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        "text": "First Quarter 2026 Earnings ",
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        "text": "Presentation",
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        "text": "Exhibit 99.2",
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        "text": "OARES",
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        "text": "Disclaimer ",
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        "text": "Statements included herein may constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, which may relate to future events or the future performance or financial condition of Ares ",
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        "text": "Commercial Real Estate Corporation ('ACRE' or, the 'Company'), Ares Commercial Real Estate Management LLC ('ACREM' or the Company's \"Manager\"), a subsidiary of Ares Management Corporation ('Ares Corp.'), Ares Corp., certain of their subsidiaries and certain funds and accounts managed by ",
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        "text": "ACREM, Ares Corp. and/or their subsidiaries, including, without limitation, ACRE. These statements include, but are not limited to, statements about potential earnings, the resolution of underperforming loans, increased investment activity, liquidity management, reduction or increase of CECL reserve, ",
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        "text": "reduction or increase of available borrowings, the industry and the loan market and are not guarantees of future results or financial condition and involve a number of risks and uncertainties. Actual results could differ materially from those in the forward-looking statements as a result of a number of factors, ",
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        "text": "including global economic trends and economic conditions, including slower growth, changes to fiscal and monetary policy, inflation, labor shortages, changing interest rates, foreign currency exchange volatility and uncertainties caused by tariffs and trade disputes, as well as geopolitical instability, changes ",
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        "text": "in interest rates and credit spreads, management's estimate of current expected credit losses and current expected credit loss reserve, the amount of commercial mortgage loans requiring refinancing, the demand for commercial real estate loans, the Company's expected investment capacity and available ",
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        "text": "capital, rates of default or decreased recovery rates on the Company's target investments, the Company's business and investment strategy, the Company's projected operating results, the ability of Ares Commercial Real Estate Management LLC to locate suitable investments for the Company, monitor, ",
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        "text": "service and administer the Company's investments and execute its investment strategy, and other risks described from time to time in ACRE's filings within the Securities and Exchange Commission ('SEC'). Any forward-looking statement, including any contained herein, speaks only as of the time of this ",
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        "text": "release and none of ACRE, ARES Corp. nor ACREM undertakes any duty to update any forward-looking statements made herein. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws. ",
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        "text": "Ares Corp. is the parent to several registered investment advisers, including Ares Management LLC ('Ares Management') and ACREM.  Collectively, Ares Corp., its affiliated entities, and all underlying subsidiary entities shall be referred to as 'Ares' unless specifically noted otherwise.  For a discussion ",
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        "text": "regarding potential risks on ACRE, see Part I., Item 7. 'Management's Discussion and Analysis of Financial Condition and Results of Operations' and Part I., Item 1A. 'Risk Factors' in ACRE's Annual Report on Form 10-K and Part II, Item 1A. \"Risk Factors\" in ACRE's subsequent Quarterly Reports on ",
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        "text": "Form 10-Q.",
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        "text": "The information contained in this presentation is summary information that is intended to be considered in the context of ACRE's SEC filings and other public announcements that ACRE, ACREM or Ares may make, by press release or otherwise, from time to time. ACRE, ACREM and Ares undertake no ",
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        "text": "duty or obligation to publicly update or revise the forward-looking statements or other information contained in this presentation. These materials contain information about ACRE, ACREM and Ares, and certain of their respective personnel and affiliates, information about their respective historical ",
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        "text": "performance and general information about the market. You should not view information related to the past performance of ACRE, ACREM or Ares or information about the market, as indicative of future results, the achievement of which cannot be assured.",
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        "text": "Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by ACRE or any other fund or account managed by ACREM or Ares, or as legal, accounting or tax advice. None of ACRE, ACREM, Ares or any affiliate of ACRE, ACREM or Ares makes any ",
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      {
        "text": "representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. Certain information set forth herein includes estimates and ",
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        "text": "projections and involves significant elements of subjective judgment and analysis. Further, such information, unless otherwise stated, is before giving effect to management and incentive fees and deductions for taxes. No representations are made as to the accuracy of such estimates or projections or that ",
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        "text": "all assumptions relating to such estimates or projections have been considered or stated or that such estimates or projections will be realized.",
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        "text": "In addition, in light of the various investment strategies of such other investment partnerships, funds and/or pools, it is noted that such other investment programs may have portfolio investments inconsistent with those of the investment vehicle or strategy discussed herein. ",
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      {
        "text": "These materials are not intended as an offer to sell, or the solicitation of an offer to purchase, any security, the offer and/or sale of which can only be made by definitive offering documentation. Any offer or solicitation with respect to any securities that may be issued by ACRE will be made only by means of ",
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      {
        "text": "definitive offering memoranda or prospectus, which will be provided to prospective investors and will contain material information that is not set forth herein, including risk factors relating to any such investment. ",
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        "text": "For the definitions of certain terms used in this presentation, please refer to the \"Glossary\" slide in the appendix.",
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      {
        "text": "This presentation may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor's. Such information has not been independently verified and, accordingly, ACRE makes no representation or warranty in respect of this information. Reproduction ",
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      {
        "text": "and distribution of third party content in any form is prohibited except with the prior written permission of the related third party.  Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or ",
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      {
        "text": "omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content.  THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR ",
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        "text": "FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR ",
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      {
        "text": "LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations ",
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      {
        "text": "to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.",
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        "text": "2",
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      {
        "text": "\u00d8ARES",
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        "text": "Q1 2026 Company Results and Highlights",
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        "text": "As of March 31, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. ",
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        "text": "See relevant endnotes on page 23.",
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        "text": "Earnings and Results",
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        "text": "\u2022 GAAP net income (loss) of $(9.6) million or $(0.17) per diluted common share",
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        "text": "\u2022 Distributable Earnings of $3.2 million or $0.06 per diluted common share 1",
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        "text": "\u2022 Distributable Earnings of $6.5 million or $0.12  per diluted common share, excluding a realized loss of $3.3 million or $0.06 per diluted common share 1",
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        "text": "\u2022 Book value of $492 million or $8.89 per common share (or $11.39 per common share excluding CECL reserve) 2",
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        "text": "\u2022 $138 million CECL reserve representing 8% of outstanding principal balance of loans held for investment",
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      {
        "text": "Progress and Positioning",
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        "text": "Further reduced risk rated 4 and 5 loans and continued addressing office loans and REO properties",
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        "text": "\u2022 Reduced risk rated 4 and 5 loans to $368 million at Q1 2026 driven by the exit of the $28 million risk rated 5 Pennsylvania multifamily loan 3",
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        "text": "\u2022 There were no negative credit migrations in the risk ratings across the portfolio in Q1 2026",
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        "text": "\u2022 Reclassified the $53 million North Carolina REO office property as held for sale at its carrying amount 4",
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        "text": "Continued to maintain moderate leverage profile and flexible balance sheet position in order to support asset resolutions and continued investing activity",
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        "text": "\u2022 Collected $94 million of repayments in Q1 2026",
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        "text": "\u2022 Increased borrowing capacity by $300 million through the upsize of two secured funding facilities",
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        "text": "\u2022 Redeemed the FL4 CLO through available borrowing capacity on existing secured funding facilities",
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        "text": "\u2022 Available capital of $163 million supports continued asset resolutions and investment objectives 5",
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        "text": "Investment Activity",
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        "text": "Continued investment activity further diversifying and expanding the portfolio to support earnings ",
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        "text": "\u2022 Closed three senior loans totaling $294 million in commitments in Q1 2026 (includes a $144 million loan collateralized by a retail property of which $75 million is ",
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        "text": "classified as held for investment and $69 million is classified as held for sale)",
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        "text": "\u2022 Increased total loans held for investment portfolio to $1.7 billion in Q1 2026, an increase of $110 million QoQ 3",
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        "text": "\u2022 All new loan commitments originated in Q1 2026 were co-investments alongside other Ares managed funds 6",
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        "text": "\u2022 Subsequent to quarter end, closed two senior loans totaling $95 million in commitments collateralized by multifamily and self storage properties",
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        "text": "Dividends",
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        "text": "\u2022 Declared cash dividend of $0.15 per common share for shareholders for Q2 2026, which equates to an annualized implied dividend yield of approximately 11% to ",
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        "text": "our stock price as of May\u00a04, 2026 7",
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        "text": "3",
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        "text": "\u00a9ARES",
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        "text": "Portfolio Overview",
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        "text": "As of March 31, 2026, unless otherwise noted. Past performance may not be indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Values related to loans held for investment are based on carrying value, which excludes the CECL ",
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        "text": "reserve. Loans held for sale are based on carrying amount. REO properties are held at carrying amount net of accumulated depreciation and amortization.The North Carolina office property was reclassified as held for sale in Q1 2026 and therefore did not accumulate additional ",
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      {
        "text": "depreciation and amortization in Q1 2026. 2) Income yield is calculated as the annualized property level net operating income for the three months ended March 31, 2026 (excluding non-recurring items) divided by the carrying amount. 3) As of March 31, 2026, the outstanding principal ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance of the portion of the loan held for sale was $61 million with a per annum interest rate of SOFR plus 2.75% and a maturity date of March 2029. 4) Does not include loan commitments held for sale. 5) REO includes REO held for investment and REO held for sale.",
        "box": [
          90.0,
          519.6334276,
          866.5519999999997,
          526.6571340427276
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portfolio Highlights",
        "box": [
          36.33,
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          161.168,
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        "confidence": 1.0
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      {
        "text": "$1.8 billion total portfolio comprised of loans held for investment, REO properties and a loan held for sale 1",
        "box": [
          36.33,
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          562.26139,
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        "confidence": 1.0
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      {
        "text": "\u2022 Risk rated 1-3 loans (ex. office): Represent 59% of the total portfolio including a majority of loans collateralized by multifamily and industrial properties ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u2022 Risk rated 1-3 office loans: Continued to perform with stable to improving leasing trends and continued sponsor support",
        "box": [
          37.33,
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          629.8130000000002,
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        "confidence": 1.0
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      {
        "text": "\u2022 Risk rated 4 and 5 loans: The two largest loans represent 93% of the four risk rated 4 and 5 loans ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u2022 REO: Both properties have income yields of 9% or greater 2",
        "box": [
          37.33,
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        "confidence": 1.0
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      {
        "text": "\u2022 Loan held for sale: Collateralized by a retail property and is classified as held for sale 3",
        "box": [
          37.33,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRE's Total Portfolio",
        "box": [
          38.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in millions)",
        "box": [
          38.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rated 1-3 Loans",
        "box": [
          203.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ex. Office) 4",
        "box": [
          223.75999,
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          277.98449,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rated 1-3 Office ",
        "box": [
          325.07999,
          258.88,
          423.10998999999987,
          267.87269230769226
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans 4",
        "box": [
          357.16,
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          389.0845,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Risk Rated 4 and 5 ",
        "box": [
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      {
        "text": "Loans 4",
        "box": [
          479.41,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "REO 5",
        "box": [
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      {
        "text": "Loan Held for Sale",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Total ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans\u00a0or\u00a0REO\u00a0Properties",
        "box": [
          38.63,
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          147.48999999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          244.96001,
          293.38,
          256.78001,
          302.3726923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          370.23001,
          293.38,
          376.01000999999997,
          302.3726923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          492.23001,
          293.38,
          498.52001,
          302.3726923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          614.81,
          293.38,
          620.43,
          302.3726923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          738.21997,
          293.38,
          741.5299699999999,
          302.3726923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38",
        "box": [
          855.81,
          293.38,
          867.6899999999999,
          302.3726923076923
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Carrying Amount 1",
        "box": [
          38.63,
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          117.6515,
          327.1226923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,065",
        "box": [
          236.97,
          318.13,
          266.65999999999997,
          327.1226923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$270",
        "box": [
          362.47,
          318.13,
          385.66,
          327.1226923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$294",
        "box": [
          484.29001,
          318.13,
          508.34001,
          327.1226923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$130",
        "box": [
          607.83002,
          318.13,
          629.30002,
          327.1226923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$61",
        "box": [
          733.09003,
          318.13,
          748.54003,
          327.1226923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,820",
        "box": [
          848.02002,
          318.13,
          877.3500200000001,
          327.1226923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59% 1",
        "box": [
          241.56,
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          264.0215,
          215.83268230769227
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15% 1",
        "box": [
          362.64001,
          201.43849999999998,
          382.21153,
          211.0926923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16% 1",
        "box": [
          487.84,
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          507.83149,
          210.3426923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7% 1",
        "box": [
          604.78003,
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          620.5515200000001,
          207.64268230769227
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100% 1",
        "box": [
          839.66998,
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          866.1414900000001,
          209.77268230769226
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chicago Office (Risk Rated 5)",
        "box": [
          38.63,
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          173.21999999999997,
          375.95270230769233
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Brooklyn Residential/Condo (Risk Rated 4)",
        "box": [
          481.13,
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          375.95270230769233
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2022 Carrying Value: $138 million",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2022 Q1 2026 Update: Occupancy is over 90% with a weighted average ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "lease term of eight years. The borrower continues to engage in a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "potential sale process",
        "box": [
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      {
        "text": "\u2022 Carrying Value: $136 million",
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        "confidence": 1.0
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      {
        "text": "\u2022 Q1 2026 Update: Project nearing completion with cost and timing ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "adjustments. Pre-sale activity is underway",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Progress on Largest Risk Rated 4 and 5 Loans ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3% 1",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OARES",
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        "from_ocr": true,
        "confidence": 0.95006
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    ]
  },
  {
    "page_no": 5,
    "width": 960.0,
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    "cells": [
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        "text": "Founded",
        "box": [
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      {
        "text": "1997",
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      {
        "text": "AUM",
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      {
        "text": "$644 billion",
        "box": [
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      {
        "text": "Employees",
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        "text": "4,400+",
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        "text": "Investment Professionals",
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        "text": "1,655+",
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      {
        "text": "Global Offices",
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        "text": "60+ 1",
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      {
        "text": "Direct Institutional Relationships",
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        "text": "2,900+",
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      {
        "text": "Listing: NYSE - Market Capitalization",
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      {
        "text": "$37 billion 2",
        "box": [
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      {
        "text": "Ares Management is a Global Leader",
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      {
        "text": "With approximately $644 billion in assets under management, Ares Management Corporation is a global alternative investment manager ",
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        "text": "operating an integrated platform across five business groups",
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      {
        "text": "5",
        "box": [
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        "text": "As of March 31, 2026. Ares AUM includes funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. Past performance is not indicative of future results. ",
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      {
        "text": "1) Only counts one location per metro area. Includes only offices that Ares has leased or acquired. Does not include legacy GCP International locations where Ares is not acquiring the leases. 2) As of April 28, 2026. 3) New Delhi office is operated by a third party with whom ",
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      {
        "text": "Ares Asia maintains an ongoing relationship relating to the sourcing, acquisition and/or management of investments. 4) Includes Ares Insurance Solutions, our dedicated, in-house team that provides solutions to insurance clients and the Ares AI and Innovation / Venture ",
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      {
        "text": "Capital Groups. 5) Risk adjusted returns do not guarantee against loss of capital. 6) Reflective of the current underlying companies and properties within Secondaries Group active Private Equity, Real Estate and Infrastructure commingled funds. 7) $86.5 billion in AUM ",
        "box": [
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      {
        "text": "represents investments by insurance companies in various Ares' funds, SMAs and co-investments versus one discrete insurance platform. The AUM for these investments is included across each of our investment strategies and presented within other businesses to ",
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        "from_ocr": false,
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      {
        "text": "demonstrate the scale of our aggregated insurance platform.",
        "box": [
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Power of a broad and scaled ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "platform enhancing ",
        "box": [
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      {
        "text": "investment capabilities ",
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        "text": "\u2022",
        "box": [
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      {
        "text": "20+ year track record of ",
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        "confidence": 1.0
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      {
        "text": "attractive risk adjusted returns ",
        "box": [
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      {
        "text": "through market cycles 5",
        "box": [
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      {
        "text": "The Ares Differentiators",
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      {
        "text": "Overview",
        "box": [
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      {
        "text": "\u2022",
        "box": [
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        "text": "12,000+ companies 6",
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        "text": "115+ companies",
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        "text": "$86.5 billion 7",
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      {
        "text": "\u00a9ARES",
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  {
    "page_no": 6,
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      {
