
          99.98315479999997,
          525.5,
          106.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments",
        "box": [
          61.13,
          112.39892600000007,
          237.97000000000003,
          120.62722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest and related income",
        "box": [
          78.5,
          126.808896,
          186.95000000000005,
          135.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          346.13,
          126.808896,
          353.63,
          135.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "615,305 ",
        "box": [
          378.92,
          126.808896,
          413.92,
          135.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          421.13,
          126.808896,
          428.63,
          135.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "691,594 ",
        "box": [
          453.92,
          126.808896,
          488.92,
          135.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          126.808896,
          503.63,
          135.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(76,289) ",
        "box": [
          518.59,
          126.808896,
          555.2500000000001,
          135.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Interest and related expenses",
        "box": [
          78.5,
          141.808896,
          217.19000000000003,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.13,
          141.808896,
          348.63,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "447,918 ",
        "box": [
          378.92,
          141.808896,
          413.92,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.13,
          141.808896,
          423.63,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "506,960 ",
        "box": [
          453.92,
          141.808896,
          488.92,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          141.808896,
          498.63,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(59,042) ",
        "box": [
          518.59,
          141.808896,
          555.2500000000001,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments, net",
        "box": [
          98.5,
          156.64892600000007,
          293.6600000000001,
          164.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.13,
          156.808896,
          348.63,
          165.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,387 ",
        "box": [
          378.92,
          156.808896,
          413.92,
          165.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.13,
          156.808896,
          423.63,
          165.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "184,634 ",
        "box": [
          453.92,
          156.808896,
          488.92,
          165.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          156.808896,
          498.63,
          165.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,247) ",
        "box": [
          518.59,
          156.808896,
          555.2500000000001,
          165.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate",
        "box": [
          78.5,
          171.808896,
          207.22000000000003,
          180.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.13,
          171.808896,
          348.63,
          180.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "150,091 ",
        "box": [
          378.92,
          171.808896,
          413.92,
          180.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.13,
          171.808896,
          423.63,
          180.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,845 ",
        "box": [
          458.92,
          171.808896,
          488.92,
          180.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,246",
        "box": [
          523.37,
          171.808896,
          550.87,
          180.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net revenues",
        "box": [
          98.5,
          186.64892600000007,
          177.31000000000003,
          194.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "317,478",
        "box": [
          380.37,
          186.808896,
          412.87,
          195.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "260,479",
        "box": [
          455.37,
          186.808896,
          487.87,
          195.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,999",
        "box": [
          523.37,
          186.808896,
          550.87,
          195.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          61.13,
          201.64892600000007,
          100.54999999999998,
          209.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management and incentive fees",
        "box": [
          78.5,
          216.058896,
          205.26000000000005,
          224.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,454",
        "box": [
          385.37,
          216.058896,
          412.87,
          224.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,271",
        "box": [
          460.37,
          216.058896,
          487.87,
          224.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,817)",
        "box": [
          521.71002,
          216.058896,
          550.8700200000001,
          224.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses",
        "box": [
          78.5,
          231.058896,
          225.24000000000004,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,899",
        "box": [
          385.37,
          231.058896,
          412.87,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,190",
        "box": [
          460.37,
          231.058896,
          487.87,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,709",
        "box": [
          528.37,
          231.058896,
          550.87,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses from owned real estate",
        "box": [
          78.5,
          246.058896,
          210.01000000000005,
          254.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "163,415",
        "box": [
          380.37,
          246.058896,
          412.87,
          254.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94,098",
        "box": [
          460.37,
          246.058896,
          487.87,
          254.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69,317",
        "box": [
          523.37,
          246.058896,
          550.87,
          254.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses",
        "box": [
          98.5,
          260.8989260000001,
          160.95,
          269.1272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "221,768",
        "box": [
          380.37,
          261.058896,
          412.87,
          269.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "154,559",
        "box": [
          455.37,
          261.058896,
          487.87,
          269.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,209",
        "box": [
          523.37,
          261.058896,
          550.87,
          269.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in current expected credit loss reserve",
        "box": [
          61.13,
          276.058896,
          248.08000000000004,
          284.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(189,458)",
        "box": [
          373.70999,
          276.058896,
          412.86999,
          284.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(95,098)",
        "box": [
          453.70999,
          276.058896,
          487.86999,
          284.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(94,360)",
        "box": [
          516.71002,
          276.058896,
          550.8700200000001,
          284.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) from unconsolidated entities",
        "box": [
          61.13,
          291.05889599999995,
          232.05000000000007,
          299.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,953",
        "box": [
          390.37,
          291.05889599999995,
          412.87,
          299.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,889)",
        "box": [
          458.70999,
          291.05889599999995,
          487.86999,
          299.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,842",
        "box": [
          523.37,
          291.05889599999995,
          550.87,
          299.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss on disposition of owned real estate",
        "box": [
          61.13,
          306.05889599999995,
          235.13000000000008,
          314.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(160)",
        "box": [
          391.20999,
          306.05889599999995,
          412.86999,
          314.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          477.87,
          306.05889599999995,
          482.87,
          314.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(160)",
        "box": [
          529.21002,
          306.05889599999995,
          550.8700200000001,
          314.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income, net",
        "box": [
          61.13,
          321.05889599999995,
          132.98999999999998,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          407.87,
          321.05889599999995,
          412.87,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "321",
        "box": [
          472.87,
          321.05889599999995,
          487.87,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(314)",
        "box": [
          529.21002,
          321.05889599999995,
          550.8700200000001,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loss) income before income taxes",
        "box": [
          61.13,
          335.898896,
          207.10000000000005,
          344.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(83,948)",
        "box": [
          378.70999,
          336.05889599999995,
          412.86999,
          344.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,254",
        "box": [
          465.37,
          336.05889599999995,
          487.87,
          344.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(92,202)",
        "box": [
          516.71002,
          336.05889599999995,
          550.8700200000001,
          344.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax provision",
        "box": [
          61.13,
          351.05889599999995,
          146.04999999999998,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,659",
        "box": [
          390.37,
          351.05889599999995,
          412.87,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,621",
        "box": [
          465.37,
          351.05889599999995,
          487.87,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,038",
        "box": [
          528.37,
          351.05889599999995,
          550.87,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income",
        "box": [
          61.13,
          365.898896,
          133.85,
          374.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(87,607)",
        "box": [
          378.70999,
          366.05889599999995,
          412.86999,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,633",
        "box": [
          465.37,
          366.05889599999995,
          487.87,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(94,240)",
        "box": [
          516.71002,
          366.05889599999995,
          550.8700200000001,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss (income) attributable to non-controlling interests",
        "box": [
          61.13,
          381.05889599999995,
          290.8500000000001,
          389.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88",
        "box": [
          402.87,
          381.05889599999995,
          412.87,
          389.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21)",
        "box": [
          471.20999,
          381.05889599999995,
          487.86999,
          389.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "109",
        "box": [
          535.87,
          381.05889599999995,
          550.87,
          389.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income attributable to Blackstone Mortgage Trust, Inc.",
        "box": [
          61.13,
          395.898896,
          339.2400000000001,
          404.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          346.13,
          396.05889599999995,
          353.63,
          404.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(87,519)  $ ",
        "box": [
          380.59,
          396.05889599999995,
          428.63,
          404.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,612 ",
        "box": [
          463.92,
          396.05889599999995,
          488.92,
          404.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          396.05889599999995,
          503.63,
          404.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(94,131) ",
        "box": [
          518.59,
          396.05889599999995,
          555.2500000000001,
          404.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss per share of common stock, basic and diluted",
        "box": [
          61.13,
          410.898896,
          289.33,
          419.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          346.13,
          411.05889599999995,
          353.63,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.52) ",
        "box": [
          390.59,
          411.05889599999995,
          417.24999999999994,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          421.13,
          411.05889599999995,
          428.63,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.04 ",
        "box": [
          468.92,
          411.05889599999995,
          488.92,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          411.05889599999995,
          503.63,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.56) ",
        "box": [
          528.59,
          411.05889599999995,
          555.2500000000001,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares of common stock outstanding, basic ",
        "box": [
          61.13,
          425.898896,
          320.43,
          434.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and diluted",
        "box": [
          71.13,
          437.29891599999996,
          119.72999999999999,
          445.5272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,021,130",
        "box": [
          362.87,
          426.05889599999995,
          412.87,
          434.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,949,090",
        "box": [
          437.87,
          426.05889599999995,
          487.87,
          434.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,927,960)",
        "box": [
          504.20999,
          426.05889599999995,
          550.86999,
          434.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared per share",
        "box": [
          61.13,
          452.30889599999995,
          177.38,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          346.13,
          452.30889599999995,
          353.63,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.94 ",
        "box": [
          393.92,
          452.30889599999995,
          413.92,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          421.13,
          452.30889599999995,
          428.63,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.94 ",
        "box": [
          468.92,
          452.30889599999995,
          488.92,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          452.30889599999995,
          503.63,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          452.30889599999995,
          546.92,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments, net ",
        "box": [
          58.5,
          486.56890599999997,
          243.34,
          494.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income  from  loans  and  other  investments,  net  decreased  $17.2  million  during  the  six  months  ended  June  30,  2026 ",
        "box": [
          58.5,
          504.05889599999995,
          555.92999,
          512.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to the six months ended June 30, 2025. The decrease was primarily due to (i) a $1.1 billion decrease in the ",
        "box": [
          58.5,
          515.558896,
          555.8600000000002,
          523.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted-average principal balance of our loan portfolio, and (ii) a decline in interest income related to additional loans ",
        "box": [
          58.5,
          527.058896,
          555.89,
          535.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounted for under the cost-recovery method or loans that are now accounted for as owned real estate assets during the six ",
        "box": [
          58.5,
          538.558896,
          555.91,
          546.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026. These decreases were partially offset by a decrease in interest expense resulting from declines ",
        "box": [
          58.5,
          550.058896,
          555.9400099999999,
          558.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in floating-rate indices.",
        "box": [
          58.5,
          561.558896,
          151.42,
          569.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate",
        "box": [
          58.5,
          591.068906,
          186.67999999999998,
          599.2972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate increased by $74.2 million during the six months ended June 30, 2026 compared to the six ",
        "box": [
          58.5,
          608.558896,
          553.86001,
          616.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2025, primarily due to the acquisition or consolidation of six additional owned real estate assets.",
        "box": [
          58.5,
          620.058896,
          537.73,
          628.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          58.5,
          649.568906,
          95.66999999999997,
          657.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses  include  management  and  incentive  fees  payable  to  our  Manager,  general  and  administrative  expenses,  and ",
        "box": [
          58.5,
          667.058896,
          555.9200000000002,
          675.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses  from  owned  real  estate.  Expenses  increased  by  $67.2  million  during  the  six  months  ended  June  30,  2026 ",
        "box": [
          58.5,
          678.558896,
          555.96997,
          686.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to the six months ended June 30, 2025 primarily due to (i) a $69.3 million increase in expenses from owned real ",
        "box": [
          58.5,
          690.058896,
          555.8400100000002,
          698.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate due to the acquisition or consolidation of six additional owned real estate assets, and (ii) a $2.7 million increase in ",
        "box": [
          58.5,
          701.558896,
          555.8600200000001,
          709.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "general and administrative expenses due to an increase in professional service fees. These increases were partially offset by ",
        "box": [
          58.5,
          713.058896,
          555.9100000000002,
          721.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 79,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "a $4.8 million decrease in management fees payable to our Manager, due to lower Equity, as defined in our Management ",
        "box": [
          58.5,
          54.308896000000004,
          555.9100000000003,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement, primarily resulting from charge-offs of CECL reserves and repurchases of class A common shares.",
        "box": [
          58.5,
          65.808896,
          503.0099899999999,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in current expected credit loss reserve",
        "box": [
          58.5,
          95.31890600000008,
          248.82000000000002,
          103.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we recorded a $189.5 million increase in our CECL reserves, as compared to a ",
        "box": [
          58.5,
          112.808896,
          555.8200100000003,
          121.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$95.1 million increase during the six months ended June 30, 2025. The increase during the six months ended June 30, 2026 ",
        "box": [
          58.5,
          124.308896,
          555.94,
          132.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was primarily due to (i) an increase in our asset-specific CECL reserves, driven by five additional loans that were impaired ",
        "box": [
          58.5,
          135.808896,
          555.82,
          144.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the six months ended June 30, 2026, and (ii) a decrease in our general CECL reserves driven by changes in risk ",
        "box": [
          58.5,
          147.308896,
          555.91999,
          155.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ratings, including the impact of the five newly impaired loans moving out of the general CECL reserve, partially offset by ",
        "box": [
          58.5,
          158.808896,
          555.8899999999998,
          167.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "new loan originations and an increase in the historical loss rate used in reserve calculations related to the additional CECL ",
        "box": [
          58.5,
          170.308896,
          555.9599999999996,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "charge-offs.",
        "box": [
          58.5,
          181.808896,
          106.49999999999999,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We may be required to record further increases to our CECL reserves in the future, depending on the performance of our ",
        "box": [
          58.5,
          205.308896,
          555.9100000000003,
          213.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan portfolio and changes in broader market conditions, and there may be volatility in the level of our CECL reserves. ",
        "box": [
          58.5,
          216.808896,
          555.8499999999998,
          225.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Any  such  reserve  increases  are  difficult  to  predict,  but  are  expected  to  be  primarily  the  result  of  incremental  loan ",
        "box": [
          58.5,
          228.308896,
          555.8500000000001,
          236.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairments resulting from changes in the specific credit quality factors of such loans and to be concentrated in our loans ",
        "box": [
          58.5,
          239.808896,
          555.9399999999998,
          248.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable with a risk rating of '4' as of June 30, 2026. ",
        "box": [
          58.5,
          251.308896,
          282.16,
          259.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) from unconsolidated entities",
        "box": [
          58.5,
          280.81890599999997,
          228.89000000000004,
          289.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we recorded income from unconsolidated entities of $10.0 million compared ",
        "box": [
          58.5,
          298.30889599999995,
          555.9700000000003,
          306.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to a loss of $2.9 million during the six months ended June 30, 2025. The increase was primarily driven by higher earnings ",
        "box": [
          58.5,
          309.80889599999995,
          555.9200100000002,
          318.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from both our Bank Loan Portfolio Joint Venture and Net Lease Joint Venture, reflecting additional assets acquired by each ",
        "box": [
          58.5,
          321.30889599999995,
          555.88999,
          329.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "joint venture.",
        "box": [
          58.5,
          332.80889599999995,
          111.76999999999998,
          341.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax provision",
        "box": [
          58.5,
          362.31890599999997,
          142.85999999999996,
          370.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The income tax provision increased by $2.0 million during the six months ended June 30, 2026 as compared to the six ",
        "box": [
          58.5,
          379.80889599999995,
          555.95999,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2025, due to an increase in the income tax provisions related to our taxable REIT subsidiaries.",
        "box": [
          58.5,
          391.30889599999995,
          529.12,
          399.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends per share",
        "box": [
          58.5,
          420.81890599999997,
          139.54999999999995,
          429.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we declared dividends of $0.94 per share, or $158.5 million in aggregate. ",
        "box": [
          58.5,
          438.30889599999995,
          532.5600000000002,
          446.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2025, we declared dividends of $0.94 per share, or $161.3 million in aggregate.",
        "box": [
          58.5,
          449.80889599999995,
          530.0600000000002,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "V. Liquidity and Capital Resources",
        "box": [
          58.5,
          479.148896,
          209.25000000000003,
          487.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capitalization ",
        "box": [
          58.5,
          496.648896,
          121.50999999999998,
          504.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have capitalized our business to date primarily through the issuance and sale of shares of our class A common stock, ",
        "box": [
          58.5,
          514.308896,
          555.9599999999996,
          522.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corporate  debt,  and  asset-level  financings.  As  of  June  30,  2026,  our  capitalization  structure  included  $3.3  billion  of ",
        "box": [
          58.5,
          525.808896,
          555.90998,
          534.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common equity, $3.4 billion of corporate debt, and $12.4 billion of asset-level financings. Our $3.4 billion of corporate ",
        "box": [
          58.5,
          537.308896,
          555.9000000000002,
          545.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt  includes  $1.9  billion  of  Term  Loan  borrowings,  $1.2  billion  of  Senior  Secured  Notes,  and  $266.2  million  of ",
        "box": [
          58.5,
          548.808896,
          555.91001,
          557.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible  Notes.  Our  $12.4  billion  of  asset-level  financings  includes  $8.7  billion  of  secured  debt,  $2.8  billion  of ",
        "box": [
          58.5,
          560.308896,
          555.90999,
          568.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitizations,  and  $972.6  million  of  asset-specific  debt.  Our  asset-level  financings  are  generally  structured  to  provide ",
        "box": [
          58.5,
          571.808896,
          555.9899999999998,
          580.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currency, index and term-matched financing without capital markets-based mark-to-market provisions.",
        "box": [
          58.5,
          583.308896,
          469.9399999999998,
          591.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, we had $1.2 billion of liquidity that can be used to satisfy our short-term cash requirements and as ",
        "box": [
          58.5,
          606.808896,
          555.7899999999995,
          615.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "working capital for our business. ",
        "box": [
          58.5,
          618.308896,
          192.27999999999994,
          626.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Notes 6, 7, 8, 9, 10, 11, and 12 to our consolidated financial statements for additional details regarding our other ",
        "box": [
          58.5,
          641.808896,
          555.7999899999995,
          650.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "secured  debt,  secured  debt,  securitized  debt  obligations,  asset-specific  debt,  Term  Loans,  Senior  Secured  Notes,  and ",
        "box": [
          58.5,
          653.308896,
          555.9599999999999,
          661.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes, respectively.",
        "box": [
          58.5,
          664.808896,
          187.22,
          673.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 80,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Debt-to-Equity Ratio and Total Leverage Ratio",
        "box": [
          58.5,
          54.148926000000074,
          260.31000000000006,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents our debt-to-equity ratio and total leverage ratio:",
        "box": [
          58.5,
          71.808896,
          365.33,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          93.23315479999997,
          63.13,
          99.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          411.41,
          93.23315479999997,
          457.84200000000004,
          99.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          479.56,
          93.23315479999997,
          544.2,
          99.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt-to-equity ratio (1)(2)",
        "box": [
          61.13,
          105.808896,
          152.8764,
          114.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.9x",
        "box": [
          425.87,
          105.808896,
          443.37,
          114.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.9x",
        "box": [
          503.12,
          105.808896,
          520.62,
          114.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total leverage ratio (1)(3)",
        "box": [
          61.13,
          120.808896,
          151.44640999999996,
          129.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.7x",
        "box": [
          425.87,
          120.808896,
          443.37,
          129.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.5x",
        "box": [
          503.12,
          120.808896,
          520.62,
          129.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          146.558896,
          70.16,
          154.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  debt  and  leverage  amounts  included  in  the  calculations  above  use  gross  outstanding  principal  balances, ",
        "box": [
          85.5,
          146.558896,
          555.9799999999999,
          154.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excluding any unamortized deferred financing costs and discounts. ",
        "box": [
          85.5,
          158.058896,
          354.93000000000006,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          169.558896,
          70.16,
          177.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents,  in  each  case  at  period  end,  the  ratio  of  (i)  total  outstanding  secured  debt,  asset-specific  debt,  Term ",
        "box": [
          85.5,
          169.558896,
          555.91,
          177.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) total equity.",
        "box": [
          85.5,
          181.058896,
          409.85999999999984,
          189.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          192.558896,
          70.16,
          200.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents, in each case at period end, the ratio of (i) total outstanding secured debt, securitizations, asset-specific ",
        "box": [
          85.5,
          192.558896,
          555.8800000000001,
          200.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt, Term Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) total equity.",
        "box": [
          85.5,
          204.058896,
          456.1899999999998,
          212.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sources of Liquidity",
        "box": [
          58.5,
          233.39892600000007,
          145.11,
          241.6272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our primary sources of liquidity include cash and cash equivalents, available borrowings under our secured debt facilities, ",
        "box": [
          58.5,
          251.058896,
          555.96,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and net receivables from servicers related to loan repayments, which are set forth in the following table ($ in thousands): ",
        "box": [
          58.5,
          262.558896,
          543.1899999999999,
          270.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          283.9831248,
          63.13,
          290.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          413.66,
          283.9831248,
          460.09200000000004,
          290.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          481.44,
          283.9831248,
          546.08,
          290.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          61.13,
          296.55889599999995,
          166.28,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          403.13,
          296.55889599999995,
          410.63,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "432,833 ",
        "box": [
          436.67,
          296.55889599999995,
          471.67,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          479.63,
          296.55889599999995,
          487.13,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "452,526 ",
        "box": [
          513.92,
          296.55889599999995,
          548.92,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Available borrowings under secured debt",
        "box": [
          61.13,
          311.55889599999995,
          225.97000000000003,
          319.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          403.13,
          311.55889599999995,
          405.63,
          319.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "807,533 ",
        "box": [
          436.67,
          311.55889599999995,
          471.67,
          319.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.63,
          311.55889599999995,
          482.13,
          319.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "551,552 ",
        "box": [
          513.92,
          311.55889599999995,
          548.92,
          319.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan principal payments held by servicer, net (1)",
        "box": [
          61.13,
          326.55889599999995,
          250.02321,
          334.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          403.13,
          326.55889599999995,
          405.63,
          334.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "306 ",
        "box": [
          454.17,
          326.55889599999995,
          471.67,
          334.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.63,
          326.55889599999995,
          482.13,
          334.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,626 ",
        "box": [
          518.92,
          326.55889599999995,
          548.92,
          334.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          403.13,
          341.55889599999995,
          410.63,
          349.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,240,672 ",
        "box": [
          429.17,
          341.55889599999995,
          471.67,
          349.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          479.63,
          341.55889599999995,
          487.13,
          349.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,019,704 ",
        "box": [
          506.42,
          341.55889599999995,
          548.9200000000001,
          349.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          367.80889599999995,
          70.16,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  loan  principal  payments  held  by  our  third-party  servicer  as  of  the  balance  sheet  date,  which  were ",
        "box": [
          85.5,
          367.80889599999995,
          555.87,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "remitted to us during the subsequent remittance cycle, net of the related secured debt balance.",
        "box": [
          85.5,
          379.30889599999995,
          459.41999999999996,
          387.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  six  months  ended  June  30,  2026,  we  generated  cash  flow  from  operating  activities  of  $234.9  million  and ",
        "box": [
          58.5,
          402.80889599999995,
          555.85,
          411.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received $1.8 billion from loan principal collections, sales proceeds, and cost-recovery proceeds. Furthermore, we are able ",
        "box": [
          58.5,
          414.30889599999995,
          555.8899900000004,
          422.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to generate incremental liquidity through provisions of certain of our CLOs, which allow us to effectively replace, for a ",
        "box": [
          58.5,
          425.80889599999995,
          555.8500000000005,
          434.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period  of  time,  a  repaid  loan  in  the  CLO  with  additional  eligible  CLO  collateral  to  maintain  the  aggregate  amount  of ",
        "box": [
          58.5,
          437.30889599999995,
          555.9399999999998,
          445.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral assets in the CLO, and the related financing outstanding.",
        "box": [
          58.5,
          448.80889599999995,
          324.53000000000003,
          457.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have access to further  liquidity  through  public  and  private  offerings  of  equity  and  debt  securities,  syndicated  term ",
        "box": [
          58.5,
          472.30889599999995,
          555.9900000000002,
          480.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans,  asset  sales,  and  similar  transactions.  To  facilitate  public  offerings  of  securities,  in  July  2025,  we  filed  a  shelf ",
        "box": [
          58.5,
          483.80889599999995,
          555.9599899999996,
          492.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "registration  statement  with  the  SEC  that  is  effective  for  a  term  of  three  years  and  expires  in  July  2028.  The  amount  of ",
        "box": [
          58.5,
          495.30889599999995,
          555.9199900000001,
          503.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities  to  be  issued  pursuant  to  this  shelf  registration  statement  was  not  specified  when  it  was  filed  and  there  is  no ",
        "box": [
          58.5,
          506.80889599999995,
          555.92,
          515.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "specific dollar limit on the amount of securities we may issue. The securities covered by this registration statement include: ",
        "box": [
          58.5,
          518.308896,
          555.9300000000001,
          526.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(i) class A common stock; (ii) preferred stock; (iii) depositary shares representing preferred stock; (iv) debt securities; (v) ",
        "box": [
          58.5,
          529.808896,
          555.9299999999998,
          538.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "warrants; (vi) subscription rights; (vii) purchase contracts; and (viii) units consisting of one or more of such securities or ",
        "box": [
          58.5,
          541.308896,
          555.8499999999998,
          549.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any combination of these securities. The specifics of any future offerings, along with the use of proceeds of any securities ",
        "box": [
          58.5,
          552.808896,
          555.9399999999999,
          561.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.",
        "box": [
          58.5,
          564.308896,
          528.7599999999998,
          572.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  may  also  access  liquidity  through  our  dividend  reinvestment  plan  and  direct  stock  purchase  plan,  under  which ",
        "box": [
          58.5,
          587.808896,
          555.8500000000003,
          596.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,948,628  shares  of  class  A  common  stock  were  available  for  issuance  as  of  June  30,  2026,  and  our  'at  the  market' ",
        "box": [
          58.5,
          599.308896,
          555.8499900000002,
          607.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock offering program, pursuant to which we may sell, from time to time, up to $480.9 million of additional ",
        "box": [
          58.5,
          610.808896,
          555.8700100000001,
          619.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares of our class A common stock as of June 30, 2026. Refer to Note 14 to our consolidated financial statements for ",
        "box": [
          58.5,
          622.308896,
          555.8000000000001,
          630.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "additional details.",
        "box": [
          58.5,
          633.808896,
          129.49999999999994,
          642.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Uses of Liquidity",
        "box": [
          58.5,
          663.148926,
          131.23999999999998,
          671.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to funding our lending and other investment activity and our general operating expenses, our primary uses of ",
        "box": [
          58.5,
          680.808896,
          555.9599999999997,
          689.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liquidity include interest and principal payments with respect to our outstanding borrowings under secured debt, our asset-",
        "box": [
          58.5,
          692.308896,
          553.4700000000003,
          700.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "specific  debt,  our  Term  Loans,  our  Senior  Secured  Notes,  and  our  Convertible  Notes.  From  time  to  time,  we  have ",
        "box": [
          58.5,
          703.808896,
          555.91001,
          712.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchased  and  may  continue  to  repurchase  our  outstanding  debt  or  shares  of  our  class  A  common  stock.  Such ",
        "box": [
          58.5,
          715.308896,
          555.9499999999999,
          723.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 81,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and ",
        "box": [
          58.5,
          54.308896000000004,
          555.9599999999997,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material.",
        "box": [
          58.5,
          65.808896,
          541.54,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In October 2025, our board of directors authorized the repurchase of up to $150.0 million of shares of our class A common ",
        "box": [
          58.5,
          89.308896,
          555.8800100000001,
          97.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock under our repurchase program. Repurchases may be made from time to time in open market transactions, in privately ",
        "box": [
          58.5,
          100.808896,
          555.8899999999999,
          109.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "negotiated transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 ",
        "box": [
          58.5,
          112.308896,
          555.9599999999997,
          120.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, ",
        "box": [
          58.5,
          123.808896,
          555.9600000000003,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including  legal  requirements,  price  and  economic  and  market  conditions.  The  repurchase  program  may  be  changed, ",
        "box": [
          58.5,
          135.308896,
          555.98,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "suspended or discontinued at any time and does not have a specified expiration date.",
        "box": [
          58.5,
          146.808896,
          395.89,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  six  months  ended  June  30,  2026,  we  repurchased  212,875  shares  of  class  A  common  stock  at  a  weighted-",
        "box": [
          58.5,
          170.308896,
          553.4699999999999,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average price per share of $17.99, for a total cost of $3.8 million. As of June 30, 2026, the amount remaining available for ",
        "box": [
          58.5,
          181.808896,
          556.0000100000002,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchases under the program was $145.8 million.",
        "box": [
          58.5,
          193.308896,
          263.87,
          201.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, we had unfunded commitments of $1.1 billion related to 53 loans receivable and $680.3 million of ",
        "box": [
          58.5,
          216.808896,
          555.82996,
          225.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "committed or identified financing for those commitments resulting in net unfunded commitments of $427.4 million. The ",
        "box": [
          58.5,
          228.308896,
          555.9300200000001,
          236.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and ",
        "box": [
          58.5,
          239.808896,
          555.9000000000001,
          248.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carry  costs.  Loan  funding  commitments  are  generally  subject  to  certain  conditions,  including,  without  limitation,  the ",
        "box": [
          58.5,
          251.308896,
          555.9499999999997,
          259.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and ",
        "box": [
          58.5,
          262.808896,
          555.89001,
          271.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amounts  of  such  future  loan  fundings  are  uncertain  and  will  depend  on  the  current  and  future  performance  of  the ",
        "box": [
          58.5,
          274.308896,
          555.88,
          282.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which ",
        "box": [
          58.5,
          285.80889599999995,
          555.8899999999996,
          294.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have a weighted-average future funding period of 1.7 years.",
        "box": [
          58.5,
          297.30889599999995,
          297.69,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 82,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Contractual Obligations and Commitments ",
        "box": [
          58.5,
          54.148926000000074,
          246.19000000000008,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our contractual obligations and commitments as of June 30, 2026 were as follows ($ in thousands):",
        "box": [
          58.5,
          71.808896,
          456.4799899999999,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          98.85522420000007,
          62.88,
          104.61503178932787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          98.85522420000007,
          242.88,
          104.61503178932787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment Timing",
        "box": [
          402.91,
          98.85522420000007,
          452.8690000000001,
          104.61503178932787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          120.60522420000007,
          62.88,
          126.36503178932787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          259.39001,
          111.73315479999997,
          277.61401,
          118.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Obligation",
        "box": [
          250.28999,
          119.73315479999997,
          286.7379899999999,
          126.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less Than",
        "box": [
          314.59,
          110.54309479999995,
          349.92600000000004,
          117.12573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 Year (1)",
        "box": [
          317.78,
          119.09194112,
          346.71319000000005,
          126.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 to 3",
        "box": [
          386.67001,
          111.73315479999997,
          405.33401,
          118.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Years",
        "box": [
          386.01001,
          119.73315479999997,
          406.0020100000001,
          126.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 to 5",
        "box": [
          450.42001,
          111.73315479999997,
          469.08401,
          118.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Years",
        "box": [
          449.76001,
          119.73315479999997,
          469.7520100000001,
          126.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "More Than",
        "box": [
          504.07001,
          111.73315479999997,
          542.95001,
          118.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 Years",
        "box": [
          510.51001,
          119.73315479999997,
          536.5020099999999,
          126.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded loan commitments (2)",
        "box": [
          61.13,
          132.28100540000003,
          172.13320999999996,
          139.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.13,
          132.28100540000003,
          247.88,
          139.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,107,729 ",
        "box": [
          258.752,
          132.28100540000003,
          297.002,
          139.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.88,
          132.28100540000003,
          311.63,
          139.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "232,959 ",
        "box": [
          329.252,
          132.28100540000003,
          360.752,
          139.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          368.63,
          132.28100540000003,
          375.38,
          139.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "801,100 ",
        "box": [
          393.002,
          132.28100540000003,
          424.502,
          139.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          432.38,
          132.28100540000003,
          439.13,
          139.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73,670 ",
        "box": [
          461.252,
          132.28100540000003,
          488.252,
          139.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          132.28100540000003,
          502.88,
          139.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          540.752,
          132.28100540000003,
          547.502,
          139.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments under secured debt (3)",
        "box": [
          61.13,
          146.53100540000003,
          213.55320999999998,
          153.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          146.53100540000003,
          243.38,
          153.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,717,351 ",
        "box": [
          258.752,
          146.53100540000003,
          297.002,
          153.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.88,
          146.53100540000003,
          307.13,
          153.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,090,021 ",
        "box": [
          322.502,
          146.53100540000003,
          360.752,
          153.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.63,
          146.53100540000003,
          370.88,
          153.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,911,815 ",
        "box": [
          386.252,
          146.53100540000003,
          424.502,
          153.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
          146.53100540000003,
          434.63,
          153.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,565,733 ",
        "box": [
          450.002,
          146.53100540000003,
          488.252,
          153.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          146.53100540000003,
          498.38,
          153.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "149,782 ",
        "box": [
          520.502,
          146.53100540000003,
          552.002,
          153.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments under asset-specific debt (3)",
        "box": [
          61.13,
          160.78100540000003,
          234.52321,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          160.78100540000003,
          243.38,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "972,635 ",
        "box": [
          265.502,
          160.78100540000003,
          297.002,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.88,
          160.78100540000003,
          307.13,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          349.502,
          160.78100540000003,
          356.252,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.63,
          160.78100540000003,
          370.88,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "367,814 ",
        "box": [
          393.002,
          160.78100540000003,
          424.502,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
          160.78100540000003,
          434.63,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "604,821 ",
        "box": [
          456.752,
          160.78100540000003,
          488.252,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          160.78100540000003,
          498.38,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          540.752,
          160.78100540000003,
          547.502,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments of term loans (4)",
        "box": [
          61.13,
          175.03100540000003,
          193.08319999999998,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          175.03100540000003,
          243.38,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,915,033 ",
        "box": [
          258.752,
          175.03100540000003,
          297.002,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.88,
          175.03100540000003,
          307.13,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,239 ",
        "box": [
          333.752,
          175.03100540000003,
          360.752,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.63,
          175.03100540000003,
          370.88,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "474,590 ",
        "box": [
          393.002,
          175.03100540000003,
          424.502,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
          175.03100540000003,
          434.63,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "759,705 ",
        "box": [
          456.752,
          175.03100540000003,
          488.252,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          175.03100540000003,
          498.38,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "661,499 ",
        "box": [
          520.502,
          175.03100540000003,
          552.002,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments of senior secured notes",
        "box": [
          61.13,
          189.28100540000003,
          222.3470000000001,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          189.28100540000003,
          243.38,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,235,316 ",
        "box": [
          258.752,
          189.28100540000003,
          297.002,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.88,
          189.28100540000003,
          307.13,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335,316 ",
        "box": [
          329.252,
          189.28100540000003,
          360.752,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.63,
          189.28100540000003,
          370.88,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          413.252,
          189.28100540000003,
          420.002,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
          189.28100540000003,
          434.63,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "900,000 ",
        "box": [
          456.752,
          189.28100540000003,
          488.252,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          189.28100540000003,
          498.38,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          540.752,
          189.28100540000003,
          547.502,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments of convertible notes (5)",
        "box": [
          61.13,
          203.53100540000003,
          217.0632,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          203.53100540000003,
          243.38,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          265.502,
          203.53100540000003,
          297.002,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.88,
          203.53100540000003,
          307.13,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          329.252,
          203.53100540000003,
          360.752,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.63,
          203.53100540000003,
          370.88,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          413.252,
          203.53100540000003,
          420.002,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
          203.53100540000003,
          434.63,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          477.002,
          203.53100540000003,
          483.752,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          203.53100540000003,
          498.38,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          540.752,
          203.53100540000003,
          547.502,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments of other secured debt (6)",
        "box": [
          61.13,
          217.78100540000003,
          221.29321,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          217.78100540000003,
          243.38,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,386 ",
        "box": [
          270.002,
          217.78100540000003,
          297.002,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.88,
          217.78100540000003,
          307.13,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          349.502,
          217.78100540000003,
          356.252,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.63,
          217.78100540000003,
          370.88,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          413.252,
          217.78100540000003,
          420.002,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
          217.78100540000003,
          434.63,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,386 ",
        "box": [
          461.252,
          217.78100540000003,
          488.252,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          217.78100540000003,
          498.38,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          540.752,
          217.78100540000003,
          547.502,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest payments (3)(7)",
        "box": [
          61.13,
          232.03100540000003,
          136.94639999999998,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          232.03100540000003,
          243.38,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,096,570 ",
        "box": [
          258.752,
          232.03100540000003,
          297.002,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.88,
          232.03100540000003,
          307.13,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "668,218 ",
        "box": [
          329.252,
          232.03100540000003,
