{ "markdown": "Glossary\n\n\n\n\n\n
Carrying ValueCarrying Value represents the cost of loans held for investment, net of unamortized purchase discounts, deferred loan fees and origination costs and cost-recovery proceeds, and excludes the impact of current expected credit losses.
Distributable Earnings (Loss)Distributable Earnings (Loss) is a non-GAAP financial measure that helps the Company evaluate its financial performance excluding the effects of certain transactions and GAAP adjustments that it believes are not necessarily indicative of its current loan origination portfolio and operations. To maintain the Company's REIT status, the Company is generally required to annually distribute to its stockholders substantially all of its taxable income. The Company believes the disclosure of Distributable Earnings (Loss) provides useful information to investors regarding the Company's ability to pay dividends, which the Company believes is one of the principal reasons investors invest in the Company. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Distributable Earnings (Loss) is defined as net income (loss) computed in accordance with GAAP, excluding non-cash equity compensation expense, the incentive fees the Company pays to its Manager, depreciation and amortization (to the extent that any of the Company's target investments are structured as debt and the Company forecloses on any properties underlying such debt), any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss), one-time events pursuant to changes in GAAP and certain non-cash charges after discussions between the Company's manager and the Company's independent directors and after approval by a majority of the Company's independent directors. Loan balances that are deemed to be uncollectible are written-off as a realized loss and are included in Distributable Earnings (Loss). Distributable Earnings (Loss) is aligned with the calculation of \"Core Earnings,\" which is defined in the Management Agreement and is used to calculate the incentive fees the Company pays to its Manager. Distributable Earnings excluding realized gains/losses is Distributable Earnings (Loss) further adjusted to exclude realized gains/losses.
\n\n\u2205 ARES\n\n\n22\n\n", "structure": { "type": "document", "markdown": null, "children": [ { "type": "page", "page": null, "span": null, "width": null, "height": null, "dpi": null, "grounding": { "page": 1, "range": { "start": 0, "end": 2539 }, "box": { "xmin": 0.0, "ymin": 0.0, "xmax": 1.0, "ymax": 1.0 } }, "markdown": null, "status": "ok", "reason": null, "children": [ { "type": "text", "id": "text-0", "span": null, "grounding": { "page": 1, "range": { "start": 0, "end": 9 }, "box": { "xmin": 0.0, "ymin": 0.0, "xmax": 0.28881, "ymax": 0.51775 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 9 }, "box": { "xmin": 0.03251, "ymin": 0.434, "xmax": 0.19555, "ymax": 0.5121 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "table", "id": "table-0", "span": null, "grounding": { "page": 1, "range": { "start": 11, "end": 2523 }, "box": { "xmin": 0.3197, "ymin": 0.16999, "xmax": 0.96784, "ymax": 0.78696 } }, "atomic_grounding": null, "markdown": null, "children": [ { "type": "table_cell", "id": "table_cell-0", "span": null, "grounding": { "page": 1, "range": { "start": 27, "end": 41 }, "box": { "xmin": 0.32376, "ymin": 0.17593, "xmax": 0.48992, "ymax": 0.25814 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 0, "col": 0, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-1", "span": null, "grounding": { "page": 1, "range": { "start": 50, "end": 281 }, "box": { "xmin": 0.48989, "ymin": 0.176, "xmax": 0.96354, "ymax": 0.25813 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 0, "col": 1, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-2", "span": null, "grounding": { "page": 1, "range": { "start": 300, "end": 329 }, "box": { "xmin": 0.32369, "ymin": 0.25813, "xmax": 0.48989, "ymax": 0.77994 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 1, "col": 0, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-3", "span": null, "grounding": { "page": 1, "range": { "start": 338, "end": 2504 }, "box": { "xmin": 0.48969, "ymin": 0.25808, "xmax": 0.96352, "ymax": 0.77996 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 1, "col": 1, "colspan": 1, "rowspan": 1 } ], "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "marginalia", "id": "marginalia-0", "span": null, "grounding": { "page": 1, "range": { "start": 2525, "end": 2532 }, "box": { "xmin": 0.03223, "ymin": 0.90329, "xmax": 0.08793, "ymax": 0.94421 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 2525, "end": 2532 }, "box": { "xmin": 0.03597, "ymin": 0.91022, "xmax": 0.0832, "ymax": 0.93774 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "marginalia", "id": "marginalia-1", "span": null, "grounding": { "page": 1, "range": { "start": 2534, "end": 2537 }, "box": { "xmin": 0.94807, "ymin": 0.91416, "xmax": 0.96665, "ymax": 0.94106 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 2534, "end": 2537 }, "box": { "xmin": 0.95137, "ymin": 0.91959, "xmax": 0.96281, "ymax": 0.93454 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null } ] } ] }, "grounding": null, "metadata": { "req_id": null, "job_id": "parse-01m2rrkffezgr9md03ws7a57r9", "model_version": "dpt-3-pro-20260710", "page_count": 1, "markdown_chars": null, "output_markdown_chars": 2586, "range_units": "unicode_codepoints", "openapi_spec": "https://api.ade.landing.ai/openapi.json", "failed_pages": [], "duration_ms": 9409, "billing": { "service_tier": "standard", "total_credits": 1.2 } } }