        "text": "Ares Real Estate is a Global Investment Manager and Operator",
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      {
        "text": "The performance, awards noted herein relate only to selected funds/strategies and may not be representative of any given client's experience and should not be viewed as indicative of Ares' past performance or its funds' future performance. Data as of March 31, 2026, unless ",
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        "text": "otherwise indicated. 1) Investment Professionals include Investment Management, Portfolio Management and Development personnel as of March 31, 2026. 2) Operating Professionals include Asset Management, Construction Management, Property Management, Debt ",
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        "text": "Capital Markets, Due Diligence & Quantitative Development personnel as of March 31, 2026. 3) Residential includes Multifamily, Single-Family Rental (SFR) and Senior Housing units.",
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        "text": "~$117 billion",
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        "text": "Real Estate Q1 2026 AUM",
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      {
        "text": "~360",
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        "text": "Investment Professionals 1",
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        "text": "~360",
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        "text": "Operating Professionals 2",
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      {
        "text": "~4,000",
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        "text": "Global Real Estate Properties",
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        "text": "~770 million",
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        "text": "Global Portfolio Square Feet",
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        "text": "105 thousand+ | 645 million+",
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        "text": "Residential Units 3  | Logistics Square Feet",
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        "text": "Competitive Edge Delivers Demonstrated Performance",
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        "text": "Core/",
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        "text": "Scale and global reach yield real-time",
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        "text": "enables us to adapt to market changes",
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        "text": "and vehicle types differentiate us from",
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        "text": "and positions us strongly for",
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          302.6666666666667,
          437.0
        ],
        "from_ocr": true,
        "confidence": 0.99998
      },
      {
        "text": "\u00a9ARES",
        "box": [
          31.666666666666668,
          488.6666666666667,
          83.66666666666666,
          509.0
        ],
        "from_ocr": true,
        "confidence": 0.89656
      }
    ]
  },
  {
    "page_no": 7,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "Office loans measured by outstanding principal balance was flat QoQ and decreased 24% YoY",
        "box": [
          43.08,
          75.86599000000001,
          628.4340000000005,
          88.45575923076922
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office Loans Progress",
        "box": [
          43.2,
          47.759979999999985,
          336.64,
          74.63998000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise noted. Past performance is not indicative of future results.",
        "box": [
          97.2,
          497.4734476,
          380.9140000000008,
          504.4971540427277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office Loans QoQ and YoY as Measured by Outstanding Principal Balance",
        "box": [
          40.51,
          155.57798000000003,
          447.20199999999994,
          166.3692107692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in millions)",
        "box": [
          40.51,
          169.978,
          108.74199999999998,
          180.76923076923077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          919.33002,
          497.66099,
          924.09102,
          505.7544130769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$830",
        "box": [
          120.80133814085406,
          230.07938108195367,
          147.38006539105615,
          239.97089320736967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$780",
        "box": [
          285.8863324475532,
          242.8293813675537,
          311.8145047151151,
          252.7208934929697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$585",
        "box": [
          451.7217130938519,
          290.07938242415366,
          477.57434810281603,
          299.9708945495697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$447",
        "box": [
          616.8067074023519,
          323.8293831783536,
          642.9907486795983,
          333.7208953037697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$447",
        "box": [
          781.8917017090511,
          323.8293831783536,
          808.0757429862974,
          333.7208953037697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1 2023",
        "box": [
          113.32749021630744,
          454.3293860943537,
          153.7974882880727,
          464.2208982197697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1 2024",
        "box": [
          278.5625617884052,
          454.3293860943537,
          319.48377166740687,
          464.2208982197697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1 2025",
        "box": [
          443.54750459024126,
          454.3293860943537,
          483.907451001705,
          464.2208982197697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q4 2025",
        "box": [
          607.3718498560661,
          454.3293860943537,
          651.0038313218001,
          464.2208982197697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1 2026",
        "box": [
          773.8575653118885,
          454.3293860943537,
          814.6797286966188,
          464.2208982197697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ARES",
        "box": [
          45.0,
          492.0,
          81.0,
          506.3333333333333
        ],
        "from_ocr": true,
        "confidence": 0.99988
      }
    ]
  },
  {
    "page_no": 8,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "Balance Sheet and Capital Position ",
        "box": [
          36.0,
          45.71999999999997,
          503.712,
          72.60000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provides Flexibility",
        "box": [
          36.0,
          75.11999999999995,
          291.5,
          102.0
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maintained balance sheet flexibility which supports the ability to resolve risk rated 4 and 5 loans and  ",
        "box": [
          36.0,
          100.01598999999999,
          658.5100000000007,
          112.6057592307692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "continued investment activity",
        "box": [
          36.0,
          115.96600000000001,
          219.07799999999997,
          128.55576923076922
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Total outstanding ",
        "box": [
          90.0,
          463.9334376,
          656.7600000000007,
          470.9571440427277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings is based on total outstanding principal balance. 2) Net debt to equity ratio (excluding CECL reserve) is calculated as (i) $1.3 billion outstanding principal of borrowings less $86 million ",
        "box": [
          90.0,
          472.5734276,
          656.85403,
          479.5971340427277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of cash, (ii) divided by the sum of total stockholders' equity of $492 million plus CECL reserve of $138 million. Net debt to equity ratio including CECL reserve is 2.4x as of March 31, 2026. Total ",
        "box": [
          90.0,
          481.2134376,
          656.6839799999998,
          488.23714404272766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt to equity ratio excluding CECL reserve is 2.0x and including CECL reserve is 2.6x as of March 31, 2026. Please see prior earnings presentations for calculations of net debt to equity ratio for ",
        "box": [
          90.0,
          489.85342760000003,
          656.8539899999996,
          496.8771340427277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prior periods. 3) As of March 31, 2026, includes $86 million of cash and approximately $77 million of available financing proceeds under our secured funding agreements. ",
        "box": [
          90.0,
          498.4934376,
          582.2299800000015,
          505.5171440427277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments on Loans Held for Investment",
        "box": [
          686.40002,
          133.55802,
          920.5920200000003,
          144.34925076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$94 million in Q1 2026",
        "box": [
          726.16998,
          206.29402,
          884.2399999999999,
          220.6823276923077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Available Capital 3",
        "box": [
          686.40002,
          294.04418,
          783.76782,
          305.62922076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$163 million",
        "box": [
          763.33002,
          367.57399,
          847.1380200000001,
          381.96229769230774
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "box": [
          918.69,
          497.66099,
          924.09,
          505.7544130769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Continued to Maintain Balance Sheet Flexibility",
        "box": [
          36.0,
          147.95799,
          298.848,
          158.74922076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in millions)",
        "box": [
          36.0,
          161.83999,
          92.86,
          170.83268230769227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$946",
        "box": [
          93.04070641278923,
          268.888531503797,
          120.14156578212238,
          278.7916051712272
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$889",
        "box": [
          212.37586851536292,
          276.3972979317934,
          238.94587396075656,
          286.3003715992236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$811",
        "box": [
          334.71317306090464,
          286.90957093098837,
          355.1398227309391,
          296.8126445984185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,048",
        "box": [
          448.04405027754234,
          255.37275193340355,
          481.04910421140335,
          265.27582560083374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,272",
        "box": [
          568.8802836016,
          226.08856286601986,
          599.5752932318841,
          235.99163653345005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.2x",
        "box": [
          98.2944556879832,
          353.7375921365517,
          115.3793713651107,
          363.64066580398196
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.2x",
        "box": [
          217.6296177905569,
          353.7375921365517,
          234.7145334676844,
          363.64066580398196
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.1x",
        "box": [
          337.7153155038726,
          358.9937286361492,
          352.25853378361955,
          368.8968023035794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.6x",
        "box": [
          455.5494063849623,
          332.7130461381619,
          473.2752517401718,
          342.6161198055921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.9x",
        "box": [
          574.8845684875361,
          316.94463664117166,
          592.6104138427455,
          326.8477103086019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Outstanding Borrowings",
        "box": [
          194.3630138593563,
          441.3306763650463,
          327.75012759277183,
          450.3336547645995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Debt to Equity Excluding CECL",
        "box": [
          355.72817015987926,
          441.3306763650463,
          509.96163384120155,
          450.3336547645995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1 2025",
        "box": [
          85.61540743999173,
          415.3094768425177,
          125.98338257971258,
          425.2125505099479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q2 2025",
        "box": [
          203.67966256848564,
          415.3094768425177,
          246.58933400485148,
          425.2125505099479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q3 2025",
        "box": [
          322.8747247003306,
          415.3094768425177,
          366.064833829044,
          425.2125505099479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q4 2025",
        "box": [
          442.3599939264937,
          415.3094768425177,
          486.00065502026627,
          425.2125505099479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1 2026",
        "box": [
          563.096155819214,
          415.3094768425177,
          603.9264398801548,
          425.2125505099479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          328.84,
          439.51300000000003,
          331.157,
          445.80788461538464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          511.22,
          438.72299,
          515.154,
          445.01787461538464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00d8ARES",
        "box": [
          32.0,
          489.0,
          83.66666666666666,
          508.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.86288
      }
    ]
  },
  {
    "page_no": 9,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "Trends in CECL Reserves",
        "box": [
          43.2,
          47.759979999999985,
          379.87199999999996,
          74.63998000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided.",
        "box": [
          87.59,
          495.3134476,
          591.2800000000011,
          502.33715404272766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trends in CECL Reserves",
        "box": [
          43.2,
          47.26998999999995,
          379.87199999999996,
          74.14999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in CECL Reserve Q1 2026",
        "box": [
          36.0,
          147.20799,
          221.86400000000003,
          157.99922076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in millions)",
        "box": [
          36.0,
          161.08999,
          92.86,
          170.08268230769227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q4 2025 CECL Reserve",
        "box": [
          75.15,
          410.58799,
          201.63400999999996,
          421.37922076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reversal of CECL Reserve ",
        "box": [
          238.62,
          410.58799,
          379.0919999999999,
          421.37922076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Due to Exits",
        "box": [
          276.37,
          424.98801000000003,
          338.64999999999986,
          435.7792407692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Increase in CECL Reserve ",
        "box": [
          397.45999,
          410.58799,
          558.51199,
          421.37922076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on Existing Loans",
        "box": [
          430.62,
          424.98801000000003,
          522.6839999999999,
          435.7792407692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact from ",
        "box": [
          612.85999,
          410.58799,
          681.30799,
          421.37922076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New Loan Commitments",
        "box": [
          579.28003,
          424.98801000000003,
          712.2760300000001,
          435.7792407692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1 2026 CECL Reserve",
        "box": [
          753.17999,
          410.58799,
          876.6039900000002,
          421.37922076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          918.96997,
          497.53099,
          924.54997,
          505.6244130769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$127",
        "box": [
          121.53312896258065,
          211.72644233034555,
          143.71146108404878,
          221.6293851805496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(2)",
        "box": [
          293.34967749090777,
          235.0033107712274,
          311.75672106838636,
          244.90625362143146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$11",
        "box": [
          465.9165166242014,
          199.71257474795493,
          479.73349162973074,
          209.615517598159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2",
        "box": [
          637.7330651543291,
          197.45997457805873,
          650.4501635294099,
          207.3629174282628
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$138",
        "box": [
          802.7969982379577,
          197.45997457805873,
          826.0369447086047,
          207.3629174282628
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a9ARES",
        "box": [
          32.0,
          488.6666666666667,
          83.66666666666666,
          508.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.93725
      }
    ]
  },
  {
    "page_no": 10,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "CECL reserve related to ",
        "box": [
          357.42999,
          252.736,
          477.51879,
          262.71999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk rated 4 and 5 loans:",
        "box": [
          357.73001,
          271.93598,
          474.65720999999996,
          281.91997999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94%",
        "box": [
          392.63,
          294.25602,
          439.5938,
          316.72002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve",
        "box": [
          36.0,
          48.25,
          225.084,
          75.13000000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Total CECL Reserve includes reserve on both the outstanding balances and unfunded ",
        "box": [
          90.0,
          490.10342760000003,
          890.929999999999,
          497.1271340427277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments on loans held for investment. 2) Percentages are based on outstanding principal balance of loans held for investment.",
        "box": [
          90.0,
          498.7434376,
          471.32000000000164,
          505.7671440427277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$138 million",
        "box": [
          73.86,
          158.37998,
          236.036,
          185.25998000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          139.31,
          194.906,
          170.45999999999998,
          207.4957692307692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve 1",
        "box": [
          108.89,
          210.77987000000002,
          200.8521,
          224.2957592307692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8%",
        "box": [
          135.16,
          345.13000999999997,
          174.612,
          372.01000999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " CECL Reserve as a Percent of Loans ",
        "box": [
          40.9,
          381.656,
          272.012,
          394.24576923076927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Held for Investment 2",
        "box": [
          91.05,
          397.52989,
          218.69420000000002,
          411.04575923076925
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          915.41998,
          497.66099,
          924.1049800000001,
          505.7544130769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve by Risk Rating",
        "box": [
          357.04999,
          136.99799000000002,
          516.4819899999999,
          147.78922076923078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve by Property Type",
        "box": [
          688.23999,
          136.99799000000002,
          865.0719900000001,
          147.78922076923078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve related to ",
        "box": [
          679.28003,
          246.546,
          799.36883,
          256.53
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "office and residential/",
        "box": [
          683.42999,
          265.74598,
          792.6091899999999,
          275.72997999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condo loans:",
        "box": [
          707.09003,
          284.94599,
          768.9180299999999,
          294.92999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89%",
        "box": [
          713.95001,
          307.40999999999997,
          761.97401,
          330.45
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54%",
        "box": [
          818.3082446785536,
          287.35223580524814,
          838.7087858798105,
          296.35813701242705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35%",
        "box": [
          640.9642735946927,
          295.78461000518644,
          660.9550730309373,
          304.79051121236535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11%",
        "box": [
          702.1683255677497,
          191.70308653320922,
          717.1184886126606,
          200.70898774038812
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          881.7606599589344,
          236.02960918376488,
          908.9830464056492,
          245.03551039094378
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential/",
        "box": [
          881.7606599589344,
          270.5811482317166,
          934.8454655040646,
          279.5870494388955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condo",
        "box": [
          881.7606599589344,
          282.59907557338573,
          912.1822253007762,
          291.6049767805646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          881.7606599589344,
          317.15061390566996,
          907.8218225779577,
          326.15651511284887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6%",
        "box": [
          424.8295664327867,
          188.14785979617966,
          439.3700106534592,
          197.1550387945298
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43%",
        "box": [
          494.0938843608769,
          291.0677966439587,
          514.6091657771741,
          300.0749756423088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51%",
        "box": [
          316.1544444468409,
          279.7679149680121,
          333.5871166644026,
          288.7750939663623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rated",
        "box": [
          553.137288029346,
          224.71866720306497,
          600.18446162654,
          233.7258462014151
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1-3 Loans",
        "box": [
          553.137288029346,
          236.73829969351374,
          595.1204993789734,
          245.74547869186387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rated",
        "box": [
          553.137288029346,
          271.29474032634306,
          600.18446162654,
          280.3019193246932
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4 Loans",
        "box": [
          553.137288029346,
          283.31437281859485,
          588.3951509081264,
          292.321551816945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rated",
        "box": [
          553.137288029346,
          317.87081345142417,
          600.18446162654,
          326.8779924497743
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 Loans",
        "box": [
          553.137288029346,
          329.89044594187294,
          587.8848008793602,
          338.89762494022307
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00d8ARES",
        "box": [
          32.43548393249512,
          490.3426920572917,
          82.16028340657553,
          507.1788736979167
        ],
        "from_ocr": true,
        "confidence": 0.90119
      }
    ]
  },
  {
    "page_no": 11,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "CECL Reserve for Risk Rated 4 and 5 Loans",
        "box": [
          36.0,
          45.71999999999997,
          610.364,
          72.60000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Total CECL Reserve includes reserve on both the outstanding balances and unfunded ",
        "box": [
          90.0,
          490.1134376,
          890.929999999999,
          497.1371440427277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments on loans held for investment with risk ratings of 4 or 5. 2) Percentage is based on outstanding principal balance of loans with risk ratings of 4 or 5. 3) Percentages are based on outstanding principal balance of loans with risk ratings of 4 or 5 by property type.",
        "box": [
          90.0,
          498.7534476,
          873.071999999999,
          505.77715404272766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rated 4 and 5 Loans CECL Reserve by",
        "box": [
          296.39001,
          100.28800000000001,
          531.2300099999999,
          111.07923076923078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          296.39001,
          114.68799999999999,
          375.75800999999996,
          125.47923076923075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rated 4 and 5 Loans CECL Reserve as a Percent ",
        "box": [
          621.59003,
          100.28800000000001,
          912.7220300000005,
          111.07923076923078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of Loan Balance 3",
        "box": [
          621.59003,
          113.89420999999999,
          714.01782,
          125.47923076923075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$129 million",
        "box": [
          73.82,
          154.62998,
          236.052,
          181.50998000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve 1  for",
        "box": [
          98.53,
          191.156,
          211.22399000000001,
          203.7457692307692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rated 4 and 5 Loans",
        "box": [
          76.78,
          207.95598999999999,
          233.03400000000002,
          220.5457592307692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35%",
        "box": [
          127.55,
          341.38000999999997,
          182.23399999999998,
          368.26000999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve as a Percent of",
        "box": [
          62.69,
          377.906,
          247.12599999999998,
          390.49576923076927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rated 4 and 5 Loan Balance 2",
        "box": [
          51.09,
          393.77989,
          258.65418999999997,
          407.29575923076925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          918.15002,
          497.66099,
          924.1080200000001,
          505.7544130769231
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56%",
        "box": [
          535.385370514678,
          291.83836119799344,
          555.7058608748789,
          300.8529503603312
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37%",
        "box": [
          336.67812698555167,
          276.13940910228075,
          356.18823887144,
          285.1539982646185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7%",
        "box": [
          418.17199060619697,
          174.74862408612148,
          431.79860469848813,
          183.76321324845924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          346.66474629155323,
          416.0881899370417,
          376.6118703205705,
          426.00403518228626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential/ Condo",
        "box": [
          409.6957589542461,
          416.0881899370417,
          503.9445960626977,
          426.00403518228626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          537.2585226782493,
          416.0881899370417,
          565.9273246238448,
          426.00403518228626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41%",
        "box": [
          671.1871959778529,
          250.34256142442183,
          690.9394969654822,
          260.2584066696664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27%",
        "box": [
          768.8785835081293,
          293.19772738257313,
          790.0731441999405,
          303.1135726278177