          360.752,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.63,
          232.03100540000003,
          370.88,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "912,645 ",
        "box": [
          393.002,
          232.03100540000003,
          424.502,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
          232.03100540000003,
          434.63,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "428,775 ",
        "box": [
          456.752,
          232.03100540000003,
          488.252,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          232.03100540000003,
          498.38,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86,932 ",
        "box": [
          525.002,
          232.03100540000003,
          552.002,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total (8)",
        "box": [
          73.13,
          246.28100540000003,
          98.1732,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.13,
          246.28100540000003,
          247.88,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,349,177 ",
        "box": [
          254.252,
          246.28100540000003,
          297.002,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.88,
          246.28100540000003,
          311.63,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,611,910 ",
        "box": [
          322.502,
          246.28100540000003,
          360.752,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          368.63,
          246.28100540000003,
          375.38,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,467,964 ",
        "box": [
          386.252,
          246.28100540000003,
          424.502,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          432.38,
          246.28100540000003,
          439.13,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,371,090 ",
        "box": [
          450.002,
          246.28100540000003,
          488.252,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          246.28100540000003,
          502.88,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "898,213 ",
        "box": [
          520.502,
          246.28100540000003,
          552.002,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          273.308896,
          70.16,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents ",
        "box": [
          85.5,
          273.308896,
          131.82999999999996,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "known  and  estimated  short-term ",
        "box": [
          136.09999999999997,
          273.308896,
          280.44,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash ",
        "box": [
          284.71,
          273.308896,
          304.96,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "requirements ",
        "box": [
          309.22999999999996,
          273.308896,
          363.8799999999999,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related ",
        "box": [
          368.14999999999986,
          273.308896,
          397.80999999999983,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to ",
        "box": [
          402.0799999999998,
          273.308896,
          412.3499999999998,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our ",
        "box": [
          416.6199999999998,
          273.308896,
          432.44999999999976,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contractual ",
        "box": [
          436.71999999999974,
          273.308896,
          483.5799999999997,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations ",
        "box": [
          487.8499999999997,
          273.308896,
          534.7499999999997,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and ",
        "box": [
          539.0199999999996,
          273.308896,
          555.9499999999997,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments. Refer to 'Sources of Liquidity' above for information about our sources of funds to satisfy our short-",
        "box": [
          85.5,
          284.80889599999995,
          553.4699999999998,
          293.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term cash requirements. ",
        "box": [
          85.5,
          296.30889599999995,
          183.70000000000002,
          304.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          307.80889599999995,
          70.16,
          316.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The allocation of our unfunded loan commitments is based on the earlier of the commitment expiration date or the ",
        "box": [
          85.5,
          307.80889599999995,
          555.9999999999999,
          316.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "final loan maturity date; however, we may be obligated to fund these commitments earlier than such date.",
        "box": [
          85.5,
          319.30889599999995,
          507.72999999999985,
          327.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          330.80889599999995,
          70.16,
          339.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  secured  debt  and  asset-specific  debt  agreements  are  generally  term-matched  to  their  underlying  collateral. ",
        "box": [
          85.5,
          330.80889599999995,
          555.9000000000002,
          339.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Therefore, the allocation of both principal and interest payments under such agreements is generally allocated based ",
        "box": [
          85.5,
          342.30889599999995,
          555.87,
          350.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. ",
        "box": [
          85.5,
          353.80889599999995,
          555.8600000000001,
          362.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In limited instances, the maturity date of the respective debt agreement is used.",
        "box": [
          85.5,
          365.30889599999995,
          401.17,
          373.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          376.80889599999995,
          70.16,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance ",
        "box": [
          85.5,
          376.80889599999995,
          555.9200000000003,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due in quarterly installments. Refer to Note 10 to our consolidated financial statements for further details on our ",
        "box": [
          85.5,
          388.30889599999995,
          555.8599899999997,
          396.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Loans. ",
        "box": [
          85.5,
          399.80889599999995,
          139.04999999999995,
          408.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          411.30889599999995,
          70.16,
          419.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer ",
        "box": [
          85.5,
          411.30889599999995,
          555.95,
          419.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to Note 12 to our consolidated financial statements for further details on our Convertible Notes.",
        "box": [
          85.5,
          422.80889599999995,
          467.5699999999999,
          431.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          58.5,
          434.30889599999995,
          70.16,
          442.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts are included in other liabilities on our consolidated balance sheets. ",
        "box": [
          85.5,
          434.30889599999995,
          392.9000000000001,
          442.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          58.5,
          445.80889599999995,
          70.16,
          454.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  interest  payments  on  our  secured  debt,  asset-specific  debt,  Term  Loans,  Senior  Secured  Notes, ",
        "box": [
          85.5,
          445.80889599999995,
          556.0000000000002,
          454.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes, and other secured debt. Future interest payment obligations are estimated assuming the interest ",
        "box": [
          85.5,
          457.30889599999995,
          555.9899999999998,
          465.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates in effect as of June 30, 2026 will remain constant into the future. This is only an estimate as actual amounts ",
        "box": [
          85.5,
          468.80889599999995,
          555.8599999999998,
          477.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowed and interest rates will vary over time.",
        "box": [
          85.5,
          480.30889599999995,
          275.2700000000001,
          488.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          58.5,
          491.80889599999995,
          70.16,
          500.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total does not include $2.8 billion of consolidated securitized debt obligations, as the satisfaction of these liabilities ",
        "box": [
          85.5,
          491.80889599999995,
          555.9399999999998,
          500.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "will not require cash outlays from us.",
        "box": [
          85.5,
          503.30889599999995,
          234.52000000000004,
          511.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are also required to settle our foreign exchange and interest rate derivatives with our derivative counterparties upon ",
        "box": [
          58.5,
          526.808896,
          555.89,
          535.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maturity which, depending on foreign currency exchange and interest rate movements, may result in cash received from or ",
        "box": [
          58.5,
          538.308896,
          555.8399999999998,
          546.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due to such counterparties. The table above does not include these amounts as they are not fixed and determinable. Refer to ",
        "box": [
          58.5,
          549.808896,
          555.88,
          558.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 13 to our consolidated financial statements for details regarding our derivative contracts. ",
        "box": [
          58.5,
          561.308896,
          436.9099999999999,
          569.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are required to pay our Manager a base management fee, an incentive fee, and reimbursements for certain expenses ",
        "box": [
          58.5,
          584.808896,
          555.95,
          593.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pursuant to our Management Agreement. The table above does not include the amounts payable to our Manager under our ",
        "box": [
          58.5,
          596.308896,
          555.9500000000004,
          604.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management Agreement as they are not fixed and determinable. Refer to Note 15 to our consolidated financial statements ",
        "box": [
          58.5,
          607.808896,
          555.9599899999998,
          616.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for additional terms and details of the fees payable under our Management Agreement. ",
        "box": [
          58.5,
          619.308896,
          408.07,
          627.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As a REIT, we generally must distribute substantially all of our net taxable income to stockholders in the form of dividends ",
        "box": [
          58.5,
          642.808896,
          555.8199999999998,
          651.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to comply with the REIT provisions of the Internal Revenue Code. Our taxable income does not necessarily equal our net ",
        "box": [
          58.5,
          654.308896,
          555.8800000000002,
          662.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income as calculated in accordance with GAAP, or our Distributable Earnings as described above. ",
        "box": [
          58.5,
          665.808896,
          454.1299999999999,
          674.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 83,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Cash Flows ",
        "box": [
          58.5,
          54.148926000000074,
          110.14999999999999,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table provides a breakdown of the net change in our cash and cash equivalents ($ in thousands):",
        "box": [
          58.5,
          71.808896,
          500.27999999999986,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          83.37469720000001,
          61.5,
          93.24865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          426.88,
          100.66314479999994,
          520.392,
          107.24578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          113.78314479999995,
          63.13,
          120.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          424.75,
          113.78314479999995,
          440.75,
          120.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          506.5,
          113.78314479999995,
          522.5,
          120.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flows provided by operating activities",
        "box": [
          61.13,
          126.3309954,
          217.86500000000015,
          133.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          396.38,
          126.3309954,
          403.13,
          133.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "234,940 ",
        "box": [
          438.752,
          126.3309954,
          470.252,
          133.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          478.13,
          126.3309954,
          484.88,
          133.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "157,749 ",
        "box": [
          520.502,
          126.3309954,
          552.002,
          133.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flows provided by (used in) investing activities",
        "box": [
          61.13,
          140.5809954,
          250.8680000000002,
          147.98646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.38,
          140.5809954,
          398.63,
          147.98646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "186,023 ",
        "box": [
          438.752,
          140.5809954,
          470.252,
          147.98646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          478.13,
          140.5809954,
          480.38,
          147.98646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(231,088) ",
        "box": [
          517.514,
          140.5809954,
          555.0079999999999,
          147.98646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flows (used in) provided by financing activities",
        "box": [
          61.13,
          154.8309954,
          251.8580000000002,
          162.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.38,
          154.8309954,
          398.63,
          162.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(438,630) ",
        "box": [
          435.764,
          154.8309954,
          473.25800000000004,
          162.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          478.13,
          154.8309954,
          480.38,
          162.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,200 ",
        "box": [
          520.502,
          154.8309954,
          552.002,
          162.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (decrease) increase in cash and cash equivalents",
        "box": [
          61.13,
          169.0809954,
          249.31100000000012,
          176.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          396.38,
          169.0809954,
          403.13,
          176.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,667) ",
        "box": [
          440.264,
          169.0809954,
          473.25800000000004,
          176.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          478.13,
          169.0809954,
          484.88,
          176.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,861 ",
        "box": [
          525.002,
          169.0809954,
          552.002,
          176.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We experienced a net decrease in cash and cash equivalents of $17.7 million for the six months ended June 30, 2026, ",
        "box": [
          58.5,
          196.60888599999998,
          555.91003,
          204.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to a net increase of $55.9 million for the six months ended June 30, 2025. During the six months ended June 30, ",
        "box": [
          58.5,
          208.10888599999998,
          555.8800100000001,
          216.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026, we (i) received $1.8 billion from loan principal collections, sales proceeds, and cost-recovery proceeds, (ii) received ",
        "box": [
          58.5,
          219.60888599999998,
          555.8800000000003,
          227.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$880.0  million  of  net  proceeds  from  the  issuance  of  a  securitized  debt  obligation,  (iii)  received  $450.0  million  of  net ",
        "box": [
          58.5,
          231.10888599999998,
          555.98998,
          239.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds  from  the  issuance  of  Senior  Secured  Notes,  (iv)  received  a  net  $72.1  million  under  our  secured  term  loan ",
        "box": [
          58.5,
          242.60888599999998,
          555.87999,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings, and (v) received aggregate distributions of $42.6 million from unconsolidated entities, primarily as a result of ",
        "box": [
          58.5,
          254.10888599999998,
          555.9800099999998,
          262.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our Net Lease Joint Venture refinancing its portfolio through an asset-backed securitization transaction. Also, during the ",
        "box": [
          58.5,
          265.608886,
          555.88,
          273.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "six  months  ended  June  30,  2026,  we  (i)  funded  $1.4  billion  of  loans,  (ii)  repaid  a  net  $1.4  billion  of  secured  debt ",
        "box": [
          58.5,
          277.108916,
          555.9300100000002,
          285.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings ",
        "box": [
          58.5,
          288.60891599999997,
          106.53999999999999,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and ",
        "box": [
          111.22999999999999,
          288.60891599999997,
          128.15999999999997,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset-specific ",
        "box": [
          132.84999999999997,
          288.60891599999997,
          189.14000000000001,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financings, ",
        "box": [
          193.83,
          288.60891599999997,
          240.45000000000005,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(iii) ",
        "box": [
          245.14000000000004,
          288.60891599999997,
          262.61000000000007,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repaid ",
        "box": [
          267.30000000000007,
          288.60891599999997,
          294.76000000000005,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$275.6 ",
        "box": [
          299.45001,
          288.60891599999997,
          329.45001,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million ",
        "box": [
          334.14001,
          288.60891599999997,
          365.48999,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of ",
        "box": [
          370.17999,
          288.60891599999997,
          381.00998999999996,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitized ",
        "box": [
          385.69998999999996,
          288.60891599999997,
          431.4499899999999,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt ",
        "box": [
          436.1399899999999,
          288.60891599999997,
          455.8399899999999,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations, ",
        "box": [
          460.5299899999999,
          288.60891599999997,
          509.9299899999998,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(iv) ",
        "box": [
          514.6199899999998,
          288.60891599999997,
          531.5499899999999,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "paid ",
        "box": [
          536.2399899999999,
          288.60891599999997,
          555.93999,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$158.4 million of dividends on our class A common stock, and (v) invested $136.0 million in unconsolidated entities.",
        "box": [
          58.5,
          300.10891599999997,
          528.38001,
          308.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 3 to our consolidated financial statements for further discussion of our loan activity. Refer to Notes 5, 7, 8, ",
        "box": [
          58.5,
          323.60891599999997,
          555.84998,
          331.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and 14 to our consolidated financial statements for further discussion of our investments in unconsolidated entities, secured ",
        "box": [
          58.5,
          335.10891599999997,
          555.99,
          343.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt, securitized debt obligations, and equity, respectively.",
        "box": [
          58.5,
          346.60891599999997,
          293.2,
          354.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VI. Other Items ",
        "box": [
          58.5,
          375.948916,
          128.99999999999997,
          384.1772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income Taxes ",
        "box": [
          58.5,
          393.448916,
          120.11999999999998,
          401.6772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  have  elected  to  be  taxed  as  a  REIT  under  the  Internal  Revenue  Code  for  U.S.  federal  income  tax  purposes.  We ",
        "box": [
          58.5,
          411.10891599999997,
          555.8700000000002,
          419.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any ",
        "box": [
          58.5,
          422.60891599999997,
          555.9299999999998,
          430.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net  capital  gain,  in  order  for  U.S.  federal  income  tax  not  to  apply  to  our  earnings.  To  the  extent  that  we  satisfy  this ",
        "box": [
          58.5,
          434.10891599999997,
          555.8599999999998,
          442.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income ",
        "box": [
          58.5,
          445.60891599999997,
          555.97,
          453.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tax  on  our  undistributed  taxable  income.  In  addition,  we  will  be  subject  to  a  4%  nondeductible  excise  tax  if  the  actual ",
        "box": [
          58.5,
          457.10891599999997,
          555.8700000000001,
          465.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal ",
        "box": [
          58.5,
          468.60891599999997,
          555.8600000000001,
          476.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tax laws.",
        "box": [
          58.5,
          480.10891599999997,
          94.00999999999999,
          488.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  qualification  as  a  REIT  also  depends  on  our  ability  to  meet  various  other  requirements  imposed  by  the  Internal ",
        "box": [
          58.5,
          503.60891599999997,
          555.9499999999998,
          511.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to ",
        "box": [
          58.5,
          515.108886,
          555.9300000000001,
          523.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. ",
        "box": [
          58.5,
          526.608886,
          555.7800000000003,
          534.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification ",
        "box": [
          58.5,
          538.108886,
          555.8099999999996,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on ",
        "box": [
          58.5,
          549.608886,
          555.7999999999997,
          557.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full ",
        "box": [
          58.5,
          561.108886,
          555.8300000000002,
          569.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxable years. As of June 30, 2026 and December 31, 2025, we were in compliance with all REIT requirements. ",
        "box": [
          58.5,
          572.608886,
          508.57000999999997,
          580.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Furthermore, our taxable REIT subsidiaries are subject to federal, state, and local income tax on their net taxable income. ",
        "box": [
          58.5,
          596.108886,
          555.97,
          604.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 16 to our consolidated financial statements for further discussion of our income taxes.",
        "box": [
          58.5,
          607.608886,
          458.60999999999984,
          615.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Critical Accounting Policies ",
        "box": [
          58.5,
          636.948916,
          179.74000000000004,
          645.1772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial ",
        "box": [
          58.5,
          654.608886,
          555.89,
          662.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us ",
        "box": [
          58.5,
          666.108886,
          555.8800000000001,
          674.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related ",
        "box": [
          58.5,
          677.608886,
          555.8400000000001,
          685.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disclosure of contingent assets and liabilities. Actual results could differ from these estimates. We evaluated our critical ",
        "box": [
          58.5,
          689.108886,
          555.8600000000001,
          697.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounting policies and believe them to be appropriate. The following is a summary of our significant accounting policies ",
        "box": [
          58.5,
          700.608886,
          555.8399999999998,
          708.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that we believe are the most affected by our judgments, estimates, and assumptions: ",
        "box": [
          58.5,
          712.108886,
          396.14001,
          720.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 84,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Current Expected Credit Losses ",
        "box": [
          58.5,
          54.318906000000084,
          188.90999999999994,
          62.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The current expected credit loss, or CECL, reserve required under the FASB Accounting Standards Codification, or ASC, ",
        "box": [
          58.5,
          71.808896,
          555.94,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Topic 326 'Financial Instruments - Credit Losses,' or ASC 326, reflects our current estimate of potential credit losses ",
        "box": [
          58.5,
          83.308896,
          555.99,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related to our portfolio. We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or ",
        "box": [
          58.5,
          94.808896,
          555.9299999999998,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in the Financial ",
        "box": [
          58.5,
          106.308896,
          555.8699999999998,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounting Standards Board Staff Q&A Topic 326, No. 1. Estimating the CECL reserve requires judgment, including the ",
        "box": [
          58.5,
          117.808896,
          555.9700000000001,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "following assumptions:",
        "box": [
          58.5,
          129.308896,
          152.04999999999998,
          137.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          146.808896,
          80.0,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Historical  loan  loss  reference  data:  To  estimate  the  historic  loan  losses  relevant  to  our  portfolio,  we  have ",
        "box": [
          94.5,
          146.808896,
          555.9399899999996,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "augmented our historical loan performance with market loan loss data licensed from Trepp LLC. This database ",
        "box": [
          94.5,
          158.308896,
          555.8800000000003,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through May 31, 2026. ",
        "box": [
          94.5,
          169.808896,
          555.94,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Within this database, we focused our historical loss reference calculations on the most relevant subset of available ",
        "box": [
          94.5,
          181.308896,
          555.9799999999998,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio, including ",
        "box": [
          94.5,
          192.808896,
          555.9799999999996,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which includes month-",
        "box": [
          94.5,
          204.308896,
          553.3800000000002,
          212.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over-month  loan  and  property  performance,  is  the  most  relevant,  available,  and  comparable  dataset  to  our ",
        "box": [
          94.5,
          215.808896,
          555.94,
          224.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio.",
        "box": [
          94.5,
          227.308896,
          131.96999999999997,
          235.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          244.808896,
          80.0,
          253.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expected timing and amount of future loan fundings and repayments: Expected credit losses are estimated over ",
        "box": [
          94.5,
          244.808896,
          555.98999,
          253.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan ",
        "box": [
          94.5,
          256.308896,
          555.8900000000002,
          264.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for ",
        "box": [
          94.5,
          267.808896,
          555.9200000000004,
          276.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purposes of computing our CECL reserves. Additionally, the expected credit losses over the contractual period of ",
        "box": [
          94.5,
          279.308896,
          555.9100000000002,
          287.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  loans  are  subject  to  the  obligation  to  extend  credit  through  our  unfunded  loan  commitments.  The  CECL ",
        "box": [
          94.5,
          290.80889599999995,
          555.9399999999998,
          299.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reserve  for  unfunded  loan  commitments  is  adjusted  quarterly,  as  we  consider  the  expected  timing  of  future ",
        "box": [
          94.5,
          302.30889599999995,
          555.9200000000003,
          310.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for ",
        "box": [
          94.5,
          313.80889599999995,
          555.8900000000004,
          322.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unfunded loan commitments are similar to those used for the related outstanding loans receivable.",
        "box": [
          94.5,
          325.30889599999995,
          485.6899999999999,
          333.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          342.80889599999995,
          80.0,
          351.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current  credit  quality  of  our  portfolio:  Our  risk  rating  is  our  primary  credit  quality  indicator  in  assessing  our ",
        "box": [
          94.5,
          342.80889599999995,
          555.9599999999997,
          351.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves. We perform a quarterly risk review of our portfolio of loans and assign each loan a risk rating ",
        "box": [
          94.5,
          354.30889599999995,
          555.8699999999998,
          362.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic ",
        "box": [
          94.5,
          365.80889599999995,
          555.89,
          374.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and ",
        "box": [
          94.5,
          377.30889599999995,
          555.9300000000002,
          385.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exit plan, and project sponsorship.",
        "box": [
          94.5,
          388.80889599999995,
          231.6,
          397.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          406.30889599999995,
          80.0,
          414.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expectations of performance and market conditions: Our CECL reserves are adjusted to reflect our estimation of ",
        "box": [
          94.5,
          406.30889599999995,
          555.9599999999998,
          414.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  current  and  future  economic  conditions  that  impact  the  performance  of  the  commercial  real  estate  assets ",
        "box": [
          94.5,
          417.80889599999995,
          556.0,
          426.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or ",
        "box": [
          94.5,
          429.30889599999995,
          555.9399999999998,
          437.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for ",
        "box": [
          94.5,
          440.80889599999995,
          555.9399999999999,
          449.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have ",
        "box": [
          94.5,
          452.30889599999995,
          555.9300000000007,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "also  licensed  certain  macroeconomic  financial  forecasts  to  inform  our  view  of  the  potential  future  impact  that ",
        "box": [
          94.5,
          463.80889599999995,
          555.9300000000003,
          472.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "broader  economic  conditions  may  have  on  our  loan  portfolio's  performance.  We  generally  also  incorporate ",
        "box": [
          94.5,
          475.30889599999995,
          555.9099999999999,
          483.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information from other sources, including information and opinions available to our Manager, to further inform ",
        "box": [
          94.5,
          486.80889599999995,
          555.9699999999999,
          495.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these  estimations.  This  process  requires  significant  judgments  about  future  events  that,  while  based  on  the ",
        "box": [
          94.5,
          498.30889599999995,
          555.9599999999999,
          506.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information  available  to  us  as  of  the  balance  sheet  date,  are  ultimately  indeterminate  and  the  actual  economic ",
        "box": [
          94.5,
          509.80889599999995,
          555.9099999999999,
          518.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condition impacting our portfolio could vary significantly from the estimates we made as of June 30, 2026.",
        "box": [
          94.5,
          521.308896,
          522.40002,
          529.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          538.808896,
          80.0,
          547.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impairment: impairment is indicated when it is deemed probable that we will not be able to collect all amounts ",
        "box": [
          94.5,
          538.808896,
          555.9199999999996,
          547.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant ",
        "box": [
          94.5,
          550.308896,
          555.8499999999999,
          558.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "judgment from management and is based on several factors including (i) the underlying collateral performance, ",
        "box": [
          94.5,
          561.808896,
          556.0000000000002,
          570.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower's ",
        "box": [
          94.5,
          573.308896,
          555.9399999999999,
          581.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we ",
        "box": [
          94.5,
          584.808896,
          555.8299999999998,
          593.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "record the impairment as a component of our CECL reserves by applying the practical expedient for collateral ",
        "box": [
          94.5,
          596.308896,
          555.8500000000003,
          604.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dependent  loans.  The  CECL  reserves  are  assessed  on  an  individual  basis  for  these  loans  by  comparing  the ",
        "box": [
          94.5,
          607.808896,
          555.9099999999997,
          616.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimated fair value of the underlying collateral to the book value of the respective loan. These valuations require ",
        "box": [
          94.5,
          619.308896,
          555.8400000000004,
          627.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significant ",
        "box": [
          94.5,
          630.808896,
          139.16,
          639.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "judgments, ",
        "box": [
          143.66,
          630.808896,
          190.29000000000002,
          639.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which ",
        "box": [
          194.79000000000002,
          630.808896,
          221.71000000000004,
          639.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include ",
        "box": [
          226.21000000000004,
          630.808896,
          258.11000000000007,
          639.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumptions ",
        "box": [
          262.61000000000007,
          630.808896,
          314.52,
          639.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "regarding ",
        "box": [
          319.02,
          630.808896,
          359.80999999999995,
          639.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capitalization ",
        "box": [
          364.30999999999995,
          630.808896,
          420.57999999999987,
          639.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates, ",
        "box": [
          425.07999999999987,
          630.808896,
          448.92999999999984,
          639.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discount ",
        "box": [
          453.42999999999984,
          630.808896,
          489.7899999999998,
          639.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates, ",
        "box": [
          494.2899999999998,
          630.808896,
          518.1399999999998,
          639.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "leasing, ",
        "box": [
          522.6399999999998,
          630.808896,
          555.9299999999998,
          639.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, ",
        "box": [
          94.5,
          642.308896,
          555.9699999999997,
          650.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could ultimately differ ",
        "box": [
          94.5,
          653.808896,
          555.8700000000001,
          662.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "materially from these estimates. We only expect to charge off the impairment losses in our consolidated financial ",
        "box": [
          94.5,
          665.308896,
          556.0000000000002,
          673.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements prepared in accordance with GAAP if and when such amounts are deemed non-recoverable. This is ",
        "box": [
          94.5,
          676.808896,
          555.9499999999999,
          685.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally at the time a loan is repaid or foreclosed, or the underlying collateral assets are otherwise consolidated. ",
        "box": [
          94.5,
          688.308896,
          555.93,
          696.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "However, non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts ",
        "box": [
          94.5,
          699.808896,
          555.8499999999997,
          708.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due will not be collected. ",
        "box": [
          94.5,
          711.308896,
          197.69000000000005,
          719.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 85,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "These assumptions vary from quarter-to-quarter as our loan portfolio changes and market and economic conditions evolve. ",
        "box": [
          58.5,
          54.308896000000004,
          555.89,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The sensitivity of each assumption and its impact on the CECL reserves may change over time and from period to period. ",
        "box": [
          58.5,
          65.808896,
          555.9900000000001,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, our CECL reserves increased by $114.4 million, bringing our total reserves to ",
        "box": [
          58.5,
          77.308896,
          555.99999,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$410.4 million as of June 30, 2026. Refer to Notes 2 and 3 to our consolidated financial statements for further discussion of ",
        "box": [
          58.5,
          88.808896,
          555.8399899999998,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our CECL reserves.",
        "box": [
          58.5,
          100.308896,
          137.57999999999996,
          108.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue Recognition ",
        "box": [
          58.5,
          129.81890600000008,
          145.58999999999995,
          138.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest  income  from  our  loans  receivable  portfolio  is  recognized  over  the  life  of  each  loan  using  the  effective  interest ",
        "box": [
          58.5,
          147.308896,
          555.9399999999997,
          155.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "method  and  is  recorded  on  the  accrual  basis.  Recognition  of  fees,  premiums,  and  discounts  associated  with  these ",
        "box": [
          58.5,
          158.808896,
          555.97,
          167.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments  is  deferred  and  recorded  over  the  term  of  the  loan  as  an  adjustment  to  yield.  Income  accrual  is  generally ",
        "box": [
          58.5,
          170.308896,
          555.97,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery ",
        "box": [
          58.5,
          181.808896,
          555.8000000000001,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized ",
        "box": [
          58.5,
          193.308896,
          555.9900000000001,
          201.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually ",
        "box": [
          58.5,
          204.808896,
          555.9100000000003,
          213.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses ",
        "box": [
          58.5,
          216.308896,
          555.97,
          224.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are deferred and recognized as a reduction to interest income; however, expenses related to loans we acquire are included ",
        "box": [
          58.5,
          227.808896,
          555.8800000000002,
          236.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in general and administrative expenses as incurred.",
        "box": [
          58.5,
          239.308896,
          262.4000000000001,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The sources of revenue from our owned real estate assets, which is included in revenue from owned real estate on our ",
        "box": [
          58.5,
          262.808896,
          555.9000000000002,
          271.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations, and the related revenue recognition policies are as follows:",
        "box": [
          58.5,
          274.308896,
          448.8299999999999,
          282.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental income primarily consists of base rent income arising from tenant leases at our office and multifamily properties. ",
        "box": [
          58.5,
          291.80889599999995,
          555.94,
          300.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We determine if an arrangement is a lease at contract inception, which is subject to the provisions of Financial Accounting ",
        "box": [
          58.5,
          303.30889599999995,
          555.8499999999998,
          311.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 842 'Leases.' Base rent is recognized on a ",
        "box": [
          58.5,
          314.80889599999995,
          556.0000000000002,
          323.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "straight-line  basis  over  the  life  of  the  lease,  including  any  rent  steps  or  abatement  provisions.  We  begin  to  recognize ",
        "box": [
          58.5,
          326.30889599999995,
          556.0,
          334.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revenue upon the acquisition of the related property or when a tenant takes possession of the leased space.",
        "box": [
          58.5,
          337.80889599999995,
          482.45,
          346.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other operating income primarily consists of income from our hospitality properties and tenant reimbursement income. ",
        "box": [
          58.5,
          361.30889599999995,
          555.8699999999997,
          369.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from our hospitality properties consists primarily of room revenue and food and beverage revenue. Room revenue ",
        "box": [
          58.5,
          372.80889599999995,
          555.8600000000004,
          381.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered. ",
        "box": [
          58.5,
          384.30889599999995,
          555.96,
          392.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tenant  reimbursement  income  primarily  consists  of  amounts  due  from  tenants  for  costs  related  to  common  area ",
        "box": [
          58.5,
          395.80889599999995,
          555.9099999999999,
          404.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maintenance, real estate taxes, and other recoverable costs included in lease agreements.",
        "box": [
          58.5,
          407.30889599999995,
          411.2799999999999,
          415.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We evaluate the collectability of receivables related to rental revenue on an individual lease basis and exercise judgment in ",
        "box": [
          58.5,
          430.80889599999995,
          555.89,
          439.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assessing collectability considering the length of time a receivable has been outstanding, tenant credit-worthiness, payment ",
        "box": [
          58.5,
          442.30889599999995,
          555.94,
          450.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "history, available information about the financial condition of the tenant, and current economic trends, among other factors. ",
        "box": [
          58.5,
          453.80889599999995,
          555.9600000000002,
          462.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue.",
        "box": [
          58.5,
          465.30889599999995,
          444.54,
          473.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned Real Estate",
        "box": [
          58.5,
          494.81890599999997,
          135.07999999999996,
          503.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We may assume legal title, physical possession, or control of the collateral underlying a loan through a foreclosure, a deed-",
        "box": [
          58.5,
          512.308896,
          553.3300000000003,
          520.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in-lieu  of  foreclosure  transaction,  or  a  loan  modification  in  which  we  receive  an  equity  interest  in  and/or  control  over ",
        "box": [
          58.5,
          523.808896,
          555.8299999999998,
          532.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decision-making at the property, resulting in us consolidating the real estate assets as VIEs. These real estate acquisitions ",
        "box": [
          58.5,
          535.308896,
          555.9699999999996,
          543.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are  classified  as  owned  real  estate,  on  our  consolidated  balance  sheet  and  are  initially  recognized  at  fair  value  on  the ",
        "box": [
          58.5,
          546.808896,
          555.9199999999997,
          555.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisition date in accordance with the ASC Topic 805, 'Business Combinations,' or ASC 805.",
        "box": [
          58.5,
          558.308896,
          442.56,
          566.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Upon acquisition of owned real estate assets, we assess the fair value of acquired tangible and intangible assets, which may ",
        "box": [
          58.5,
          581.808896,
          555.9199999999997,
          590.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include land, buildings, tenant improvements, 'above-market' and 'below-market' leases, acquired in-place leases, other ",
        "box": [
          58.5,
          593.308896,
          555.8900000000001,
          601.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "identified  intangible  assets  and  assumed  liabilities,  as  applicable,  and  allocate  the  fair  value  to  the  acquired  assets  and ",
        "box": [
          58.5,
          604.808896,
          555.9100000000001,
          613.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumed liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or ",
        "box": [
          58.5,
          616.308896,
          555.9799899999998,
          624.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows ",
        "box": [
          58.5,
          627.808896,
          555.8799999999995,
          636.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are based on a number of factors, including the historical operating results, known and anticipated trends, and market and ",
        "box": [
          58.5,
          639.308896,
          556.0000000000002,
          647.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic conditions. We capitalize acquisition-related costs associated with asset acquisitions. ",
        "box": [
          58.5,
          650.808896,
          441.27998999999994,
          659.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real  estate  assets  held  for  investment,  except  for  land,  are  depreciated  using  the  straight-line  method  over  the  assets' ",
        "box": [
          58.5,
          674.308896,
          555.87,
          682.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimated useful lives of up to 40 years for buildings, 15 years for land improvements, and 10 years for building and tenant ",
        "box": [
          58.5,
          685.808896,
          555.8500100000001,
          694.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "improvements. Renovations and/or replacements that improve or extend the life of the asset are capitalized and depreciated ",
        "box": [
          58.5,
          697.308896,
          555.9200000000004,
          705.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over their estimated useful lives. Lease intangibles are amortized over the remaining term of applicable leases on a straight-",
        "box": [
          58.5,
          708.808896,
          553.41,
          717.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "line basis. The cost of ordinary repairs and maintenance are expensed as incurred.",
        "box": [
          58.5,
          720.308896,
          385.3100000000001,
          728.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 86,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the ",
        "box": [
          58.5,
          54.308896000000004,
          555.9899999999999,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The ",
        "box": [
          58.5,
          65.808896,
          555.9699999999998,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. The evaluation of ",
        "box": [
          58.5,
          77.308896,
          555.8999900000001,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental ",
        "box": [
          58.5,
          88.808896,
          555.9300000000003,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates, capital requirements and anticipated holding periods that could differ materially from actual results.",
        "box": [
          58.5,
          100.308896,
          480.9599999999997,
          108.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real  estate  assets  are  classified  as  held  for  sale  in  the  period  when  they  meet  the  criteria  under  the  ASC  Topic  360 ",
        "box": [
          58.5,
          123.808896,
          555.9599999999997,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'Property, Plant, and Equipment.' Once a real estate asset is classified as held for sale, depreciation is suspended and the ",
        "box": [
          58.5,
          135.308896,
          555.9400000000002,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset is reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to ",
        "box": [
          58.5,
          146.808896,
          555.9300000000001,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sell a real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon ",
        "box": [
          58.5,
          158.308896,
          555.9599999999999,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for ",
        "box": [
          58.5,
          169.808896,
          555.8299999999995,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale,  adjusted  for  depreciation  expense  that  would  have  been  recognized  had  the  real  estate  been  classified  as  held  for ",
        "box": [
          58.5,
          181.308896,
          555.9900000000001,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment, and (ii) its estimated fair value at the time of reclassification.",
        "box": [
          58.5,
          192.808896,
          350.55,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, we had 14 owned real estate assets that were all classified as held for investment.",
        "box": [
          58.5,
          216.308896,
          468.0399999999998,
          224.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          251.308896,
          61.0,
          259.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "85",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 87,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "VII. Loan Portfolio Details",
        "box": [
          40.5,
          36.148926000000074,
          154.86,
          44.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table provides details of our loan portfolio, on a loan-by-loan basis, as of June 30, 2026 ($ in millions):",
        "box": [
          40.5,
          53.808896000000004,
          511.4900099999998,
          62.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          52.62,
          113.9931348,
          56.62,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          64.88,
          113.9931348,
          100.44000000000001,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, AU",
        "box": [
          124.88,
          113.9931348,
          176.42399999999995,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/24/2022",
        "box": [
          207.17999,
          113.9931348,
          239.62798999999998,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          245.63,
          113.9931348,
          251.63,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "913 ",
        "box": [
          284.59,
          113.9931348,
          298.59,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          314.63,
          113.9931348,
          320.63,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "913 ",
        "box": [
          341.59,
          113.9931348,
          355.59,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          371.63,
          113.9931348,
          377.63,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "909 ",
        "box": [
          398.59,
          113.9931348,
          412.59,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          113.9931348,
          430.63,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.75  %",
        "box": [
          443.078,
          113.9931348,
          474.294,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          113.9931348,
          493.63,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.93  %",
        "box": [
          506.078,
          113.9931348,
          537.294,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/21/2030",
        "box": [
          563.42999,
          113.9931348,
          595.8779900000001,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$415 / sqft",
        "box": [
          629.90997,
          113.9931348,
          664.1339700000001,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  59 %",
        "box": [
          697.42999,
          113.9931348,
          714.7499899999999,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          113.9931348,
          736.62,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          52.62,
          126.74310480000003,
          56.62,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          64.88,
          126.74310480000003,
          100.872,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dublin, IE",
        "box": [
          124.88,
          126.74310480000003,
          158.65599999999998,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/14/2019",
        "box": [
          207.17999,
          126.74310480000003,
          239.62798999999998,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "858",
        "box": [
          285.37,
          126.74310480000003,
          297.37,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "817",
        "box": [
          342.37,
          126.74310480000003,
          354.37,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "820",
        "box": [
          399.37,
          126.74310480000003,
          411.37,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          126.74310480000003,
          430.63,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.20  %",
        "box": [
          443.078,
          126.74310480000003,
          474.294,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          126.74310480000003,
          493.63,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.99  %",
        "box": [
          506.078,
          126.74310480000003,
          537.294,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/29/2027",
        "box": [
          563.42999,
          126.74310480000003,
          595.8779900000001,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$242 / sqft",
        "box": [
          629.90997,
          126.74310480000003,
          664.1339700000001,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  74 %",
        "box": [
          697.42999,
          126.74310480000003,
          714.7499899999999,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          126.74310480000003,
          736.62,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          52.62,
          139.49310480000003,
          56.62,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          64.88,
          139.49310480000003,
          100.872,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Austin",
        "box": [
          124.88,
          139.49310480000003,
          146.21599999999998,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/28/2022",
        "box": [
          207.17999,
          139.49310480000003,
          239.62798999999998,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "675",
        "box": [
          285.37,
          139.49310480000003,
          297.37,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "556",
        "box": [
          342.37,
          139.49310480000003,
          354.37,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "553",
        "box": [
          399.37,
          139.49310480000003,
          411.37,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          139.49310480000003,
          430.63,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.60  %",
        "box": [
          443.078,
          139.49310480000003,
          474.294,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          139.49310480000003,
          493.63,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+5.08  %",
        "box": [
          506.078,
          139.49310480000003,
          537.294,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/9/2029",
        "box": [
          567.42999,
          139.49310480000003,
          595.8779900000001,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$462 / sqft",
        "box": [
          629.90997,
          139.49310480000003,
          664.1339700000001,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  53 %",
        "box": [
          697.42999,
          139.49310480000003,
          714.7499899999999,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          139.49310480000003,
          736.62,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          52.62,
          152.24310480000003,
          56.62,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          152.24310480000003,
          95.54400000000001,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, SE",
        "box": [
          124.88,
          152.24310480000003,
          174.19999999999993,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/30/2021",
        "box": [
          207.17999,
          152.24310480000003,
          239.62798999999998,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "477",
        "box": [
          285.37,
          152.24310480000003,
          297.37,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "477",
        "box": [
          342.37,
          152.24310480000003,
          354.37,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "477",
        "box": [
          399.37,
          152.24310480000003,
          411.37,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          152.24310480000003,
          430.63,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.20  %",
        "box": [
          443.078,
          152.24310480000003,
          474.294,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          152.24310480000003,
          493.63,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.31  %",
        "box": [
          506.078,
          152.24310480000003,
          537.294,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/18/2027",
        "box": [
          563.42999,
          152.24310480000003,
          595.8779900000001,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$87 / sqft",
        "box": [
          633.90997,
          152.24310480000003,
          664.1339700000001,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  76 %",
        "box": [
          697.42999,
          152.24310480000003,
          714.7499899999999,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          152.24310480000003,
          736.62,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          52.62,
          164.99310480000003,
          56.62,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          64.88,
          164.99310480000003,
          100.872,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, Spain",
        "box": [
          124.88,
          164.99310480000003,
          183.0879999999999,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/22/2018",
        "box": [
          207.17999,
          164.99310480000003,
          239.62798999999998,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "470",
        "box": [
          285.37,
          164.99310480000003,
          297.37,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "470",
        "box": [
          342.37,
          164.99310480000003,
          354.37,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "470",
        "box": [
          399.37,
          164.99310480000003,
          411.37,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          164.99310480000003,
          430.63,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.00  %",
        "box": [
          443.078,
          164.99310480000003,
          474.294,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          164.99310480000003,
          493.63,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.00  %",
        "box": [
          506.078,
          164.99310480000003,
          537.294,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/15/2036",
        "box": [
          563.42999,
          164.99310480000003,
          595.8779900000001,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n / a",
        "box": [
          650.34998,
          164.99310480000003,
          664.12598,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  71 %",
        "box": [
          697.42999,
          164.99310480000003,
          714.7499899999999,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          164.99310480000003,
          736.62,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          52.62,
          177.74310480000003,
          56.62,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Self-Storage",
        "box": [
          64.88,
          177.74310480000003,
          104.85600000000004,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, CAN",
        "box": [
          124.88,
          177.74310480000003,
          181.75999999999996,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/20/2025",
        "box": [
          207.17999,
          177.74310480000003,
          239.62798999999998,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "440",
        "box": [
          285.37,
          177.74310480000003,
          297.37,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "440",
        "box": [
          342.37,
          177.74310480000003,
          354.37,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "440",
        "box": [
          399.37,
          177.74310480000003,
          411.37,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          177.74310480000003,
          430.63,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.50  %",
        "box": [
          443.078,
          177.74310480000003,
          474.294,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          177.74310480000003,
          493.63,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.50  %",
        "box": [
          506.078,
          177.74310480000003,
          537.294,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2030",
        "box": [
          567.42999,
          177.74310480000003,
          595.8779900000001,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$151 / sqft",
        "box": [
          629.90997,
          177.74310480000003,
          664.1339700000001,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  58 %",
        "box": [
          697.42999,
          177.74310480000003,
          714.7499899999999,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          177.74310480000003,
          736.62,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          52.62,
          190.49310480000003,
          56.62,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          190.49310480000003,
          95.54400000000001,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, US",
        "box": [
          124.88,
          190.49310480000003,
          175.09599999999995,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/28/2025",
        "box": [
          203.17999,
          190.49310480000003,
          239.62798999999998,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "419",
        "box": [
          285.37,
          190.49310480000003,
          297.37,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "419",
        "box": [
          342.37,
          190.49310480000003,
          354.37,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "416",
        "box": [
          399.37,
          190.49310480000003,
          411.37,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          190.49310480000003,
          430.63,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.65  %",
        "box": [
          443.078,
          190.49310480000003,
          474.294,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          190.49310480000003,
          493.63,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.01  %",
        "box": [
          506.078,
          190.49310480000003,
          537.294,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2030",
        "box": [
          563.42999,
          190.49310480000003,
          595.8779900000001,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$100 / sqft",
        "box": [
          629.90997,
          190.49310480000003,
          664.1339700000001,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  78 %",
        "box": [
          697.42999,
          190.49310480000003,
          714.7499899999999,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          190.49310480000003,
          736.62,
          197.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "box": [
          52.62,
          203.24310480000003,
          56.62,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          64.88,
          203.24310480000003,
          100.872,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          124.88,
          203.24310480000003,
          158.424,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2021",
        "box": [
          207.17999,
          203.24310480000003,
          239.62798999999998,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "385",
        "box": [
          285.37,
          203.24310480000003,
          297.37,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "385",
        "box": [
          342.37,
          203.24310480000003,
          354.37,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "384",
        "box": [
          399.37,
          203.24310480000003,
          411.37,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          203.24310480000003,
          430.63,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.76  %",
        "box": [
          443.078,
          203.24310480000003,
          474.294,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          203.24310480000003,
          493.63,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.00  %",
        "box": [
          506.078,
          203.24310480000003,
          537.294,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2026",
        "box": [
          563.42999,
          203.24310480000003,
          595.8779900000001,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$132 / sqft",
        "box": [
          629.90997,
          203.24310480000003,
          664.1339700000001,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  50 %",
        "box": [
          697.42999,
          203.24310480000003,
          714.7499899999999,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          203.24310480000003,
          736.62,
          209.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          52.62,
          215.99310480000003,
          56.62,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          215.99310480000003,
          85.31200000000001,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chicago",
        "box": [
          124.88,
          215.99310480000003,
          151.54399999999998,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/11/2018",
        "box": [
          203.17999,
          215.99310480000003,
          239.62798999999998,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "356",
        "box": [
          285.37,
          215.99310480000003,
          297.37,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "345",
        "box": [
          342.37,
          215.99310480000003,
          354.37,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "347",
        "box": [
          399.37,
          215.99310480000003,
          411.37,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          215.99310480000003,
          430.63,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+1.75  %",
        "box": [
          443.078,
          215.99310480000003,
          474.294,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          215.99310480000003,
          493.63,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+1.75  %",
        "box": [
          506.078,
          215.99310480000003,
          537.294,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2026",
        "box": [
          563.42999,
          215.99310480000003,
          595.8779900000001,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$289 / sqft",
        "box": [
          629.90997,
          215.99310480000003,
          664.1339700000001,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          702.31,
          215.99310480000003,
          714.758,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          732.62,
          215.99310480000003,
          736.62,
          222.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          48.62,
          228.74310480000003,
          56.62,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          228.74310480000003,
          95.54400000000001,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, UK",
        "box": [
          124.88,
          228.74310480000003,
          176.42399999999995,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/7/2025",
        "box": [
          211.17999,
          228.74310480000003,
          239.62798999999998,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "345",
        "box": [
          285.37,
          228.74310480000003,
          297.37,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "345",
        "box": [
          342.37,
          228.74310480000003,
          354.37,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "345",
        "box": [
          399.37,
          228.74310480000003,
          411.37,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          228.74310480000003,
          430.63,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.55  %",
        "box": [
          443.078,
          228.74310480000003,
          474.294,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          228.74310480000003,
          493.63,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.88  %",
        "box": [
          506.078,
          228.74310480000003,
          537.294,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/7/2030",
        "box": [
          567.42999,
          228.74310480000003,
          595.8779900000001,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$342 / sqft",
        "box": [
          629.90997,
          228.74310480000003,
          664.1339700000001,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  67 %",
        "box": [
          697.42999,
          228.74310480000003,
          714.7499899999999,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          228.74310480000003,
          736.62,
          235.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          48.62,
          241.49310480000003,
          56.62,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          241.49310480000003,
          85.31200000000001,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Seattle",
        "box": [
          124.88,
          241.49310480000003,
          146.64799999999994,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/26/2022",
        "box": [
          207.17999,
          241.49310480000003,
          239.62798999999998,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "338",
        "box": [
          285.37,
          241.49310480000003,
          297.37,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "305",
        "box": [
          342.37,
          241.49310480000003,
          354.37,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "305",
        "box": [
          399.37,
          241.49310480000003,
          411.37,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          241.49310480000003,
          430.63,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.10  %",
        "box": [
          443.078,
          241.49310480000003,
          474.294,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          241.49310480000003,
          493.63,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.46  %",
        "box": [
          506.078,
          241.49310480000003,
          537.294,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2027",
        "box": [
          567.42999,
          241.49310480000003,
          595.8779900000001,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$621 / sqft",
        "box": [
          629.90997,
          241.49310480000003,
          664.1339700000001,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  56 %",
        "box": [
          697.42999,
          241.49310480000003,
          714.7499899999999,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          241.49310480000003,
          736.62,
          248.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          48.62,
          254.2431348,
          56.62,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          254.2431348,
          95.54400000000001,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, UK",
        "box": [
          124.88,
          254.2431348,
          176.42399999999995,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/15/2025",
        "box": [
          207.17999,
          254.2431348,
          239.62798999999998,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "300",
        "box": [
          285.37,
          254.2431348,
          297.37,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "300",
        "box": [
          342.37,
          254.2431348,
          354.37,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "300",
        "box": [
          399.37,
          254.2431348,
          411.37,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          254.2431348,
          430.63,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.70  %",
        "box": [
          443.078,
          254.2431348,
          474.294,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          254.2431348,
          493.63,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.89  %",
        "box": [
          506.078,
          254.2431348,
          537.294,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/15/2028",
        "box": [
          563.42999,
          254.2431348,
          595.8779900000001,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$142 / sqft",
        "box": [
          629.90997,
          254.2431348,
          664.1339700000001,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  69 %",
        "box": [
          697.42999,
          254.2431348,
          714.7499899999999,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          254.2431348,
          736.62,
          260.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          48.62,
          266.9931348,
          56.62,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          266.9931348,
          85.31200000000001,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Washington, DC",
        "box": [
          124.88,
          266.9931348,
          178.65599999999998,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/29/2021",
        "box": [
          207.17999,
          266.9931348,
          239.62798999999998,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "293",
        "box": [
          285.37,
          266.9931348,
          297.37,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "293",
        "box": [
          342.37,
          266.9931348,
          354.37,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "293",
        "box": [
          399.37,
          266.9931348,
          411.37,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          266.9931348,
          430.63,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.81  %",
        "box": [
          443.078,
          266.9931348,
          474.294,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          266.9931348,
          493.63,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.05  %",
        "box": [
          506.078,
          266.9931348,
          537.294,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2026",
        "box": [
          563.42999,
          266.9931348,
          595.8779900000001,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$382 / sqft",
        "box": [
          629.90997,
          266.9931348,
          664.1339700000001,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  66 %",
        "box": [
          697.42999,
          266.9931348,
          714.7499899999999,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          266.9931348,
          736.62,
          273.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          48.62,
          279.7431348,
          56.62,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          64.88,
          279.7431348,
          83.096,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, UK",
        "box": [
          124.88,
          279.7431348,
          176.42399999999995,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/11/2019",
        "box": [
          207.17999,
          279.7431348,
          239.62798999999998,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "292",
        "box": [
          285.37,
          279.7431348,
          297.37,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "292",
        "box": [
          342.37,
          279.7431348,
          354.37,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "292",
        "box": [
          399.37,
          279.7431348,
          411.37,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          279.7431348,
          430.63,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+5.21  %",
        "box": [
          443.078,
          279.7431348,
          474.294,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          279.7431348,
          493.63,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+5.06  %",
        "box": [
          506.078,
          279.7431348,
          537.294,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/14/2028",
        "box": [
          563.42999,
          279.7431348,
          595.8779900000001,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$231 / sqft",
        "box": [
          629.90997,
          279.7431348,
          664.1339700000001,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  74 %",
        "box": [
          697.42999,
          279.7431348,
          714.7499899999999,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          279.7431348,
          736.62,
          286.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15",
        "box": [
          48.62,
          292.4931348,
          56.62,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          292.4931348,
          95.54400000000001,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, EUR",
        "box": [
          124.88,
          292.4931348,
          180.86399999999995,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/5/2025",
        "box": [
          211.17999,
          292.4931348,
          239.62798999999998,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "244",
        "box": [
          285.37,
          292.4931348,
          297.37,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "244",
        "box": [
          342.37,
          292.4931348,
          354.37,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242",
        "box": [
          399.37,
          292.4931348,
          411.37,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          292.4931348,
          430.63,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.70  %",
        "box": [
          443.078,
          292.4931348,
          474.294,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          292.4931348,
          493.63,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.97  %",
        "box": [
          506.078,
          292.4931348,
          537.294,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/19/2030",
        "box": [
          563.42999,
          292.4931348,
          595.8779900000001,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$66 / sqft",
        "box": [
          633.90997,
          292.4931348,
          664.1339700000001,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  70 %",
        "box": [
          697.42999,
          292.4931348,
          714.7499899999999,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          292.4931348,
          736.62,
          299.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          48.62,
          305.2431348,
          56.62,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          305.2431348,
          85.31200000000001,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          124.88,
          305.2431348,
          158.424,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/11/2018",
        "box": [
          207.17999,
          305.2431348,
          239.62798999999998,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "243",
        "box": [
          285.37,
          305.2431348,
          297.37,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "243",
        "box": [
          342.37,
          305.2431348,
          354.37,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "243",
        "box": [
          399.37,
          305.2431348,
          411.37,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          305.2431348,
          430.63,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.25  %",
        "box": [
          443.078,
          305.2431348,
          474.294,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          305.2431348,
          493.63,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.62  %",
        "box": [
          506.078,
          305.2431348,
          537.294,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/7/2028",
        "box": [
          567.42999,
          305.2431348,
          595.8779900000001,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$307 / sqft",
        "box": [
          629.90997,
          305.2431348,
          664.1339700000001,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  52 %",
        "box": [
          697.42999,
          305.2431348,
          714.7499899999999,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          305.2431348,
          736.62,
          311.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          48.62,
          317.9931348,
          56.62,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          317.9931348,
          103.55200000000002,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reno",
        "box": [
          124.88,
          317.9931348,
          141.768,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/23/2022",
        "box": [
          207.17999,
          317.9931348,
          239.62798999999998,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "240",
        "box": [
          285.37,
          317.9931348,
          297.37,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "231",
        "box": [
          342.37,
          317.9931348,
          354.37,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "231",
        "box": [
          399.37,
          317.9931348,
          411.37,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          317.9931348,
          430.63,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.60  %",
        "box": [
          443.078,
          317.9931348,
          474.294,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          317.9931348,
          493.63,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.83  %",
        "box": [
          506.078,
          317.9931348,
          537.294,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2027",
        "box": [
          567.42999,
          317.9931348,
          595.8779900000001,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$214,898 / unit",
        "box": [
          615.46002,
          317.9931348,
          664.1320200000001,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  74 %",
        "box": [
          697.42999,
          317.9931348,
          714.7499899999999,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          317.9931348,
          736.62,
          324.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          48.62,
          330.7431348,
          56.62,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          330.7431348,
          95.54400000000001,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, UK",
        "box": [
          124.88,
          330.7431348,
          176.42399999999995,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/15/2025",
        "box": [
          207.17999,
          330.7431348,
          239.62798999999998,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "272",
        "box": [
          285.37,
          330.7431348,
          297.37,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "229",
        "box": [
          342.37,
          330.7431348,
          354.37,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "227",
        "box": [
          399.37,
          330.7431348,
          411.37,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          330.7431348,
          430.63,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.65  %",
        "box": [
          443.078,
          330.7431348,
          474.294,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          330.7431348,
          493.63,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.13  %",
        "box": [
          506.078,
          330.7431348,
          537.294,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/1/2030",
        "box": [
          563.42999,
          330.7431348,
          595.8779900000001,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$202 / sqft",
        "box": [
          629.90997,
          330.7431348,
          664.1339700000001,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  70 %",
        "box": [
          697.42999,
          330.7431348,
          714.7499899999999,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          330.7431348,
          736.62,
          337.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          48.62,
          343.4931348,
          56.62,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          343.4931348,
          85.31200000000001,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Berlin, DEU",
        "box": [
          124.88,
          343.4931348,
          165.31199999999998,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/27/2019",
        "box": [
          207.17999,
          343.4931348,
          239.62798999999998,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "253",
        "box": [
          285.37,
          343.4931348,
          297.37,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "227",
        "box": [
          342.37,
          343.4931348,
          354.37,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "227",
        "box": [
          399.37,
          343.4931348,
          411.37,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          343.4931348,
          430.63,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+1.00  %",
        "box": [
          443.078,
          343.4931348,
          474.294,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          343.4931348,
          493.63,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+1.13  %",
        "box": [
          506.078,
          343.4931348,
          537.294,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/6/2030",
        "box": [
          567.42999,
          343.4931348,
          595.8779900000001,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$471 / sqft",
        "box": [
          629.90997,
          343.4931348,
          664.1339700000001,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  62 %",
        "box": [
          697.42999,
          343.4931348,
          714.7499899999999,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          343.4931348,
          736.62,
          350.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          48.62,
          356.2431348,
          56.62,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          356.2431348,
          95.54400000000001,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, US",
        "box": [
          124.88,
          356.2431348,
          175.09599999999995,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/13/2025",
        "box": [
          207.17999,
          356.2431348,
          239.62798999999998,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "225",
        "box": [
          285.37,
          356.2431348,
          297.37,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "225",
        "box": [
          342.37,
          356.2431348,
          354.37,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "224",
        "box": [
          399.37,
          356.2431348,
          411.37,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          356.2431348,
          430.63,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.10  %",
        "box": [
          443.078,
          356.2431348,
          474.294,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          356.2431348,
          493.63,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.44  %",
        "box": [
          506.078,
          356.2431348,
          537.294,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2030",
        "box": [
          567.42999,
          356.2431348,
          595.8779900000001,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$787,881 / acre",
        "box": [
          614.59003,
          356.2431348,
          664.13403,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  62 %",
        "box": [
          697.42999,
          356.2431348,
          714.7499899999999,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          356.2431348,
          736.62,
          362.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          48.62,
          368.9931348,
          56.62,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          368.9931348,
          95.54400000000001,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, UK",
        "box": [
          124.88,
          368.9931348,
          176.42399999999995,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/28/2025",
        "box": [
          207.17999,
          368.9931348,
          239.62798999999998,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "203",
        "box": [
          285.37,
          368.9931348,
          297.37,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "203",
        "box": [
          342.37,
          368.9931348,
          354.37,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "202",
        "box": [
          399.37,
          368.9931348,
          411.37,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          368.9931348,
          430.63,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.45  %",
        "box": [
          443.078,
          368.9931348,
          474.294,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          368.9931348,
          493.63,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.74  %",
        "box": [
          506.078,
          368.9931348,
          537.294,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/28/2030",
        "box": [
          563.42999,
          368.9931348,
          595.8779900000001,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$127 / sqft",
        "box": [
          629.90997,
          368.9931348,
          664.1339700000001,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  69 %",
        "box": [
          697.42999,
          368.9931348,
          714.7499899999999,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          368.9931348,
          736.62,
          375.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          48.62,
          381.7431348,
          56.62,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          381.7431348,
          103.55200000000002,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          124.88,
          381.7431348,
          158.424,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/4/2026",
        "box": [
          211.17999,
          381.7431348,
          239.62798999999998,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "212",
        "box": [
          285.37,
          381.7431348,
          297.37,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "202",
        "box": [
          342.37,
          381.7431348,
          354.37,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "200",
        "box": [
          399.37,
          381.7431348,
          411.37,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          381.7431348,
          430.63,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.05  %",
        "box": [
          443.078,
          381.7431348,
          474.294,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          381.7431348,
          493.63,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.32  %",
        "box": [
          506.078,
          381.7431348,
          537.294,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2031",
        "box": [
          567.42999,
          381.7431348,
          595.8779900000001,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$423,214 / unit",
        "box": [
          615.46002,
          381.7431348,
          664.1320200000001,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  57 %",
        "box": [
          697.42999,
          381.7431348,
          714.7499899999999,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          381.7431348,
          736.62,
          388.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23",
        "box": [
          48.62,
          394.4931348,
          56.62,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          394.4931348,
          95.54400000000001,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, UK",
        "box": [
          124.88,
          394.4931348,
          176.42399999999995,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/11/2025",
        "box": [
          207.17999,
          394.4931348,
          239.62798999999998,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "199",
        "box": [
          285.37,
          394.4931348,
          297.37,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "199",
        "box": [
          342.37,
          394.4931348,
          354.37,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "198",
        "box": [
          399.37,
          394.4931348,
          411.37,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          394.4931348,
          430.63,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.40  %",
        "box": [
          443.078,
          394.4931348,
          474.294,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          394.4931348,
          493.63,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.77  %",
        "box": [
          506.078,
          394.4931348,
          537.294,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/11/2030",
        "box": [
          563.42999,
          394.4931348,
          595.8779900000001,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$115 / sqft",
        "box": [
          629.90997,
          394.4931348,
          664.1339700000001,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  69 %",
        "box": [
          697.42999,
          394.4931348,
          714.7499899999999,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          394.4931348,
          736.62,
          401.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          48.62,
          407.2431348,
          56.62,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          407.2431348,
          85.31200000000001,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          124.88,
          407.2431348,
          158.424,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/23/2021",
        "box": [
          207.17999,
          407.2431348,
          239.62798999999998,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "244",
        "box": [
          285.37,
          407.2431348,
          297.37,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187",
        "box": [
          342.37,
          407.2431348,
          354.37,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187",
        "box": [
          399.37,
          407.2431348,
          411.37,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          407.2431348,
          430.63,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-1.30 ",
        "box": [
          444.926,
          407.2431348,
          463.59,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% (7)",
        "box": [
          467.63,
          406.60192112000004,
          485.69320000000005,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          407.2431348,
          493.63,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-1.03  %",
        "box": [
          507.926,
          407.2431348,
          537.294,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2028",
        "box": [
          567.42999,
          407.2431348,
          595.8779900000001,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$594 / sqft",
        "box": [
          629.90997,
          407.2431348,
          664.1339700000001,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  53 %",
        "box": [
          697.42999,
          407.2431348,
          714.7499899999999,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          407.2431348,
          736.62,
          413.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25",
        "box": [
          48.62,
          419.9931348,
          56.62,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          64.88,
          419.9931348,
          83.99200000000002,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, UK",
        "box": [
          124.88,
          419.9931348,
          176.42399999999995,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2022",
        "box": [
          211.17999,
          419.9931348,
          239.62798999999998,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "179",
        "box": [
          285.37,
          419.9931348,
          297.37,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "179",
        "box": [
          342.37,
          419.9931348,
          354.37,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "179",
        "box": [
          399.37,
          419.9931348,
          411.37,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          419.9931348,
          430.63,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.75  %",
        "box": [
          443.078,
          419.9931348,
          474.294,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          419.9931348,
          493.63,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.88  %",
        "box": [
          506.078,
          419.9931348,
          537.294,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/15/2028",
        "box": [
          563.42999,
          419.9931348,
          595.8779900000001,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$152 / sqft",
        "box": [
          629.90997,
          419.9931348,
          664.1339700000001,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  55 %",
        "box": [
          697.42999,
          419.9931348,
          714.7499899999999,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          419.9931348,
          736.62,
          426.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          48.62,
          432.7431348,
          56.62,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          432.7431348,
          95.54400000000001,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, EUR",
        "box": [
          124.88,
          432.7431348,
          180.86399999999995,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/17/2025",
        "box": [
          203.17999,
          432.7431348,
          239.62798999999998,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171",
        "box": [
          285.37,
          432.7431348,
          297.37,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171",
        "box": [
          342.37,
          432.7431348,
          354.37,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169",
        "box": [
          399.37,
          432.7431348,
          411.37,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          432.7431348,
          430.63,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.25  %",
        "box": [
          443.078,
          432.7431348,
          474.294,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          432.7431348,
          493.63,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.61  %",
        "box": [
          506.078,
          432.7431348,
          537.294,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/17/2030",
        "box": [
          559.42999,
          432.7431348,
          595.8779900000001,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$87 / sqft",
        "box": [
          633.90997,
          432.7431348,
          664.1339700000001,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  66 %",
        "box": [
          697.42999,
          432.7431348,
          714.7499899999999,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          432.7431348,
          736.62,
          439.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27",
        "box": [
          48.62,
          445.4931348,
          56.62,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          64.88,
          445.4931348,
          100.44000000000001,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Los Angeles",
        "box": [
          124.88,
          445.4931348,
          165.08799999999997,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/22/2026",
        "box": [
          207.17999,
          445.4931348,
          239.62798999999998,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "159",
        "box": [
          285.37,
          445.4931348,
          297.37,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "159",
        "box": [
          342.37,
          445.4931348,
          354.37,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "158",
        "box": [
          399.37,
          445.4931348,
          411.37,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          445.4931348,
          430.63,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.00  %",
        "box": [
          443.078,
          445.4931348,
          474.294,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          445.4931348,
          493.63,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.35  %",
        "box": [
          506.078,
          445.4931348,
          537.294,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2031",
        "box": [
          567.42999,
          445.4931348,
          595.8779900000001,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$634,640 / key",
        "box": [
          616.34998,
          445.4931348,
          664.12598,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  58 %",
        "box": [
          697.42999,
          445.4931348,
          714.7499899999999,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          445.4931348,
          736.62,
          452.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28",
        "box": [
          48.62,
          458.2431348,
          56.62,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Self-Storage",
        "box": [
          64.88,
          458.2431348,
          104.85600000000004,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "London, UK",
        "box": [
          124.88,
          458.2431348,
          165.312,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/18/2021",
        "box": [
          203.17999,
          458.2431348,
          239.62798999999998,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "150",
        "box": [
          285.37,
          458.2431348,
          297.37,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "150",
        "box": [
          342.37,
          458.2431348,
          354.37,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "150",
        "box": [
          399.37,
          458.2431348,
          411.37,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          458.2431348,
          430.63,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.25  %",
        "box": [
          443.078,
          458.2431348,
          474.294,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          458.2431348,
          493.63,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.51  %",
        "box": [
          506.078,
          458.2431348,
          537.294,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/18/2026",
        "box": [
          559.42999,
          458.2431348,
          595.8779900000001,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$190 / sqft",
        "box": [
          629.90997,
          458.2431348,
          664.1339700000001,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          697.42999,
          458.2431348,
          714.7499899999999,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          458.2431348,
          736.62,
          464.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29",
        "box": [
          48.62,
          470.9931348,
          56.62,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          470.9931348,
          103.55200000000002,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Jose",
        "box": [
          124.88,
          470.9931348,
          152.64799999999997,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/2/2025",
        "box": [
          211.17999,
          470.9931348,
          239.62798999999998,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "182",
        "box": [
          285.37,
          470.9931348,
          297.37,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "149",
        "box": [
          342.37,
          470.9931348,
          354.37,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "148",
        "box": [
          399.37,
          470.9931348,
          411.37,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          470.9931348,
          430.63,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.35  %",
        "box": [
          443.078,
          470.9931348,
          474.294,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          470.9931348,
          493.63,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.76  %",
        "box": [
          506.078,
          470.9931348,
          537.294,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2030",
        "box": [
          567.42999,
          470.9931348,
          595.8779900000001,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$318,692 / unit",
        "box": [
          615.46002,
          470.9931348,
          664.1320200000001,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  67 %",
        "box": [
          697.42999,
          470.9931348,
          714.7499899999999,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          470.9931348,
          736.62,
          477.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30",
        "box": [
          48.62,
          483.7431348,
          56.62,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          483.7431348,
          103.55200000000002,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Melbourne, AU",
        "box": [
          124.88,
          483.7431348,
          175.53599999999997,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/10/2025",
        "box": [
          207.17999,
          483.7431348,
          239.62798999999998,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "149",
        "box": [
          285.37,
          483.7431348,
          297.37,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "149",
        "box": [
          342.37,
          483.7431348,
          354.37,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "149",
        "box": [
          399.37,
          483.7431348,
          411.37,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          483.7431348,
          430.63,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.85  %",
        "box": [
          443.078,
          483.7431348,
          474.294,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          483.7431348,
          493.63,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.52  %",
        "box": [
          506.078,
          483.7431348,
          537.294,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/10/2028",
        "box": [
          563.42999,
          483.7431348,
          595.8779900000001,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$448,068 / unit",
        "box": [
          615.46002,
          483.7431348,
          664.1320200000001,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  76 %",
        "box": [
          697.42999,
          483.7431348,
          714.7499899999999,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          483.7431348,
          736.62,
          490.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan Portfolio (1)",
        "box": [
          43.13,
          71.59194112,
          123.35320999999999,
          78.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          65.77,
          101.48312479999998,
          115.73800000000003,
          108.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          140.52,
          101.48312479999998,
          170.744,
          108.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
        "box": [
          197.14,
          93.48315479999997,
          237.13999999999993,
          100.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date (2)",
        "box": [
          206.10001,
          100.84191111999996,
          228.14319999999998,
          108.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          262.39001,
          93.48315479999997,
          280.61401,
          100.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitment (3)",
        "box": [
          245.83,
          100.84191111999996,
          297.17319000000003,
          108.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          318.73999,
          93.48315479999997,
          350.27599,
          100.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance",
        "box": [
          320.95001,
          101.48312479999998,
          348.05401000000006,
          108.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book",
        "box": [
          375.62,
          93.48315479999997,
          407.396,
          100.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value (4)",
        "box": [
          378.48001,
          100.84191111999996,
          404.52322000000004,
          108.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash",
        "box": [
          436.84,
          93.48315479999997,
          454.176,
          100.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Coupon (5)",
        "box": [
          428.92001,
          100.84191111999996,
          462.0732100000001,
          108.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.0,
          101.48312479999998,
          473.0,
          108.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in",
        "box": [
          498.73001,
          93.48315479999997,
          518.2900099999999,
          100.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield (5)",
        "box": [
          496.37,
          100.84191111999996,
          520.63321,
          108.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          534.0,
          101.48312479999998,
          536.0,
          108.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum",
        "box": [
          555.60999,
          93.48315479999997,
          591.15399,
          100.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (6)",
        "box": [
          554.79999,
          100.84191111999996,
          591.9431999999999,
          108.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Per",
        "box": [
          618.25,
          85.48315479999997,
          650.01,
          92.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SQFT / Unit / ",
        "box": [
          610.91998,
          93.48315479999997,
          659.35198,
          100.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Key / Acre / MW",
        "box": [
          605.03003,
          101.48312479999998,
          659.2380300000002,
          108.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
        "box": [
          672.64001,
          93.48315479999997,
          712.6400100000001,
          100.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LTV (2)",
        "box": [
          681.38,
          100.84191111999996,
          703.8731999999999,
          108.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk",
        "box": [
          726.84998,
          93.48315479999997,
          742.4099799999999,
          100.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rating",
        "box": [
          723.08002,
          101.48312479999998,
          746.1840199999999,
          108.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86",
        "box": [
          391.0,
          589.728886,
          401.0,
          597.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 88,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "31",
        "box": [
          48.62,
          84.99310479999997,
          56.62,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          84.99310479999997,
          95.54400000000001,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, US",
        "box": [
          124.88,
          84.99310479999997,
          175.09599999999995,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2026",
        "box": [
          211.17999,
          84.99310479999997,
          239.62798999999998,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          245.63,
          84.99310479999997,
          251.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "174 ",
        "box": [
          284.59,
          84.99310479999997,
          298.59,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          314.63,
          84.99310479999997,
          320.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "147 ",
        "box": [
          341.59,
          84.99310479999997,
          355.59,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          371.63,