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69%",
        "box": [
          865.8184988265928,
          165.38407452496068,
          888.667225054385,
          175.29991977020524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          665.9569493817589,
          396.9523397012631,
          695.9480945130636,
          406.86818494650765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential/ ",
        "box": [
          749.7911896155629,
          396.9523397012631,
          810.6749522582344,
          406.86818494650765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condo",
        "box": [
          762.2756475205821,
          410.18481228349185,
          795.7787637370539,
          420.1006575287364
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          862.3617266569422,
          396.9523397012631,
          891.0726706213067,
          406.86818494650765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a9ARES",
        "box": [
          31.666666666666668,
          488.6666666666667,
          83.66666666666666,
          509.0
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        "from_ocr": true,
        "confidence": 0.89656
      }
    ]
  },
  {
    "page_no": 12,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "Summary of Real Estate Owned (\"REO\")",
        "box": [
          36.0,
          45.71999999999997,
          560.8879999999999,
          72.60000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise noted. Past performance may not be indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Carrying amount is net of accumulated depreciation and amortization of $8 million for the ",
        "box": [
          90.0,
          493.6634476,
          890.6580099999998,
          500.6871540427277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida mixed-use property and $7 million for the North Carolina office property. The North Carolina office property was reclassified as held for sale in Q1 2026 and therefore did not accumulate additional depreciation and amortization in Q1 2026. 2) Income yield is calculated ",
        "box": [
          90.0,
          502.3034376,
          890.7299900000003,
          509.3271440427277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as the annualized property level net operating income for the three months ended March 31, 2026 (excluding non-recurring items) divided by the carrying amount.",
        "box": [
          90.0,
          510.9434176,
          558.1600000000009,
          517.9671240427276
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          456.73999,
          224.49599999999998,
          527.28599,
          237.0857692307692
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          759.71002,
          224.49599999999998,
          800.32402,
          237.0857692307692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Quarter Converted to REO",
        "box": [
          38.63,
          263.12600000000003,
          209.346,
          275.71576923076924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q3 2023",
        "box": [
          467.73999,
          263.77799,
          516.27999,
          274.56922076923075
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q3 2024",
        "box": [
          755.42999,
          263.77799,
          804.5939900000001,
          274.56922076923075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          38.63,
          301.376,
          95.274,
          313.96576923076924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          472.82999,
          302.02799000000005,
          511.19399,
          312.8192207692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          739.44,
          302.02799000000005,
          820.5840000000003,
          312.8192207692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Square Footage",
        "box": [
          38.63,
          339.626,
          141.418,
          352.21576923076924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "816 thousand",
        "box": [
          454.82999,
          340.27799000000005,
          529.2059899999999,
          351.0692207692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "554 thousand",
        "box": [
          741.52002,
          340.27799000000005,
          818.5120200000001,
          351.0692207692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Amount 1",
        "box": [
          38.63,
          377.31989999999996,
          154.02991,
          390.83576923076924
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$77 million",
        "box": [
          462.04999,
          378.908,
          521.9779900000001,
          389.6992307692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$53 million",
        "box": [
          749.57001,
          378.908,
          810.4340100000003,
          389.6992307692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income Yield 2",
        "box": [
          38.63,
          415.5699,
          128.03539999999998,
          429.08576923076924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9%",
        "box": [
          483.29999,
          417.158,
          500.69998999999996,
          427.9492307692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11%",
        "box": [
          771.33002,
          417.158,
          790.56602,
          427.9492307692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Classification",
        "box": [
          38.63,
          454.376,
          126.424,
          466.96576923076924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Held for Investment",
        "box": [
          437.23001,
          455.02799,
          546.8140099999999,
          465.81922076923075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Held for Sale",
        "box": [
          744.90997,
          455.02799,
          815.1339700000002,
          465.81922076923075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          916.07001,
          497.66099,
          924.1070100000001,
          505.7544130769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00d8ARES",
        "box": [
          32.87247975667318,
          489.7791748046875,
          82.35433451334634,
          506.5062662760417
        ],
        "from_ocr": true,
        "confidence": 0.90523
      }
    ]
  },
  {
    "page_no": 13,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "1.",
        "box": [
          0.0,
          455.90999,
          9.120000000000001,
          470.30998999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Appendix",
        "box": [
          33.0,
          423.50999,
          308.52000000000004,
          481.10999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          915.83002,
          497.66099,
          924.1010200000001,
          505.7544130769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OARES",
        "box": [
          30.452115376790363,
          25.9875005086263,
          133.89263916015625,
          64.96875
        ],
        "from_ocr": true,
        "confidence": 0.86474
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    ]
  },
  {
    "page_no": 14,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "Loans Held for Investment Portfolio Details",
        "box": [
          36.0,
          45.71999999999997,
          613.836,
          72.60000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) The Illinois loan is structured as both a senior and ",
        "box": [
          90.0,
          446.9134476,
          890.786029999999,
          453.9371540427277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mezzanine loan with the Company holding contiguous positions. The senior position has a per annum interest rate of S + 2.25% and the mezzanine position has a fixed per annum interest rate of 10.00%. The senior and mezzanine loans were both on non-accrual status as of ",
        "box": [
          90.0,
          455.5534376,
          890.972029999999,
          462.5771440427277
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026 and the Unleveraged Effective Yield is not applicable. In January 2026, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the Illinois loan from January 2026 to April 2026. 3) ",
        "box": [
          90.0,
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          471.21715404272766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Arizona loan is structured as a senior A-Note with an outstanding principal balance of $65.0 million, a subordinated B-Note with no initial outstanding principal balance and an unfunded commitment of $12.0 million for certain lender approved leasing costs and a ",
        "box": [
          90.0,
          472.8334376,
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          479.85714404272767
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subordinated C-Note with an outstanding principal balance of $8.5 million. The subordinated B-Note is pari-passu with new borrower contributions for the loan principal paydown and other additional capital contributions. The subordinated C-Note is subordinate to the A-Note, ",
        "box": [
          90.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-Note and the new borrower contributions. The senior A-Note has a per annum interest rate of S + 2.00%, the subordinated B-Note has a fixed per annum interest rate of 12.00% and the subordinated C-Note has a fixed per annum interest rate of 5.50%. 4) In March 2026, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the borrower exercised a 12-month extension option in accordance with the loan agreement, which extended the maturity date on the senior New York loan to March 2027.",
        "box": [
          90.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "14",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in millions)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "#",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Loan Type",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          159.7,
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          192.05999999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
        "box": [
          226.3,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date",
        "box": [
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          255.904,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Loan ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Commitment",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Outstanding ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Principal",
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        "from_ocr": false,
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      {
        "text": "Carrying",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Interest",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Rate",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "SOFR",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Floor",
        "box": [
          647.84003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unleveraged",
        "box": [
          714.46997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effective Yield",
        "box": [
          711.33002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          803.69,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date",
        "box": [
          810.97998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment",
        "box": [
          873.65002,
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          906.85802,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Terms 1",
        "box": [
          877.40997,
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          117.10614384615383
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office Loans:",
        "box": [
          38.63,
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          87.51,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          45.93,
          146.36200000000002,
          48.578,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          87.91,
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          110.85400000000001,
          153.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "IL",
        "box": [
          172.8,
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          178.952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov 2020",
        "box": [
          229.62,
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          264.652,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$167.6",
        "box": [
          314.45999,
          146.36200000000002,
          337.66799000000003,
          153.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$167.6",
        "box": [
          399.20999,
          146.36200000000002,
          422.41799000000003,
          153.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$138.0",
        "box": [
          483.75,
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          507.38200000000006,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          577.90997,
          145.83280000000002,
          580.8323700000001,
          150.50900000000001
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.5%",
        "box": [
          650.52002,
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          666.11202,
          153.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-% 2",
        "box": [
          728.95001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apr 2026 2",
        "box": [
          801.37,
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          838.13242,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I/O",
        "box": [
          884.47998,
          146.36200000000002,
          896.02398,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          45.0,
          164.36200000000002,
          49.496,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          87.91,
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          110.85400000000001,
          171.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NC",
        "box": [
          170.16,
          164.36200000000002,
          181.592,
          171.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aug 2021",
        "box": [
          230.53999,
          164.36200000000002,
          263.73199,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "85.0",
        "box": [
          317.04999,
          164.36200000000002,
          333.20999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72.7",
        "box": [
          402.57001,
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          417.19401000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72.7",
        "box": [
          487.32001,
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          501.94401000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+3.65%",
        "box": [
          563.37,
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          595.39597,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.2%",
        "box": [
          649.37,
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          667.266,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.3%",
        "box": [
          730.31,
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          171.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aug 2028",
        "box": [
          802.09003,
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          837.4340299999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I/O",
        "box": [
          884.47998,
          164.36200000000002,
          896.02398,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          44.9,
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          49.604,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          87.91,
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          110.85400000000001,
          189.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NY",
        "box": [
          170.57001,
          182.36200000000002,
          181.18601,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jul 2021",
        "box": [
          232.59,
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          261.694,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65.0",
        "box": [
          316.97,
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          333.29,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65.0",
        "box": [
          401.72,
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          418.04,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65.0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+2.65%",
        "box": [
          563.46997,
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          595.28794,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.4%",
        "box": [
          649.09998,
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          667.53198,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.3%",
        "box": [
          729.95001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jul 2028",
        "box": [
          804.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I/O",
        "box": [
          884.47998,
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          896.02398,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          44.73,
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          49.762,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          87.91,
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          110.85400000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "AZ",
        "box": [
          170.84,
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          180.912,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep 2021",
        "box": [
          230.94,
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          263.332,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65.0",
        "box": [
          316.97,
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          333.29,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65.0",
        "box": [
          401.72,
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          418.04,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65.0",
        "box": [
          486.47,
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          502.79,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+2.00%",
        "box": [
          563.19,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.5%",
        "box": [
          649.31,
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          667.334,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.7%",
        "box": [
          730.34998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2027 3",
        "box": [
          801.59003,
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          837.90764,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I/O",
        "box": [
          884.47998,
          200.36200000000002,
          896.02398,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          44.94,
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          49.564,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          87.91,
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          110.85400000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "IL",
        "box": [
          172.8,
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          178.952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dec 2022",
        "box": [
          229.89999,
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          264.36399,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54.0",
        "box": [
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          333.32198999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54.0",
        "box": [
          401.67999,
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          418.07198999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53.9",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+4.25%",
        "box": [
          563.44,
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          595.32998,
          225.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.0%",
        "box": [
          649.27002,
          218.36200000000002,
          667.37402,
          225.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.0%",
        "box": [
          729.84003,
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          748.0400299999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jan 2027",
        "box": [
          803.15997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "P/I",
        "box": [
          885.15997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          44.77,
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          49.730000000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          87.91,
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          110.85400000000001,
          243.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified",
        "box": [
          157.28999,
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          194.48199000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jan 2020",
        "box": [
          230.11,
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          264.158,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "13.8",
        "box": [
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          332.0280000000001,
          243.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "13.8",
        "box": [
          402.97,
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          416.7780000000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "13.7",
        "box": [
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          501.2500100000001,
          243.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+3.75%",
        "box": [
          563.72998,
          236.36200000000002,
          595.0279499999999,
          243.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.6%",
        "box": [
          650.34998,
          236.36200000000002,
          666.27798,
          243.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.3%",
        "box": [
          728.57001,
          236.36200000000002,
          749.3140099999999,
          243.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jul 2026",
        "box": [
          804.04999,
          236.36200000000002,
          835.4659899999999,
          243.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "P/I",
        "box": [
          885.15997,
          236.36200000000002,
          895.3439700000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          45.13,
          254.36200000000002,
          49.362,
          261.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subordinated",
        "box": [
          74.99,
          254.36200000000002,
          123.79000000000002,
          261.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "AZ",
        "box": [
          170.84,
          254.36200000000002,
          180.912,
          261.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep 2021",
        "box": [
          230.94,
          254.36200000000002,
          263.332,
          261.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20.5",
        "box": [
          317.20001,
          254.36200000000002,
          333.05601,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.5",
        "box": [
          404.32999,
          254.36200000000002,
          415.41799000000003,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "8.4",
        "box": [
          488.88,
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          500.376,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
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          253.83280000000002,
          580.9075799999999,
          258.509
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-%",
        "box": [
          650.71997,
          254.36200000000002,
          665.90397,
          261.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.6%",
        "box": [
          729.82001,
          254.36200000000002,
          748.0680100000001,
          261.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Oct 2027 3",
        "box": [
          801.59003,
          253.83280000000002,
          837.90764,
          261.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I/O",
        "box": [
          884.47998,
          254.36200000000002,
          896.02398,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Office",
        "box": [
          38.63,
          272.362,
          82.294,
          279.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$470.9",
        "box": [
          312.64001,
          272.362,
          339.5120099999999,
          279.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$446.6",
        "box": [
          397.17001,
          272.362,
          424.4660099999999,
          279.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$416.7",
        "box": [
          483.23999,
          272.362,
          507.8959899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel Loans:",
        "box": [
          38.63,
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          84.31,
          297.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "box": [
          44.85,
          308.36199999999997,
          49.65,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          87.91,
          308.36199999999997,
          110.85400000000001,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NY",
        "box": [
          170.57001,
          308.36199999999997,
          181.18601,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar 2022",
        "box": [
          229.78999,
          308.36199999999997,
          264.48598999999996,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$55.7",
        "box": [
          316.12,
          308.36199999999997,
          336.0160000000001,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$55.7",
        "box": [
          400.87,
          308.36199999999997,
          420.7660000000001,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$55.5",
        "box": [
          485.42999,
          308.36199999999997,
          505.71799000000004,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+4.40%",
        "box": [
          562.94,
          308.36199999999997,
          595.81398,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.1%",
        "box": [
          650.29999,
          308.36199999999997,
          666.33999,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.3%",
        "box": [
          730.03003,
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          747.8620299999999,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar 2027 4",
        "box": [
          800.90997,
          307.8328,
          838.59075,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I/O",
        "box": [
          884.47998,
          308.36199999999997,
          896.02398,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          44.77,
          326.36199999999997,
          49.730000000000004,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          87.91,
          326.36199999999997,
          110.85400000000001,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SC",
        "box": [
          170.63,
          326.36199999999997,
          181.126,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2025",
        "box": [
          230.3,
          326.36199999999997,
          263.98,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58.0",
        "box": [
          317.04999,
          326.36199999999997,
          333.20999,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48.3",
        "box": [
          401.78,
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          417.97999999999996,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47.8",
        "box": [
          486.76001,
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          502.48801000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+3.50%",
        "box": [
          563.31,
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          595.4479699999999,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.0%",
        "box": [
          649.27002,
          326.36199999999997,
          667.37402,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.6%",
        "box": [
          730.17999,
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          747.69999,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov 2028",