          84.99310479999997,
          377.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "146 ",
        "box": [
          398.59,
          84.99310479999997,
          412.59,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          84.99310479999997,
          430.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.55  %",
        "box": [
          443.078,
          84.99310479999997,
          474.294,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          84.99310479999997,
          493.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.97  %",
        "box": [
          506.078,
          84.99310479999997,
          537.294,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2031",
        "box": [
          567.42999,
          84.99310479999997,
          595.8779900000001,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$983,496 / acre",
        "box": [
          614.59003,
          84.99310479999997,
          664.13403,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  52 %",
        "box": [
          697.42999,
          84.99310479999997,
          714.7499899999999,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          84.99310479999997,
          736.62,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32",
        "box": [
          48.62,
          97.7431348,
          56.62,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          97.7431348,
          95.54400000000001,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, UK",
        "box": [
          124.88,
          97.7431348,
          176.42399999999995,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/12/2025",
        "box": [
          203.17999,
          97.7431348,
          239.62798999999998,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "151",
        "box": [
          285.37,
          97.7431348,
          297.37,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "145",
        "box": [
          342.37,
          97.7431348,
          354.37,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "143",
        "box": [
          399.37,
          97.7431348,
          411.37,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          97.7431348,
          430.63,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.80  %",
        "box": [
          443.078,
          97.7431348,
          474.294,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          97.7431348,
          493.63,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.21  %",
        "box": [
          506.078,
          97.7431348,
          537.294,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/7/2029",
        "box": [
          563.42999,
          97.7431348,
          595.8779900000001,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$126 / sqft",
        "box": [
          629.90997,
          97.7431348,
          664.1339700000001,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  72 %",
        "box": [
          697.42999,
          97.7431348,
          714.7499899999999,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          97.7431348,
          736.62,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33",
        "box": [
          48.62,
          110.4931348,
          56.62,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          110.4931348,
          103.55200000000002,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dublin, IE",
        "box": [
          124.88,
          110.4931348,
          158.65599999999998,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/15/2021",
        "box": [
          203.17999,
          110.4931348,
          239.62798999999998,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "143",
        "box": [
          285.37,
          110.4931348,
          297.37,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "141",
        "box": [
          342.37,
          110.4931348,
          354.37,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "141",
        "box": [
          399.37,
          110.4931348,
          411.37,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          110.4931348,
          430.63,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.75  %",
        "box": [
          443.078,
          110.4931348,
          474.294,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          110.4931348,
          493.63,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.05  %",
        "box": [
          506.078,
          110.4931348,
          537.294,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2026",
        "box": [
          563.42999,
          110.4931348,
          595.8779900000001,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$354,202 / unit",
        "box": [
          615.46002,
          110.4931348,
          664.1320200000001,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  79 %",
        "box": [
          697.42999,
          110.4931348,
          714.7499899999999,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          110.4931348,
          736.62,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34",
        "box": [
          48.62,
          123.24310480000003,
          56.62,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          64.88,
          123.24310480000003,
          100.872,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          124.88,
          123.24310480000003,
          158.424,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/17/2020",
        "box": [
          207.17999,
          123.24310480000003,
          239.62798999999998,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "183",
        "box": [
          285.37,
          123.24310480000003,
          297.37,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "141",
        "box": [
          342.37,
          123.24310480000003,
          354.37,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "141",
        "box": [
          399.37,
          123.24310480000003,
          411.37,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          123.24310480000003,
          430.63,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.12  %",
        "box": [
          443.078,
          123.24310480000003,
          474.294,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          123.24310480000003,
          493.63,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.44  %",
        "box": [
          506.078,
          123.24310480000003,
          537.294,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2028",
        "box": [
          567.42999,
          123.24310480000003,
          595.8779900000001,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$111 / sqft",
        "box": [
          629.90997,
          123.24310480000003,
          664.1339700000001,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  43 %",
        "box": [
          697.42999,
          123.24310480000003,
          714.7499899999999,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          123.24310480000003,
          736.62,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35",
        "box": [
          48.62,
          135.99310480000003,
          56.62,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          135.99310480000003,
          103.55200000000002,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manchester, UK",
        "box": [
          124.88,
          135.99310480000003,
          177.75199999999995,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/30/2025",
        "box": [
          207.17999,
          135.99310480000003,
          239.62798999999998,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "138",
        "box": [
          285.37,
          135.99310480000003,
          297.37,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "138",
        "box": [
          342.37,
          135.99310480000003,
          354.37,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "137",
        "box": [
          399.37,
          135.99310480000003,
          411.37,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          135.99310480000003,
          430.63,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.30  %",
        "box": [
          443.078,
          135.99310480000003,
          474.294,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          135.99310480000003,
          493.63,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.65  %",
        "box": [
          506.078,
          135.99310480000003,
          537.294,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/30/2029",
        "box": [
          563.42999,
          135.99310480000003,
          595.8779900000001,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$295,976 / unit",
        "box": [
          615.46002,
          135.99310480000003,
          664.1320200000001,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  63 %",
        "box": [
          697.42999,
          135.99310480000003,
          714.7499899999999,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          135.99310480000003,
          736.62,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36",
        "box": [
          48.62,
          148.74310480000003,
          56.62,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          148.74310480000003,
          85.31200000000001,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "London, UK",
        "box": [
          124.88,
          148.74310480000003,
          165.312,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/20/2019",
        "box": [
          203.17999,
          148.74310480000003,
          239.62798999999998,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "135",
        "box": [
          285.37,
          148.74310480000003,
          297.37,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "135",
        "box": [
          342.37,
          148.74310480000003,
          354.37,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "135",
        "box": [
          399.37,
          148.74310480000003,
          411.37,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.00  %",
        "box": [
          447.59,
          148.74310480000003,
          474.294,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.00  %",
        "box": [
          510.59,
          148.74310480000003,
          537.294,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/2029",
        "box": [
          563.42999,
          148.74310480000003,
          595.8779900000001,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$686 / sqft",
        "box": [
          629.90997,
          148.74310480000003,
          664.1339700000001,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  68 %",
        "box": [
          697.42999,
          148.74310480000003,
          714.7499899999999,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          148.74310480000003,
          736.62,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          48.62,
          161.49310480000003,
          56.62,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          161.49310480000003,
          95.54400000000001,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, US",
        "box": [
          124.88,
          161.49310480000003,
          175.09599999999995,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/2/2026",
        "box": [
          211.17999,
          161.49310480000003,
          239.62798999999998,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134",
        "box": [
          285.37,
          161.49310480000003,
          297.37,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134",
        "box": [
          342.37,
          161.49310480000003,
          354.37,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133",
        "box": [
          399.37,
          161.49310480000003,
          411.37,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          161.49310480000003,
          430.63,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.32  %",
        "box": [
          443.078,
          161.49310480000003,
          474.294,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          161.49310480000003,
          493.63,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.68  %",
        "box": [
          506.078,
          161.49310480000003,
          537.294,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2031",
        "box": [
          567.42999,
          161.49310480000003,
          595.8779900000001,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$126 / sqft",
        "box": [
          629.90997,
          161.49310480000003,
          664.1339700000001,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  70 %",
        "box": [
          697.42999,
          161.49310480000003,
          714.7499899999999,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          161.49310480000003,
          736.62,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38",
        "box": [
          48.62,
          174.24310480000003,
          56.62,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          64.88,
          174.24310480000003,
          83.99200000000002,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, Spain",
        "box": [
          124.88,
          174.24310480000003,
          183.0879999999999,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/8/2026",
        "box": [
          211.17999,
          174.24310480000003,
          239.62798999999998,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "146",
        "box": [
          285.37,
          174.24310480000003,
          297.37,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134",
        "box": [
          342.37,
          174.24310480000003,
          354.37,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "132",
        "box": [
          399.37,
          174.24310480000003,
          411.37,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          174.24310480000003,
          430.63,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.55  %",
        "box": [
          443.078,
          174.24310480000003,
          474.294,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          174.24310480000003,
          493.63,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.78  %",
        "box": [
          506.078,
          174.24310480000003,
          537.294,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/8/2031",
        "box": [
          567.42999,
          174.24310480000003,
          595.8779900000001,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$140 / sqft",
        "box": [
          629.90997,
          174.24310480000003,
          664.1339700000001,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  71 %",
        "box": [
          697.42999,
          174.24310480000003,
          714.7499899999999,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          174.24310480000003,
          736.62,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39",
        "box": [
          48.62,
          186.99310480000003,
          56.62,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          186.99310480000003,
          85.31200000000001,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Jose",
        "box": [
          124.88,
          186.99310480000003,
          152.64799999999997,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/24/2021",
        "box": [
          207.17999,
          186.99310480000003,
          239.62798999999998,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "156",
        "box": [
          285.37,
          186.99310480000003,
          297.37,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130",
        "box": [
          342.37,
          186.99310480000003,
          354.37,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128",
        "box": [
          399.37,
          186.99310480000003,
          411.37,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          186.99310480000003,
          430.63,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.75  %",
        "box": [
          443.078,
          186.99310480000003,
          474.294,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          186.99310480000003,
          493.63,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+8.31  %",
        "box": [
          506.078,
          186.99310480000003,
          537.294,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2028",
        "box": [
          567.42999,
          186.99310480000003,
          595.8779900000001,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$304 / sqft",
        "box": [
          629.90997,
          186.99310480000003,
          664.1339700000001,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          697.42999,
          186.99310480000003,
          714.7499899999999,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          186.99310480000003,
          736.62,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40",
        "box": [
          48.62,
          199.74310480000003,
          56.62,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          199.74310480000003,
          85.31200000000001,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, UK",
        "box": [
          124.88,
          199.74310480000003,
          176.42399999999995,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/23/2018",
        "box": [
          203.17999,
          199.74310480000003,
          239.62798999999998,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128",
        "box": [
          285.37,
          199.74310480000003,
          297.37,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128",
        "box": [
          342.37,
          199.74310480000003,
          354.37,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "127",
        "box": [
          399.37,
          199.74310480000003,
          411.37,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          199.74310480000003,
          430.63,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.50  %",
        "box": [
          443.078,
          199.74310480000003,
          474.294,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          199.74310480000003,
          493.63,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.74  %",
        "box": [
          506.078,
          199.74310480000003,
          537.294,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/15/2029",
        "box": [
          559.42999,
          199.74310480000003,
          595.8779900000001,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,065 / sqft",
        "box": [
          623.90997,
          199.74310480000003,
          664.1339700000001,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  50 %",
        "box": [
          697.42999,
          199.74310480000003,
          714.7499899999999,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          199.74310480000003,
          736.62,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41",
        "box": [
          48.62,
          212.49310480000003,
          56.62,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          212.49310480000003,
          103.55200000000002,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Los Angeles",
        "box": [
          124.88,
          212.49310480000003,
          165.08799999999997,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/14/2021",
        "box": [
          207.17999,
          212.49310480000003,
          239.62798999999998,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128",
        "box": [
          285.37,
          212.49310480000003,
          297.37,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "127",
        "box": [
          342.37,
          212.49310480000003,
          354.37,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "127",
        "box": [
          399.37,
          212.49310480000003,
          411.37,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          212.49310480000003,
          430.63,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.81  %",
        "box": [
          443.078,
          212.49310480000003,
          474.294,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          212.49310480000003,
          493.63,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.05  %",
        "box": [
          506.078,
          212.49310480000003,
          537.294,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2026",
        "box": [
          563.42999,
          212.49310480000003,
          595.8779900000001,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$256,954 / unit",
        "box": [
          615.46002,
          212.49310480000003,
          664.1320200000001,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  75 %",
        "box": [
          697.42999,
          212.49310480000003,
          714.7499899999999,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          212.49310480000003,
          736.62,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          48.62,
          225.24310480000003,
          56.62,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          225.24310480000003,
          95.54400000000001,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, US",
        "box": [
          124.88,
          225.24310480000003,
          175.09599999999995,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/19/2026",
        "box": [
          207.17999,
          225.24310480000003,
          239.62798999999998,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "140",
        "box": [
          285.37,
          225.24310480000003,
          297.37,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126",
        "box": [
          342.37,
          225.24310480000003,
          354.37,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125",
        "box": [
          399.37,
          225.24310480000003,
          411.37,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          225.24310480000003,
          430.63,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.50  %",
        "box": [
          443.078,
          225.24310480000003,
          474.294,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          225.24310480000003,
          493.63,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.88  %",
        "box": [
          506.078,
          225.24310480000003,
          537.294,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2031",
        "box": [
          567.42999,
          225.24310480000003,
          595.8779900000001,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,061,500 / acre",
        "box": [
          608.59003,
          225.24310480000003,
          664.13403,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  54 %",
        "box": [
          697.42999,
          225.24310480000003,
          714.7499899999999,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          225.24310480000003,
          736.62,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43",
        "box": [
          48.62,
          237.99310480000003,
          56.62,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          237.99310480000003,
          85.31200000000001,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Houston",
        "box": [
          124.88,
          237.99310480000003,
          151.992,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/15/2019",
        "box": [
          207.17999,
          237.99310480000003,
          239.62798999999998,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "136",
        "box": [
          285.37,
          237.99310480000003,
          297.37,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126",
        "box": [
          342.37,
          237.99310480000003,
          354.37,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125",
        "box": [
          399.37,
          237.99310480000003,
          411.37,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          237.99310480000003,
          430.63,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.01  %",
        "box": [
          443.078,
          237.99310480000003,
          474.294,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          237.99310480000003,
          493.63,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.22  %",
        "box": [
          506.078,
          237.99310480000003,
          537.294,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2028",
        "box": [
          567.42999,
          237.99310480000003,
          595.8779900000001,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$227 / sqft",
        "box": [
          629.90997,
          237.99310480000003,
          664.1339700000001,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  58 %",
        "box": [
          697.42999,
          237.99310480000003,
          714.7499899999999,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          237.99310480000003,
          736.62,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44",
        "box": [
          48.62,
          250.7431348,
          56.62,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          250.7431348,
          103.55200000000002,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Miami",
        "box": [
          124.88,
          250.7431348,
          146.21599999999995,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/27/2024",
        "box": [
          203.17999,
          250.7431348,
          239.62798999999998,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125",
        "box": [
          285.37,
          250.7431348,
          297.37,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125",
        "box": [
          342.37,
          250.7431348,
          354.37,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "124",
        "box": [
          399.37,
          250.7431348,
          411.37,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          250.7431348,
          430.63,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.80  %",
        "box": [
          443.078,
          250.7431348,
          474.294,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          250.7431348,
          493.63,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.17  %",
        "box": [
          506.078,
          250.7431348,
          537.294,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2029",
        "box": [
          563.42999,
          250.7431348,
          595.8779900000001,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$260,417 / unit",
        "box": [
          615.46002,
          250.7431348,
          664.1320200000001,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  71 %",
        "box": [
          697.42999,
          250.7431348,
          714.7499899999999,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          250.7431348,
          736.62,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          48.62,
          263.4931348,
          56.62,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          263.4931348,
          103.55200000000002,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dallas",
        "box": [
          124.88,
          263.4931348,
          145.31999999999996,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/4/2026",
        "box": [
          211.17999,
          263.4931348,
          239.62798999999998,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125",
        "box": [
          285.37,
          263.4931348,
          297.37,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125",
        "box": [
          342.37,
          263.4931348,
          354.37,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123",
        "box": [
          399.37,
          263.4931348,
          411.37,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          263.4931348,
          430.63,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.35  %",
        "box": [
          443.078,
          263.4931348,
          474.294,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          263.4931348,
          493.63,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.86  %",
        "box": [
          506.078,
          263.4931348,
          537.294,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2031",
        "box": [
          567.42999,
          263.4931348,
          595.8779900000001,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$137,280 / unit",
        "box": [
          615.46002,
          263.4931348,
          664.1320200000001,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  71 %",
        "box": [
          697.42999,
          263.4931348,
          714.7499899999999,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          263.4931348,
          736.62,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46",
        "box": [
          48.62,
          276.2431348,
          56.62,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          64.88,
          276.2431348,
          83.99200000000002,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Diego",
        "box": [
          124.88,
          276.2431348,
          158.42399999999998,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/27/2021",
        "box": [
          207.17999,
          276.2431348,
          239.62798999999998,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122",
        "box": [
          285.37,
          276.2431348,
          297.37,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122",
        "box": [
          342.37,
          276.2431348,
          354.37,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122",
        "box": [
          399.37,
          276.2431348,
          411.37,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          276.2431348,
          430.63,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.11  %",
        "box": [
          443.078,
          276.2431348,
          474.294,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          276.2431348,
          493.63,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.36  %",
        "box": [
          506.078,
          276.2431348,
          537.294,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2026",
        "box": [
          567.42999,
          276.2431348,
          595.8779900000001,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$464 / sqft",
        "box": [
          629.90997,
          276.2431348,
          664.1339700000001,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  58 %",
        "box": [
          697.42999,
          276.2431348,
          714.7499899999999,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          276.2431348,
          736.62,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47",
        "box": [
          48.62,
          288.9931348,
          56.62,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Life Sciences/",
        "box": [
          64.88,
          288.9931348,
          110.40800000000006,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Studio",
        "box": [
          64.88,
          298.1031148,
          85.76800000000001,
          304.6857520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Boston",
        "box": [
          124.88,
          288.9931348,
          147.552,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/13/2021",
        "box": [
          207.17999,
          288.9931348,
          239.62798999999998,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "143",
        "box": [
          285.37,
          288.9931348,
          297.37,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122",
        "box": [
          342.37,
          288.9931348,
          354.37,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122",
        "box": [
          399.37,
          288.9931348,
          411.37,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.25  %",
        "box": [
          447.59,
          288.9931348,
          474.294,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.25  %",
        "box": [
          510.59,
          288.9931348,
          537.294,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2030",
        "box": [
          567.42999,
          288.9931348,
          595.8779900000001,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$608 / sqft",
        "box": [
          629.90997,
          288.9931348,
          664.1339700000001,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  80 %",
        "box": [
          697.42999,
          288.9931348,
          714.7499899999999,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          288.9931348,
          736.62,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48",
        "box": [
          48.62,
          310.7431348,
          56.62,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          310.7431348,
          103.55200000000002,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Denver",
        "box": [
          124.88,
          310.7431348,
          148.42399999999998,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/26/2025",
        "box": [
          203.17999,
          310.7431348,
          239.62798999999998,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120",
        "box": [
          285.37,
          310.7431348,
          297.37,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120",
        "box": [
          342.37,
          310.7431348,
          354.37,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "119",
        "box": [
          399.37,
          310.7431348,
          411.37,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          310.7431348,
          430.63,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.35  %",
        "box": [
          443.078,
          310.7431348,
          474.294,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          310.7431348,
          493.63,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.71  %",
        "box": [
          506.078,
          310.7431348,
          537.294,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2030",
        "box": [
          563.42999,
          310.7431348,
          595.8779900000001,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$469,762 / unit",
        "box": [
          615.46002,
          310.7431348,
          664.1320200000001,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          697.42999,
          310.7431348,
          714.7499899999999,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          310.7431348,
          736.62,
          317.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49",
        "box": [
          48.62,
          323.4931348,
          56.62,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          323.4931348,
          103.55200000000002,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Miami",
        "box": [
          124.88,
          323.4931348,
          146.21599999999995,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/1/2021",
        "box": [
          211.17999,
          323.4931348,
          239.62798999999998,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120",
        "box": [
          285.37,
          323.4931348,
          297.37,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120",
        "box": [
          342.37,
          323.4931348,
          354.37,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120",
        "box": [
          399.37,
          323.4931348,
          411.37,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          323.4931348,
          430.63,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.65  %",
        "box": [
          443.078,
          323.4931348,
          474.294,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          323.4931348,
          493.63,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.95  %",
        "box": [
          506.078,
          323.4931348,
          537.294,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2029",
        "box": [
          567.42999,
          323.4931348,
          595.8779900000001,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$298,507 / unit",
        "box": [
          615.46002,
          323.4931348,
          664.1320200000001,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  61 %",
        "box": [
          697.42999,
          323.4931348,
          714.7499899999999,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          323.4931348,
          736.62,
          330.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
          48.62,
          336.2431348,
          56.62,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          336.2431348,
          85.31200000000001,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Miami",
        "box": [
          124.88,
          336.2431348,
          146.21599999999995,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/28/2022",
        "box": [
          207.17999,
          336.2431348,
          239.62798999999998,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120",
        "box": [
          285.37,
          336.2431348,
          297.37,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120",
        "box": [
          342.37,
          336.2431348,
          354.37,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "119",
        "box": [
          399.37,
          336.2431348,
          411.37,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          336.2431348,
          430.63,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.55  %",
        "box": [
          443.078,
          336.2431348,
          474.294,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          336.2431348,
          493.63,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.79  %",
        "box": [
          506.078,
          336.2431348,
          537.294,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2027",
        "box": [
          567.42999,
          336.2431348,
          595.8779900000001,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$316 / sqft",
        "box": [
          629.90997,
          336.2431348,
          664.1339700000001,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  69 %",
        "box": [
          697.42999,
          336.2431348,
          714.7499899999999,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          336.2431348,
          736.62,
          342.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51",
        "box": [
          48.62,
          348.9931348,
          56.62,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          348.9931348,
          103.55200000000002,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, UK",
        "box": [
          124.88,
          348.9931348,
          176.42399999999995,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/29/2021",
        "box": [
          207.17999,
          348.9931348,
          239.62798999999998,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115",
        "box": [
          285.37,
          348.9931348,
          297.37,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115",
        "box": [
          342.37,
          348.9931348,
          354.37,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115",
        "box": [
          399.37,
          348.9931348,
          411.37,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          348.9931348,
          430.63,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.52  %",
        "box": [
          443.078,
          348.9931348,
          474.294,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          348.9931348,
          493.63,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.52  %",
        "box": [
          506.078,
          348.9931348,
          537.294,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/17/2026",
        "box": [
          559.42999,
          348.9931348,
          595.8779900000001,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$50,257 / unit",
        "box": [
          619.46002,
          348.9931348,
          664.1320200000001,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  61 %",
        "box": [
          697.42999,
          348.9931348,
          714.7499899999999,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          348.9931348,
          736.62,
          355.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52",
        "box": [
          48.62,
          361.7431348,
          56.62,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          361.7431348,
          103.55200000000002,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Phoenix",
        "box": [
          124.88,
          361.7431348,
          151.09599999999998,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/29/2021",
        "box": [
          203.17999,
          361.7431348,
          239.62798999999998,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110",
        "box": [
          285.37,
          361.7431348,
          297.37,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110",
        "box": [
          342.37,
          361.7431348,
          354.37,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110",
        "box": [
          399.37,
          361.7431348,
          411.37,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          361.7431348,
          430.63,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.85  %",
        "box": [
          443.078,
          361.7431348,
          474.294,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          361.7431348,
          493.63,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.11  %",
        "box": [
          506.078,
          361.7431348,
          537.294,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/9/2027",
        "box": [
          567.42999,
          361.7431348,
          595.8779900000001,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$189,003 / unit",
        "box": [
          615.46002,
          361.7431348,
          664.1320200000001,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  64 %",
        "box": [
          697.42999,
          361.7431348,
          714.7499899999999,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          361.7431348,
          736.62,
          368.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53",
        "box": [
          48.62,
          374.4931348,
          56.62,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          374.4931348,
          103.55200000000002,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tampa",
        "box": [
          124.88,
          374.4931348,
          147.08799999999997,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/15/2022",
        "box": [
          207.17999,
          374.4931348,
          239.62798999999998,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106",
        "box": [
          285.37,
          374.4931348,
          297.37,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106",
        "box": [
          342.37,
          374.4931348,
          354.37,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105",
        "box": [
          399.37,
          374.4931348,
          411.37,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          374.4931348,
          430.63,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.85  %",
        "box": [
          443.078,
          374.4931348,
          474.294,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          374.4931348,
          493.63,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.09  %",
        "box": [
          506.078,
          374.4931348,
          537.294,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2027",
        "box": [
          567.42999,
          374.4931348,
          595.8779900000001,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$241,972 / unit",
        "box": [
          615.46002,
          374.4931348,
          664.1320200000001,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  73 %",
        "box": [
          697.42999,
          374.4931348,
          714.7499899999999,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          374.4931348,
          736.62,
          381.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54",
        "box": [
          48.62,
          387.2431348,
          56.62,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Life Sciences/",
        "box": [
          64.88,
          387.2431348,
          110.40800000000006,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Studio",
        "box": [
          64.88,
          396.3531148,
          85.76800000000001,
          402.9357520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Los Angeles",
        "box": [
          124.88,
          387.2431348,
          165.08799999999997,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/28/2019",
        "box": [
          207.17999,
          387.2431348,
          239.62798999999998,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106",
        "box": [
          285.37,
          387.2431348,
          297.37,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106",
        "box": [
          342.37,
          387.2431348,
          354.37,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106",
        "box": [
          399.37,
          387.2431348,
          411.37,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          387.2431348,
          430.63,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+8.75  %",
        "box": [
          443.078,
          387.2431348,
          474.294,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          387.2431348,
          493.63,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+8.75  %",
        "box": [
          506.078,
          387.2431348,
          537.294,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/1/2026",
        "box": [
          567.42999,
          387.2431348,
          595.8779900000001,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$531 / sqft",
        "box": [
          629.90997,
          387.2431348,
          664.1339700000001,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          702.31,
          387.2431348,
          714.758,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          732.62,
          387.2431348,
          736.62,
          393.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          48.62,
          408.9931348,
          56.62,
          415.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          408.9931348,
          85.31200000000001,
          415.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chicago",
        "box": [
          124.88,
          408.9931348,
          151.54399999999998,
          415.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/30/2021",
        "box": [
          207.17999,
          408.9931348,
          239.62798999999998,
          415.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105",
        "box": [
          285.37,
          408.9931348,
          297.37,
          415.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105",
        "box": [
          342.37,
          408.9931348,
          354.37,
          415.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105",
        "box": [
          399.37,
          408.9931348,
          411.37,
          415.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.00  %",
        "box": [
          447.59,
          408.9931348,
          474.294,
          415.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.00  %",
        "box": [
          510.59,
          408.9931348,
          537.294,
          415.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2029",
        "box": [
          563.42999,
          408.9931348,
          595.8779900000001,
          415.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$116 / sqft",
        "box": [
          629.90997,
          408.9931348,
          664.1339700000001,
          415.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  43 %",
        "box": [
          697.42999,
          408.9931348,
          714.7499899999999,
          415.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          408.9931348,
          736.62,
          415.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56",
        "box": [
          48.62,
          421.7431348,
          56.62,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          421.7431348,
          85.31200000000001,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Orange County",
        "box": [
          124.88,
          421.7431348,
          173.98399999999998,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/31/2017",
        "box": [
          207.17999,
          421.7431348,
          239.62798999999998,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105",
        "box": [
          285.37,
          421.7431348,
          297.37,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105",
        "box": [
          342.37,
          421.7431348,
          354.37,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105",
        "box": [
          399.37,
          421.7431348,
          411.37,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          421.7431348,
          430.63,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.62  %",
        "box": [
          443.078,
          421.7431348,
          474.294,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          421.7431348,
          493.63,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.62  %",
        "box": [
          506.078,
          421.7431348,
          537.294,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2026",
        "box": [
          567.42999,
          421.7431348,
          595.8779900000001,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$162 / sqft",
        "box": [
          629.90997,
          421.7431348,
          664.1339700000001,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  58 %",
        "box": [
          697.42999,
          421.7431348,
          714.7499899999999,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          421.7431348,
          736.62,
          428.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          48.62,
          434.4931348,
          56.62,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          434.4931348,
          103.55200000000002,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Washington, DC",
        "box": [
          124.88,
          434.4931348,
          178.65599999999998,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/17/2025",
        "box": [
          203.17999,
          434.4931348,
          239.62798999999998,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105",
        "box": [
          285.37,
          434.4931348,
          297.37,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105",
        "box": [
          342.37,
          434.4931348,
          354.37,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "104",
        "box": [
          399.37,
          434.4931348,
          411.37,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          434.4931348,
          430.63,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.50  %",
        "box": [
          443.078,
          434.4931348,
          474.294,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          434.4931348,
          493.63,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.83  %",
        "box": [
          506.078,
          434.4931348,
          537.294,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2030",
        "box": [
          563.42999,
          434.4931348,
          595.8779900000001,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$294,755 / unit",
        "box": [
          615.46002,
          434.4931348,
          664.1320200000001,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  72 %",
        "box": [
          697.42999,
          434.4931348,
          714.7499899999999,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          434.4931348,
          736.62,
          441.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58",
        "box": [
          48.62,
          447.2431348,
          56.62,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          447.2431348,
          95.54400000000001,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, US",
        "box": [
          124.88,
          447.2431348,
          175.09599999999995,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/22/2025",
        "box": [
          207.17999,
          447.2431348,
          239.62798999999998,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115",
        "box": [
          285.37,
          447.2431348,
          297.37,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "104",
        "box": [
          342.37,
          447.2431348,
          354.37,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "104",
        "box": [
          399.37,
          447.2431348,
          411.37,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          447.2431348,
          430.63,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.00  %",
        "box": [
          443.078,
          447.2431348,
          474.294,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          447.2431348,
          493.63,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.36  %",
        "box": [
          506.078,
          447.2431348,
          537.294,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2030",
        "box": [
          567.42999,
          447.2431348,
          595.8779900000001,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$883,541 / acre",
        "box": [
          614.59003,
          447.2431348,
          664.13403,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  56 %",
        "box": [
          697.42999,
          447.2431348,
          714.7499899999999,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          447.2431348,
          736.62,
          453.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59",
        "box": [
          48.62,
          459.9931348,
          56.62,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          459.9931348,
          95.54400000000001,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, FR",
        "box": [
          124.88,
          459.9931348,
          174.64799999999994,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/11/2025",
        "box": [
          203.17999,
          459.9931348,
          239.62798999999998,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "104",
        "box": [
          285.37,
          459.9931348,
          297.37,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "104",
        "box": [
          342.37,
          459.9931348,
          354.37,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103",
        "box": [
          399.37,
          459.9931348,
          411.37,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          459.9931348,
          430.63,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.65  %",
        "box": [
          443.078,
          459.9931348,
          474.294,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          459.9931348,
          493.63,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.00  %",
        "box": [
          506.078,
          459.9931348,
          537.294,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/11/2030",
        "box": [
          559.42999,
          459.9931348,
          595.8779900000001,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$69 / sqft",
        "box": [
          633.90997,
          459.9931348,
          664.1339700000001,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  68 %",
        "box": [
          697.42999,
          459.9931348,
          714.7499899999999,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          459.9931348,
          736.62,
          466.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          48.62,
          472.7431348,
          56.62,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          64.88,
          472.7431348,
          100.872,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          124.88,
          472.7431348,
          158.424,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/10/2020",
        "box": [
          207.17999,
          472.7431348,
          239.62798999999998,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103",
        "box": [
          285.37,
          472.7431348,
          297.37,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103",
        "box": [
          342.37,
          472.7431348,
          354.37,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103",
        "box": [
          399.37,
          472.7431348,
          411.37,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          472.7431348,
          430.63,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.00  %",
        "box": [
          443.078,
          472.7431348,
          474.294,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          472.7431348,
          493.63,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.01  %",
        "box": [
          506.078,
          472.7431348,
          537.294,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/11/2029",
        "box": [
          563.42999,
          472.7431348,
          595.8779900000001,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$629 / sqft",
        "box": [
          629.90997,
          472.7431348,
          664.1339700000001,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  48 %",
        "box": [
          697.42999,
          472.7431348,
          714.7499899999999,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          472.7431348,
          736.62,
          479.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan Portfolio (1)",
        "box": [
          43.13,
          42.59194112,
          123.35320999999999,
          49.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          65.77,
          72.48315479999997,
          115.73800000000003,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          140.52,
          72.48315479999997,
          170.744,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
        "box": [
          197.14,
          64.48315479999997,
          237.13999999999993,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date (2)",
        "box": [
          206.10001,
          71.84194112,
          228.14319999999998,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          262.39001,
          64.48315479999997,
          280.61401,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitment (3)",
        "box": [
          245.83,
          71.84194112,
          297.17319000000003,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          318.73999,
          64.48315479999997,
          350.27599,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance",
        "box": [
          320.95001,
          72.48315479999997,
          348.05401000000006,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book",
        "box": [
          375.62,
          64.48315479999997,
          407.396,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value (4)",
        "box": [
          378.48001,
          71.84194112,
          404.52322000000004,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash",
        "box": [
          436.84,
          64.48315479999997,
          454.176,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Coupon (5)",
        "box": [
          428.92001,
          71.84194112,
          462.0732100000001,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.0,
          72.48315479999997,
          473.0,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in",
        "box": [
          498.73001,
          64.48315479999997,
          518.2900099999999,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield (5)",
        "box": [
          496.37,
          71.84194112,
          520.63321,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          534.0,