        "box": [
          802.38,
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          837.1399999999998,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I/O",
        "box": [
          884.47998,
          326.36199999999997,
          896.02398,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          43.39,
          344.36199999999997,
          51.102000000000004,
          351.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          87.91,
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          110.85400000000001,
          351.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified",
        "box": [
          157.28999,
          344.36199999999997,
          194.48199000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov 2025",
        "box": [
          229.84,
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          264.42400000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25.0",
        "box": [
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          333.05601,
          351.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23.9",
        "box": [
          401.97,
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          417.794,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23.7",
        "box": [
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          502.17599,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "S+3.75%",
        "box": [
          563.72998,
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          595.0279499999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.0%",
        "box": [
          649.27002,
          344.36199999999997,
          667.37402,
          351.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.8%",
        "box": [
          730.26001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Nov 2028",
        "box": [
          802.38,
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          837.1399999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I/O",
        "box": [
          884.47998,
          344.36199999999997,
          896.02398,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          44.61,
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          49.898,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          87.91,
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          110.85400000000001,
          369.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FL",
        "box": [
          171.56,
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          180.184,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov 2025",
        "box": [
          229.84,
          362.36199999999997,
          264.42400000000004,
          369.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25.0",
        "box": [
          317.20001,
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          333.05601,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.7",
        "box": [
          403.20999,
          362.36199999999997,
          416.5459900000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.5",
        "box": [
          487.76001,
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          501.4880100000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+3.35%",
        "box": [
          563.5,
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          595.26997,
          369.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8%",
        "box": [
          649.51001,
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          667.1340099999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.5%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Dec 2028",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I/O",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Total Hotel",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$163.7",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$146.6",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$145.5",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a9ARES",
        "box": [
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        "from_ocr": true,
        "confidence": 0.90338
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    ]
  },
  {
    "page_no": 15,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "Loans Held for Investment Portfolio Details",
        "box": [
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          45.71999999999997,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "As of March 31, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) In January 2026, the Company and the borrower ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "entered into a modification and extension agreement to, among other things, extend the maturity date on the senior Texas loan from January 2026 to December 2026. 3) In January 2026, the Company and the borrower entered into a modification and extension agreement to, ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "among other things, extend the maturity date on the senior Texas loan from January 2026 to May 2026. 4) As of March 31, 2026, the senior New Jersey loan, which is collateralized by an industrial property, is in maturity default due to the failure of the borrower to repay the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding principal balance of the loan by the November 2024 maturity date and the borrower is current on all contractual interest payments. 5) The California loan is structured as a senior A-Note, with an outstanding principal balance of $7.0 million as of March 31, 2026, a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subordinated B-Note with no outstanding principal balance and an unfunded commitment of $500 thousand for certain lender approved leasing costs and a subordinated C-Note with an outstanding principal balance of $12.6 million as of March 31, 2026. The subordinated B-",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Note and C-Note are subordinate to new borrower equity related to additional capital contributions. As of March 31, 2026, the subordinated C-Note was on non-accrual status and therefore, the Unleveraged Effective Yield is not applicable.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in millions)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "#",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Loan Type",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
        "box": [
          226.3,
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        "text": "Date",
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        "from_ocr": false,
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      {
        "text": "Current Loan ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "box": [
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        "from_ocr": false,
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        "text": "Carrying",
        "box": [
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        "from_ocr": false,
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        "text": "Value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Interest",
        "box": [
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      {
        "text": "Rate",
        "box": [
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        "from_ocr": false,
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      {
        "text": "SOFR",
        "box": [
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        "from_ocr": false,
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        "text": "Floor",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Unleveraged",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Effective Yield",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Maturity",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Payment",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Terms 1",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily Loans:",
        "box": [
          38.63,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "12",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Senior",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "NY",
        "box": [
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          181.18601,
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        "confidence": 1.0
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      {
        "text": "May 2022",
        "box": [
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          265.00398999999993,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$132.2",
        "box": [
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          337.45201000000003,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$132.2",
        "box": [
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          146.36200000000002,
          422.20201000000003,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$131.9",
        "box": [
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          506.2500100000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+3.90%",
        "box": [
          563.14001,
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          595.61399,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.2%",
        "box": [
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          667.266,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "8.6%",
        "box": [
          729.90002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Jun 2026",
        "box": [
          802.60999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I/O",
        "box": [
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          146.36200000000002,
          896.02398,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          43.58,
          164.36200000000002,
          50.924,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
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          110.85400000000001,
          171.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NY",
        "box": [
          170.57001,
          164.36200000000002,
          181.18601,
          171.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Feb 2026",
        "box": [
          229.98,
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          264.292,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100.0",
        "box": [
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          334.89000000000004,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "78.9",
        "box": [
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      {
        "text": "77.9",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "S+2.45%",
        "box": [
          563.44,
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          595.32998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.0%",
        "box": [
          649.27002,
          164.36200000000002,
          667.37402,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.6%",
        "box": [
          729.82001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mar 2029",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I/O",
        "box": [
          884.47998,
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          896.02398,
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        "from_ocr": false,
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      {
        "text": "14",
        "box": [
          43.41,
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          51.081999999999994,
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        "from_ocr": false,
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      },
      {
        "text": "Senior",
        "box": [
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          110.85400000000001,
          189.55615384615385
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        "from_ocr": false,
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      },
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        "text": "TX",
        "box": [
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          180.446,
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        "text": "Nov 2021",
        "box": [
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          263.438,
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      {
        "text": "67.9",
        "box": [
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      {
        "text": "67.9",
        "box": [
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      {
        "text": "67.6",
        "box": [
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        "from_ocr": false,
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        "text": "S+2.95%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7.2%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Dec 2026 2",
        "box": [
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        "text": "P/I",
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        "from_ocr": false,
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      {
        "text": "15",
        "box": [
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        "from_ocr": false,
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        "text": "Senior",
        "box": [
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        "from_ocr": false,
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        "text": "OH",
        "box": [
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        "text": "Sep 2023",
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        "text": "57.8",
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        "text": "57.3",
        "box": [
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      {
        "text": "57.2",
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.5%",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "7.1%",
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        "from_ocr": false,
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        "text": "Oct 2026",
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        "from_ocr": false,
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        "text": "I/O",
        "box": [
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        "confidence": 1.0
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      {
        "text": "16",
        "box": [
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          51.050000000000004,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NC",
        "box": [
          170.16,
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          181.592,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Oct 2025",
        "box": [
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          263.98,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "50.0",
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        "text": "50.0",
        "box": [
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        "from_ocr": false,
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        "text": "49.6",
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        "from_ocr": false,
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      {
        "text": "S+2.40%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.0%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6.6%",
        "box": [
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        "from_ocr": false,
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        "text": "Oct 2027",
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        "from_ocr": false,
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        "text": "I/O",
        "box": [
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        "confidence": 1.0
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        "text": "17",
        "box": [
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      {
        "text": "Senior",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "MA",
        "box": [
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        "from_ocr": false,
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        "text": "Sep 2025",
        "box": [
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        "from_ocr": false,
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        "text": "50.0",
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        "confidence": 1.0
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      {
        "text": "48.9",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "48.6",
        "box": [
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        "confidence": 1.0
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        "text": "S+3.10%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.8%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7.3%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Oct 2027",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I/O",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "18",
        "box": [
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          50.97,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior",
        "box": [
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          110.85400000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "TX",
        "box": [
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          180.446,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Oct 2021",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "18.2",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "18.2",
        "box": [
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        "text": "18.2",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "S+2.60%",
        "box": [
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          595.51597,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6.6%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "May 2026 3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I/O",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Multifamily",
        "box": [
          38.63,
          272.362,
          101.17399999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$476.1",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$453.4",
        "box": [
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          272.362,
          424.24600999999996,
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        "confidence": 1.0
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      {
        "text": "$451.0",
        "box": [
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      {
        "text": "Industrial Loans:",
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      {
        "text": "19",
        "box": [
          43.45,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
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          110.85400000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GA",
        "box": [
          170.16,
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          181.584,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2025",
        "box": [
          230.3,
          308.36199999999997,
          263.98,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$100.5",
        "box": [
          314.16,
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          337.9840000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$96.8",
        "box": [
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          421.38599999999997,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$96.0",
        "box": [
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          506.26798999999994,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+2.25%",
        "box": [
          563.71002,
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          595.064,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.5%",
        "box": [
          649.59998,
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          667.0479799999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6.3%",
        "box": [
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          747.94201,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Oct 2028",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "I/O",
        "box": [
          884.47998,
          308.36199999999997,
          896.02398,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          42.47,
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          52.038000000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
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        "text": "Senior",
        "box": [
          87.91,
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          110.85400000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CA",
        "box": [
          170.3,
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          181.44400000000002,
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        "confidence": 1.0
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      {
        "text": "Oct 2025",
        "box": [
          230.3,
          326.36199999999997,
          263.98,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55.3",
        "box": [
          317.32001,
          326.36199999999997,
          332.93601000000007,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "52.6",
        "box": [
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          326.36199999999997,
          417.75401,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52.2",
        "box": [
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          502.26998999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+3.00%",
        "box": [
          563.09003,
          326.36199999999997,
          595.6759999999999,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.0%",
        "box": [
          649.27002,
          326.36199999999997,
          667.37402,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.0%",
        "box": [
          730.13,
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          747.762,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Nov 2028",
        "box": [
          802.38,
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          837.1399999999998,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I/O",
        "box": [
          884.47998,
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          896.02398,
          333.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          43.68,
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          50.824000000000005,
          351.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
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          110.85400000000001,
          351.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MA",
        "box": [
          169.56,
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          182.192,
          351.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Jun 2023",
        "box": [
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          264.16,
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        "confidence": 1.0
      },
      {
        "text": "46.5",
        "box": [
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          333.26998999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45.6",
        "box": [
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          418.01998999999995,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "45.5",
        "box": [
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          502.60400000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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        "box": [
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          344.36199999999997,
          595.51597,
          351.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-%",
        "box": [
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          665.90397,
          351.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "6.7%",
        "box": [
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          747.69999,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Jun 2028",
        "box": [
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          836.8259999999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I/O",
        "box": [
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          344.36199999999997,
          896.02398,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "22",
        "box": [
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          51.752,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Senior",
        "box": [
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          110.85400000000001,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "NJ",
        "box": [
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        "from_ocr": false,
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        "text": "Jun 2021",
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        "text": "27.8",
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        "text": "27.8",
        "box": [
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          417.472,
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        "text": "27.8",
        "box": [
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          502.222,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "S+8.85%",
        "box": [
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          595.3619999999999,
          369.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.2%",
        "box": [
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          667.266,
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        "from_ocr": false,
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        "text": "12.5%",
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          748.98802,
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        "from_ocr": false,
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        "text": "Nov 2024 4",
        "box": [
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          838.87078,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I/O",
        "box": [
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        "from_ocr": false,
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      {
        "text": "23",
        "box": [
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          51.85,
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        "box": [
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        "from_ocr": false,
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      {
        "text": "CA",
        "box": [
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        "text": "10.9",
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        "text": "2.0%",
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        "box": [
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        "text": "24",
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          52.018,
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        "text": "Senior",
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        "text": "CA",
        "box": [
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        "confidence": 1.0
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      {
        "text": "2.0%",
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      {
        "text": "Total Industrial",
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        "confidence": 1.0
      },
      {
        "text": "$250.2",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$242.4",
        "box": [
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      {
        "text": "$239.4",
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      {
        "text": "\u00a9ARES",
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  },
  {
    "page_no": 16,
    "width": 960.0,
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    "cells": [
      {
        "text": "Loans Held for Investment Portfolio Details",
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        "confidence": 1.0
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      {
        "text": "As of March 31, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) The New York loan is structured as both a senior ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and mezzanine loan with the Company holding contiguous positions. The senior and mezzanine positions each have a per annum interest rate of S + 8.95%. The senior and mezzanine loans were both on non-accrual status as of March 31, 2026 and the Unleveraged Effective ",
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        "confidence": 1.0
      },
      {
        "text": "Yield is not applicable.",
        "box": [
          90.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "($ in millions)",
        "box": [
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          86.58999999999999,
          90.92615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "#",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan Type",
        "box": [
          80.18,
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          118.57200000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          159.7,
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          192.05999999999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Origination",
        "box": [
          226.3,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Date",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Current Loan ",
        "box": [
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          351.1619900000001,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Commitment",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Outstanding ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Principal",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Carrying",
        "box": [
          478.45999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Value",
        "box": [
          484.07999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Interest",
        "box": [
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        "from_ocr": false,
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        "text": "Rate",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "SOFR",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Floor",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Unleveraged",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Effective Yield",
        "box": [
          711.33002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Maturity",
        "box": [
          803.69,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Date",
        "box": [
          810.97998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Payment",
        "box": [
          873.65002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Terms 1",
        "box": [
          877.40997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential/Condominium Loans:",
        "box": [
          38.63,
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          162.17399999999998,
          135.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25",
        "box": [
          42.69,
          146.36200000000002,
          51.81,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          87.91,
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          110.85400000000001,
          153.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NY",
        "box": [
          170.57001,
          146.36200000000002,
          181.18601,
          153.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar 2022",
        "box": [
          229.78999,
          146.36200000000002,
          264.48598999999996,
          153.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$179.8",
        "box": [
          314.54001,
          146.36200000000002,
          337.58801000000005,
          153.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$179.8",
        "box": [
          399.29001,
          146.36200000000002,
          422.33801000000005,
          153.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$136.5",
        "box": [
          483.89999,
          146.36200000000002,
          507.24399000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+8.95%",
        "box": [
          563.32001,
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          595.44198,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.4%",
        "box": [
          649.09998,
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          667.53198,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-% 2",
        "box": [
          728.95001,
          145.83280000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dec 2026",
        "box": [
          802.28998,
          146.36200000000002,
          837.21798,
          153.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I/O",
        "box": [
          884.47998,
          146.36200000000002,
          896.02398,
          153.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Residential/Condominium",
        "box": [
          38.63,
          164.36200000000002,
          156.95800000000003,
          171.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$179.8",
        "box": [
          313.91,
          164.36200000000002,
          338.22999999999996,
          171.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$179.8",
        "box": [
          398.66,
          164.36200000000002,
          422.97999999999996,
          171.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$136.5",
        "box": [
          483.31,
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          507.83,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use Loans:",
        "box": [
          38.63,
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          104.614,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          42.52,
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          51.976000000000006,
          207.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
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          110.85400000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NY",
        "box": [
          170.57001,
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          181.18601,
          207.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Feb 2026",
        "box": [
          229.98,
          200.36200000000002,
          264.292,
          207.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$43.9",
        "box": [
          315.51001,
          200.36200000000002,
          336.62201,
          207.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$37.8",
        "box": [
          400.73999,
          200.36200000000002,
          420.89199,
          207.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$37.3",
        "box": [
          485.54001,
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          505.59601000000004,
          207.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+3.25%",
        "box": [
          563.59998,
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          595.1619499999999,
          207.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8%",
        "box": [
          649.51001,
          200.36200000000002,
          667.1340099999999,
          207.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.6%",
        "box": [
          730.17999,
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          207.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jan 2028",
        "box": [
          802.87,
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          836.646,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I/O",
        "box": [
          884.47998,
          200.36200000000002,
          896.02398,
          207.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Mixed-Use",
        "box": [
          38.63,
          218.36200000000002,
          99.398,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$43.9",
        "box": [
          315.13,
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          337.00199999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$37.8",
        "box": [
          400.32001,
          218.36200000000002,
          421.32800999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$37.3",
        "box": [
          485.10999,
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          506.0379899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail Loans:",
        "box": [
          38.63,
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          85.42200000000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "27",
        "box": [
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          51.618,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CA",
        "box": [
          170.3,
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          181.44400000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar 2026",
        "box": [
          229.55,
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          264.71,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$75.0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$67.0",
        "box": [
          400.48001,
          254.36200000000002,
          421.16001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$66.3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+2.75%",
        "box": [
          563.84003,
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          594.93,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.5%",
        "box": [
          649.59998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.8%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar 2029",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I/O",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Retail",
        "box": [
          38.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$75.0",
        "box": [
          315.37,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$67.0",
        "box": [
          400.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$66.3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          915.53998,
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          505.7544130769231
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a9ARES",
        "box": [
          31.666666666666668,
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          83.66666666666666,
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        "from_ocr": true,
        "confidence": 0.90338
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    ]
  },
  {
    "page_no": 17,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "Loans Held for Investment Portfolio Details",
        "box": [
          36.0,
          45.71999999999997,
          613.836,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) The weighted average floor is calculated based ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on loans with SOFR floors.",
        "box": [
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          167.95200000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in millions)",
        "box": [
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          86.58999999999999,
          90.92615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "#",
        "box": [
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          50.102000000000004,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan Type",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Location",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
        "box": [
          226.3,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date",
        "box": [
          238.36,
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          255.904,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Loan ",
        "box": [
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          351.1619900000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitment",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Interest",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "SOFR",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Floor",
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      {
        "text": "Unleveraged",
        "box": [
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        "from_ocr": false,
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        "text": "Effective Yield",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Maturity",
        "box": [
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        "from_ocr": false,
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        "box": [
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        "from_ocr": false,
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      {
        "text": "Terms 1",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Self Storage Loans:",
        "box": [
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        "confidence": 1.0
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        "text": "28",
        "box": [
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        "from_ocr": false,
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        "text": "Senior",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Diversified",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Dec 2025",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$72.5",
        "box": [
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      {
        "text": "$70.5",
        "box": [
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      {
        "text": "$69.9",
        "box": [
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      {
        "text": "S+2.50%",
        "box": [
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        "confidence": 1.0
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        "text": "2.8%",
        "box": [
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        "text": "6.5%",
        "box": [
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        "from_ocr": false,
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        "text": "Dec 2028",
        "box": [
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        "confidence": 1.0
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        "text": "I/O",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "29",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Senior",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "FL",
        "box": [
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        "from_ocr": false,
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        "text": "Jul 2025",
        "box": [
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        "from_ocr": false,
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      {
        "text": "12.3",
        "box": [
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        "text": "12.1",
        "box": [
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        "text": "12.1",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+3.25%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.0%",
        "box": [
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          666.33999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7.1%",
        "box": [
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        "from_ocr": false,
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        "text": "Dec 2027",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I/O",
        "box": [
          884.47998,
          164.36200000000002,
          896.02398,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30",
        "box": [
          42.36,
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          52.136,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior",
        "box": [
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          110.85400000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "IN",
        "box": [
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          179.65,
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        "from_ocr": false,
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      {
        "text": "Sep 2023",
        "box": [
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        "from_ocr": false,
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        "text": "11.4",
        "box": [
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        "text": "11.4",
        "box": [
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        "text": "11.4",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "S+3.60%",
        "box": [
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          595.61399,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.9%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7.4%",
        "box": [
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        "from_ocr": false,
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        "text": "Jun 2026",
        "box": [
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        "from_ocr": false,
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        "text": "I/O",
        "box": [
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        "from_ocr": false,
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      {
        "text": "31",
        "box": [
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        "from_ocr": false,
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        "text": "Senior",
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        "from_ocr": false,
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        "text": "AZ",
        "box": [
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        "text": "Jul 2025",
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        "text": "10.6",
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        "text": "3.0%",
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        "text": "7.2%",
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        "text": "32",
        "box": [
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        "from_ocr": false,
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        "text": "Senior",
        "box": [
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        "from_ocr": false,
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        "box": [
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        "text": "9.9",
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        "text": "9.5",
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        "text": "9.4",
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        "box": [
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        "text": "3.0%",
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        "text": "7.6%",
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        "from_ocr": false,
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        "box": [
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        "from_ocr": false,
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        "text": "Senior",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "PA",
        "box": [
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        "text": "Jul 2025",
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        "text": "9.1",
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        "text": "8.8",
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        "text": "8.7",
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.0%",
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        "from_ocr": false,
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        "text": "7.5%",
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        "from_ocr": false,
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        "text": "May 2028",
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        "from_ocr": false,
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        "text": "I/O",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "34",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "MA",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Apr 2022",
        "box": [
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        "text": "7.7",
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        "text": "7.7",
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        "text": "7.7",
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        "confidence": 1.0
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.8%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6.9%",
        "box": [
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        "from_ocr": false,
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        "text": "I/O",
        "box": [
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        "confidence": 1.0
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      {
        "text": "35",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Senior",
        "box": [
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        "from_ocr": false,
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      },
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        "text": "FL",
        "box": [
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        "text": "Oct 2025",
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        "text": "7.3",
        "box": [
          319.82999,
          272.362,
          330.42999000000003,
          279.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.0",
        "box": [
          404.39001,
          272.362,
          415.35801000000004,
          279.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.9",
        "box": [
          488.82999,
          272.362,
          500.41398999999996,
          279.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+3.50%",
        "box": [
          563.31,
          272.362,
          595.4479699999999,
          279.55615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.0%",
        "box": [
          649.27002,
          272.362,
          667.37402,
          279.55615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.5%",
        "box": [
          730.34998,
          272.362,
          747.5339799999999,
          279.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apr 2028",
        "box": [
          802.90997,
          272.362,
          836.61397,
          279.55615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I/O",
        "box": [
          884.47998,
          272.362,
          896.02398,
          279.55615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Self Storage",
        "box": [
          38.63,
          290.36199999999997,
          104.35000000000001,
          297.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$141.4",
        "box": [
          314.31,
          290.36199999999997,
          337.83,
          297.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$137.7",
        "box": [
          398.97,
          290.36199999999997,
          422.674,
          297.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$136.7",
        "box": [
          483.45001,
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          507.68201,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Total/Weighted Average",
        "box": [
          38.63,
          308.36199999999997,
          184.22999999999996,
          315.55615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,801.0",
        "box": [
          310.81,
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          341.33799999999997,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,711.3",
        "box": [
          397.13,
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          424.514,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,629.4",
        "box": [
          479.64001,
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          511.49601,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.6% 2",
        "box": [
          647.52002,
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          667.22881,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.8%",
        "box": [
          729.85999,
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          748.0119900000001,
          315.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          916.35999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OARES",
        "box": [
          33.048386891682945,
          490.125,
          82.38709513346353,
          506.625
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        "from_ocr": true,
        "confidence": 0.9398
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    ]
  },
  {
    "page_no": 18,
    "width": 960.0,
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    "cells": [
      {
        "text": "Consolidated Balance Sheets",
        "box": [
          36.0,
          45.71999999999997,
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          72.60000000000002
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          38.63,
          82.99201000000005,
          40.190000000000005,
          90.18616384615387
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of",
        "box": [
          803.25,
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          822.002,
          90.18616384615387
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in thousands, except share and per share data)",
        "box": [
          38.63,
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          212.50199999999998,
          102.93616384615387
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/2026",
        "box": [
          733.15002,
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          102.93616384615387
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/31/2025",
        "box": [
          850.23999,
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          893.5279899999996,
          102.93616384615387
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "ASSETS",
        "box": [
          38.63,
          108.86200000000002,
          68.438,
          116.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          44.63,
          122.38199000000003,
          139.19800000000004,
          129.57614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          699.38,
          122.38199000000003,
          705.8919999999999,
          129.57614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86,163 ",
        "box": [
          783.0999999999999,
          122.38199000000003,
          808.6199999999999,
          129.57614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          817.88,
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          824.3919999999999,
          129.57614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,289 ",
        "box": [
          899.9599999999999,
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          927.1279999999999,
          129.57614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash ($1,108 related to consolidated VIEs as of December 31, 2025)",
        "box": [
          44.63,
          136.59199,
          317.59,
          143.78614384615383
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
          136.59199,
          701.14,
          143.78614384615383
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,169 ",
        "box": [
          782.764,
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          808.6120000000001,
          143.78614384615383
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
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          819.64,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,868 ",
        "box": [
          900.168,
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          927.1199999999999,
          143.78614384615383
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held for investment ($138,950 related to consolidated VIEs as of December 31, 2025)",
        "box": [
          44.63,
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          365.87800000000004,
          157.32614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
          150.13199000000003,
          701.14,
          157.32614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,629,366 ",
        "box": [
          771.796,
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          157.32614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
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          819.64,
          157.32614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,528,806 ",
        "box": [
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          927.1279999999999,
          157.32614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current expected credit loss reserve",
        "box": [
          44.63,
          163.63199000000003,
          173.95800000000008,