          72.48315479999997,
          536.0,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum",
        "box": [
          555.60999,
          64.48315479999997,
          591.15399,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (6)",
        "box": [
          554.79999,
          71.84194112,
          591.9431999999999,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Per",
        "box": [
          618.25,
          56.483154799999966,
          650.01,
          63.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SQFT / Unit / ",
        "box": [
          610.91998,
          64.48315479999997,
          659.35198,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Key / Acre / MW",
        "box": [
          605.03003,
          72.48315479999997,
          659.2380300000002,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
        "box": [
          672.64001,
          64.48315479999997,
          712.6400100000001,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LTV (2)",
        "box": [
          681.38,
          71.84194112,
          703.8731999999999,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk",
        "box": [
          726.84998,
          64.48315479999997,
          742.4099799999999,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rating",
        "box": [
          723.08002,
          72.48315479999997,
          746.1840199999999,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87",
        "box": [
          391.0,
          589.728886,
          401.0,
          597.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 89,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "61",
        "box": [
          48.62,
          84.99310479999997,
          56.62,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          84.99310479999997,
          103.55200000000002,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various, TX",
        "box": [
          124.88,
          84.99310479999997,
          164.86399999999998,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/15/2025",
        "box": [
          203.17999,
          84.99310479999997,
          239.62798999999998,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          245.63,
          84.99310479999997,
          251.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105 ",
        "box": [
          284.59,
          84.99310479999997,
          298.59,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          314.63,
          84.99310479999997,
          320.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103 ",
        "box": [
          341.59,
          84.99310479999997,
          355.59,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          371.63,
          84.99310479999997,
          377.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102 ",
        "box": [
          398.59,
          84.99310479999997,
          412.59,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          84.99310479999997,
          430.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.60  %",
        "box": [
          443.078,
          84.99310479999997,
          474.294,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          84.99310479999997,
          493.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.93  %",
        "box": [
          506.078,
          84.99310479999997,
          537.294,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2030",
        "box": [
          563.42999,
          84.99310479999997,
          595.8779900000001,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$229,211 / unit",
        "box": [
          615.46002,
          84.99310479999997,
          664.1320200000001,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  73 %",
        "box": [
          697.42999,
          84.99310479999997,
          714.7499899999999,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          84.99310479999997,
          736.62,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62",
        "box": [
          48.62,
          97.7431348,
          56.62,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          64.88,
          97.7431348,
          83.99200000000002,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          124.88,
          97.7431348,
          158.424,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/24/2025",
        "box": [
          207.17999,
          97.7431348,
          239.62798999999998,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "121",
        "box": [
          285.37,
          97.7431348,
          297.37,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101",
        "box": [
          342.37,
          97.7431348,
          354.37,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100",
        "box": [
          399.37,
          97.7431348,
          411.37,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          97.7431348,
          430.63,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.35  %",
        "box": [
          443.078,
          97.7431348,
          474.294,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          97.7431348,
          493.63,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.76  %",
        "box": [
          506.078,
          97.7431348,
          537.294,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2030",
        "box": [
          563.42999,
          97.7431348,
          595.8779900000001,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$135 / sqft",
        "box": [
          629.90997,
          97.7431348,
          664.1339700000001,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  56 %",
        "box": [
          697.42999,
          97.7431348,
          714.7499899999999,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          97.7431348,
          736.62,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63",
        "box": [
          48.62,
          110.4931348,
          56.62,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          64.88,
          110.4931348,
          100.44000000000001,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Honolulu",
        "box": [
          124.88,
          110.4931348,
          155.10399999999998,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/30/2020",
        "box": [
          207.17999,
          110.4931348,
          239.62798999999998,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99",
        "box": [
          289.37,
          110.4931348,
          297.37,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99",
        "box": [
          346.37,
          110.4931348,
          354.37,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99",
        "box": [
          403.37,
          110.4931348,
          411.37,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          110.4931348,
          430.63,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.50  %",
        "box": [
          443.078,
          110.4931348,
          474.294,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          110.4931348,
          493.63,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.09  %",
        "box": [
          506.078,
          110.4931348,
          537.294,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2027",
        "box": [
          567.42999,
          110.4931348,
          595.8779900000001,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$270,109 / key",
        "box": [
          616.34998,
          110.4931348,
          664.12598,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  63 %",
        "box": [
          697.42999,
          110.4931348,
          714.7499899999999,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          110.4931348,
          736.62,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64",
        "box": [
          48.62,
          123.24310480000003,
          56.62,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          64.88,
          123.24310480000003,
          100.44000000000001,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Honolulu",
        "box": [
          124.88,
          123.24310480000003,
          155.10399999999998,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/13/2018",
        "box": [
          207.17999,
          123.24310480000003,
          239.62798999999998,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98",
        "box": [
          289.37,
          123.24310480000003,
          297.37,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98",
        "box": [
          346.37,
          123.24310480000003,
          354.37,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98",
        "box": [
          403.37,
          123.24310480000003,
          411.37,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          123.24310480000003,
          430.63,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.11  %",
        "box": [
          443.078,
          123.24310480000003,
          474.294,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          123.24310480000003,
          493.63,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.29  %",
        "box": [
          506.078,
          123.24310480000003,
          537.294,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2027",
        "box": [
          567.42999,
          123.24310480000003,
          595.8779900000001,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$152,536 / key",
        "box": [
          616.34998,
          123.24310480000003,
          664.12598,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  50 %",
        "box": [
          697.42999,
          123.24310480000003,
          714.7499899999999,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          123.24310480000003,
          736.62,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65",
        "box": [
          48.62,
          135.99310480000003,
          56.62,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          135.99310480000003,
          85.31200000000001,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Washington, DC",
        "box": [
          124.88,
          135.99310480000003,
          178.65599999999998,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/21/2021",
        "box": [
          203.17999,
          135.99310480000003,
          239.62798999999998,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103",
        "box": [
          285.37,
          135.99310480000003,
          297.37,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98",
        "box": [
          346.37,
          135.99310480000003,
          354.37,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98",
        "box": [
          403.37,
          135.99310480000003,
          411.37,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          135.99310480000003,
          430.63,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.70  %",
        "box": [
          443.078,
          135.99310480000003,
          474.294,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          135.99310480000003,
          493.63,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.93  %",
        "box": [
          506.078,
          135.99310480000003,
          537.294,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2027",
        "box": [
          567.42999,
          135.99310480000003,
          595.8779900000001,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$336 / sqft",
        "box": [
          629.90997,
          135.99310480000003,
          664.1339700000001,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  68 %",
        "box": [
          697.42999,
          135.99310480000003,
          714.7499899999999,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          135.99310480000003,
          736.62,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66",
        "box": [
          48.62,
          148.74310480000003,
          56.62,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          148.74310480000003,
          103.55200000000002,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, NL",
        "box": [
          124.88,
          148.74310480000003,
          175.53599999999994,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/27/2025",
        "box": [
          207.17999,
          148.74310480000003,
          239.62798999999998,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98",
        "box": [
          289.37,
          148.74310480000003,
          297.37,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98",
        "box": [
          346.37,
          148.74310480000003,
          354.37,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98",
        "box": [
          403.37,
          148.74310480000003,
          411.37,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          148.74310480000003,
          430.63,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.70  %",
        "box": [
          443.078,
          148.74310480000003,
          474.294,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          148.74310480000003,
          493.63,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.97  %",
        "box": [
          506.078,
          148.74310480000003,
          537.294,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/2028",
        "box": [
          563.42999,
          148.74310480000003,
          595.8779900000001,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$115,572 / unit",
        "box": [
          615.46002,
          148.74310480000003,
          664.1320200000001,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  62 %",
        "box": [
          697.42999,
          148.74310480000003,
          714.7499899999999,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          148.74310480000003,
          736.62,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67",
        "box": [
          48.62,
          161.49310480000003,
          56.62,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          161.49310480000003,
          103.55200000000002,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Antonio",
        "box": [
          124.88,
          161.49310480000003,
          165.09599999999998,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/20/2025",
        "box": [
          207.17999,
          161.49310480000003,
          239.62798999999998,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97",
        "box": [
          289.37,
          161.49310480000003,
          297.37,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97",
        "box": [
          346.37,
          161.49310480000003,
          354.37,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96",
        "box": [
          403.37,
          161.49310480000003,
          411.37,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          161.49310480000003,
          430.63,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.80  %",
        "box": [
          443.078,
          161.49310480000003,
          474.294,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          161.49310480000003,
          493.63,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.16  %",
        "box": [
          506.078,
          161.49310480000003,
          537.294,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2030",
        "box": [
          567.42999,
          161.49310480000003,
          595.8779900000001,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$449,074 / unit",
        "box": [
          615.46002,
          161.49310480000003,
          664.1320200000001,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  72 %",
        "box": [
          697.42999,
          161.49310480000003,
          714.7499899999999,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          161.49310480000003,
          736.62,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68",
        "box": [
          48.62,
          174.24310480000003,
          56.62,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          174.24310480000003,
          95.54400000000001,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, BE",
        "box": [
          124.88,
          174.24310480000003,
          175.09599999999995,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/7/2025",
        "box": [
          211.17999,
          174.24310480000003,
          239.62798999999998,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "108",
        "box": [
          285.37,
          174.24310480000003,
          297.37,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97",
        "box": [
          346.37,
          174.24310480000003,
          354.37,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96",
        "box": [
          403.37,
          174.24310480000003,
          411.37,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          174.24310480000003,
          430.63,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.75  %",
        "box": [
          443.078,
          174.24310480000003,
          474.294,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          174.24310480000003,
          493.63,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.32  %",
        "box": [
          506.078,
          174.24310480000003,
          537.294,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/7/2030",
        "box": [
          567.42999,
          174.24310480000003,
          595.8779900000001,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$40 / sqft",
        "box": [
          633.90997,
          174.24310480000003,
          664.1339700000001,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  57 %",
        "box": [
          697.42999,
          174.24310480000003,
          714.7499899999999,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          174.24310480000003,
          736.62,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69",
        "box": [
          48.62,
          186.99310480000003,
          56.62,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          186.99310480000003,
          103.55200000000002,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Miami",
        "box": [
          124.88,
          186.99310480000003,
          146.21599999999995,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/29/2022",
        "box": [
          207.17999,
          186.99310480000003,
          239.62798999999998,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97",
        "box": [
          289.37,
          186.99310480000003,
          297.37,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97",
        "box": [
          346.37,
          186.99310480000003,
          354.37,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98",
        "box": [
          403.37,
          186.99310480000003,
          411.37,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          186.99310480000003,
          430.63,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.01  %",
        "box": [
          443.078,
          186.99310480000003,
          474.294,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          186.99310480000003,
          493.63,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.08  %",
        "box": [
          506.078,
          186.99310480000003,
          537.294,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2030",
        "box": [
          567.42999,
          186.99310480000003,
          595.8779900000001,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$269,388 / unit",
        "box": [
          615.46002,
          186.99310480000003,
          664.1320200000001,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  75 %",
        "box": [
          697.42999,
          186.99310480000003,
          714.7499899999999,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          186.99310480000003,
          736.62,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70",
        "box": [
          48.62,
          199.74310480000003,
          56.62,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          199.74310480000003,
          103.55200000000002,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Phoenix",
        "box": [
          124.88,
          199.74310480000003,
          151.09599999999998,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/1/2021",
        "box": [
          207.17999,
          199.74310480000003,
          239.62798999999998,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96",
        "box": [
          289.37,
          199.74310480000003,
          297.37,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96",
        "box": [
          346.37,
          199.74310480000003,
          354.37,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97",
        "box": [
          403.37,
          199.74310480000003,
          411.37,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          199.74310480000003,
          430.63,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.13  %",
        "box": [
          443.078,
          199.74310480000003,
          474.294,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          199.74310480000003,
          493.63,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.66  %",
        "box": [
          506.078,
          199.74310480000003,
          537.294,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2029",
        "box": [
          567.42999,
          199.74310480000003,
          595.8779900000001,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$221,682 / unit",
        "box": [
          615.46002,
          199.74310480000003,
          664.1320200000001,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  77 %",
        "box": [
          697.42999,
          199.74310480000003,
          714.7499899999999,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          199.74310480000003,
          736.62,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71",
        "box": [
          48.62,
          212.49310480000003,
          56.62,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          212.49310480000003,
          103.55200000000002,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Philadelphia",
        "box": [
          124.88,
          212.49310480000003,
          164.87199999999993,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/28/2021",
        "box": [
          203.17999,
          212.49310480000003,
          239.62798999999998,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96",
        "box": [
          289.37,
          212.49310480000003,
          297.37,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96",
        "box": [
          346.37,
          212.49310480000003,
          354.37,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "95",
        "box": [
          403.37,
          212.49310480000003,
          411.37,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          212.49310480000003,
          430.63,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.00  %",
        "box": [
          443.078,
          212.49310480000003,
          474.294,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          212.49310480000003,
          493.63,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.24  %",
        "box": [
          506.078,
          212.49310480000003,
          537.294,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2026",
        "box": [
          563.42999,
          212.49310480000003,
          595.8779900000001,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$353,704 / unit",
        "box": [
          615.46002,
          212.49310480000003,
          664.1320200000001,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  79 %",
        "box": [
          697.42999,
          212.49310480000003,
          714.7499899999999,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          212.49310480000003,
          736.62,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72",
        "box": [
          48.62,
          225.24310480000003,
          56.62,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          225.24310480000003,
          103.55200000000002,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Seattle",
        "box": [
          124.88,
          225.24310480000003,
          146.64799999999994,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/13/2024",
        "box": [
          207.17999,
          225.24310480000003,
          239.62798999999998,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94",
        "box": [
          289.37,
          225.24310480000003,
          297.37,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94",
        "box": [
          346.37,
          225.24310480000003,
          354.37,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94",
        "box": [
          403.37,
          225.24310480000003,
          411.37,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          225.24310480000003,
          430.63,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.25  %",
        "box": [
          443.078,
          225.24310480000003,
          474.294,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          225.24310480000003,
          493.63,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.49  %",
        "box": [
          506.078,
          225.24310480000003,
          537.294,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2027",
        "box": [
          563.42999,
          225.24310480000003,
          595.8779900000001,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$509,389 / unit",
        "box": [
          615.46002,
          225.24310480000003,
          664.1320200000001,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  68 %",
        "box": [
          697.42999,
          225.24310480000003,
          714.7499899999999,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          225.24310480000003,
          736.62,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73",
        "box": [
          48.62,
          237.99310480000003,
          56.62,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          237.99310480000003,
          103.55200000000002,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Orlando",
        "box": [
          124.88,
          237.99310480000003,
          151.09599999999998,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/27/2021",
        "box": [
          203.17999,
          237.99310480000003,
          239.62798999999998,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93",
        "box": [
          289.37,
          237.99310480000003,
          297.37,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93",
        "box": [
          346.37,
          237.99310480000003,
          354.37,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93",
        "box": [
          403.37,
          237.99310480000003,
          411.37,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          237.99310480000003,
          430.63,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.61  %",
        "box": [
          443.078,
          237.99310480000003,
          474.294,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          237.99310480000003,
          493.63,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.85  %",
        "box": [
          506.078,
          237.99310480000003,
          537.294,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2026",
        "box": [
          563.42999,
          237.99310480000003,
          595.8779900000001,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$155,612 / unit",
        "box": [
          615.46002,
          237.99310480000003,
          664.1320200000001,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  75 %",
        "box": [
          697.42999,
          237.99310480000003,
          714.7499899999999,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          237.99310480000003,
          736.62,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74",
        "box": [
          48.62,
          250.7431348,
          56.62,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          64.88,
          250.7431348,
          100.872,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Francisco",
        "box": [
          124.88,
          250.7431348,
          169.96799999999993,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/14/2022",
        "box": [
          207.17999,
          250.7431348,
          239.62798999999998,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106",
        "box": [
          285.37,
          250.7431348,
          297.37,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92",
        "box": [
          346.37,
          250.7431348,
          354.37,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92",
        "box": [
          403.37,
          250.7431348,
          411.37,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          250.7431348,
          430.63,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.95  %",
        "box": [
          443.078,
          250.7431348,
          474.294,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          250.7431348,
          493.63,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.95  %",
        "box": [
          506.078,
          250.7431348,
          537.294,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/9/2027",
        "box": [
          567.42999,
          250.7431348,
          595.8779900000001,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$190 / sqft",
        "box": [
          629.90997,
          250.7431348,
          664.1339700000001,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          702.31,
          250.7431348,
          714.758,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          732.62,
          250.7431348,
          736.62,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75",
        "box": [
          48.62,
          263.4931348,
          56.62,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          64.88,
          263.4931348,
          100.44000000000001,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Boston",
        "box": [
          124.88,
          263.4931348,
          147.552,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/3/2022",
        "box": [
          211.17999,
          263.4931348,
          239.62798999999998,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89",
        "box": [
          289.37,
          263.4931348,
          297.37,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89",
        "box": [
          346.37,
          263.4931348,
          354.37,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89",
        "box": [
          403.37,
          263.4931348,
          411.37,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          263.4931348,
          430.63,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.75  %",
        "box": [
          443.078,
          263.4931348,
          474.294,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          263.4931348,
          493.63,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.09  %",
        "box": [
          506.078,
          263.4931348,
          537.294,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2027",
        "box": [
          567.42999,
          263.4931348,
          595.8779900000001,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$404,364 / key",
        "box": [
          616.34998,
          263.4931348,
          664.12598,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  64 %",
        "box": [
          697.42999,
          263.4931348,
          714.7499899999999,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          263.4931348,
          736.62,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76",
        "box": [
          48.62,
          276.2431348,
          56.62,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          276.2431348,
          103.55200000000002,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Melbourne, AU",
        "box": [
          124.88,
          276.2431348,
          175.53599999999997,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/13/2025",
        "box": [
          207.17999,
          276.2431348,
          239.62798999999998,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "253",
        "box": [
          285.37,
          276.2431348,
          297.37,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89",
        "box": [
          346.37,
          276.2431348,
          354.37,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87",
        "box": [
          403.37,
          276.2431348,
          411.37,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          276.2431348,
          430.63,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.75  %",
        "box": [
          443.078,
          276.2431348,
          474.294,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          276.2431348,
          493.63,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+5.98  %",
        "box": [
          506.078,
          276.2431348,
          537.294,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/8/2029",
        "box": [
          567.42999,
          276.2431348,
          595.8779900000001,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$186,341 / unit",
        "box": [
          615.46002,
          276.2431348,
          664.1320200000001,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  76 %",
        "box": [
          697.42999,
          276.2431348,
          714.7499899999999,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          276.2431348,
          736.62,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77",
        "box": [
          48.62,
          288.9931348,
          56.62,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          288.9931348,
          103.55200000000002,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charlotte",
        "box": [
          124.88,
          288.9931348,
          154.65599999999995,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/29/2021",
        "box": [
          207.17999,
          288.9931348,
          239.62798999999998,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82",
        "box": [
          289.37,
          288.9931348,
          297.37,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82",
        "box": [
          346.37,
          288.9931348,
          354.37,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82",
        "box": [
          403.37,
          288.9931348,
          411.37,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          288.9931348,
          430.63,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.76  %",
        "box": [
          443.078,
          288.9931348,
          474.294,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          288.9931348,
          493.63,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.59  %",
        "box": [
          506.078,
          288.9931348,
          537.294,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2027",
        "box": [
          567.42999,
          288.9931348,
          595.8779900000001,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$223,735 / unit",
        "box": [
          615.46002,
          288.9931348,
          664.1320200000001,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  78 %",
        "box": [
          697.42999,
          288.9931348,
          714.7499899999999,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          288.9931348,
          736.62,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78",
        "box": [
          48.62,
          301.7431348,
          56.62,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          64.88,
          301.7431348,
          100.44000000000001,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, US",
        "box": [
          124.88,
          301.7431348,
          175.09599999999995,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/27/2021",
        "box": [
          207.17999,
          301.7431348,
          239.62798999999998,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79",
        "box": [
          289.37,
          301.7431348,
          297.37,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79",
        "box": [
          346.37,
          301.7431348,
          354.37,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78",
        "box": [
          403.37,
          301.7431348,
          411.37,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          301.7431348,
          430.63,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.60  %",
        "box": [
          443.078,
          301.7431348,
          474.294,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          301.7431348,
          493.63,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.84  %",
        "box": [
          506.078,
          301.7431348,
          537.294,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2026",
        "box": [
          567.42999,
          301.7431348,
          595.8779900000001,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$116,598 / key",
        "box": [
          616.34998,
          301.7431348,
          664.12598,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  67 %",
        "box": [
          697.42999,
          301.7431348,
          714.7499899999999,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          301.7431348,
          736.62,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79",
        "box": [
          48.62,
          314.4931348,
          56.62,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          314.4931348,
          103.55200000000002,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Miami",
        "box": [
          124.88,
          314.4931348,
          146.21599999999995,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/10/2026",
        "box": [
          207.17999,
          314.4931348,
          239.62798999999998,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78",
        "box": [
          289.37,
          314.4931348,
          297.37,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78",
        "box": [
          346.37,
          314.4931348,
          354.37,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78",
        "box": [
          403.37,
          314.4931348,
          411.37,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          314.4931348,
          430.63,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.05  %",
        "box": [
          443.078,
          314.4931348,
          474.294,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          314.4931348,
          493.63,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.35  %",
        "box": [
          506.078,
          314.4931348,
          537.294,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2031",
        "box": [
          567.42999,
          314.4931348,
          595.8779900000001,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$433,180 / unit",
        "box": [
          615.46002,
          314.4931348,
          664.1320200000001,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  73 %",
        "box": [
          697.42999,
          314.4931348,
          714.7499899999999,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          314.4931348,
          736.62,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80",
        "box": [
          48.62,
          327.2431348,
          56.62,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          327.2431348,
          103.55200000000002,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tampa",
        "box": [
          124.88,
          327.2431348,
          147.08799999999997,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/21/2021",
        "box": [
          203.17999,
          327.2431348,
          239.62798999999998,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74",
        "box": [
          289.37,
          327.2431348,
          297.37,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74",
        "box": [
          346.37,
          327.2431348,
          354.37,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74",
        "box": [
          403.37,
          327.2431348,
          411.37,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          327.2431348,
          430.63,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.70  %",
        "box": [
          443.078,
          327.2431348,
          474.294,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          327.2431348,
          493.63,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.94  %",
        "box": [
          506.078,
          327.2431348,
          537.294,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2027",
        "box": [
          567.42999,
          327.2431348,
          595.8779900000001,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$217,353 / unit",
        "box": [
          615.46002,
          327.2431348,
          664.1320200000001,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  77 %",
        "box": [
          697.42999,
          327.2431348,
          714.7499899999999,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          327.2431348,
          736.62,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81",
        "box": [
          48.62,
          339.9931348,
          56.62,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          64.88,
          339.9931348,
          83.99200000000002,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Utrecht, NL",
        "box": [
          124.88,
          339.9931348,
          163.53599999999997,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/30/2025",
        "box": [
          207.17999,
          339.9931348,
          239.62798999999998,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71",
        "box": [
          289.37,
          339.9931348,
          297.37,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71",
        "box": [
          346.37,
          339.9931348,
          354.37,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71",
        "box": [
          403.37,
          339.9931348,
          411.37,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          339.9931348,
          430.63,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.80  %",
        "box": [
          443.078,
          339.9931348,
          474.294,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          339.9931348,
          493.63,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.16  %",
        "box": [
          506.078,
          339.9931348,
          537.294,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/30/2030",
        "box": [
          563.42999,
          339.9931348,
          595.8779900000001,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$168 / sqft",
        "box": [
          629.90997,
          339.9931348,
          664.1339700000001,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  62 %",
        "box": [
          697.42999,
          339.9931348,
          714.7499899999999,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          339.9931348,
          736.62,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82",
        "box": [
          48.62,
          352.7431348,
          56.62,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          352.7431348,
          103.55200000000002,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Miami",
        "box": [
          124.88,
          352.7431348,
          146.21599999999995,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/31/2025",
        "box": [
          207.17999,
          352.7431348,
          239.62798999999998,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68",
        "box": [
          289.37,
          352.7431348,
          297.37,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68",
        "box": [
          346.37,
          352.7431348,
          354.37,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68",
        "box": [
          403.37,
          352.7431348,
          411.37,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          352.7431348,
          430.63,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.60  %",
        "box": [
          443.078,
          352.7431348,
          474.294,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          352.7431348,
          493.63,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.96  %",
        "box": [
          506.078,
          352.7431348,
          537.294,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2030",
        "box": [
          567.42999,
          352.7431348,
          595.8779900000001,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$229,730 / unit",
        "box": [
          615.46002,
          352.7431348,
          664.1320200000001,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  72 %",
        "box": [
          697.42999,
          352.7431348,
          714.7499899999999,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          352.7431348,
          736.62,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83",
        "box": [
          48.62,
          365.4931348,
          56.62,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          365.4931348,
          103.55200000000002,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Las Vegas",
        "box": [
          124.88,
          365.4931348,
          158.41599999999997,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/2022",
        "box": [
          207.17999,
          365.4931348,
          239.62798999999998,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67",
        "box": [
          289.37,
          365.4931348,
          297.37,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67",
        "box": [
          346.37,
          365.4931348,
          354.37,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67",
        "box": [
          403.37,
          365.4931348,
          411.37,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          365.4931348,
          430.63,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.90  %",
        "box": [
          443.078,
          365.4931348,
          474.294,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          365.4931348,
          493.63,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.26  %",
        "box": [
          506.078,
          365.4931348,
          537.294,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2027",
        "box": [
          567.42999,
          365.4931348,
          595.8779900000001,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$147,616 / unit",
        "box": [
          615.46002,
          365.4931348,
          664.1320200000001,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  71 %",
        "box": [
          697.42999,
          365.4931348,
          714.7499899999999,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          365.4931348,
          736.62,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84",
        "box": [
          48.62,
          378.2431348,
          56.62,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          378.2431348,
          95.54400000000001,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Berlin, DEU",
        "box": [
          124.88,
          378.2431348,
          165.31199999999998,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/21/2026",
        "box": [
          207.17999,
          378.2431348,
          239.62798999999998,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65",
        "box": [
          289.37,
          378.2431348,
          297.37,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65",
        "box": [
          346.37,
          378.2431348,
          354.37,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65",
        "box": [
          403.37,
          378.2431348,
          411.37,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          378.2431348,
          430.63,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.65  %",
        "box": [
          443.078,
          378.2431348,
          474.294,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          378.2431348,
          493.63,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.99  %",
        "box": [
          506.078,
          378.2431348,
          537.294,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2031",
        "box": [
          567.42999,
          378.2431348,
          595.8779900000001,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$137 / sqft",
        "box": [
          629.90997,
          378.2431348,
          664.1339700000001,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          697.42999,
          378.2431348,
          714.7499899999999,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          378.2431348,
          736.62,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "85",
        "box": [
          48.62,
          390.9931348,
          56.62,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          64.88,
          390.9931348,
          100.872,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          124.88,
          390.9931348,
          158.424,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/25/2025",
        "box": [
          207.17999,
          390.9931348,
          239.62798999999998,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "221",
        "box": [
          285.37,
          390.9931348,
          297.37,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63",
        "box": [
          346.37,
          390.9931348,
          354.37,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62",
        "box": [
          403.37,
          390.9931348,
          411.37,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          390.9931348,
          430.63,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.75  %",
        "box": [
          443.078,
          390.9931348,
          474.294,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          390.9931348,
          493.63,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.32  %",
        "box": [
          506.078,
          390.9931348,
          537.294,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/25/2028",
        "box": [
          559.42999,
          390.9931348,
          595.8779900000001,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$113,016 / unit",
        "box": [
          615.46002,
          390.9931348,
          664.1320200000001,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  44 %",
        "box": [
          697.42999,
          390.9931348,
          714.7499899999999,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          390.9931348,
          736.62,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86",
        "box": [
          48.62,
          403.7431348,
          56.62,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          403.7431348,
          85.31200000000001,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nashville",
        "box": [
          124.88,
          403.7431348,
          155.54399999999995,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/30/2021",
        "box": [
          207.17999,
          403.7431348,
          239.62798999999998,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65",
        "box": [
          289.37,
          403.7431348,
          297.37,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63",
        "box": [
          346.37,
          403.7431348,
          354.37,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63",
        "box": [
          403.37,
          403.7431348,
          411.37,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          403.7431348,
          430.63,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.95  %",
        "box": [
          443.078,
          403.7431348,
          474.294,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          403.7431348,
          493.63,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.95  %",
        "box": [
          506.078,
          403.7431348,
          537.294,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/9/2026",
        "box": [
          567.42999,
          403.7431348,
          595.8779900000001,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$259 / sqft",
        "box": [
          629.90997,
          403.7431348,
          664.1339700000001,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          702.31,
          403.7431348,
          714.758,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          732.62,
          403.7431348,
          736.62,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87",
        "box": [
          48.62,
          416.4931348,
          56.62,
          423.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          416.4931348,
          85.31200000000001,
          423.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Los Angeles",
        "box": [
          124.88,
          416.4931348,
          165.08799999999997,
          423.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/6/2021",
        "box": [
          211.17999,
          416.4931348,
          239.62798999999998,
          423.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62",
        "box": [
          289.37,
          416.4931348,
          297.37,
          423.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62",
        "box": [
          346.37,
          416.4931348,
          354.37,
          423.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62",
        "box": [
          403.37,
          416.4931348,
          411.37,
          423.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.00  %",
        "box": [
          447.59,
          416.4931348,
          474.294,
          423.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.00  %",
        "box": [
          510.59,
          416.4931348,
          537.294,
          423.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2030",
        "box": [
          567.42999,
          416.4931348,
          595.8779900000001,
          423.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$254 / sqft",
        "box": [
          629.90997,
          416.4931348,
          664.1339700000001,
          423.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          697.42999,
          416.4931348,
          714.7499899999999,
          423.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          416.4931348,
          736.62,
          423.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88",
        "box": [
          48.62,
          429.2431348,
          56.62,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          429.2431348,
          85.31200000000001,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          124.88,
          429.2431348,
          158.424,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/28/2025",
        "box": [
          207.17999,
          429.2431348,
          239.62798999999998,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68",
        "box": [
          289.37,
          429.2431348,
          297.37,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61",
        "box": [
          346.37,
          429.2431348,
          354.37,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61",
        "box": [
          403.37,
          429.2431348,
          411.37,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          429.2431348,
          430.63,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.25  %",
        "box": [
          443.078,
          429.2431348,
          474.294,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          429.2431348,
          493.63,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.66  %",
        "box": [
          506.078,
          429.2431348,
          537.294,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2030",
        "box": [
          567.42999,
          429.2431348,
          595.8779900000001,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$399 / sqft",
        "box": [
          629.90997,
          429.2431348,
          664.1339700000001,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  60 %",
        "box": [
          697.42999,
          429.2431348,
          714.7499899999999,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          732.62,
          429.2431348,
          736.62,
          435.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89",
        "box": [
          48.62,
          441.9931348,
          56.62,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          64.88,
          441.9931348,
          100.44000000000001,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bermuda",
        "box": [
          124.88,
          441.9931348,
          154.20799999999997,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/26/2024",
        "box": [
          207.17999,
          441.9931348,
          239.62798999999998,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69",
        "box": [
          289.37,
          441.9931348,
          297.37,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61",
        "box": [
          346.37,
          441.9931348,
          354.37,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61",
        "box": [
          403.37,
          441.9931348,
          411.37,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          441.9931348,
          430.63,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.95  %",
        "box": [
          443.078,
          441.9931348,
          474.294,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          441.9931348,
          493.63,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+5.62  %",
        "box": [
          506.078,
          441.9931348,
          537.294,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2029",
        "box": [
          567.42999,
          441.9931348,
          595.8779900000001,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$693,780 / key",
        "box": [
          616.34998,
          441.9931348,
          664.12598,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  39 %",
        "box": [
          697.42999,
          441.9931348,
          714.7499899999999,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          441.9931348,
          736.62,
          448.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90",
        "box": [
          48.62,
          454.7431348,
          56.62,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          64.88,
          454.7431348,
          100.44000000000001,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Napa Valley",
        "box": [
          124.88,
          454.7431348,
          165.08799999999997,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/29/2022",
        "box": [
          207.17999,
          454.7431348,
          239.62798999999998,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          289.37,
          454.7431348,
          297.37,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          346.37,
          454.7431348,
          354.37,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59",
        "box": [
          403.37,
          454.7431348,
          411.37,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          454.7431348,
          430.63,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.65  %",
        "box": [
          443.078,
          454.7431348,
          474.294,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          454.7431348,
          493.63,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.93  %",
        "box": [
          506.078,
          454.7431348,
          537.294,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2028",
        "box": [
          567.42999,
          454.7431348,
          595.8779900000001,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$626,382 / key",