          170.82614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
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          701.14,
          170.82614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(136,830) ",
        "box": [
          776.22,
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          810.6999999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
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          819.64,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(125,756) ",
        "box": [
          896.024,
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          929.2,
          170.82614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held for investment, net of current expected credit loss reserve",
        "box": [
          44.63,
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          290.22999999999996,
          184.32614384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
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          701.14,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,492,536 ",
        "box": [
          772.068,
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          184.32614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
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          819.64,
          184.32614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,403,050 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loans held for sale",
        "box": [
          44.63,
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          110.87000000000003,
          197.82614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
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          701.14,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,544 ",
        "box": [
          780.444,
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          808.6200000000001,
          197.82614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
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          819.64,
          197.82614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          916.824,
          190.63199000000003,
          927.1039999999999,
          197.82614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned held for investment, net ($52,634 related to consolidated VIEs as of December 31, 2025)",
        "box": [
          44.63,
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          211.32614384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
          204.13199000000003,
          701.14,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76,848 ",
        "box": [
          781.34,
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          808.62,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130,165 ",
        "box": [
          899.024,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned held for sale",
        "box": [
          44.63,
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          225.53614384615383
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
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          701.14,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,110 ",
        "box": [
          785.4839999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
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          819.64,
          225.53614384615383
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          916.824,
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          927.1039999999999,
          225.53614384615383
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets ($76 of interest receivable related to consolidated VIEs as of December 31, 2025)",
        "box": [
          44.63,
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          375.90999999999997,
          239.78614384615383
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
          232.59199,
          701.14,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,934 ",
        "box": [
          783.028,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,770 ",
        "box": [
          903.256,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          38.63,
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          82.694,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          699.38,
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          705.876,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,836,304 ",
        "box": [
          769.884,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          817.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,618,142 ",
        "box": [
          892.336,
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          926.9279999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LIABILITIES AND STOCKHOLDERS' EQUITY",
        "box": [
          38.63,
          259.612,
          198.43,
          266.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LIABILITIES",
        "box": [
          38.63,
          273.112,
          81.45400000000001,
          280.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured funding agreements",
        "box": [
          44.63,
          286.61199999999997,
          148.94200000000006,
          293.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          699.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,182,096 ",
        "box": [
          773.9079999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          817.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "858,176 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured term loan",
        "box": [
          45.38,
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          111.20400000000004,
          307.67615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
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          701.14,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,538 ",
        "box": [
          781.276,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
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          819.64,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,360 ",
        "box": [
          899.168,
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          927.12,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized loan obligation securitization debt (consolidated VIEs)",
        "box": [
          44.63,
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          284.04600000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
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          701.14,
          321.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          798.324,
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          808.6039999999999,
          321.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
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          819.64,
          321.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,921 ",
        "box": [
          901.648,
          314.36199999999997,
          927.1200000000001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Due to affiliate ",
        "box": [
          45.38,
          327.86199999999997,
          98.196,
          335.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
          327.86199999999997,
          701.14,
          335.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,085 ",
        "box": [
          785.636,
          327.86199999999997,
          808.62,
          335.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
          327.86199999999997,
          819.64,
          335.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,061 ",
        "box": [
          905.96,
          327.86199999999997,
          927.1200000000001,
          335.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends payable",
        "box": [
          44.63,
          341.36199999999997,
          109.438,
          348.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
          341.36199999999997,
          701.14,
          348.55615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,442 ",
        "box": [
          785.804,
          341.36199999999997,
          808.62,
          348.55615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
          341.36199999999997,
          819.64,
          348.55615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,442 ",
        "box": [
          904.304,
          341.36199999999997,
          927.12,
          348.55615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities ($257 of interest payable related to consolidated VIEs as of December 31, 2025)",
        "box": [
          45.38,
          354.86199999999997,
          379.82,
          362.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
          354.86199999999997,
          701.14,
          362.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59,725 ",
        "box": [
          782.236,
          354.86199999999997,
          808.628,
          362.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
          354.86199999999997,
          819.64,
          362.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,614 ",
        "box": [
          901.2,
          354.86199999999997,
          927.1200000000001,
          362.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities",
        "box": [
          38.63,
          368.36199999999997,
          91.51799999999999,
          375.55615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
          368.36199999999997,
          700.9399999999999,
          375.55615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,343,886 ",
        "box": [
          770.3159999999999,
          368.36199999999997,
          808.4119999999997,
          375.55615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
          368.36199999999997,
          819.4399999999999,
          375.55615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,108,574 ",
        "box": [
          890.64,
          368.36199999999997,
          926.9279999999998,
          375.55615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments and contingencies",
        "box": [
          38.63,
          382.23199999999997,
          157.38200000000003,
          389.42615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STOCKHOLDERS' EQUITY",
        "box": [
          38.63,
          396.11199999999997,
          135.406,
          403.30615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock, par value $0.01 per share, 450,000,000 shares authorized at March 31, 2026 and December 31, 2025 and 55,367,672 and 55,026,453 shares issued and outstanding ",
        "box": [
          45.38,
          408.24201,
          688.8279999999993,
          415.4361638461538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "at March 31, 2026 and December 31, 2025, respectively",
        "box": [
          45.38,
          416.24201,
          241.2120000000001,
          423.4361638461538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
          412.23199999999997,
          701.14,
          419.42615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "532 ",
        "box": [
          793.036,
          412.23199999999997,
          808.6199999999999,
          419.42615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
          412.23199999999997,
          819.64,
          419.42615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "532 ",
        "box": [
          911.536,
          412.23199999999997,
          927.1199999999999,
          419.42615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional paid-in capital",
        "box": [
          44.63,
          427.99201,
          132.782,
          435.1861638461538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
          427.99201,
          701.14,
          435.1861638461538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "821,724 ",
        "box": [
          779.476,
          427.99201,
          808.6279999999999,
          435.1861638461538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
          427.99201,
          819.64,
          435.1861638461538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "820,827 ",
        "box": [
          895.776,
          427.99201,
          927.1279999999998,
          435.1861638461538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated earnings (deficit)",
        "box": [
          44.63,
          440.74201,
          153.29400000000004,
          447.9361638461538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
          440.74201,
          701.14,
          447.9361638461538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(329,838) ",
        "box": [
          774.636,
          440.74201,
          810.6999999999998,
          447.9361638461538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
          440.74201,
          819.64,
          447.9361638461538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(311,791) ",
        "box": [
          899.776,
          440.74201,
          929.1919999999999,
          447.9361638461538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total stockholders' equity",
        "box": [
          38.63,
          453.86199999999997,
          134.07000000000002,
          461.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          699.38,
          453.86199999999997,
          700.9399999999999,
          461.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "492,418 ",
        "box": [
          776.7479999999999,
          453.86199999999997,
          808.4199999999998,
          461.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          817.88,
          453.86199999999997,
          819.4399999999999,
          461.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "509,568 ",
        "box": [
          893.704,
          453.86199999999997,
          926.9119999999998,
          461.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities and stockholders' equity",
        "box": [
          38.63,
          467.73199999999997,
          183.57399999999996,
          474.92615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          699.38,
          467.73199999999997,
          705.876,
          474.92615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,836,304 ",
        "box": [
          769.884,
          467.73199999999997,
          808.4279999999998,
          474.92615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          817.88,
          467.73199999999997,
          824.376,
          474.92615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,618,142 ",
        "box": [
          892.336,
          467.73199999999997,
          926.9279999999998,
          474.92615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          915.71997,
          497.66099,
          924.09897,
          505.7544130769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00d8ARES",
        "box": [
          32.0,
          489.0,
          83.33333333333334,
          508.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.86232
      }
    ]
  },
  {
    "page_no": 19,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "Consolidated Statements of Operations",
        "box": [
          36.0,
          45.71999999999997,
          559.0960000000001,
          72.60000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1) There is no assurance dividends will continue at these levels or at all.",
        "box": [
          90.0,
          498.7534476,
          298.3200000000001,
          505.77715404272766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended",
        "box": [
          617.22998,
          98.85200000000003,
          722.3179799999992,
          106.04615384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in thousands, except share and per share data)",
        "box": [
          38.63,
          113.10200000000003,
          212.50199999999998,
          120.29615384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/2026",
        "box": [
          445.51999,
          113.10200000000003,
          485.9839900000001,
          120.29615384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/31/2025",
        "box": [
          546.10999,
          113.10200000000003,
          589.3979899999996,
          120.29615384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/30/2025",
        "box": [
          648.44,
          113.10200000000003,
          691.0799999999997,
          120.29615384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/30/2025",
        "box": [
          750.44,
          113.10200000000003,
          793.0799999999997,
          120.29615384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/2025",
        "box": [
          853.64001,
          113.10200000000003,
          893.8640099999996,
          120.29615384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue:",
        "box": [
          38.63,
          126.61200000000002,
          73.078,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          44.63,
          139.75202000000002,
          100.318,
          146.94617384615384
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          417.38,
          139.75202000000002,
          423.892,
          146.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,906  $ ",
        "box": [
          487.73199999999997,
          139.75202000000002,
          525.8919999999999,
          146.94617384615384
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,732  $ ",
        "box": [
          591.6279999999999,
          139.75202000000002,
          627.8919999999999,
          146.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,261 ",
        "box": [
          694.9559999999999,
          139.75202000000002,
          719.7079999999999,
          146.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          723.38,
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          729.8919999999999,
          146.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,117 ",
        "box": [
          799.54,
          139.75202000000002,
          821.7079999999999,
          146.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          825.38,
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          831.8919999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,480 ",
        "box": [
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          923.7079999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          44.63,
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          103.55799999999999,
          159.69617384615384
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          152.50202000000002,
          419.14,
          159.69617384615384
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,361)   ",
        "box": [
          490.996,
          152.50202000000002,
          521.14,
          159.69617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,078)   ",
        "box": [
          590.468,
          152.50202000000002,
          623.14,
          159.69617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,790)   ",
        "box": [
          692.236,
          152.50202000000002,
          725.14,
          159.69617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,101)   ",
        "box": [
          798.22,
          152.50202000000002,
          827.14,
          159.69617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,189) ",
        "box": [
          898.324,
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          925.7639999999999,
          159.69617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest margin",
        "box": [
          50.63,
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          119.28600000000002,
          173.19617384615384
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
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          419.14,
          173.19617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,545 ",
        "box": [
          493.74,
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          515.7080000000001,
          173.19617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          519.38,
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          521.14,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,654   ",
        "box": [
          595.396,
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          623.14,
          173.19617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,471 ",
        "box": [
          699.54,
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          719.6999999999999,
          173.19617384615384
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          723.38,
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          725.14,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,016 ",
        "box": [
          801.34,
          166.00202000000002,
          821.7,
          173.19617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          825.38,
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          827.14,
          173.19617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,291 ",
        "box": [
          903.188,
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          923.7,
          173.19617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned",
        "box": [
          44.63,
          178.75202000000002,
          159.91800000000003,
          185.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
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          419.14,
          185.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,915 ",
        "box": [
          495.39599999999996,
          178.75202000000002,
          515.7,
          185.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          519.38,
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          521.14,
          185.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,562   ",
        "box": [
          595.548,
          178.75202000000002,
          623.14,
          185.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,634   ",
        "box": [
          696.924,
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          725.14,
          185.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,549   ",
        "box": [
          799.004,
          178.75202000000002,
          827.14,
          185.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,657 ",
        "box": [
          901.804,
          178.75202000000002,
          923.7,
          185.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total revenue",
        "box": [
          38.63,
          191.48200000000003,
          87.31,
          198.67615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          191.48200000000003,
          419.14,
          198.67615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,460   ",
        "box": [
          489.836,
          191.48200000000003,
          521.14,
          198.67615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,216 ",
        "box": [
          594.804,
          191.48200000000003,
          617.6999999999999,
          198.67615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          621.38,
          191.48200000000003,
          623.14,
          198.67615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,105 ",
        "box": [
          696.236,
          191.48200000000003,
          719.7,
          198.67615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,565",
        "box": [
          797.09998,
          191.48200000000003,
          820.13998,
          198.67615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,948",
        "box": [
          897.96997,
          191.48200000000003,
          922.1299700000001,
          198.67615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses:",
        "box": [
          38.63,
          204.61200000000002,
          75.742,
          211.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management and incentive fees to affiliate",
        "box": [
          44.63,
          217.75202000000002,
          195.5660000000001,
          224.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          217.75202000000002,
          419.14,
          224.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,400   ",
        "box": [
          492.58,
          217.75202000000002,
          521.14,
          224.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,420   ",
        "box": [
          595.156,
          217.75202000000002,
          623.14,
          224.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,420   ",
        "box": [
          697.156,
          217.75202000000002,
          725.14,
          224.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,430   ",
        "box": [
          798.948,
          217.75202000000002,
          827.14,
          224.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,567 ",
        "box": [
          901.9399999999999,
          217.75202000000002,
          923.708,
          224.94617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Professional fees",
        "box": [
          44.63,
          230.50202000000002,
          105.03,
          237.69617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          230.50202000000002,
          419.14,
          237.69617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "819 ",
        "box": [
          501.524,
          230.50202000000002,
          515.6840000000001,
          237.69617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          519.38,
          230.50202000000002,
          521.14,
          237.69617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "678   ",
        "box": [
          601.9399999999999,
          230.50202000000002,
          623.14,
          237.69617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "526 ",
        "box": [
          703.86,
          230.50202000000002,
          719.7,
          237.69617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "673",
        "box": [
          806.22998,
          230.50202000000002,
          820.1259799999999,
          237.69617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "877",
        "box": [
          908.85999,
          230.50202000000002,
          922.1239899999999,
          237.69617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses",
        "box": [
          44.63,
          243.25202000000002,
          175.6220000000001,
          250.44617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          243.25202000000002,
          419.14,
          250.44617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,417 ",
        "box": [
          497.7,
          243.25202000000002,
          515.7,
          250.44617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          519.38,
          243.25202000000002,
          521.14,
          250.44617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,595 ",
        "box": [
          597.396,
          243.25202000000002,
          617.7,
          250.44617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          621.38,
          243.25202000000002,
          623.14,
          250.44617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,733 ",
        "box": [
          699.9639999999999,
          243.25202000000002,
          719.6999999999998,
          250.44617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          723.38,
          243.25202000000002,
          725.14,
          250.44617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,995 ",
        "box": [
          801.06,
          243.25202000000002,
          821.7,
          250.44617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          825.38,
          243.25202000000002,
          827.14,
          250.44617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,720 ",
        "box": [
          903.804,
          243.25202000000002,
          923.6999999999999,
          250.44617384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses reimbursed to affiliate",
        "box": [
          44.63,
          256.75199000000003,
          255.23800000000014,
          263.94614384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          256.75199000000003,
          419.14,
          263.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "787   ",
        "box": [
          500.668,
          256.75199000000003,
          521.14,
          263.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "810 ",
        "box": [
          603.42,
          256.75199000000003,
          617.6919999999999,
          263.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          621.38,
          256.75199000000003,
          623.14,
          263.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "781 ",
        "box": [
          706.26,
          256.75199000000003,
          719.6919999999999,
          263.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          723.38,
          256.75199000000003,
          725.14,
          263.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,024 ",
        "box": [
          801.004,
          256.75199000000003,
          821.7,
          263.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          825.38,
          256.75199000000003,
          827.14,
          263.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,003 ",
        "box": [
          902.756,
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          923.6999999999999,
          263.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses from real estate owned",
        "box": [
          44.63,
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          162.25400000000002,
          276.69614384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          269.50199000000003,
          419.14,
          276.69614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,134 ",
        "box": [
          495.164,
          269.50199000000003,
          515.7,
          276.69614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          519.38,
          269.50199000000003,
          521.14,
          276.69614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,495   ",
        "box": [
          594.596,
          269.50199000000003,
          623.14,
          276.69614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,540   ",
        "box": [
          696.4839999999999,
          269.50199000000003,
          725.14,
          276.69614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,628   ",
        "box": [
          798.956,
          269.50199000000003,
          827.14,
          276.69614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,495 ",
        "box": [
          900.596,
          269.50199000000003,
          923.7000000000002,
          276.69614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses",
        "box": [
          50.63,
          282.25199000000003,
          103.758,
          289.44614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          282.25199000000003,
          419.14,
          289.44614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,557 ",
        "box": [
          493.964,
          282.25199000000003,
          515.7,
          289.44614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          519.38,
          282.25199000000003,
          521.14,
          289.44614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,998   ",
        "box": [
          594.556,
          282.25199000000003,
          623.14,
          289.44614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,000   ",
        "box": [
          693.316,
          282.25199000000003,
          725.14,
          289.44614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,750 ",
        "box": [
          796.604,
          282.25199000000003,
          821.7,
          289.44614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          825.38,
          282.25199000000003,
          827.14,
          289.44614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,662 ",
        "box": [
          898.116,
          282.25199000000003,
          923.7,
          289.44614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Provision for) reversal of current expected credit losses, net",
        "box": [
          44.63,
          295.75199,
          256.4620000000001,
          302.94614384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          295.75199,
          419.14,
          302.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,138)   ",
        "box": [
          492.748,
          295.75199,
          521.14,
          302.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,835)   ",
        "box": [
          593.084,
          295.75199,
          623.14,
          302.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,190 ",
        "box": [
          699.076,
          295.75199,
          719.7,
          302.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          723.38,
          295.75199,
          725.14,
          302.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,150 ",
        "box": [
          796.348,
          295.75199,
          821.708,
          302.94614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          825.38,
          295.75199,
          827.14,
          302.94614384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,340 ",
        "box": [
          900.8199999999999,
          295.75199,
          923.708,
          302.94614384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized losses on loans",
        "box": [
          44.63,
          308.50199,
          129.87000000000003,
          315.69614384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          308.50199,
          419.14,
          315.69614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,340)   ",
        "box": [
          490.668,
          308.50199,
          521.14,
          315.69614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          607.404,
          308.50199,
          623.14,
          315.69614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,643)   ",
        "box": [
          696.836,
          308.50199,
          725.14,
          315.69614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(33,000)   ",
        "box": [
          791.556,
          308.50199,
          827.14,
          315.69614384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          913.404,
          308.50199,
          923.684,
          315.69614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized gain (loss) on sale of real estate owned",
        "box": [
          44.63,
          321.25199,
          212.08600000000004,
          328.44614384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          321.25199,
          419.14,
          328.44614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          505.404,
          321.25199,
          521.14,
          328.44614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,757 ",
        "box": [
          596.668,
          321.25199,
          617.708,
          328.44614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          621.38,
          321.25199,
          623.14,
          328.44614384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          709.404,
          321.25199,
          725.14,
          328.44614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          811.404,
          321.25199,
          827.14,
          328.44614384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          913.404,
          321.25199,
          923.684,
          328.44614384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) before income taxes",
        "box": [
          38.63,
          334.36199999999997,
          164.118,
          341.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          334.36199999999997,
          419.14,
          341.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,575)   ",
        "box": [
          491.74,
          334.36199999999997,
          521.14,
          341.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,860)   ",
        "box": [
          592.636,
          334.36199999999997,
          623.14,
          341.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,652 ",
        "box": [
          697.14,
          334.36199999999997,
          719.7080000000001,
          341.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,035)",
        "box": [
          794.62,
          334.36199999999997,
          820.14,
          341.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,626",
        "box": [
          901.06,
          334.36199999999997,
          922.1320000000001,
          341.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax expense (benefit), including excise tax",
        "box": [
          44.63,
          347.11199999999997,
          218.71800000000007,
          354.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          347.11199999999997,
          419.14,
          354.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30   ",
        "box": [
          504.156,
          347.11199999999997,
          521.14,
          354.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 ",
        "box": [
          611.308,
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          617.692,
          354.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          621.38,
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          623.14,
          354.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1) ",
        "box": [
          713.22,
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          721.764,
          354.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          811.59998,
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          820.1199799999999,
          354.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "281",
        "box": [
          910.19,
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          922.134,
          354.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to common stockholders",
        "box": [
          38.63,
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          241.12599999999995,
          367.42615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          417.38,
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          423.892,
          367.42615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,605)  $ ",
        "box": [
          490.556,
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          525.8919999999999,
          367.42615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,865)  $ ",
        "box": [
          593.092,
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          627.8919999999999,
          367.42615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,653  $ ",
        "box": [
          696.9319999999999,
          360.23199999999997,
          729.8919999999999,
          367.42615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,035)  $ ",
        "box": [
          796.5,
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          831.8919999999999,
          367.42615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,345 ",
        "box": [
          900.9319999999999,
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          923.708,
          367.42615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings (loss) per common share:",
        "box": [
          38.63,
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          164.65399999999997,
          380.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic earnings (loss) per common share",
        "box": [
          44.63,
          386.11199999999997,
          185.13400000000001,
          393.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          417.38,
          386.11199999999997,
          423.892,
          393.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.17)  $ ",
        "box": [
          498.26,
          386.11199999999997,
          525.8919999999999,
          393.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.07)  $ ",
        "box": [
          597.828,
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          627.8919999999999,
          393.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.08 ",
        "box": [
          701.3319999999999,
          386.11199999999997,
          719.6999999999998,
          393.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          723.38,
          386.11199999999997,
          729.8919999999999,
          393.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.20)  $ ",
        "box": [
          801.5719999999999,
          386.11199999999997,
          831.8919999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.17 ",
        "box": [
          908.3319999999999,
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          923.6999999999998,
          393.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted earnings (loss) per common share",
        "box": [
          44.63,
          398.86199999999997,
          191.60600000000002,
          406.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          417.38,
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          423.892,
          406.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.17)  $ ",
        "box": [
          498.26,
          398.86199999999997,
          525.8919999999999,
          406.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.07)  $ ",
        "box": [
          597.828,
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          627.8919999999999,
          406.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.08 ",
        "box": [
          701.3319999999999,
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          719.6999999999998,
          406.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          723.38,
          398.86199999999997,
          729.8919999999999,
          406.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.20)  $ ",
        "box": [
          801.5719999999999,
          398.86199999999997,
          831.8919999999999,
          406.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.17 ",
        "box": [
          908.3319999999999,
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          923.6999999999998,
          406.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average number of common shares outstanding:",
        "box": [
          38.63,
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          255.62199999999996,
          419.17615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic weighted average shares of common stock outstanding",
        "box": [
          38.63,
          425.11199999999997,
          257.062,
          432.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          425.11199999999997,
          419.14,
          432.30615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,322,222   ",
        "box": [
          474.156,
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          521.14,
          432.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,951,917 ",
        "box": [
          578.8439999999999,
          425.11199999999997,
          617.7080000000001,
          432.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          621.38,
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          623.14,
          432.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,904,862 ",
        "box": [
          675.588,
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          719.7160000000001,
          432.30615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,856,949",
        "box": [
          777.76001,
          425.11199999999997,
          820.1440100000002,
          432.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,828,751",
        "box": [
          883.51001,
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          922.15801,
          432.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted weighted average shares of common stock outstanding",
        "box": [
          38.63,
          437.86199999999997,
          263.534,
          445.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
          437.86199999999997,
          419.14,
          445.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,322,222   ",
        "box": [
          474.156,
          437.86199999999997,
          521.14,
          445.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,951,917 ",
        "box": [
          578.8439999999999,
          437.86199999999997,
          617.7080000000001,
          445.05615384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          621.38,
          437.86199999999997,
          623.14,
          445.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,775,825 ",
        "box": [
          678.316,
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          719.724,
          445.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,856,949",
        "box": [
          777.76001,
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          820.1440100000002,
          445.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,694,939",
        "box": [
          879.92999,
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          922.1459900000002,
          445.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared per share of common stock 1",
        "box": [
          38.63,
          450.08281,
          213.66279999999998,
          457.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          417.38,
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          423.892,
          457.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.15 ",
        "box": [
          499.94,
          450.61199999999997,
          515.7,
          457.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          519.38,
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          525.8919999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.15 ",
        "box": [
          601.9399999999999,
          450.61199999999997,
          617.6999999999999,
          457.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          621.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.15 ",
        "box": [
          703.9399999999999,
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          719.6999999999999,
          457.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          723.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.15 ",
        "box": [
          805.9399999999999,
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          821.6999999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.15 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "19",
        "box": [
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        "confidence": 1.0
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      {
        "text": "ARES",
        "box": [
          45.0,
          491.0,
          81.33333333333334,
          506.3333333333333
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        "from_ocr": true,
        "confidence": 0.99993
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    ]
  },
  {
    "page_no": 20,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "Reconciliation of Net Income (Loss) to Non-GAAP Distributable Earnings (Loss)",
        "box": [
          36.0,
          44.760009999999966,
          937.992,
          67.80000999999999
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Due to rounding, numbers presented may not add up to the totals provided.",
        "box": [
          90.0,
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          308.1520000000003,
          505.77715404272766
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "For the Three Months Ended",
        "box": [
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          722.3179799999992,
          106.04615384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in thousands, except per share data)",
        "box": [
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          113.10200000000003,
          175.566,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3/31/2026",
        "box": [
          445.51999,
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          485.9839900000001,
          120.29615384615386
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "12/31/2025",
        "box": [
          546.10999,
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          120.29615384615386
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "9/30/2025",
        "box": [
          648.44,
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          691.0799999999997,
          120.29615384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/30/2025",
        "box": [
          750.44,
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          793.0799999999997,
          120.29615384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/2025",
        "box": [
          853.64001,
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          893.8640099999996,
          120.29615384615386
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net income (loss) attributable to common stockholders",
        "box": [
          38.63,
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          241.12599999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          417.38,
          126.61200000000002,
          423.892,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,605)  $ ",
        "box": [
          490.556,
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          525.8919999999999,
          133.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,865)  $ ",
        "box": [
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          133.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,653  $ ",
        "box": [
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          729.8919999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,035)  $ ",
        "box": [
          796.5,
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          831.8919999999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "9,345 ",
        "box": [
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          923.708,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Stock-based compensation",
        "box": [
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          417.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "897   ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "893   ",
        "box": [
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      {
        "text": "1,024 ",
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          719.7,
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        "confidence": 1.0
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      {
        "text": "937",
        "box": [
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      {
        "text": "1,050",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Incentive fees to affiliate",
        "box": [
          44.63,
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          130.45399999999998,
          159.67615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          419.14,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-   ",
        "box": [
          505.404,
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          521.14,
          159.67615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-   ",
        "box": [
          607.404,
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          623.14,
          159.67615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          709.404,
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          719.684,
          159.67615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          811.59998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
          913.59998,
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          922.1199799999999,
          159.67615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Depreciation and amortization of real estate owned",
        "box": [
          44.63,
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          226.26200000000003,
          172.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "741 ",
        "box": [
          502.028,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          521.14,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,605 ",
        "box": [
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          617.7,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          623.14,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,009 ",
        "box": [
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          719.7,
          172.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,318",
        "box": [
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          820.1359899999999,
          172.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,182",
        "box": [
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          922.1380099999999,
          172.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision for (reversal of) current expected credit losses, net",
        "box": [
          44.63,
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          256.46200000000016,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.38,
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          419.14,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,138 ",
        "box": [
          494.82,
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          515.7000000000002,
          185.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          521.14,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,835   ",
        "box": [
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          623.14,
          185.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2,190) ",
        "box": [
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          721.772,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,150)",
        "box": [
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          185.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,340)",
        "box": [
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          922.142,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings (Loss)",
        "box": [
          38.63,
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          143.70199999999997,
          198.67615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          417.38,
          191.48200000000003,
          423.892,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,171 ",
        "box": [
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          515.7,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
          519.38,
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          525.8919999999999,
          198.67615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,468  $ ",
        "box": [
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          627.8919999999999,
          198.67615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5,496  $ ",
        "box": [
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          729.8919999999999,
          198.67615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(27,930)  $ ",
        "box": [
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          831.8919999999999,
          198.67615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,237 ",
        "box": [
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          923.7079999999999,
          198.67615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized (gains) losses",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          419.14,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,340   ",
        "box": [
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          521.14,
          211.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,398)   ",
        "box": [
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          623.14,
          211.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,643 ",
        "box": [
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          204.61200000000002,
          719.7,
          211.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,000",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
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          922.1199799999999,
          211.80615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings excluding realized (gains) losses",
        "box": [
          38.63,
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          239.3259999999999,
          224.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          423.892,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,511 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6,070  $ ",
        "box": [
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          627.8919999999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7,139 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "text": "5,070  $ ",
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        "confidence": 1.0