        "box": [
          616.34998,
          454.7431348,
          664.12598,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  66 %",
        "box": [
          697.42999,
          454.7431348,
          714.7499899999999,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          454.7431348,
          736.62,
          461.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan Portfolio (1)",
        "box": [
          43.13,
          42.59194112,
          123.35320999999999,
          49.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          65.77,
          72.48315479999997,
          115.73800000000003,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          140.52,
          72.48315479999997,
          170.744,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
        "box": [
          197.14,
          64.48315479999997,
          237.13999999999993,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date (2)",
        "box": [
          206.10001,
          71.84194112,
          228.14319999999998,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          262.39001,
          64.48315479999997,
          280.61401,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitment (3)",
        "box": [
          245.83,
          71.84194112,
          297.17319000000003,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          318.73999,
          64.48315479999997,
          350.27599,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance",
        "box": [
          320.95001,
          72.48315479999997,
          348.05401000000006,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book",
        "box": [
          375.62,
          64.48315479999997,
          407.396,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value (4)",
        "box": [
          378.48001,
          71.84194112,
          404.52322000000004,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash",
        "box": [
          436.84,
          64.48315479999997,
          454.176,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Coupon (5)",
        "box": [
          428.92001,
          71.84194112,
          462.0732100000001,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.0,
          72.48315479999997,
          473.0,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in",
        "box": [
          498.73001,
          64.48315479999997,
          518.2900099999999,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield (5)",
        "box": [
          496.37,
          71.84194112,
          520.63321,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          534.0,
          72.48315479999997,
          536.0,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum",
        "box": [
          555.60999,
          64.48315479999997,
          591.15399,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (6)",
        "box": [
          554.79999,
          71.84194112,
          591.9431999999999,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Per",
        "box": [
          618.25,
          56.483154799999966,
          650.01,
          63.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SQFT / Unit / ",
        "box": [
          610.91998,
          64.48315479999997,
          659.35198,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Key / Acre / MW",
        "box": [
          605.03003,
          72.48315479999997,
          659.2380300000002,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
        "box": [
          672.64001,
          64.48315479999997,
          712.6400100000001,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LTV (2)",
        "box": [
          681.38,
          71.84194112,
          703.8731999999999,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk",
        "box": [
          726.84998,
          64.48315479999997,
          742.4099799999999,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rating",
        "box": [
          723.08002,
          72.48315479999997,
          746.1840199999999,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88",
        "box": [
          391.0,
          589.728886,
          401.0,
          597.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 90,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "91",
        "box": [
          48.62,
          84.99310479999997,
          56.62,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          84.99310479999997,
          103.55200000000002,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Seattle",
        "box": [
          124.88,
          84.99310479999997,
          146.64799999999994,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/28/2021",
        "box": [
          203.17999,
          84.99310479999997,
          239.62798999999998,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          245.63,
          84.99310479999997,
          251.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59 ",
        "box": [
          288.59,
          84.99310479999997,
          298.59,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          314.63,
          84.99310479999997,
          320.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59 ",
        "box": [
          345.59,
          84.99310479999997,
          355.59,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          371.63,
          84.99310479999997,
          377.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59 ",
        "box": [
          402.59,
          84.99310479999997,
          412.59,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          84.99310479999997,
          430.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.95  %",
        "box": [
          443.078,
          84.99310479999997,
          474.294,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          84.99310479999997,
          493.63,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.18  %",
        "box": [
          506.078,
          84.99310479999997,
          537.294,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2027",
        "box": [
          563.42999,
          84.99310479999997,
          595.8779900000001,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$178,810 / unit",
        "box": [
          615.46002,
          84.99310479999997,
          664.1320200000001,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  70 %",
        "box": [
          697.42999,
          84.99310479999997,
          714.7499899999999,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          84.99310479999997,
          736.62,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92",
        "box": [
          48.62,
          97.7431348,
          56.62,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          97.7431348,
          95.54400000000001,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Minneapolis",
        "box": [
          124.88,
          97.7431348,
          164.87999999999994,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/12/2024",
        "box": [
          203.17999,
          97.7431348,
          239.62798999999998,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61",
        "box": [
          289.37,
          97.7431348,
          297.37,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58",
        "box": [
          346.37,
          97.7431348,
          354.37,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58",
        "box": [
          403.37,
          97.7431348,
          411.37,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          97.7431348,
          430.63,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.85  %",
        "box": [
          443.078,
          97.7431348,
          474.294,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          97.7431348,
          493.63,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.23  %",
        "box": [
          506.078,
          97.7431348,
          537.294,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2030",
        "box": [
          567.42999,
          97.7431348,
          595.8779900000001,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$82 / sqft",
        "box": [
          633.90997,
          97.7431348,
          664.1339700000001,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  59 %",
        "box": [
          697.42999,
          97.7431348,
          714.7499899999999,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          97.7431348,
          736.62,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93",
        "box": [
          48.62,
          110.4931348,
          56.62,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          110.4931348,
          103.55200000000002,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Phoenix",
        "box": [
          124.88,
          110.4931348,
          151.09599999999998,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/17/2021",
        "box": [
          203.17999,
          110.4931348,
          239.62798999999998,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58",
        "box": [
          289.37,
          110.4931348,
          297.37,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58",
        "box": [
          346.37,
          110.4931348,
          354.37,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58",
        "box": [
          403.37,
          110.4931348,
          411.37,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          110.4931348,
          430.63,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.70  %",
        "box": [
          443.078,
          110.4931348,
          474.294,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          110.4931348,
          493.63,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.97  %",
        "box": [
          506.078,
          110.4931348,
          537.294,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2028",
        "box": [
          567.42999,
          110.4931348,
          595.8779900000001,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$209,601 / unit",
        "box": [
          615.46002,
          110.4931348,
          664.1320200000001,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  69 %",
        "box": [
          697.42999,
          110.4931348,
          714.7499899999999,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          110.4931348,
          736.62,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94",
        "box": [
          48.62,
          123.24310480000003,
          56.62,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          123.24310480000003,
          85.31200000000001,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Miami",
        "box": [
          124.88,
          123.24310480000003,
          146.21599999999995,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/14/2021",
        "box": [
          207.17999,
          123.24310480000003,
          239.62798999999998,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58",
        "box": [
          289.37,
          123.24310480000003,
          297.37,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58",
        "box": [
          346.37,
          123.24310480000003,
          354.37,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58",
        "box": [
          403.37,
          123.24310480000003,
          411.37,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          123.24310480000003,
          430.63,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.30  %",
        "box": [
          443.078,
          123.24310480000003,
          474.294,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          123.24310480000003,
          493.63,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.30  %",
        "box": [
          506.078,
          123.24310480000003,
          537.294,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2027",
        "box": [
          567.42999,
          123.24310480000003,
          595.8779900000001,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$122 / sqft",
        "box": [
          629.90997,
          123.24310480000003,
          664.1339700000001,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          697.42999,
          123.24310480000003,
          714.7499899999999,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          123.24310480000003,
          736.62,
          129.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "95",
        "box": [
          48.62,
          135.99310480000003,
          56.62,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          135.99310480000003,
          103.55200000000002,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Salt Lake City",
        "box": [
          124.88,
          135.99310480000003,
          171.08799999999994,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/30/2021",
        "box": [
          207.17999,
          135.99310480000003,
          239.62798999999998,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          289.37,
          135.99310480000003,
          297.37,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          346.37,
          135.99310480000003,
          354.37,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          403.37,
          135.99310480000003,
          411.37,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          135.99310480000003,
          430.63,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.95  %",
        "box": [
          443.078,
          135.99310480000003,
          474.294,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          135.99310480000003,
          493.63,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.22  %",
        "box": [
          506.078,
          135.99310480000003,
          537.294,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2027",
        "box": [
          567.42999,
          135.99310480000003,
          595.8779900000001,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$206,345 / unit",
        "box": [
          615.46002,
          135.99310480000003,
          664.1320200000001,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  73 %",
        "box": [
          697.42999,
          135.99310480000003,
          714.7499899999999,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          135.99310480000003,
          736.62,
          142.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96",
        "box": [
          48.62,
          148.74310480000003,
          56.62,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          148.74310480000003,
          103.55200000000002,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Atlanta",
        "box": [
          124.88,
          148.74310480000003,
          148.43199999999996,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/17/2025",
        "box": [
          203.17999,
          148.74310480000003,
          239.62798999999998,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          289.37,
          148.74310480000003,
          297.37,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56",
        "box": [
          346.37,
          148.74310480000003,
          354.37,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56",
        "box": [
          403.37,
          148.74310480000003,
          411.37,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          148.74310480000003,
          430.63,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.30  %",
        "box": [
          443.078,
          148.74310480000003,
          474.294,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          148.74310480000003,
          493.63,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.57  %",
        "box": [
          506.078,
          148.74310480000003,
          537.294,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2030",
        "box": [
          563.42999,
          148.74310480000003,
          595.8779900000001,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$212,121 / unit",
        "box": [
          615.46002,
          148.74310480000003,
          664.1320200000001,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  64 %",
        "box": [
          697.42999,
          148.74310480000003,
          714.7499899999999,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          148.74310480000003,
          736.62,
          155.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97",
        "box": [
          48.62,
          161.49310480000003,
          56.62,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          161.49310480000003,
          85.31200000000001,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Denver",
        "box": [
          124.88,
          161.49310480000003,
          148.42399999999998,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/5/2021",
        "box": [
          211.17999,
          161.49310480000003,
          239.62798999999998,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56",
        "box": [
          289.37,
          161.49310480000003,
          297.37,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          346.37,
          161.49310480000003,
          354.37,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          403.37,
          161.49310480000003,
          411.37,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          161.49310480000003,
          430.63,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.96  %",
        "box": [
          443.078,
          161.49310480000003,
          474.294,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          161.49310480000003,
          493.63,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.21  %",
        "box": [
          506.078,
          161.49310480000003,
          537.294,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2026",
        "box": [
          567.42999,
          161.49310480000003,
          595.8779900000001,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$206 / sqft",
        "box": [
          629.90997,
          161.49310480000003,
          664.1339700000001,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  70 %",
        "box": [
          697.42999,
          161.49310480000003,
          714.7499899999999,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          161.49310480000003,
          736.62,
          168.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98",
        "box": [
          48.62,
          174.24310480000003,
          56.62,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          174.24310480000003,
          85.31200000000001,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Denver",
        "box": [
          124.88,
          174.24310480000003,
          148.42399999999998,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/7/2022",
        "box": [
          211.17999,
          174.24310480000003,
          239.62798999999998,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          289.37,
          174.24310480000003,
          297.37,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          346.37,
          174.24310480000003,
          354.37,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54",
        "box": [
          403.37,
          174.24310480000003,
          411.37,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          174.24310480000003,
          430.63,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.25  %",
        "box": [
          443.078,
          174.24310480000003,
          474.294,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          174.24310480000003,
          493.63,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.49  %",
        "box": [
          506.078,
          174.24310480000003,
          537.294,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2027",
        "box": [
          567.42999,
          174.24310480000003,
          595.8779900000001,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$161 / sqft",
        "box": [
          629.90997,
          174.24310480000003,
          664.1339700000001,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  59 %",
        "box": [
          697.42999,
          174.24310480000003,
          714.7499899999999,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          174.24310480000003,
          736.62,
          180.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99",
        "box": [
          48.62,
          186.99310480000003,
          56.62,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.88,
          186.99310480000003,
          95.54400000000001,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, US",
        "box": [
          124.88,
          186.99310480000003,
          175.09599999999995,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/14/2018",
        "box": [
          203.17999,
          186.99310480000003,
          239.62798999999998,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54",
        "box": [
          289.37,
          186.99310480000003,
          297.37,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54",
        "box": [
          346.37,
          186.99310480000003,
          354.37,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54",
        "box": [
          403.37,
          186.99310480000003,
          411.37,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          186.99310480000003,
          430.63,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.01  %",
        "box": [
          443.078,
          186.99310480000003,
          474.294,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          186.99310480000003,
          493.63,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.41  %",
        "box": [
          506.078,
          186.99310480000003,
          537.294,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2027",
        "box": [
          567.42999,
          186.99310480000003,
          595.8779900000001,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$40 / sqft",
        "box": [
          633.90997,
          186.99310480000003,
          664.1339700000001,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  57 %",
        "box": [
          697.42999,
          186.99310480000003,
          714.7499899999999,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          186.99310480000003,
          736.62,
          193.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100",
        "box": [
          44.62,
          199.74310480000003,
          56.62,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          199.74310480000003,
          103.55200000000002,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Los Angeles",
        "box": [
          124.88,
          199.74310480000003,
          165.08799999999997,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/28/2021",
        "box": [
          207.17999,
          199.74310480000003,
          239.62798999999998,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53",
        "box": [
          289.37,
          199.74310480000003,
          297.37,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53",
        "box": [
          346.37,
          199.74310480000003,
          354.37,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53",
        "box": [
          403.37,
          199.74310480000003,
          411.37,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          199.74310480000003,
          430.63,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.75  %",
        "box": [
          443.078,
          199.74310480000003,
          474.294,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          199.74310480000003,
          493.63,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.12  %",
        "box": [
          506.078,
          199.74310480000003,
          537.294,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2026",
        "box": [
          567.42999,
          199.74310480000003,
          595.8779900000001,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$300,178 / unit",
        "box": [
          615.46002,
          199.74310480000003,
          664.1320200000001,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  71 %",
        "box": [
          697.42999,
          199.74310480000003,
          714.7499899999999,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          199.74310480000003,
          736.62,
          206.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101",
        "box": [
          44.62,
          212.49310480000003,
          56.62,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Self-Storage",
        "box": [
          64.88,
          212.49310480000003,
          104.85600000000004,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, US",
        "box": [
          124.88,
          212.49310480000003,
          175.09599999999995,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/18/2025",
        "box": [
          207.17999,
          212.49310480000003,
          239.62798999999998,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53",
        "box": [
          289.37,
          212.49310480000003,
          297.37,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53",
        "box": [
          346.37,
          212.49310480000003,
          354.37,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52",
        "box": [
          403.37,
          212.49310480000003,
          411.37,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          212.49310480000003,
          430.63,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.10  %",
        "box": [
          443.078,
          212.49310480000003,
          474.294,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          212.49310480000003,
          493.63,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.47  %",
        "box": [
          506.078,
          212.49310480000003,
          537.294,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2030",
        "box": [
          567.42999,
          212.49310480000003,
          595.8779900000001,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$90 / sqft",
        "box": [
          633.90997,
          212.49310480000003,
          664.1339700000001,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  67 %",
        "box": [
          697.42999,
          212.49310480000003,
          714.7499899999999,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          212.49310480000003,
          736.62,
          219.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102",
        "box": [
          44.62,
          225.24310480000003,
          56.62,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          225.24310480000003,
          103.55200000000002,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Denver",
        "box": [
          124.88,
          225.24310480000003,
          148.42399999999998,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/19/2025",
        "box": [
          207.17999,
          225.24310480000003,
          239.62798999999998,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51",
        "box": [
          289.37,
          225.24310480000003,
          297.37,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51",
        "box": [
          346.37,
          225.24310480000003,
          354.37,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51",
        "box": [
          403.37,
          225.24310480000003,
          411.37,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          225.24310480000003,
          430.63,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.60  %",
        "box": [
          443.078,
          225.24310480000003,
          474.294,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          225.24310480000003,
          493.63,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.92  %",
        "box": [
          506.078,
          225.24310480000003,
          537.294,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2030",
        "box": [
          567.42999,
          225.24310480000003,
          595.8779900000001,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$221,739 / unit",
        "box": [
          615.46002,
          225.24310480000003,
          664.1320200000001,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  64 %",
        "box": [
          697.42999,
          225.24310480000003,
          714.7499899999999,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          225.24310480000003,
          736.62,
          231.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103",
        "box": [
          44.62,
          237.99310480000003,
          56.62,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          64.88,
          237.99310480000003,
          100.44000000000001,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Waimea",
        "box": [
          124.88,
          237.99310480000003,
          151.53599999999994,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/27/2025",
        "box": [
          207.17999,
          237.99310480000003,
          239.62798999999998,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
          289.37,
          237.99310480000003,
          297.37,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
          346.37,
          237.99310480000003,
          354.37,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
          403.37,
          237.99310480000003,
          411.37,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          237.99310480000003,
          430.63,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.80  %",
        "box": [
          443.078,
          237.99310480000003,
          474.294,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          237.99310480000003,
          493.63,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.92  %",
        "box": [
          506.078,
          237.99310480000003,
          537.294,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2030",
        "box": [
          567.42999,
          237.99310480000003,
          595.8779900000001,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$823,353 / key",
        "box": [
          616.34998,
          237.99310480000003,
          664.12598,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  52 %",
        "box": [
          697.42999,
          237.99310480000003,
          714.7499899999999,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          237.99310480000003,
          736.62,
          244.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "104",
        "box": [
          44.62,
          250.7431348,
          56.62,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          250.7431348,
          85.31200000000001,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Los Angeles",
        "box": [
          124.88,
          250.7431348,
          165.08799999999997,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/22/2019",
        "box": [
          207.17999,
          250.7431348,
          239.62798999999998,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
          289.37,
          250.7431348,
          297.37,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
          346.37,
          250.7431348,
          354.37,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
          403.37,
          250.7431348,
          411.37,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          250.7431348,
          430.63,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.66  %",
        "box": [
          443.078,
          250.7431348,
          474.294,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          250.7431348,
          493.63,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.90  %",
        "box": [
          506.078,
          250.7431348,
          537.294,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2027",
        "box": [
          567.42999,
          250.7431348,
          595.8779900000001,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$290 / sqft",
        "box": [
          629.90997,
          250.7431348,
          664.1339700000001,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  63 %",
        "box": [
          697.42999,
          250.7431348,
          714.7499899999999,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          732.62,
          250.7431348,
          736.62,
          257.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105",
        "box": [
          44.62,
          263.4931348,
          56.62,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          263.4931348,
          103.55200000000002,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Los Angeles",
        "box": [
          124.88,
          263.4931348,
          165.08799999999997,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/20/2021",
        "box": [
          207.17999,
          263.4931348,
          239.62798999999998,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48",
        "box": [
          289.37,
          263.4931348,
          297.37,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48",
        "box": [
          346.37,
          263.4931348,
          354.37,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48",
        "box": [
          403.37,
          263.4931348,
          411.37,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          263.4931348,
          430.63,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.86  %",
        "box": [
          443.078,
          263.4931348,
          474.294,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          263.4931348,
          493.63,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.11  %",
        "box": [
          506.078,
          263.4931348,
          537.294,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2026",
        "box": [
          567.42999,
          263.4931348,
          595.8779900000001,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$366,412 / unit",
        "box": [
          615.46002,
          263.4931348,
          664.1320200000001,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  60 %",
        "box": [
          697.42999,
          263.4931348,
          714.7499899999999,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          263.4931348,
          736.62,
          270.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106",
        "box": [
          44.62,
          276.2431348,
          56.62,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          276.2431348,
          103.55200000000002,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dallas",
        "box": [
          124.88,
          276.2431348,
          145.31999999999996,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/23/2025",
        "box": [
          203.17999,
          276.2431348,
          239.62798999999998,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          289.37,
          276.2431348,
          297.37,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          346.37,
          276.2431348,
          354.37,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44",
        "box": [
          403.37,
          276.2431348,
          411.37,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.74  %",
        "box": [
          447.59,
          276.2431348,
          474.294,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.45  %",
        "box": [
          510.59,
          276.2431348,
          537.294,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/1/2031",
        "box": [
          567.42999,
          276.2431348,
          595.8779900000001,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$148,333 / unit",
        "box": [
          615.46002,
          276.2431348,
          664.1320200000001,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  77 %",
        "box": [
          697.42999,
          276.2431348,
          714.7499899999999,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          276.2431348,
          736.62,
          282.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "107",
        "box": [
          44.62,
          288.9931348,
          56.62,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          288.9931348,
          103.55200000000002,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Columbus",
        "box": [
          124.88,
          288.9931348,
          157.77599999999998,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/8/2021",
        "box": [
          207.17999,
          288.9931348,
          239.62798999999998,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44",
        "box": [
          289.37,
          288.9931348,
          297.37,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44",
        "box": [
          346.37,
          288.9931348,
          354.37,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44",
        "box": [
          403.37,
          288.9931348,
          411.37,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          288.9931348,
          430.63,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.75  %",
        "box": [
          443.078,
          288.9931348,
          474.294,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          288.9931348,
          493.63,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.99  %",
        "box": [
          506.078,
          288.9931348,
          537.294,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2026",
        "box": [
          563.42999,
          288.9931348,
          595.8779900000001,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$144,479 / unit",
        "box": [
          615.46002,
          288.9931348,
          664.1320200000001,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  69 %",
        "box": [
          697.42999,
          288.9931348,
          714.7499899999999,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          288.9931348,
          736.62,
          295.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "108",
        "box": [
          44.62,
          301.7431348,
          56.62,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          301.7431348,
          103.55200000000002,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dublin, IE",
        "box": [
          124.88,
          301.7431348,
          158.65599999999998,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/8/2025",
        "box": [
          207.17999,
          301.7431348,
          239.62798999999998,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40",
        "box": [
          289.37,
          301.7431348,
          297.37,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40",
        "box": [
          346.37,
          301.7431348,
          354.37,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40",
        "box": [
          403.37,
          301.7431348,
          411.37,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          301.7431348,
          430.63,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.65  %",
        "box": [
          443.078,
          301.7431348,
          474.294,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          301.7431348,
          493.63,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.83  %",
        "box": [
          506.078,
          301.7431348,
          537.294,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/2/2030",
        "box": [
          563.42999,
          301.7431348,
          595.8779900000001,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$347,626 / unit",
        "box": [
          615.46002,
          301.7431348,
          664.1320200000001,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  73 %",
        "box": [
          697.42999,
          301.7431348,
          714.7499899999999,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          301.7431348,
          736.62,
          308.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "109",
        "box": [
          44.62,
          314.4931348,
          56.62,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          314.4931348,
          103.55200000000002,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Las Vegas",
        "box": [
          124.88,
          314.4931348,
          158.41599999999997,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/2022",
        "box": [
          207.17999,
          314.4931348,
          239.62798999999998,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39",
        "box": [
          289.37,
          314.4931348,
          297.37,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39",
        "box": [
          346.37,
          314.4931348,
          354.37,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39",
        "box": [
          403.37,
          314.4931348,
          411.37,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          314.4931348,
          430.63,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.90  %",
        "box": [
          443.078,
          314.4931348,
          474.294,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          314.4931348,
          493.63,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.26  %",
        "box": [
          506.078,
          314.4931348,
          537.294,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2027",
        "box": [
          567.42999,
          314.4931348,
          595.8779900000001,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$153,158 / unit",
        "box": [
          615.46002,
          314.4931348,
          664.1320200000001,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  72 %",
        "box": [
          697.42999,
          314.4931348,
          714.7499899999999,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          314.4931348,
          736.62,
          321.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110",
        "box": [
          44.62,
          327.2431348,
          56.62,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          327.2431348,
          103.55200000000002,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Savannah",
        "box": [
          124.88,
          327.2431348,
          155.97599999999997,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/10/2025",
        "box": [
          203.17999,
          327.2431348,
          239.62798999999998,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40",
        "box": [
          289.37,
          327.2431348,
          297.37,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38",
        "box": [
          346.37,
          327.2431348,
          354.37,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          403.37,
          327.2431348,
          411.37,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          327.2431348,
          430.63,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.85  %",
        "box": [
          443.078,
          327.2431348,
          474.294,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          327.2431348,
          493.63,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.94  %",
        "box": [
          506.078,
          327.2431348,
          537.294,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2030",
        "box": [
          563.42999,
          327.2431348,
          595.8779900000001,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$241,935 / unit",
        "box": [
          615.46002,
          327.2431348,
          664.1320200000001,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  69 %",
        "box": [
          697.42999,
          327.2431348,
          714.7499899999999,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          327.2431348,
          736.62,
          333.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111",
        "box": [
          44.62,
          339.9931348,
          56.62,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          339.9931348,
          85.31200000000001,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Canberra, AU",
        "box": [
          124.88,
          339.9931348,
          169.75199999999998,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/8/2025",
        "box": [
          211.17999,
          339.9931348,
          239.62798999999998,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          289.37,
          339.9931348,
          297.37,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          346.37,
          339.9931348,
          354.37,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36",
        "box": [
          403.37,
          339.9931348,
          411.37,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          339.9931348,
          430.63,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.80  %",
        "box": [
          443.078,
          339.9931348,
          474.294,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          339.9931348,
          493.63,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.98  %",
        "box": [
          506.078,
          339.9931348,
          537.294,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/8/2028",
        "box": [
          567.42999,
          339.9931348,
          595.8779900000001,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$409 / sqft",
        "box": [
          629.90997,
          339.9931348,
          664.1339700000001,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  75 %",
        "box": [
          697.42999,
          339.9931348,
          714.7499899999999,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          339.9931348,
          736.62,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "112",
        "box": [
          44.62,
          352.7431348,
          56.62,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          352.7431348,
          85.31200000000001,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Atlanta",
        "box": [
          124.88,
          352.7431348,
          148.43199999999996,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/27/2025",
        "box": [
          207.17999,
          352.7431348,
          239.62798999999998,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51",
        "box": [
          289.37,
          352.7431348,
          297.37,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36",
        "box": [
          346.37,
          352.7431348,
          354.37,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35",
        "box": [
          403.37,
          352.7431348,
          411.37,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          352.7431348,
          430.63,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.65  %",
        "box": [
          443.078,
          352.7431348,
          474.294,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          352.7431348,
          493.63,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.03  %",
        "box": [
          506.078,
          352.7431348,
          537.294,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2030",
        "box": [
          567.42999,
          352.7431348,
          595.8779900000001,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$122 / sqft",
        "box": [
          629.90997,
          352.7431348,
          664.1339700000001,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  39 %",
        "box": [
          697.42999,
          352.7431348,
          714.7499899999999,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          352.7431348,
          736.62,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "113",
        "box": [
          44.62,
          365.4931348,
          56.62,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          365.4931348,
          103.55200000000002,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Los Angeles",
        "box": [
          124.88,
          365.4931348,
          165.08799999999997,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/1/2022",
        "box": [
          211.17999,
          365.4931348,
          239.62798999999998,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35",
        "box": [
          289.37,
          365.4931348,
          297.37,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35",
        "box": [
          346.37,
          365.4931348,
          354.37,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35",
        "box": [
          403.37,
          365.4931348,
          411.37,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          365.4931348,
          430.63,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.00  %",
        "box": [
          443.078,
          365.4931348,
          474.294,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          365.4931348,
          493.63,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.17  %",
        "box": [
          506.078,
          365.4931348,
          537.294,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2027",
        "box": [
          567.42999,
          365.4931348,
          595.8779900000001,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$372,340 / unit",
        "box": [
          615.46002,
          365.4931348,
          664.1320200000001,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  72 %",
        "box": [
          697.42999,
          365.4931348,
          714.7499899999999,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          365.4931348,
          736.62,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114",
        "box": [
          44.62,
          378.2431348,
          56.62,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          64.88,
          378.2431348,
          83.99200000000002,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hamburg, DEU",
        "box": [
          124.88,
          378.2431348,
          175.528,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/19/2026",
        "box": [
          207.17999,
          378.2431348,
          239.62798999999998,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          289.37,
          378.2431348,
          297.37,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33",
        "box": [
          346.37,
          378.2431348,
          354.37,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33",
        "box": [
          403.37,
          378.2431348,
          411.37,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          378.2431348,
          430.63,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.90  %",
        "box": [
          443.078,
          378.2431348,
          474.294,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          378.2431348,
          493.63,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.20  %",
        "box": [
          506.078,
          378.2431348,
          537.294,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/4/2030",
        "box": [
          567.42999,
          378.2431348,
          595.8779900000001,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$107 / sqft",
        "box": [
          629.90997,
          378.2431348,
          664.1339700000001,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          697.42999,
          378.2431348,
          714.7499899999999,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          378.2431348,
          736.62,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115",
        "box": [
          44.62,
          390.9931348,
          56.62,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          64.88,
          390.9931348,
          100.872,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          124.88,
          390.9931348,
          158.424,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/21/2025",
        "box": [
          207.17999,
          390.9931348,
          239.62798999999998,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          289.37,
          390.9931348,
          297.37,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          346.37,
          390.9931348,
          354.37,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          403.37,
          390.9931348,
          411.37,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          390.9931348,
          430.63,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.25  %",
        "box": [
          443.078,
          390.9931348,
          474.294,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          390.9931348,
          493.63,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.52  %",
        "box": [
          506.078,
          390.9931348,
          537.294,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2030",
        "box": [
          567.42999,
          390.9931348,
          595.8779900000001,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$775 / sqft",
        "box": [
          629.90997,
          390.9931348,
          664.1339700000001,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  59 %",
        "box": [
          697.42999,
          390.9931348,
          714.7499899999999,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          390.9931348,
          736.62,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "116",
        "box": [
          44.62,
          403.7431348,
          56.62,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.88,
          403.7431348,
          85.31200000000001,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Austin",
        "box": [
          124.88,
          403.7431348,
          146.21599999999998,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/15/2021",
        "box": [
          207.17999,
          403.7431348,
          239.62798999999998,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          289.37,
          403.7431348,
          297.37,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          346.37,
          403.7431348,
          354.37,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          403.37,
          403.7431348,
          411.37,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          403.7431348,
          430.63,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.06  %",
        "box": [
          443.078,
          403.7431348,
          474.294,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          403.7431348,
          493.63,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.13  %",
        "box": [
          506.078,
          403.7431348,
          537.294,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2029",
        "box": [
          563.42999,
          403.7431348,
          595.8779900000001,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$155 / sqft",
        "box": [
          629.90997,
          403.7431348,
          664.1339700000001,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  40 %",
        "box": [
          697.42999,
          403.7431348,
          714.7499899999999,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          732.62,
          403.7431348,
          736.62,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "117",
        "box": [
          44.62,
          415.7431348,
          56.62,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          415.7431348,
          103.55200000000002,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Las Vegas",
        "box": [
          124.88,
          415.7431348,
          158.41599999999997,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/4/2021",
        "box": [
          211.17999,
          415.7431348,
          239.62798999999998,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          289.37,
          415.7431348,
          297.37,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          346.37,
          415.7431348,
          354.37,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          403.37,
          415.7431348,
          411.37,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          415.7431348,
          430.63,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.86  %",
        "box": [
          443.078,
          415.7431348,
          474.294,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          415.7431348,
          493.63,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.11  %",
        "box": [
          506.078,
          415.7431348,
          537.294,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2026",
        "box": [
          567.42999,
          415.7431348,
          595.8779900000001,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$180,000 / unit",
        "box": [
          615.46002,
          415.7431348,
          664.1320200000001,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  73 %",
        "box": [
          697.42999,
          415.7431348,
          714.7499899999999,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          415.7431348,
          736.62,
          422.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "118",
        "box": [
          44.62,
          428.4931348,
          56.62,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.88,
          428.4931348,
          103.55200000000002,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Atlanta",
        "box": [
          124.88,
          428.4931348,
          148.43199999999996,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2025",
        "box": [
          211.17999,
          428.4931348,
          239.62798999999998,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          289.37,
          428.4931348,
          297.37,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          346.37,
          428.4931348,
          354.37,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          403.37,
          428.4931348,
          411.37,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          428.4931348,
          430.63,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.85  %",
        "box": [
          443.078,
          428.4931348,
          474.294,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          428.4931348,
          493.63,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.94  %",
        "box": [
          506.078,
          428.4931348,
          537.294,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2030",
        "box": [
          567.42999,
          428.4931348,
          595.8779900000001,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$205,882 / unit",
        "box": [
          615.46002,
          428.4931348,
          664.1320200000001,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          697.42999,
          428.4931348,
          714.7499899999999,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          732.62,
          428.4931348,
          736.62,
          435.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal: senior loan portfolio",
        "box": [
          43.13,
          441.2431348,
          139.346,
          447.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          245.63,
          441.2431348,
          251.63,
          447.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,888 ",
        "box": [
          274.59,
          441.2431348,
          298.59,
          447.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          314.63,
          441.2431348,
          320.63,
          447.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,904 ",
        "box": [
          331.59,
          441.2431348,
          355.59,
          447.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          371.63,
          441.2431348,
          377.63,
          447.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,856 ",
        "box": [
          388.59,
          441.2431348,
          412.59,
          447.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.63,
          441.2431348,
          430.63,
          447.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.94  %",
        "box": [
          443.078,
          441.2431348,
          474.294,
          447.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.63,
          441.2431348,
          493.63,