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        "text": "7,237 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Net income (loss) attributable to common stockholders",
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          247.12599999999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.17)   ",
        "box": [
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          521.14,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.07)   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.08 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.20)",
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        "confidence": 1.0
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        "text": "0.17",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Stock-based compensation",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.02 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "0.02 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "0.02 ",
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        "text": "0.02",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Incentive fees to affiliate",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Depreciation and amortization of real estate owned",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.01 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.03 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "0.04 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "0.04",
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        "text": "0.04",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Provision for (reversal of) current expected credit losses, net",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.20 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.18 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.04) ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.37)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.10)",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic Distributable Earnings (Loss) per common share",
        "box": [
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          235.9499999999999,
          302.55615384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          423.892,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.06  $ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.15 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.10 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.51)  $ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.13 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Realized (gains) losses",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.06   ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.04)   ",
        "box": [
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          623.14,
          315.30615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.03 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "0.60",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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          922.1199799999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic Distributable Earnings excluding realized (gains) losses per common share",
        "box": [
          38.63,
          320.86199999999997,
          331.582,
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        "from_ocr": false,
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        "text": "0.12 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "0.11 ",
        "box": [
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          617.6919999999999,
          328.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "0.13 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
          723.38,
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          328.05615384615385
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        "confidence": 1.0
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      {
        "text": "0.09  $ ",
        "box": [
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          831.8919999999999,
          328.05615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.13 ",
        "box": [
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          247.12599999999995,
          341.17615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          419.14,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.17)   ",
        "box": [
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          521.14,
          341.17615384615385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.07)   ",
        "box": [
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          623.14,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.08 ",
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      {
        "text": "(0.20)",
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      {
        "text": "0.17",
        "box": [
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        "confidence": 1.0
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      {
        "text": " ",
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        "confidence": 1.0
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      {
        "text": "0.02 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "confidence": 1.0
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      {
        "text": "0.02 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "confidence": 1.0
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        "text": "0.02 ",
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        "text": "0.02",
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        "text": "0.02",
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        "text": "Incentive fees to affiliate",
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          130.45399999999998,
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        "confidence": 1.0
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      {
        "text": " ",
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        "confidence": 1.0
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        "text": "-   ",
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        "confidence": 1.0
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      {
        "text": "-   ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "text": "-",
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      {
        "text": "-",
        "box": [
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        "text": "Depreciation and amortization of real estate owned",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          419.14,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.01 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "text": "0.03 ",
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      {
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        "text": "0.04 ",
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        "text": "(0.04) ",
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        "confidence": 1.0
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      {
        "text": "(0.37)",
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        "text": "Diluted Distributable Earnings (Loss) per common share",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "0.06  $ ",
        "box": [
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        "confidence": 1.0
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        "text": "0.15 ",
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        "confidence": 1.0
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        "text": "$ ",
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        "text": "0.10 ",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "text": "(0.51)  $ ",
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        "confidence": 1.0
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      {
        "text": "0.13 ",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "0.06   ",
        "box": [
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        "confidence": 1.0
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        "text": "(0.04)   ",
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          623.14,
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        "confidence": 1.0
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      {
        "text": "0.03 ",
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        "text": "0.60",
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        "confidence": 1.0
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        "text": "-",
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        "text": "Diluted Distributable Earnings excluding realized (gains) losses per common share",
        "box": [
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        "confidence": 1.0
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        "text": "$ ",
        "box": [
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        "text": "0.12 ",
        "box": [
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        "confidence": 1.0
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        "text": "$ ",
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        "text": "0.11 ",
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        "confidence": 1.0
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        "text": "$ ",
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        "text": "0.13 ",
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        "confidence": 1.0
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        "text": "$ ",
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        "text": "0.09  $ ",
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        "text": "0.13 ",
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        "text": "20",
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      {
        "text": "ARES",
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  {
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      {
        "text": "Diverse Sources of Financing Supports Portfolio",
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      {
        "text": "As of March 31, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) For the Secured Funding Agreements, total commitments are available subject to the pledge of ",
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        "text": "additional collateral. 2) Amount immediately available under the CNB Facility at any given time can fluctuate based on the fair value of the collateral in the borrowing base that secures the CNB Facility. As of March 31, 2026, there was $51.1 million of immediate availability ",
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        "text": "under the CNB Facility based on the fair value of the collateral in the borrowing base at such time. The amount immediately available under the CNB Facility may be increased to up to $75.0 million by the pledge of additional collateral into the borrowing base in accordance ",
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        "text": "with the CNB Facility agreement. 3) The Morgan Stanley facility contains an accordion provision such that the maximum commitment may be increased to up to $400.0 million at the Company's option, subject to the satisfaction of certain conditions, including payment of an ",
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      {
        "text": "upsize fee. 4) The Secured Term Loan includes interest rate increases on advances to the following fixed rates: (i) 4.50% per annum until May 1, 2025 and (ii) after May 1, 2025 through November 12, 2026, the interest rate increases 0.25% every three months.",
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      {
        "text": "Diversified financing sources totaling $1.5 billion with $268 million of undrawn capacity 1,2",
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      {
        "text": "($ in millions)",
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        "text": "Financing Sources",
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        "text": "Total",
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        "text": "Commitments 1",
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      {
        "text": "Outstanding\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Principal",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Pricing",
        "box": [
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        "text": "Range",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Mark",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "to Credit",
        "box": [
          688.67999,
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          729.56999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Non Spread Based",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Mark to Market",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Secured Funding Agreements",
        "box": [
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          176.88,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Wells Fargo Facility",
        "box": [
          38.63,
          199.71999,
          124.0,
          208.71268230769226
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$600.0",
        "box": [
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          297.8700099999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$567.9",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "SOFR+1.35 to 3.75%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Citibank Facility",
        "box": [
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          108.51,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "425.0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "389.6",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "SOFR+1.50 to 3.00%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Morgan Stanley Facility",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "350.0 3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "224.6",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "SOFR+1.75 to 3.50%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "CNB Facility",
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        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "SOFR+3.25%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Subtotal",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$1,450.0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$1,182.1",
        "box": [
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        "confidence": 1.0
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        "text": "Capital Markets",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Secured Term Loan",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$90.0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$90.0",
        "box": [
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          438.1399899999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5.50% (Fixed) 4",
        "box": [
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          597.9285299999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Subtotal",
        "box": [
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          78.01,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$90.0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$90.0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Debt",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$1,540.0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,272.1",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "21",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a9ARES",
        "box": [
          31.666666666666668,
          488.6666666666667,
          83.66666666666666,
          509.0
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        "from_ocr": true,
        "confidence": 0.90338
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  },
  {
    "page_no": 22,
    "width": 960.0,
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    "cells": [
      {
        "text": "Glossary",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Carrying Value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Carrying  Value  represents  the  cost  of  loans  held  for  investment,  net  of  unamortized  purchase ",
        "box": [
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          923.6300000000006,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discounts,  deferred  loan  fees  and  origination  costs  and  cost",
        "box": [
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          748.78033,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          748.78033,
          112.4140625,
          752.20033,
          121.984375
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recovery proceeds, and excludes the ",
        "box": [
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          923.57036,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impact of current expected credit losses. ",
        "box": [
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          656.1400000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings (Loss)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings\u00a0(Loss) is a non-GAAP financial measure that helps the Company evaluate its ",
        "box": [
          472.97,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial  performance  excluding  the  effects  of  certain  transactions  and  GAAP  adjustments  that  it ",
        "box": [
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          923.550000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "believes  are  not  necessarily  indicative  of  its  current  loan  origination  portfolio  and  operations.  To ",
        "box": [
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          923.6200000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maintain the Company's REIT status, the Company is generally required to annually distribute to its ",
        "box": [
          472.97,
          180.29000000000002,
          923.5800000000016,
          189.2826923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stockholders  substantially  all  of  its  taxable  income.  The  Company  believes  the  disclosure  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings (Loss) provides useful information to investors regarding the Company's ability ",
        "box": [
          472.97,
          204.29000000000002,
          923.660000000001,
          213.2826923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to pay dividends, which the Company believes is one of the principal reasons investors invest in the ",
        "box": [
          472.97,
          216.29000000000002,
          923.5500000000011,
          225.2826923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company. The presentation of this additional information is not meant to be considered in isolation or ",
        "box": [
          472.97,
          228.29000000000002,
          923.5600000000005,
          237.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as a substitute for financial results prepared in accordance with GAAP. Distributable Earnings (Loss) is ",
        "box": [
          472.97,
          240.29000000000002,
          923.6500000000003,
          249.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defined  as  net  income  (loss)  computed  in  accordance  with  GAAP,  excluding  non-cash  equity ",
        "box": [
          472.97,
          252.29000000000002,
          923.5700000000005,
          261.2826923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation  expense,  the  incentive  fees  the  Company  pays  to  its  Manager,  depreciation  and ",
        "box": [
          472.97,
          264.29,
          923.6400000000004,
          273.2826923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization (to the extent that any of the Company's target investments are structured as debt and ",
        "box": [
          472.97,
          276.29,
          923.5300000000015,
          285.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  Company  forecloses  on  any  properties  underlying  such  debt),  any  unrealized  gains,  losses  or ",
        "box": [
          472.97,
          288.28999999999996,
          923.5400000000011,
          297.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other non-cash items recorded in net income (loss) for the period, regardless of whether such items ",
        "box": [
          472.97,
          300.28999999999996,
          923.6400000000002,
          309.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are  included  in  other  comprehensive  income  or  loss,  or  in  net  income  (loss),  one-time  events ",
        "box": [
          472.97,
          312.28999999999996,
          923.6200000000011,
          321.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pursuant  to  changes  in  GAAP  and  certain  non-cash  charges  after  discussions  between  the ",
        "box": [
          472.97,
          324.28999999999996,
          923.6200000000011,
          333.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's manager and the Company's independent directors and after approval by a majority of ",
        "box": [
          472.97,
          336.28999999999996,
          923.5700000000016,
          345.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  Company's  independent  directors.  Loan  balances  that  are  deemed  to  be  uncollectible  are ",
        "box": [
          472.97,
          348.28999999999996,
          923.6600000000007,
          357.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "written-off as a realized loss and are included in Distributable Earnings (Loss). Distributable Earnings ",
        "box": [
          472.97,
          360.28999999999996,
          923.6200000000014,
          369.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loss)  is  aligned  with  the  calculation  of  'Core  Earnings,'  which  is  defined  in  the  Management ",
        "box": [
          472.97,
          372.28999999999996,
          923.6200000000002,
          381.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement ",
        "box": [
          472.97,
          384.28999999999996,
          525.9300000000001,
          393.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and ",
        "box": [
          533.7800000000001,
          384.28999999999996,
          552.9700000000001,
          393.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is ",
        "box": [
          560.8200000000002,
          384.28999999999996,
          569.7800000000002,
          393.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "used ",
        "box": [
          577.6300000000002,
          384.28999999999996,
          601.6700000000003,
          393.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to ",
        "box": [
          609.5200000000003,
          384.28999999999996,
          620.8600000000004,
          393.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculate ",
        "box": [
          628.7100000000004,
          384.28999999999996,
          671.0600000000004,
          393.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the ",
        "box": [
          678.9100000000004,
          384.28999999999996,
          695.7200000000005,
          393.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incentive ",
        "box": [
          703.5700000000005,
          384.28999999999996,
          746.0500000000006,
          393.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fees ",
        "box": [
          753.9000000000007,
          384.28999999999996,
          774.9400000000007,
          393.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the ",
        "box": [
          782.7900000000008,
          384.28999999999996,
          799.6000000000008,
          393.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company ",
        "box": [
          807.4500000000008,
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          853.370000000001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pays ",
        "box": [
          861.220000000001,
          384.28999999999996,
          884.2500000000011,
          393.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to ",
        "box": [
          892.1000000000012,
          384.28999999999996,
          903.4400000000012,
          393.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "its ",
        "box": [
          911.2900000000012,
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          923.6300000000012,
          393.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager.\u00a0 Distributable  Earnings  excluding  realized  gains/losses  is  Distributable  Earnings  (Loss) ",
        "box": [
          472.97,
          396.28999999999996,
          923.6200000000008,
          405.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "further adjusted to exclude realized gains/losses.",
        "box": [
          472.97,
          408.28999999999996,
          689.5000000000001,
          417.2826923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          913.98999,
          497.66099,
          924.10599,
          505.7544130769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00d8ARES",
        "box": [
          33.0,
          489.3333333333333,
          82.0,
          508.0
        ],
        "from_ocr": true,
        "confidence": 0.88662
      }
    ]
  },
  {
    "page_no": 23,
    "width": 960.0,
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    "cells": [
      {
        "text": "End Notes",
        "box": [
          36.0,
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          72.60000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
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        "text": "Q1 2026 Company Results and Highlights; page 3",
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        "text": "As of March 31, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers may not add up to the totals provided.",
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        "text": "1.",
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        "text": "Distributable Earnings (Loss) and Distributable Earnings excluding realized gains (losses) are non-GAAP financial measures. See page 22 for Distributable Earnings (Loss) and Distributable Earnings excluding realized gains (losses) definitions and page 20 for the Reconciliation of Net ",
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        "text": "Income (Loss) to Non-GAAP Distributable Earnings (Loss) and Distributable Earnings excluding realized gains (losses).",
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        "text": "2.",
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        "text": "Book value per common share excluding CECL reserve is calculated as (i) total stockholders' equity of $492 million plus CECL reserve of $138 million divided by (ii) total outstanding common shares of 55,367,672 as of March 31, 2026.",
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        "text": "3.",
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        "text": "Based on outstanding principal balance of loans held for investment. ",
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        "text": "4.",
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        "text": "REO properties are held at carrying amount net of accumulated depreciation and amortization. The North Carolina office property was reclassified as held for sale in Q1 2026 and therefore did not accumulate additional depreciation and amortization in Q1 2026.",
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        "text": "5.",
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        "text": "As of March 31, 2026, includes $86 million of cash and approximately $77 million of available financing proceeds under our secured funding agreements. ",
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        "text": "6.",
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        "text": "Loan commitments of loans held for investment and loan held for sale",
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        "text": "7.",
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      {
        "text": "Source: Bloomberg stock price for ACRE as of May 4, 2026.",
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      {
        "text": "\u00a9ARES",
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