          447.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.28  %",
        "box": [
          506.078,
          441.2431348,
          537.294,
          447.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8 yrs",
        "box": [
          574.09998,
          441.2431348,
          595.8759799999999,
          447.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          697.42999,
          441.2431348,
          714.7499899999999,
          447.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.0",
        "box": [
          729.62,
          441.2431348,
          739.62,
          447.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan Portfolio (1)",
        "box": [
          43.13,
          42.59194112,
          123.35320999999999,
          49.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          65.77,
          72.48315479999997,
          115.73800000000003,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          140.52,
          72.48315479999997,
          170.744,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
        "box": [
          197.14,
          64.48315479999997,
          237.13999999999993,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date (2)",
        "box": [
          206.10001,
          71.84194112,
          228.14319999999998,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          262.39001,
          64.48315479999997,
          280.61401,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitment (3)",
        "box": [
          245.83,
          71.84194112,
          297.17319000000003,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          318.73999,
          64.48315479999997,
          350.27599,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance",
        "box": [
          320.95001,
          72.48315479999997,
          348.05401000000006,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book",
        "box": [
          375.62,
          64.48315479999997,
          407.396,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value (4)",
        "box": [
          378.48001,
          71.84194112,
          404.52322000000004,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash",
        "box": [
          436.84,
          64.48315479999997,
          454.176,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Coupon (5)",
        "box": [
          428.92001,
          71.84194112,
          462.0732100000001,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.0,
          72.48315479999997,
          473.0,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in",
        "box": [
          498.73001,
          64.48315479999997,
          518.2900099999999,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield (5)",
        "box": [
          496.37,
          71.84194112,
          520.63321,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          534.0,
          72.48315479999997,
          536.0,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum",
        "box": [
          555.60999,
          64.48315479999997,
          591.15399,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (6)",
        "box": [
          554.79999,
          71.84194112,
          591.9431999999999,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Per",
        "box": [
          618.25,
          56.483154799999966,
          650.01,
          63.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SQFT / Unit / ",
        "box": [
          610.91998,
          64.48315479999997,
          659.35198,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Key / Acre / MW",
        "box": [
          605.03003,
          72.48315479999997,
          659.2380300000002,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
        "box": [
          672.64001,
          64.48315479999997,
          712.6400100000001,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LTV (2)",
        "box": [
          681.38,
          71.84194112,
          703.8731999999999,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk",
        "box": [
          726.84998,
          64.48315479999997,
          742.4099799999999,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rating",
        "box": [
          723.08002,
          72.48315479999997,
          746.1840199999999,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89",
        "box": [
          391.0,
          589.728886,
          401.0,
          597.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 91,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": " ",
        "box": [
          750.75,
          338.6601564,
          754.086,
          349.2607832082658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subordinate Loan Portfolio (8)",
        "box": [
          43.13,
          39.59194112,
          143.33319999999998,
          46.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          65.02,
          72.48315479999997,
          114.98800000000003,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          140.89999,
          72.48315479999997,
          171.12399,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
        "box": [
          198.64,
          64.48315479999997,
          238.63999999999993,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date (2)",
        "box": [
          207.60001,
          71.84194112,
          229.64319999999998,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          263.89001,
          64.48315479999997,
          282.11401,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitment (3)",
        "box": [
          247.33,
          71.84194112,
          298.67319000000003,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          320.23999,
          64.48315479999997,
          351.77599,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance",
        "box": [
          322.45001,
          72.48315479999997,
          349.55401000000006,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book",
        "box": [
          377.12,
          64.48315479999997,
          408.896,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value (4)",
        "box": [
          379.98001,
          71.84194112,
          406.02322000000004,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash",
        "box": [
          438.34,
          64.48315479999997,
          455.676,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Coupon (5)",
        "box": [
          430.42001,
          71.84194112,
          463.5732100000001,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in",
        "box": [
          500.23001,
          64.48315479999997,
          519.79001,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield (5)",
        "box": [
          497.87,
          71.84194112,
          522.13321,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum",
        "box": [
          557.10999,
          64.48315479999997,
          592.65399,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (6)",
        "box": [
          556.29999,
          71.84194112,
          593.4431999999999,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Per",
        "box": [
          619.75,
          56.483154799999966,
          651.51,
          63.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SQFT / Unit / ",
        "box": [
          612.41998,
          64.48315479999997,
          660.85198,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Key / Acre / MW",
        "box": [
          606.53003,
          72.48315479999997,
          660.7380300000002,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
        "box": [
          674.14001,
          64.48315479999997,
          714.1400100000001,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LTV (2)",
        "box": [
          682.88,
          71.84194112,
          705.3731999999999,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk",
        "box": [
          728.34998,
          64.48315479999997,
          743.9099799999999,
          71.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rating",
        "box": [
          724.58002,
          72.48315479999997,
          747.6840199999999,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "119",
        "box": [
          43.87,
          84.99310479999997,
          55.87,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.13,
          84.99310479999997,
          84.56200000000001,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Los Angeles",
        "box": [
          124.13,
          84.99310479999997,
          164.33799999999997,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/22/2019",
        "box": [
          204.67999,
          84.99310479999997,
          241.12798999999998,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          247.13,
          84.99310479999997,
          253.13,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131 ",
        "box": [
          286.09,
          84.99310479999997,
          300.09,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          316.13,
          84.99310479999997,
          322.13,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "124 ",
        "box": [
          343.09,
          84.99310479999997,
          357.09,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          373.13,
          84.99310479999997,
          379.13,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "124 ",
        "box": [
          400.09,
          84.99310479999997,
          414.09,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          84.99310479999997,
          432.13,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.50  %",
        "box": [
          444.578,
          84.99310479999997,
          475.794,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          84.99310479999997,
          495.13,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.50  %",
        "box": [
          507.578,
          84.99310479999997,
          538.794,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2027",
        "box": [
          564.92999,
          84.99310479999997,
          597.3779900000001,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$822 / sqft",
        "box": [
          631.40997,
          84.99310479999997,
          665.6339700000001,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  69 %",
        "box": [
          698.92999,
          84.99310479999997,
          716.2499899999999,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          734.12,
          84.99310479999997,
          738.12,
          91.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120",
        "box": [
          43.87,
          97.7431348,
          55.87,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.13,
          97.7431348,
          84.56200000000001,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Orange County",
        "box": [
          124.13,
          97.7431348,
          173.23399999999998,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/31/2017",
        "box": [
          208.67999,
          97.7431348,
          241.12798999999998,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64",
        "box": [
          290.87,
          97.7431348,
          298.87,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59",
        "box": [
          347.87,
          97.7431348,
          355.87,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          404.87,
          97.7431348,
          412.87,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          453.31,
          97.7431348,
          465.758,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9)",
        "box": [
          469.13,
          97.10192112000004,
          475.19320000000005,
          101.38063532921501
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          516.31,
          97.7431348,
          528.758,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2026",
        "box": [
          568.92999,
          97.7431348,
          597.3779900000001,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$338 / sqft",
        "box": [
          631.40997,
          97.7431348,
          665.6339700000001,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          703.81,
          97.7431348,
          716.258,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          734.12,
          97.7431348,
          738.12,
          104.32577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "121",
        "box": [
          43.87,
          110.4931348,
          55.87,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Life Sciences/",
        "box": [
          64.13,
          110.4931348,
          109.65800000000006,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Studio",
        "box": [
          64.13,
          119.60311480000001,
          85.01800000000001,
          126.18575204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Francisco",
        "box": [
          124.13,
          110.4931348,
          169.21799999999993,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/10/2021",
        "box": [
          204.67999,
          110.4931348,
          241.12798999999998,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72",
        "box": [
          290.87,
          110.4931348,
          298.87,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          347.87,
          110.4931348,
          355.87,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          404.87,
          110.4931348,
          412.87,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          110.4931348,
          432.13,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+8.71  %",
        "box": [
          444.578,
          110.4931348,
          475.794,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          110.4931348,
          495.13,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+8.95  %",
        "box": [
          507.578,
          110.4931348,
          538.794,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2026",
        "box": [
          564.92999,
          110.4931348,
          597.3779900000001,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$425 / sqft",
        "box": [
          631.40997,
          110.4931348,
          665.6339700000001,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  66 %",
        "box": [
          698.92999,
          110.4931348,
          716.2499899999999,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          734.12,
          110.4931348,
          738.12,
          117.07577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122",
        "box": [
          43.87,
          132.24310480000003,
          55.87,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.13,
          132.24310480000003,
          94.79400000000001,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, US",
        "box": [
          124.13,
          132.24310480000003,
          174.34599999999995,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/10/2025",
        "box": [
          208.67999,
          132.24310480000003,
          241.12798999999998,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56",
        "box": [
          290.87,
          132.24310480000003,
          298.87,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56",
        "box": [
          347.87,
          132.24310480000003,
          355.87,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56",
        "box": [
          404.87,
          132.24310480000003,
          412.87,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          132.24310480000003,
          432.13,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+5.00  %",
        "box": [
          444.578,
          132.24310480000003,
          475.794,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          132.24310480000003,
          495.13,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+5.12  %",
        "box": [
          507.578,
          132.24310480000003,
          538.794,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2030",
        "box": [
          568.92999,
          132.24310480000003,
          597.3779900000001,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$111 / sqft",
        "box": [
          631.40997,
          132.24310480000003,
          665.6339700000001,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  70 %",
        "box": [
          698.92999,
          132.24310480000003,
          716.2499899999999,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
          132.24310480000003,
          738.12,
          138.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123",
        "box": [
          43.87,
          144.99310480000003,
          55.87,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.13,
          144.99310480000003,
          102.80200000000002,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Los Angeles",
        "box": [
          124.13,
          144.99310480000003,
          164.33799999999997,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/30/2021",
        "box": [
          204.67999,
          144.99310480000003,
          241.12798999999998,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          290.87,
          144.99310480000003,
          298.87,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38",
        "box": [
          347.87,
          144.99310480000003,
          355.87,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38",
        "box": [
          404.87,
          144.99310480000003,
          412.87,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          144.99310480000003,
          432.13,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+8.80  %",
        "box": [
          444.578,
          144.99310480000003,
          475.794,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          144.99310480000003,
          495.13,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+9.11  %",
        "box": [
          507.578,
          144.99310480000003,
          538.794,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2030",
        "box": [
          568.92999,
          144.99310480000003,
          597.3779900000001,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$542,220 / unit",
        "box": [
          616.96002,
          144.99310480000003,
          665.6320200000001,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  50 %",
        "box": [
          698.92999,
          144.99310480000003,
          716.2499899999999,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
          144.99310480000003,
          738.12,
          151.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "124",
        "box": [
          43.87,
          157.74310480000003,
          55.87,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.13,
          157.74310480000003,
          102.80200000000002,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "London, UK",
        "box": [
          124.13,
          157.74310480000003,
          164.562,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/18/2025",
        "box": [
          208.67999,
          157.74310480000003,
          241.12798999999998,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29",
        "box": [
          290.87,
          157.74310480000003,
          298.87,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29",
        "box": [
          347.87,
          157.74310480000003,
          355.87,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29",
        "box": [
          404.87,
          157.74310480000003,
          412.87,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          157.74310480000003,
          432.13,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+8.98  %",
        "box": [
          444.578,
          157.74310480000003,
          475.794,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          157.74310480000003,
          495.13,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+9.38  %",
        "box": [
          507.578,
          157.74310480000003,
          538.794,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/5/2030",
        "box": [
          568.92999,
          157.74310480000003,
          597.3779900000001,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$741,723 / unit",
        "box": [
          616.96002,
          157.74310480000003,
          665.6320200000001,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  69 %",
        "box": [
          698.92999,
          157.74310480000003,
          716.2499899999999,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
          157.74310480000003,
          738.12,
          164.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125",
        "box": [
          43.87,
          170.49310480000003,
          55.87,
          177.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          64.13,
          170.49310480000003,
          82.346,
          177.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manassas, VA",
        "box": [
          124.13,
          170.49310480000003,
          170.78599999999997,
          177.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2026",
        "box": [
          212.67999,
          170.49310480000003,
          241.12798999999998,
          177.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          290.87,
          170.49310480000003,
          298.87,
          177.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          347.87,
          170.49310480000003,
          355.87,
          177.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25",
        "box": [
          404.87,
          170.49310480000003,
          412.87,
          177.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  12.98  %",
        "box": [
          445.09,
          170.49310480000003,
          475.794,
          177.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  14.23  %",
        "box": [
          508.09,
          170.49310480000003,
          538.794,
          177.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2031",
        "box": [
          568.92999,
          170.49310480000003,
          597.3779900000001,
          177.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$9,840,909 / MW",
        "box": [
          608.73999,
          170.49310480000003,
          665.6279900000001,
          177.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  64 %",
        "box": [
          698.92999,
          170.49310480000003,
          716.2499899999999,
          177.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
          170.49310480000003,
          738.12,
          177.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126",
        "box": [
          43.87,
          183.24310480000003,
          55.87,
          189.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.13,
          183.24310480000003,
          84.56200000000001,
          189.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Austin",
        "box": [
          124.13,
          183.24310480000003,
          145.46599999999998,
          189.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/15/2021",
        "box": [
          208.67999,
          183.24310480000003,
          241.12798999999998,
          189.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          290.87,
          183.24310480000003,
          298.87,
          189.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          347.87,
          183.24310480000003,
          355.87,
          189.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          404.87,
          183.24310480000003,
          412.87,
          189.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          453.31,
          183.24310480000003,
          465.758,
          189.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9)",
        "box": [
          469.13,
          182.60189112,
          475.19320000000005,
          186.88060532921503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          516.31,
          183.24310480000003,
          528.758,
          189.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2029",
        "box": [
          564.92999,
          183.24310480000003,
          597.3779900000001,
          189.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$385 / sqft",
        "box": [
          631.40997,
          183.24310480000003,
          665.6339700000001,
          189.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          703.81,
          183.24310480000003,
          716.258,
          189.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          734.12,
          183.24310480000003,
          738.12,
          189.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "127",
        "box": [
          43.87,
          195.99310480000003,
          55.87,
          202.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.13,
          195.99310480000003,
          94.79400000000001,
          202.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          124.13,
          195.99310480000003,
          157.674,
          202.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/8/2026",
        "box": [
          212.67999,
          195.99310480000003,
          241.12798999999998,
          202.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23",
        "box": [
          290.87,
          195.99310480000003,
          298.87,
          202.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23",
        "box": [
          347.87,
          195.99310480000003,
          355.87,
          202.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          404.87,
          195.99310480000003,
          412.87,
          202.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.79  %",
        "box": [
          449.09,
          195.99310480000003,
          475.794,
          202.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  9.67  %",
        "box": [
          512.09003,
          195.99310480000003,
          538.794,
          202.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2031",
        "box": [
          568.92999,
          195.99310480000003,
          597.3779900000001,
          202.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$12 / sqft",
        "box": [
          635.40997,
          195.99310480000003,
          665.6339700000001,
          202.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  63 %",
        "box": [
          698.92999,
          195.99310480000003,
          716.2499899999999,
          202.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
          195.99310480000003,
          738.12,
          202.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128",
        "box": [
          43.87,
          208.74310480000003,
          55.87,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          64.13,
          208.74310480000003,
          99.69000000000001,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Miami",
        "box": [
          124.13,
          208.74310480000003,
          145.46599999999995,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/2/2025",
        "box": [
          212.67999,
          208.74310480000003,
          241.12798999999998,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23",
        "box": [
          290.87,
          208.74310480000003,
          298.87,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          347.87,
          208.74310480000003,
          355.87,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          404.87,
          208.74310480000003,
          412.87,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          208.74310480000003,
          432.13,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+9.50  %",
        "box": [
          444.578,
          208.74310480000003,
          475.794,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          208.74310480000003,
          495.13,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+10.15  %",
        "box": [
          503.578,
          208.74310480000003,
          538.794,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2030",
        "box": [
          568.92999,
          208.74310480000003,
          597.3779900000001,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$946,478 / key",
        "box": [
          617.84998,
          208.74310480000003,
          665.62598,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  53 %",
        "box": [
          698.92999,
          208.74310480000003,
          716.2499899999999,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
          208.74310480000003,
          738.12,
          215.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129",
        "box": [
          43.87,
          221.49310480000003,
          55.87,
          228.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          64.13,
          221.49310480000003,
          100.122,
          228.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          124.13,
          221.49310480000003,
          157.674,
          228.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/20/2025",
        "box": [
          208.67999,
          221.49310480000003,
          241.12798999999998,
          228.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28",
        "box": [
          290.87,
          221.49310480000003,
          298.87,
          228.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          347.87,
          221.49310480000003,
          355.87,
          228.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          404.87,
          221.49310480000003,
          412.87,
          228.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  10.00  %",
        "box": [
          445.09,
          221.49310480000003,
          475.794,
          228.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  10.06  %",
        "box": [
          508.09,
          221.49310480000003,
          538.794,
          228.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/1/2034",
        "box": [
          564.92999,
          221.49310480000003,
          597.3779900000001,
          228.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,038 / sqft",
        "box": [
          625.40997,
          221.49310480000003,
          665.6339700000001,
          228.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  59 %",
        "box": [
          698.92999,
          221.49310480000003,
          716.2499899999999,
          228.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
          221.49310480000003,
          738.12,
          228.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130",
        "box": [
          43.87,
          234.24310480000003,
          55.87,
          240.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.13,
          234.24310480000003,
          84.56200000000001,
          240.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "London, UK",
        "box": [
          124.13,
          234.24310480000003,
          164.562,
          240.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/20/2019",
        "box": [
          204.67999,
          234.24310480000003,
          241.12798999999998,
          240.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          290.87,
          234.24310480000003,
          298.87,
          240.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          347.87,
          234.24310480000003,
          355.87,
          240.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          404.87,
          234.24310480000003,
          412.87,
          240.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          453.31,
          234.24310480000003,
          465.758,
          240.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9)",
        "box": [
          469.13,
          233.60189112,
          475.19320000000005,
          237.88060532921503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          516.31,
          234.24310480000003,
          528.758,
          240.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/2029",
        "box": [
          564.92999,
          234.24310480000003,
          597.3779900000001,
          240.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$830 / sqft",
        "box": [
          631.40997,
          234.24310480000003,
          665.6339700000001,
          240.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          703.81,
          234.24310480000003,
          716.258,
          240.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          734.12,
          234.24310480000003,
          738.12,
          240.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131",
        "box": [
          43.87,
          246.99310480000003,
          55.87,
          253.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          64.13,
          246.99310480000003,
          84.56200000000001,
          253.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chicago",
        "box": [
          124.13,
          246.99310480000003,
          150.79399999999998,
          253.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/30/2021",
        "box": [
          208.67999,
          246.99310480000003,
          241.12798999999998,
          253.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44",
        "box": [
          290.87,
          246.99310480000003,
          298.87,
          253.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          347.87,
          246.99310480000003,
          355.87,
          253.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          404.87,
          246.99310480000003,
          412.87,
          253.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          453.31,
          246.99310480000003,
          465.758,
          253.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9)",
        "box": [
          469.13,
          246.35189112,
          475.19320000000005,
          250.63060532921503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          516.31,
          246.99310480000003,
          528.758,
          253.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2029",
        "box": [
          564.92999,
          246.99310480000003,
          597.3779900000001,
          253.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$160 / sqft",
        "box": [
          631.40997,
          246.99310480000003,
          665.6339700000001,
          253.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          703.81,
          246.99310480000003,
          716.258,
          253.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          734.12,
          246.99310480000003,
          738.12,
          253.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "132",
        "box": [
          43.87,
          259.7431348,
          55.87,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          64.13,
          259.7431348,
          82.346,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Honolulu",
        "box": [
          124.13,
          259.7431348,
          154.35399999999998,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/2/2026",
        "box": [
          212.67999,
          259.7431348,
          241.12798999999998,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41",
        "box": [
          290.87,
          259.7431348,
          298.87,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          351.87,
          259.7431348,
          355.87,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          408.87,
          259.7431348,
          412.87,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          259.7431348,
          432.13,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+9.72  %",
        "box": [
          444.578,
          259.7431348,
          475.794,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          259.7431348,
          495.13,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+11.17  %",
        "box": [
          503.578,
          259.7431348,
          538.794,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2032",
        "box": [
          568.92999,
          259.7431348,
          597.3779900000001,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$82 / sqft",
        "box": [
          635.40997,
          259.7431348,
          665.6339700000001,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  69 %",
        "box": [
          698.92999,
          259.7431348,
          716.2499899999999,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
          259.7431348,
          738.12,
          266.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133",
        "box": [
          43.87,
          272.4931348,
          55.87,
          279.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Life Sciences/",
        "box": [
          64.13,
          272.4931348,
          109.65800000000006,
          279.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Studio",
        "box": [
          64.13,
          281.6031148,
          85.01800000000001,
          288.1857520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Boston",
        "box": [
          124.13,
          272.4931348,
          146.802,
          279.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/13/2021",
        "box": [
          208.67999,
          272.4931348,
          241.12798999999998,
          279.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15",
        "box": [
          290.87,
          272.4931348,
          298.87,
          279.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          351.87,
          272.4931348,
          355.87,
          279.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          408.87,
          272.4931348,
          412.87,
          279.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          453.31,
          272.4931348,
          465.758,
          279.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9)",
        "box": [
          469.13,
          271.85192112,
          475.19320000000005,
          276.130635329215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          516.31,
          272.4931348,
          528.758,
          279.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2030",
        "box": [
          568.92999,
          272.4931348,
          597.3779900000001,
          279.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$645 / sqft",
        "box": [
          631.40997,
          272.4931348,
          665.6339700000001,
          279.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          703.81,
          272.4931348,
          716.258,
          279.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          734.12,
          272.4931348,
          738.12,
          279.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal: subordinate loan portfolio",
        "box": [
          43.13,
          294.2431348,
          157.12199999999999,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          247.13,
          294.2431348,
          253.13,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "629 ",
        "box": [
          286.09,
          294.2431348,
          300.09,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          316.13,
          294.2431348,
          322.13,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "505 ",
        "box": [
          343.09,
          294.2431348,
          357.09,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          373.13,
          294.2431348,
          379.13,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "479 ",
        "box": [
          400.09,
          294.2431348,
          414.09,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          294.2431348,
          432.13,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.61  %",
        "box": [
          444.578,
          294.2431348,
          475.794,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          294.2431348,
          495.13,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+5.07  %",
        "box": [
          507.578,
          294.2431348,
          538.794,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.9 yrs",
        "box": [
          575.59998,
          294.2431348,
          597.3759799999999,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          698.92999,
          294.2431348,
          716.2499899999999,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.7",
        "box": [
          731.12,
          294.2431348,
          741.12,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal: loans receivable portfolio",
        "box": [
          43.13,
          312.9931348,
          155.77800000000002,
          319.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          247.13,
          312.9931348,
          253.13,
          319.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,517 ",
        "box": [
          276.09,
          312.9931348,
          300.09,
          319.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          316.13,
          312.9931348,
          322.13,
          319.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,409 ",
        "box": [
          333.09,
          312.9931348,
          357.09,
          319.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          373.13,
          312.9931348,
          379.13,
          319.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,335 ",
        "box": [
          390.09,
          312.9931348,
          414.09,
          319.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total CECL reserve",
        "box": [
          43.13,
          325.7431348,
          107.53800000000003,
          332.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          373.13,
          325.7431348,
          375.13,
          332.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(398) ",
        "box": [
          397.426,
          325.7431348,
          416.75399999999996,
          332.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable portfolio",
        "box": [
          43.13,
          338.4931348,
          143.77,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          247.13,
          338.4931348,
          253.13,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,517 ",
        "box": [
          276.09,
          338.4931348,
          300.09,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          316.13,
          338.4931348,
          322.13,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,409 ",
        "box": [
          333.09,
          338.4931348,
          357.09,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          373.13,
          338.4931348,
          379.13,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,937 ",
        "box": [
          390.09,
          338.4931348,
          414.09,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          338.4931348,
          432.13,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.13  %",
        "box": [
          444.578,
          338.4931348,
          475.794,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          338.4931348,
          495.13,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.35  %",
        "box": [
          507.578,
          338.4931348,
          538.794,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8 yrs",
        "box": [
          575.59998,
          338.4931348,
          597.3759799999999,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          698.92999,
          338.4931348,
          716.2499899999999,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.0",
        "box": [
          731.12,
          338.4931348,
          741.12,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          40.5,
          362.12890600000003,
          52.16,
          370.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage ",
        "box": [
          67.5,
          362.12890600000003,
          754.0000000000008,
          370.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans. ",
        "box": [
          67.5,
          373.62890600000003,
          93.58999999999999,
          381.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          40.5,
          385.12890600000003,
          52.16,
          393.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date loan was originated or acquired by us, and the LTV as of such date, excluding any loans that are impaired.",
        "box": [
          67.5,
          385.12890600000003,
          513.9300000000001,
          393.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          40.5,
          396.62890600000003,
          52.16,
          404.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total commitment reflects outstanding principal balance as well as any related unfunded loan commitment. ",
        "box": [
          67.5,
          396.62890600000003,
          499.40999999999997,
          404.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          40.5,
          408.12890600000003,
          52.16,
          416.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value represents outstanding principal balance, net of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery ",
        "box": [
          67.5,
          408.12890600000003,
          753.830000000001,
          416.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds.",
        "box": [
          67.5,
          419.62890600000003,
          105.50999999999998,
          427.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          40.5,
          431.12890600000003,
          52.16,
          439.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, ",
        "box": [
          67.5,
          431.12890600000003,
          753.9500000000007,
          439.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CORRA, and other indices as applicable to each loan. As of June 30, 2026, 97% of our loans by principal balance earned a floating rate of interest, primarily indexed to ",
        "box": [
          67.5,
          442.62890600000003,
          753.9500100000005,
          450.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR. The remaining 3% of our loans by principal balance earned a fixed rate of interest. In addition to cash coupon, all-in yield includes the amortization of deferred ",
        "box": [
          67.5,
          454.12890600000003,
          754.0000000000005,
          462.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery and ",
        "box": [
          67.5,
          465.62890600000003,
          753.9500100000013,
          473.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonaccrual methods, if any. ",
        "box": [
          67.5,
          477.12890600000003,
          180.70999,
          485.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          40.5,
          488.62890600000003,
          52.16,
          496.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum maturity assumes all extension options are exercised; however, our loans may be repaid prior to such date. Excludes loans accounted for under the cost-",
        "box": [
          67.5,
          488.62890600000003,
          751.3199900000008,
          496.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recovery and nonaccrual methods, if any. ",
        "box": [
          67.5,
          500.12890600000003,
          235.09,
          508.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          40.5,
          511.62890600000003,
          52.16,
          519.8572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This loan has an interest rate of SOFR minus 1.30% with a SOFR floor of 3.50%, for an all-in rate of 2.35% as of June 30, 2026.",
        "box": [
          67.5,
          511.62890600000003,
          582.67999,
          519.8572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          40.5,
          523.128906,
          52.16,
          531.3572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subordinate loans include: (i) loans in which we have previously originated a whole loan and sold a senior mortgage interest to a third party, resulting in these subordinate ",
        "box": [
          67.5,
          523.128906,
          753.9300000000009,
          531.3572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests  in  mortgages,  (ii)  mezzanine  loans,  and  (iii)  the  subordinate  portion  of  loans  that  have  been  modified  that  have  resulted  in  a  restructured  senior  loan  and  a ",
        "box": [
          67.5,
          534.628906,
          753.8200000000002,
          542.8572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subordinate loan. ",
        "box": [
          67.5,
          546.128906,
          138.82,
          554.3572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9)",
        "box": [
          40.5,
          557.628906,
          52.16,
          565.8572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These subordinate  loans  are  the  result  of  a  loan  modification  which  resulted  in  a  restructured  senior  loan  and  a  subordinate  loan.  Each  of  the  subordinate  loans  are ",
        "box": [
          67.5,
          557.628906,
          753.9400000000005,
          565.8572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounted for under the cost-recovery method.",
        "box": [
          67.5,
          569.128906,
          253.9500000000001,
          577.3572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90",
        "box": [
          391.0,
          589.728886,
          401.0,
          597.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 92,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "ITEM 3. ",
        "box": [
          58.5,
          54.148926000000074,
          97.63999999999999,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ",
        "box": [
          130.5,
          54.148926000000074,
          494.4900000000004,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Risk ",
        "box": [
          58.5,
          72.14892600000007,
          138.70999999999995,
          80.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Net Interest Income ",
        "box": [
          58.5,
          102.31890600000008,
          201.41000000000005,
          110.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates ",
        "box": [
          58.5,
          119.808896,
          555.9699999999998,
          128.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "will decrease net income. As of June 30, 2026, 97% of our loans by principal balance earned a floating rate of interest, ",
        "box": [
          58.5,
          131.308896,
          555.8399900000001,
          139.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily  indexed  to  SOFR,  and  were  financed  with  liabilities  that  pay  interest  at  floating  rates,  which  resulted  in  an ",
        "box": [
          58.5,
          142.808896,
          555.99,
          151.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount of net equity that is positively correlated to changing interest rates, subject to the impact of interest rate floors on ",
        "box": [
          58.5,
          154.308896,
          555.9900000000001,
          162.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain of our floating rate loans. ",
        "box": [
          58.5,
          165.808896,
          191.94000000000005,
          174.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table projects the impact on our net interest income, presented net of implied changes in incentive fees, for ",
        "box": [
          58.5,
          189.308896,
          555.9,
          197.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  twelve-month  period  following  June  30,  2026,  of  an  increase  in  the  various  floating-rate  indices  referenced  by  our ",
        "box": [
          58.5,
          200.808896,
          555.84999,
          209.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio, assuming no change in credit spreads, portfolio composition, or asset performance, relative to the average indices ",
        "box": [
          58.5,
          212.308896,
          555.9100000000001,
          220.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the three months ended June 30, 2026 ($ in thousands): ",
        "box": [
          58.5,
          223.808896,
          310.54999999999995,
          232.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          235.3746972,
          61.5,
          245.24865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          253.3931248,
          63.13,
          259.97576204494624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets (Liabilities) ",
        "box": [
          202.96001,
          254.5631148,
          267.84000999999995,
          261.1457520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sensitive to ",
        "box": [
          214.95,
          263.75311479999993,
          255.82199999999992,
          270.33575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in ",
        "box": [
          215.39,
          272.9431148,
          255.37399999999997,
          279.5257520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rates (1)",
        "box": [
          207.48,
          281.49191112,
          261.26320000000004,
          288.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Sensitivity as of June 30, 2026 (2)(3)",
        "box": [
          331.51999,
          252.62191112000005,
          491.9763800000001,
          259.8457620449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          267.6431248,
          63.13,
          274.22576204494624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in Rates",
        "box": [
          311.19,
          267.88311479999993,
          369.83000000000015,
          274.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decrease in Rates",
        "box": [
          452.81,
          267.88311479999993,
          513.2260000000001,
          274.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50 Basis Points",
        "box": [
          279.32999,
          281.2631248,
          330.43399000000005,
          287.8457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.40997,
          281.2631248,
          332.40997,
          287.8457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100 Basis Points",
        "box": [
          348.57999,
          281.2631248,
          403.68399000000005,
          287.8457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          403.65997,
          281.2631248,
          405.65997,
          287.8457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50 Basis Points",
        "box": [
          421.82999,
          281.1931148,
          472.93399000000005,
          287.77575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100 Basis Points",
        "box": [
          491.07999,
          281.1931148,
          546.1839899999999,
          287.77575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating rate assets (4)(5)(6)",
        "box": [
          62.12,
          294.708896,
          156.86958999999996,
          302.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          202.88,
          294.708896,
          210.38,
          302.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,161,435 ",
        "box": [
          219.42,
          294.708896,
          266.91999999999996,
          302.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          273.38,
          294.708896,
          280.88,
          302.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,197 ",
        "box": [
          307.42,
          294.708896,
          337.42,
          302.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.63,
          294.708896,
          352.13,
          302.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128,517 ",
        "box": [
          373.67,
          294.708896,
          408.67,
          302.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.88,
          294.708896,
          423.38,
          302.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(62,959)  $ ",
        "box": [
          446.59,
          294.708896,
          494.63,
          302.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(112,812) ",
        "box": [
          512.84,
          294.708896,
          554.5000000000001,
          302.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating rate liabilities (5)(6)(7)",
        "box": [
          61.13,
          309.708896,
          169.71959999999996,
          317.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,258,615)",
        "box": [
          214.21001,
          309.708896,
          265.87001000000004,
          317.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61,034)",
        "box": [
          302.20999,
          309.708896,
          336.36999,
          317.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(122,069)",
        "box": [
          368.45999,
          309.708896,
          407.61999,
          317.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,034",
        "box": [
          451.37,
          309.708896,
          478.87,
          317.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122,069",
        "box": [
          517.62,
          309.708896,
          550.12,
          317.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net exposure",
        "box": [
          67.13,
          324.708896,
          120.13999999999997,
          332.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          202.88,
          324.708896,
          210.38,
          332.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "902,820 ",
        "box": [
          231.92,
          324.708896,
          266.91999999999996,
          332.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          273.38,
          324.708896,
          280.88,
          332.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,163 ",
        "box": [
          312.42,
          324.708896,
          337.42,
          332.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.63,
          324.708896,
          352.13,
          332.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,448 ",
        "box": [
          383.67,
          324.708896,
          408.67,
          332.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.88,
          324.708896,
          423.38,
          332.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,925)  $ ",
        "box": [
          451.59,
          324.708896,
          494.63,
          332.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,257 ",
        "box": [
          526.17,
          324.708896,
          551.17,
          332.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          350.458896,
          70.16,
          358.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects the USD equivalent value of floating rate assets and liabilities denominated in foreign currencies. ",
        "box": [
          85.5,
          350.458896,
          512.1399999999998,
          358.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          361.958896,
          70.16,
          370.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increases (decreases) in interest income and expense are presented net of theoretical impact of incentive fees. Refer ",
        "box": [
          85.5,
          361.958896,
          555.9600000000003,
          370.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to Note 15 to our consolidated financial statements for additional details of our incentive fee calculation. ",
        "box": [
          85.5,
          373.458896,
          505.7699999999998,
          381.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          384.958896,
          70.16,
          393.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes income from loans accounted for under the cost-recovery method.",
        "box": [
          85.5,
          384.958896,
          388.49,
          393.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          396.458896,
          70.16,
          404.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes $699.7 million of principal balance on floating rate impaired loans.",
        "box": [
          85.5,
          396.458896,
          392.9099999999999,
          404.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          407.958896,
          70.16,
          416.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers' ",
        "box": [
          85.5,
          407.958896,
          555.88,
          416.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exposure to an increase in interest rates.",
        "box": [
          85.5,
          419.458896,
          245.0,
          427.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          58.5,
          430.958896,
          70.16,
          439.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes amounts related to our investments in unconsolidated entities. ",
        "box": [
          85.5,
          430.958896,
          374.0499999999999,
          439.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          58.5,
          442.458896,
          70.16,
          450.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes  amounts  outstanding  under  our  secured  debt,  securitizations,  asset-specific  debt,  Term  Loans,  Senior ",
        "box": [
          85.5,
          442.458896,
          555.9899999999999,
          450.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Notes due 2029, and Senior Secured Notes due 2031. We entered into interest rate swaps with an aggregate ",
        "box": [
          85.5,
          453.958896,
          555.9000000000005,
          462.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "notional amount of $900.0 million that effectively converts our fixed rate exposure to floating rate exposure for the ",
        "box": [
          85.5,
          465.458896,
          555.8599999999999,
          473.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Secured Notes due 2029 and Senior Secured Notes due 2031. Excludes amounts related to the indebtedness ",
        "box": [
          85.5,
          476.958896,
          555.9300000000003,
          485.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our unconsolidated entities. ",
        "box": [
          85.5,
          488.458896,
          208.98000000000005,
          496.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Value ",
        "box": [
          58.5,
          517.968936,
          145.93,
          526.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  June  30,  2026,  97%  of  our  loans  by  principal  balance  earned  a  floating  rate  of  interest,  so  the  value  of  such ",
        "box": [
          58.5,
          535.458926,
          555.8400000000003,
          543.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments is generally not impacted by changes in market interest rates. Additionally, we generally hold all of our loans ",
        "box": [
          58.5,
          546.958926,
          555.9099999999999,
          555.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to maturity and so do not expect to realize gains or losses resulting from any mark to market valuation adjustments on our ",
        "box": [
          58.5,
          558.458926,
          555.9599999999997,
          566.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan portfolio.",
        "box": [
          58.5,
          569.958926,
          115.66999999999999,
          578.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk of Non-Performance",
        "box": [
          58.5,
          599.468936,
          160.61999999999995,
          607.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates, ",
        "box": [
          58.5,
          616.958926,
          555.9800000000002,
          625.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the ",
        "box": [
          58.5,
          628.458926,
          555.8499999999999,
          636.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may ",
        "box": [
          58.5,
          639.958926,
          555.9400000000003,
          648.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate ",
        "box": [
          58.5,
          651.458926,
          555.8399999999998,
          659.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stress-testing  during  our  underwriting  process,  which  generally  includes  a  requirement  for  our  borrower  to  purchase  an ",
        "box": [
          58.5,
          662.958926,
          555.88,
          671.1872225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest  rate  cap  contract  with  an  unaffiliated  third  party,  provide  an  interest  reserve  deposit,  and/or  provide  interest ",
        "box": [
          58.5,
          674.458926,
          555.8899999999998,
          682.6872225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "guarantees or other structural protections.",
        "box": [
          58.5,
          685.958926,
          224.6800000000001,
          694.1872225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 93,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Credit Risks ",
        "box": [
          58.5,
          54.148926000000074,
          114.56999999999998,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loans are subject to credit risk, including the risk of default. The performance and value of our loans depend upon the ",
        "box": [
          58.5,
          71.808896,
          555.9599999999999,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowers' ability to operate the properties that serve as our collateral so that they produce cash flows adequate to pay ",
        "box": [
          58.5,
          83.308896,
          555.9,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest and principal due to us. To monitor this risk, our asset management team reviews our loan portfolios and, in certain ",
        "box": [
          58.5,
          94.808896,
          555.8599999999999,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instances, is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as ",
        "box": [
          58.5,
          106.308896,
          555.9799999999998,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "necessary.",
        "box": [
          58.5,
          117.808896,
          99.82999999999997,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition, we are exposed to the risks generally associated with the commercial real estate market, including changes in ",
        "box": [
          58.5,
          141.308896,
          555.9799999999999,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "occupancy rates, capitalization rates, absorption rates, and other macroeconomic factors beyond our control. We seek to ",
        "box": [
          58.5,
          152.808896,
          556.0,
          161.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "manage these risks through our underwriting and asset management processes.",
        "box": [
          58.5,
          164.308896,
          373.16999999999996,
          172.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the ",
        "box": [
          58.5,
          187.808896,
          555.9999999999999,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and ",
        "box": [
          58.5,
          199.308896,
          555.8899999999996,
          207.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from our long-standing core business model of originating senior loans collateralized by large assets in major markets with ",
        "box": [
          58.5,
          210.808896,
          555.9699999999997,
          219.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "experienced,  well-capitalized  institutional  sponsors.  While  we  believe  the  principal  amounts  of  our  loans  are  generally ",
        "box": [
          58.5,
          222.308896,
          555.9500000000002,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of ",
        "box": [
          58.5,
          233.808896,
          555.9300000000002,
          242.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain loans. As of June 30, 2026, we had an aggregate $219.5 million asset-specific CECL reserve related to nine of our ",
        "box": [
          58.5,
          245.308896,
          555.9300100000002,
          253.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans  receivable,  with  an  aggregate  amortized  cost  basis  of  $695.2  million,  net  of  cost-recovery  proceeds.  This  CECL ",
        "box": [
          58.5,
          256.808896,
          555.9499899999998,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reserve was recorded based on our estimation of the fair value of each of the loan's underlying collateral as of June 30, ",
        "box": [
          58.5,
          268.308896,
          555.9499900000001,
          276.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026.",
        "box": [
          58.5,
          279.808896,
          81.0,
          288.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information ",
        "box": [
          58.5,
          303.30889599999995,
          555.9200000000003,
          311.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "advantages  derived  from  our  position  as  part  of  Blackstone's  real  estate  platform.  Blackstone  has  built  the  world's ",
        "box": [
          58.5,
          314.80889599999995,
          555.8799999999999,
          323.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preeminent global real estate business, with a proven track record of successfully navigating market cycles and emerging ",
        "box": [
          58.5,
          326.30889599999995,
          555.91,
          334.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stronger through periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone ",
        "box": [
          58.5,
          337.80889599999995,
          555.9599999999998,
          346.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "platform deeply informs our credit and underwriting process, and we believe gives us the tools to expertly asset manage ",
        "box": [
          58.5,
          349.30889599999995,
          555.8500000000001,
          357.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.",
        "box": [
          58.5,
          360.80889599999995,
          450.40999999999985,
          369.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital Market Risks ",
        "box": [
          58.5,
          390.148896,
          153.15999999999997,
          398.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are exposed to risks related to the equity capital markets, and our related ability to raise capital through the issuance of ",
        "box": [
          58.5,
          407.80889599999995,
          555.9300000000001,
          416.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our class A common stock or other equity instruments. We are also exposed to risks related to the debt capital markets, and ",
        "box": [
          58.5,
          419.30889599999995,
          555.8000000000002,
          427.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our related ability to finance our business through borrowings under credit facilities or other debt instruments. As a REIT, ",
        "box": [
          58.5,
          430.80889599999995,
          555.9999999999998,
          439.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we  are  required  to  distribute  a  significant  portion  of  our  taxable  income  annually,  which  constrains  our  ability  to ",
        "box": [
          58.5,
          442.30889599999995,
          555.9899999999998,
          450.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accumulate operating cash flow and therefore requires us to utilize debt or equity capital to finance our business. We seek ",
        "box": [
          58.5,
          453.80889599999995,
          555.9500000000002,
          462.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to mitigate these risks by monitoring the debt and equity capital markets to inform our decisions on the amount, timing, and ",
        "box": [
          58.5,
          465.30889599999995,
          555.8699999999995,
          473.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "terms of capital we raise. ",
        "box": [
          58.5,
          476.80889599999995,
          161.12,
          485.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  master  repurchase  agreements  and  secured  credit  facilities  are  generally  structured  without  capital  markets-based ",
        "box": [
          58.5,
          500.30889599999995,
          555.9299999999997,
          508.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mark-to-market provisions, which means the margin call provisions do not permit valuation adjustments based on capital ",
        "box": [
          58.5,
          511.80889599999995,
          555.8599999999999,
          520.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "markets events. The majority of our master repurchase agreements and secured credit facilities are non-mark-to-market, ",
        "box": [
          58.5,
          523.308896,
          555.8799999999999,
          531.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which means the margin call provisions only permit valuation adjustments if the loan or collateral pledged or sold by us ",
        "box": [
          58.5,
          534.808896,
          555.9599999999997,
          543.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "becomes defaulted, and the margin call provisions for the remainder are limited to collateral-specific credit marks generally ",
        "box": [
          58.5,
          546.308896,
          555.9599999999999,
          554.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined on a commercially reasonable basis. There can be no assurance we will not experience margin calls under any ",
        "box": [
          58.5,
          557.808896,
          555.9400000000002,
          566.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset-level financing that contains margin call provisions. ",
        "box": [
          58.5,
          569.308896,
          290.98,
          577.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Counterparty Risk",
        "box": [
          58.5,
          598.648926,
          139.28999999999996,
          606.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The nature of our business requires us to hold our cash and cash equivalents and obtain financing from various financial ",
        "box": [
          58.5,
          616.308896,
          555.9900000000001,
          624.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "institutions. This exposes us to the risk that these financial institutions may not fulfill their obligations to us under these ",
        "box": [
          58.5,
          627.808896,
          555.9199999999995,
          636.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "various contractual arrangements. We mitigate this exposure by depositing our cash and cash equivalents and entering into ",
        "box": [
          58.5,
          639.308896,
          555.8900000000002,
          647.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing agreements with high credit-quality institutions. ",
        "box": [
          58.5,
          650.808896,
          292.94,
          659.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The nature  of  our  loans  also  exposes  us  to  the  risk  that  our  counterparties  do  not  make  required  interest  and  principal ",
        "box": [
          58.5,
          674.308896,
          555.9100000000001,
          682.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payments on scheduled due dates. We seek to manage this risk through a comprehensive credit analysis prior to making a ",
        "box": [
          58.5,
          685.808896,
          555.88,
          694.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan and active monitoring of the asset portfolios that serve as our collateral, as further discussed above.",
        "box": [
          58.5,
          697.308896,
          474.66999999999985,
          705.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 94,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Currency Risk ",
        "box": [
          58.5,
          54.148926000000074,
          123.99999999999997,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loans that are denominated in a foreign currency are also subject to risks related to fluctuations in currency rates. We ",
        "box": [
          58.5,
          71.808896,
          555.8499999999999,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally mitigate this exposure by matching the currency of our assets to the currency of the financing for our assets. As a ",
        "box": [
          58.5,
          83.308896,
          555.8199999999996,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "result, we substantially reduce our exposure to changes in portfolio value related to changes in foreign currency rates. In ",
        "box": [
          58.5,
          94.808896,
          555.9500000000002,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "addition, substantially all of our net asset exposure to foreign currencies has been hedged with foreign currency forward ",
        "box": [
          58.5,
          106.308896,
          555.9400000000004,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contracts as of June 30, 2026.",
        "box": [
          58.5,
          117.808896,
          177.01999,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables outline our assets and liabilities that are denominated in a foreign currency (amounts in thousands): ",
        "box": [
          58.5,
          141.308896,
          542.93,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          156.73315479999997,
          63.13,
          163.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          417.78,
          156.73315479999997,
          464.212,
          163.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GBP",
        "box": [
          357.97,
          169.48315479999997,
          374.418,
          176.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EUR",
        "box": [
          433.5,
          169.48315479999997,
          450.38800000000003,
          176.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All Other (1)",
        "box": [
          497.39999,
          168.84194112,
          536.09317,
          176.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency assets",
        "box": [
          61.13,
          182.058896,
          155.46999999999994,
          190.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          331.88,
          182.058896,
          339.38,
          190.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,135,200 ",
        "box": [
          357.17,
          182.058896,
          399.67,
          190.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          407.63,
          182.058896,
          415.13,
          190.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,324,702 ",
        "box": [
          432.92,
          182.058896,
          475.42,
          190.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          483.38,
          182.058896,
          490.88,
          190.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,155,172 ",
        "box": [
          508.67,
          182.058896,
          551.1700000000001,
          190.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency liabilities",
        "box": [
          61.13,
          197.058896,
          169.31000000000003,
          205.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,444,826)",
        "box": [
          351.95999,
          197.058896,
          398.61999,
          205.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,622,249)",
        "box": [
          427.70999,
          197.058896,
          474.36999,
          205.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,695,115)",
        "box": [
          503.45999,
          197.058896,
          550.11999,
          205.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency contracts - notional",
        "box": [
          61.13,
          212.058896,
          210.97000000000003,
          220.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(684,764)",
        "box": [
          359.45999,
          212.058896,
          398.61999,
          220.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(695,360)",
        "box": [
          435.20999,
          212.058896,
          474.36999,
          220.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(451,958)",
        "box": [
          510.95999,
          212.058896,
          550.11999,
          220.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net exposure to exchange rate fluctuations",
        "box": [
          61.13,
          227.058896,
          231.7400000000001,
          235.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          331.88,
          227.058896,
          339.38,
          235.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,610 ",
        "box": [
          374.67,
          227.058896,
          399.67,
          235.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          407.63,
          227.058896,
          415.13,
          235.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,093 ",
        "box": [
          450.42,
          227.058896,
          475.42,
          235.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          483.38,
          227.058896,
          490.88,
          235.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,099 ",
        "box": [
          526.17,
          227.058896,
          551.17,
          235.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net exposure to exchange rate fluctuations in USD (2)",
        "box": [
          61.13,
          242.058896,
          270.5732100000001,
          250.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.88,
          242.058896,
          339.38,
          250.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,440 ",
        "box": [
          374.67,
          242.058896,
          399.67,
          250.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          407.63,
          242.058896,
          415.13,
          250.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,101 ",
        "box": [
          450.42,
          242.058896,
          475.42,
          250.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          483.38,
          242.058896,
          490.88,
          250.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,099 ",
        "box": [
          526.17,
          242.058896,
          551.17,
          250.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          267.808896,
          70.16,
          276.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes Swedish Krona, Australian Dollar, and Canadian Dollar currencies.",
        "box": [
          94.5,
          267.808896,
          400.53999999999996,
          276.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          279.308896,
          70.16,
          287.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the U.S. Dollar equivalent as of June 30, 2026.",
        "box": [
          94.5,
          279.308896,
          327.89999,
          287.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 4. ",
        "box": [
          58.5,
          308.648896,
          97.63999999999999,
          316.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CONTROLS AND PROCEDURES ",
        "box": [
          130.5,
          308.648896,
          284.5900000000001,
          316.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Evaluation of Disclosure Controls and Procedures ",
        "box": [
          58.5,
          326.148896,
          274.45000000000005,
          334.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under ",
        "box": [
          58.5,
          343.80889599999995,
          555.8700000000001,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Exchange Act) that are designed to ensure that information required to be disclosed in the company's reports under the ",
        "box": [
          58.5,
          355.30889599999995,
          555.8399999999998,
          363.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exchange Act is recorded, processed, and summarized and reported within the time periods specified in the SEC's rules ",
        "box": [
          58.5,
          366.80889599999995,
          555.9699999999999,
          375.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and forms, and that such information is accumulated and communicated to the company's management, including its Chief ",
        "box": [
          58.5,
          378.30889599999995,
          555.92,
          386.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. ",
        "box": [
          58.5,
          389.80889599999995,
          555.9499999999999,
          398.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Any  controls  and  procedures,  no  matter  how  well  designed  and  operated,  can  provide  only  reasonable  assurance  of ",
        "box": [
          58.5,
          401.30889599999995,
          555.9600000000003,
          409.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "achieving the desired control objectives. An evaluation of the effectiveness of the design and operation of our disclosure ",
        "box": [
          58.5,
          412.80889599999995,
          555.87,
          421.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the ",
        "box": [
          58.5,
          424.30889599999995,
          555.9600000000002,
          432.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "supervision  and  with  the  participation  of  our  management,  including  our  Chief  Executive  Officer  and  Chief  Financial ",
        "box": [
          58.5,
          435.80889599999995,
          555.94,
          444.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Officer.  Based  upon  this  evaluation,  our  Chief  Executive  Officer  and  Chief  Financial  Officer  have  concluded  that  our ",
        "box": [
          58.5,
          447.30889599999995,
          555.85,
          455.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed ",
        "box": [
          58.5,
          458.80889599999995,
          555.9400000000002,
          467.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by ",
        "box": [
          58.5,
          470.30889599999995,
          555.8699999999999,
          478.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SEC  rules  and  forms  and  (b)  include,  without  limitation,  controls  and  procedures  designed  to  ensure  that  information ",
        "box": [
          58.5,
          481.80889599999995,
          555.98,
          490.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to ",
        "box": [
          58.5,
          493.30889599999995,
          555.8499999999998,
          501.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  management,  including  our  Chief  Executive  Officer  and  Chief  Financial  Officer,  as  appropriate  to  allow  timely ",
        "box": [
          58.5,
          504.80889599999995,
          555.9899999999997,
          513.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decisions regarding required disclosure. ",
        "box": [
          58.5,
          516.308896,
          220.27000000000004,
          524.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in Internal Control Over Financial Reporting",
        "box": [
          58.5,
          545.648926,
          291.6600000000001,
          553.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There  have  been  no  changes  in  our  'internal  control  over  financial  reporting'  (as  defined  in  Rule  13a-15(f)  of  the ",
        "box": [
          58.5,
          563.308896,
          555.96,
          571.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exchange  Act)  that  occurred  during  our  most  recent  quarter  that  have  materially  affected,  or  are  reasonably  likely  to ",
        "box": [
          58.5,
          574.808896,
          555.9599999999998,
          583.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "materially affect, our internal control over financial reporting. ",
        "box": [
          58.5,
          586.308896,
          308.14000000000004,
          594.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 95,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "PART II. OTHER INFORMATION ",
        "box": [
          228.27,
          54.148926000000074,
          386.22000000000014,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 1.  ",
        "box": [
          58.5,
          77.14892600000007,
          100.13999999999999,
          85.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LEGAL PROCEEDINGS ",
        "box": [
          116.99999999999999,
          77.14892600000007,
          230.26,
          85.37722255618269
        ],
        "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. As of ",
        "box": [
          58.5,
          94.808896,
          555.9099999999999,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026, we were not involved in any material legal proceedings.",
        "box": [
          58.5,
          106.308896,
          343.20000000000005,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 1A.  ",
        "box": [
          58.5,
          126.64892600000007,
          107.35999999999999,
          134.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RISK FACTORS ",
        "box": [
          116.99999999999999,
          126.64892600000007,
          194.19000000000003,
          134.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There have been no material changes to the risk factors previously disclosed under 'Part I, Item 1A. Risk Factors' of our ",
        "box": [
          58.5,
          144.308896,
          555.95,
          152.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Annual Report on Form 10-K for the year ended December 31, 2025.",
        "box": [
          58.5,
          155.808896,
          335.76999,
          164.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 96,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "ITEM 2.  ",
        "box": [
          58.5,
          54.148926000000074,
          100.13999999999999,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS",
        "box": [
          116.99999999999999,
          54.148926000000074,
          471.8300000000005,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets forth information regarding repurchases of shares of our class A common stock during the three ",
        "box": [
          58.5,
          71.808896,
          555.8700300000002,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026:",
        "box": [
          58.5,
          83.308896,
          175.39000000000001,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Period",
        "box": [
          61.13,
          142.23315479999997,
          83.78600000000003,
          148.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Number of ",
        "box": [
          250.92,
          133.12310479999996,
          310.23199999999997,
          139.7057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares Purchased",
        "box": [
          249.03999,
          142.23315479999997,
          310.1119900000001,
          148.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average Price ",
        "box": [
          328.04001,
          133.12310479999996,
          378.2320100000001,
          139.7057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Paid per Share (1)",
        "box": [
          323.56,
          141.59194112,
          380.68320000000006,
          148.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Number of ",
        "box": [
          398.85999,
          105.79309479999995,
          458.17199,
          112.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares Purchased ",
        "box": [
          396.97,
          114.90313479999998,
          460.03400000000016,
          121.4857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as Part of Publicly ",
        "box": [
          396.07999,
          124.0131247999999,
          460.93599,
          130.59576204494613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Announced Plans or ",
        "box": [
          392.85999,
          133.12310479999996,
          464.14799000000005,
          139.7057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Programs (2)",
        "box": [
          407.59,
          141.59194112,
          447.4032,
          148.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Approximate Dollar ",
        "box": [
          476.60001,
          105.79309479999995,
          547.6880100000001,
          112.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value of Shares that ",
        "box": [
          476.38,
          114.90313479999998,
          547.8999999999999,
          121.4857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May Yet Be Purchased ",
        "box": [
          471.94,
          124.0131247999999,
          552.3399999999999,
          130.59576204494613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Under the Program",
        "box": [
          477.60001,
          133.12310479999996,
          544.6640100000001,
          139.7057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in thousands) (2)",
        "box": [
          480.78,
          141.59194112,
          541.46322,
          148.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 1 - April 30, 2026",
        "box": [
          61.13,
          154.808896,
          156.64,
          163.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          300.87,
          154.808896,
          305.87,
          163.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          319.88,
          154.808896,
          327.38,
          163.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          372.92,
          154.808896,
          380.42,
          163.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          452.37,
          154.808896,
          457.37,
          163.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          471.38,
          154.808896,
          478.88,
          163.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "148,822 ",
        "box": [
          516.92,
          154.808896,
          551.92,
          163.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 1 - May 31, 2026",
        "box": [
          61.13,
          169.808896,
          151.1,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,110",
        "box": [
          278.37,
          169.808896,
          310.87,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          319.88,
          169.808896,
          322.38,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17.92 ",
        "box": [
          360.42,
          169.808896,
          385.42,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,110",
        "box": [
          429.87,
          169.808896,
          462.37,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          169.808896,
          473.88,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "145,792 ",
        "box": [
          516.92,
          169.808896,
          551.92,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 1 - June 30, 2026",
        "box": [
          61.13,
          184.808896,
          151.09999999999997,
          193.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          300.87,
          184.808896,
          305.87,
          193.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          319.88,
          184.808896,
          322.38,
          193.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          372.92,
          184.808896,
          380.42,
          193.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          452.37,
          184.808896,
          457.37,
          193.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          184.808896,
          473.88,
          193.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "145,792 ",
        "box": [
          516.92,
          184.808896,
          551.92,
          193.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          73.13,
          199.808896,
          94.20999999999998,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,110",
        "box": [
          278.37,
          199.808896,
          310.87,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          319.88,
          199.808896,
          327.38,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17.92 ",
        "box": [
          360.42,
          199.808896,
          385.42,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,110",
        "box": [
          429.87,
          199.808896,
          462.37,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          471.38,
          199.808896,
          478.88,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "145,792 ",
        "box": [
          516.92,
          199.808896,
          551.92,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          225.558896,
          70.16,
          233.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The average price paid per share is calculated on a trade date basis and excludes associated commissions.",
        "box": [
          94.5,
          225.558896,
          515.2999999999998,
          233.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          237.058896,
          70.16,
          245.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In October 2025, our board of directors authorized the repurchase of up to $150.0 million of shares of our class A ",
        "box": [
          94.5,
          237.058896,
          555.8500100000002,
          245.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common  stock  under  our  repurchase  program.  Repurchases  may  be  made  from  time  to  time  in  open  market ",
        "box": [
          94.5,
          248.558896,
          555.86,
          256.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions,  in  privately  negotiated  transactions,  in  agreements  and  arrangements  structured  in  a  manner ",
        "box": [
          94.5,
          260.058896,
          555.9699999999999,
          268.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consistent with Rules 10b-18 and 10b5-1 under the Exchange Act or otherwise. The timing and the actual amounts ",
        "box": [
          94.5,
          271.558896,
          555.9299999999997,
          279.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchased  will  depend  on  a  variety  of  factors,  including  legal  requirements,  price  and  economic  and  market ",
        "box": [
          94.5,
          283.05889599999995,
          555.95,
          291.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a ",
        "box": [
          94.5,
          294.55889599999995,
          555.9100000000005,
          302.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "specified expiration date. See Note 14 to our consolidated financial statements and 'Part I. Item 2. Management's ",
        "box": [
          94.5,
          306.05889599999995,
          555.94,
          314.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - ",
        "box": [
          94.5,
          317.55889599999995,
          545.9800000000002,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Uses of Liquidity' for further information regarding this repurchase program.",
        "box": [
          94.5,
          329.05889599999995,
          404.74,
          337.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "95",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 97,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "ITEM 3.  ",
        "box": [
          58.5,
          55.698916000000054,
          100.13999999999999,
          63.92721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "DEFAULTS UPON SENIOR SECURITIES",
        "box": [
          116.99999999999999,
          55.698916000000054,
          304.97000000000014,
          63.92721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.97,
          54.374697200000014,
          307.97,
          64.24865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "None. ",
        "box": [
          58.5,
          74.10888599999998,
          85.14999999999999,
          82.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 4.  ",
        "box": [
          58.5,
          94.44891600000005,
          100.13999999999999,
          102.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MINE SAFETY DISCLOSURES ",
        "box": [
          116.99999999999999,
          94.44891600000005,
          261.65999999999997,
          102.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Not applicable. ",
        "box": [
          58.5,
          112.10888599999998,
          122.01999999999995,
          120.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 5.  ",
        "box": [
          58.5,
          132.44891600000005,
          100.13999999999999,
          140.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OTHER INFORMATION",
        "box": [
          116.99999999999999,
          132.44891600000005,
          229.96999999999997,
          140.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "None. ",
        "box": [
          58.5,
          150.10888599999998,
          85.15,
          158.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 98,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "ITEM 6.",
        "box": [
          61.13,
          57.898926000000074,
          97.76999999999998,
          66.12722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EXHIBITS ",
        "box": [
          118.88,
          57.898926000000074,
          169.68999999999997,
          66.12722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.1",
        "box": [
          61.13,
          88.808896,
          73.63,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indenture, dated May 19, 2026, among the Company, the Guarantors and The Bank of New York Mellon ",
        "box": [
          121.13,
          88.808896,
          544.3900000000002,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust Company, N.A., as trustee and collateral agent (filed as Exhibit 4.1 to the Registrant's Current ",
        "box": [
          121.13,
          98.808896,
          524.2699999999998,
          107.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Report on Form 8-K (File No. 1-14788) filed on May 19, 2026 and incorporated herein by reference)",
        "box": [
          121.13,
          108.808896,
          525.2400000000001,
          117.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.2",
        "box": [
          61.13,
          127.058896,
          73.63,
          135.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Form of 6.250% Senior Secured Notes due 2031 (included as Exhibit A to Exhibit 4.1).",
        "box": [
          121.13,
          127.058896,
          471.15,
          135.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.3",
        "box": [
          61.13,
          145.058896,
          73.63,
          153.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pledge and Security Agreement, dated as of May 19, 2026, by and among Blackstone Mortgage Trust, Inc., ",
        "box": [
          121.13,
          145.058896,
          553.2300000000001,
          153.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the other grantors from time to time party thereto and The Bank of New York Mellon Trust Company, ",
        "box": [
          121.13,
          155.058896,
          532.6600000000002,
          163.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N.A., as collateral agent (filed as Exhibit 4.3 to the Registrant's Current Report on Form 8-K (File No. ",
        "box": [
          121.13,
          165.058896,
          533.75,
          173.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1-14788) filed on May 19, 2026 and incorporated herein by reference).",
        "box": [
          121.13,
          175.058896,
          404.76,
          183.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.4",
        "box": [
          61.13,
          193.058896,
          73.63,
          201.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "First Lien Intercreditor Agreement, dated as of October 5, 2021, by and among Blackstone Mortgage ",
        "box": [
          121.13,
          193.058896,
          527.3700000000002,
          201.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust, Inc., JPMorgan Chase Bank, N.A., as agent under the Term Loan Credit Agreement, and The Bank ",
        "box": [
          121.13,
          203.058896,
          545.9800000000001,
          211.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of New York Mellon Trust Company, N.A., as trustee and notes collateral agent (filed as Exhibit 4.4 to the ",
        "box": [
          121.13,
          213.058896,
          550.68,
          221.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Report on Form 8-K (File No. 1-14788) filed on October 5, 2021 and incorporated herein by ",
        "box": [
          121.13,
          223.058896,
          526.6500000000001,
          231.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reference).",
        "box": [
          121.13,
          233.058896,
          164.10000000000008,
          241.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.5",
        "box": [
          61.13,
          250.808896,
          73.63,
          259.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Joinder No. 2 to First Lien Intercreditor Agreement, dated as of May 19, 2026, by and among Blackstone ",
        "box": [
          121.13,
          250.808896,
          544.07,
          259.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage Trust, Inc., the grantors party thereto and the other parties thereto (filed as Exhibit 4.5 to the ",
        "box": [
          121.13,
          260.808896,
          532.8799999999999,
          269.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Registrant's Current Report on Form 8-K (File No. 1-14788) filed on May 19, 2026 and incorporated ",
        "box": [
          121.13,
          270.808896,
          528.6,
          279.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "herein by reference).",
        "box": [
          121.13,
          280.80889599999995,
          204.06000000000012,
          289.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.1",
        "box": [
          61.13,
          298.80889599999995,
          78.63,
          307.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*",
        "box": [
          104.23,
          298.80889599999995,
          109.23,
          307.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Eighth Amendment to Master Repurchase Agreement, dated as of May 28, 2026, by and among Parlex 3A ",
        "box": [
          121.13,
          298.80889599999995,
          549.6200000000002,
          307.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD IE Issuer Designated Activity Company, Parlex 3A GBP IE Issuer Designated Activity Company, ",
        "box": [
          121.13,
          308.80889599999995,
          537.9700000000001,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Parlex 3A EUR IE Issuer Designated Activity Company, Parlex 3A SEK IE Issuer Designated Activity ",
        "box": [
          121.13,
          318.80889599999995,
          536.27,
          327.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company, Perpetual Corporate Trust Limited as Trustee of the Parlex 2022-1 Issuer Trust, Parlex 3A ",
        "box": [
          121.13,
          328.80889599999995,
          528.2099999999998,
          337.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FINCO, LLC, Barclays Bank PLC, Parlex 3A Finco, LLC, Parlex 3A UK Finco, LLC, Parlex 3A EUR ",
        "box": [
          121.13,
          338.80889599999995,
          535.2100000000003,
          347.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Finco, LLC, Parlex 3A SEK Finco, LLC, Silver Fin Sub TC PTY LTD, and Gloss Finco 1, LLC, and ",
        "box": [
          121.13,
          348.80889599999995,
          528.0500000000004,
          357.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Parlex 3A CAD Finco, LLC",
        "box": [
          121.13,
          358.80889599999995,
          234.10000000000005,
          367.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.2",
        "box": [
          61.13,
          376.80889599999995,
          78.63,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*",
        "box": [
          104.23,
          376.80889599999995,
          109.23,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amendment No. 3 to Guarantee Agreement, dated as of April 13, 2026, between Blackstone Mortgage ",
        "box": [
          121.13,
          376.80889599999995,
          534.3100000000002,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust, Inc. and Wells Fargo Bank, National Association and acknowledged and agreed by Parlex 5 Finco, ",
        "box": [
          121.13,
          386.80889599999995,
          545.1400000000001,
          395.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LLC and 42-16 Partners, LLC",
        "box": [
          121.13,
          396.80889599999995,
          241.86000000000004,
          405.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31.1",
        "box": [
          61.13,
          415.05889599999995,
          78.63,
          423.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*",
        "box": [
          104.23,
          415.05889599999995,
          109.23,
          423.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certification of Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of ",
        "box": [
          121.13,
          415.05889599999995,
          553.2800000000002,
          423.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2002",
        "box": [
          121.13,
          425.05889599999995,
          141.13,
          433.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31.2",
        "box": [
          61.13,
          442.80889599999995,
          78.63,
          451.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*",
        "box": [
          104.23,
          442.80889599999995,
          109.23,
          451.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of ",
        "box": [
          121.13,
          442.80889599999995,
          544.8100000000001,
          451.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2002 ",
        "box": [
          121.13,
          454.00890599999997,
          143.63,
          462.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32.1 +",
        "box": [
          61.13,
          472.05889599999995,
          86.77,
          480.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to ",
        "box": [
          121.13,
          472.05889599999995,
          524.6100000000001,
          480.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Section 906 of the Sarbanes-Oxley Act of 2002 ",
        "box": [
          121.13,
          483.25890599999997,
          313.19,
          491.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32.2 +",
        "box": [
          61.13,
          501.30889599999995,
          86.77,
          509.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to ",
        "box": [
          121.13,
          501.30889599999995,
          521.84,
          509.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Section 906 of the Sarbanes-Oxley Act of 2002 ",
        "box": [
          121.13,
          512.508906,
          313.19,
          520.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101.INS",
        "box": [
          61.13,
          530.558896,
          94.74,
          538.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "XBRL Instance Document - the instance document does not appear in the interactive data file because its ",
        "box": [
          121.13,
          530.558896,
          553.27,
          538.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "XBRL tags are embedded within the inline XBRL document",
        "box": [
          121.13,
          541.958926,
          363.6300000000001,
          550.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101.SCH",
        "box": [
          61.13,
          559.808896,
          98.07,
          568.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inline XBRL Taxonomy Extension Schema Document With Embedded Linkbase Documents",
        "box": [
          121.13,
          559.808896,
          494.90000000000003,
          568.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101.CAL",
        "box": [
          61.13,
          577.808896,
          98.61999999999999,
          586.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inline XBRL Taxonomy Extension Calculation Linkbase Document",
        "box": [
          121.13,
          577.808896,
          393.61,
          586.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101.DEF",
        "box": [
          61.13,
          595.808896,
          97.50999999999999,
          604.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inline XBRL Taxonomy Extension Definition Linkbase Document",
        "box": [
          121.13,
          595.808896,
          388.64,
          604.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101.LAB",
        "box": [
          61.13,
          613.808896,
          98.61999999999999,
          622.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inline XBRL Taxonomy Extension Label Linkbase Document",
        "box": [
          121.13,
          613.808896,
          370.31000000000006,
          622.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101.PRE",
        "box": [
          61.13,
          631.808896,
          96.96,
          640.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inline XBRL Taxonomy Extension Presentation Linkbase Document",
        "box": [
          121.13,
          631.808896,
          396.96,
          640.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "104",
        "box": [
          61.13,
          649.808896,
          76.13,
          658.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)",
        "box": [
          121.13,
          649.808896,
          483.7300000000001,
          658.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "___________",
        "box": [
          58.5,
          666.058896,
          113.5,
          674.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*    Filed herewith.",
        "box": [
          58.5,
          690.448916,
          135.97999999999996,
          698.6772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+    This exhibit shall not be deemed 'filed' for purposes of Section 18 of the Exchange Act or otherwise subject to the ",
        "box": [
          58.5,
          704.248906,
          538.6700000000001,
          712.4772025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act or the ",
        "box": [
          76.5,
          716.658936,
          544.55,
          724.8872325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exchange Act.",
        "box": [
          76.5,
          728.158936,
          135.31,
          736.3872325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 99,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other ",
        "box": [
          58.5,
          65.50890600000002,
          555.96,
          73.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely ",
        "box": [
          58.5,
          77.00890600000002,
          555.9600000000002,
          85.23720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on  them  for  that  purpose.  In  particular,  any  representations  and  warranties  made  by  us  in  these  agreements  or  other ",
        "box": [
          58.5,
          88.50890600000002,
          555.9200000000001,
          96.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "documents were made solely within the specific context of the relevant agreement or document and may not describe the ",
        "box": [
          58.5,
          100.00890600000002,
          555.9599999999999,
          108.23720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "actual state of affairs as of the date they were made or at any other time.",
        "box": [
          58.5,
          111.50890600000002,
          346.41,
          119.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 100,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "SIGNATURES ",
        "box": [
          273.51001,
          54.148926000000074,
          340.99001000000015,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be ",
        "box": [
          82.98,
          77.808896,
          555.9099999999999,
          86.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "signed on its behalf by the undersigned thereunto duly authorized. ",
        "box": [
          58.5,
          89.308896,
          325.19000000000005,
          97.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          100.87469720000001,
          61.5,
          110.74865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BLACKSTONE MORTGAGE TRUST, INC.",
        "box": [
          286.88,
          118.35888599999998,
          470.9200000000005,
          126.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 30, 2026",
        "box": [
          84.38,
          149.02892600000007,
          138.54,
          157.25722255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "/s/ Timothy S. Johnson",
        "box": [
          286.88,
          148.35888599999998,
          379.0599999999999,
          156.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date",
        "box": [
          84.38,
          163.35888599999998,
          103.23999999999998,
          171.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Timothy S. Johnson",
        "box": [
          286.88,
          163.35888599999998,
          367.12999999999994,
          171.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chief Executive Officer",
        "box": [
          286.88,
          178.35888599999998,
          382.84,
          186.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Principal Executive Officer)",
        "box": [
          286.88,
          193.35888599999998,
          403.3699999999999,
          201.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 30, 2026",
        "box": [
          84.38,
          224.02892600000007,
          138.54,
          232.25722255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "/s/ Marcin Urbaszek",
        "box": [
          286.88,
          223.35888599999998,
          367.88999999999993,
          231.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date",
        "box": [
          84.38,
          238.35888599999998,
          103.23999999999998,
          246.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Marcin Urbaszek",
        "box": [
          286.88,
          238.35888599999998,
          355.96,
          246.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chief Financial Officer",
        "box": [
          286.88,
          253.35888599999998,
          380.06999999999994,
          261.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Principal Financial Officer and ",
        "box": [
          286.88,
          268.358886,
          416.6999999999999,
          276.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal Accounting Officer)",
        "box": [
          286.88,
          279.758906,
          406.7299999999999,
          287.9872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  }
]