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        "text": "UNITED STATES",
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        "text": "SECURITIES AND EXCHANGE COMMISSION",
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        "text": "Washington, D.C. 20549",
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        "text": "FORM 10-Q",
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        "text": "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)",
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        "text": " OF THE SECURITIES EXCHANGE ACT OF 1934",
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        "text": "For the quarterly period ended March 31, 2026",
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        "text": "Commission File Number:  001-35808",
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        "text": "READY CAPITAL CORPORATION",
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        "text": "(Exact Name of Registrant as Specified in its Charter)",
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        "text": "Maryland",
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        "text": "90-0729143",
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        "text": "(State or Other Jurisdiction of Incorporation or Organization)",
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        "text": "(IRS Employer Identification No.)",
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        "text": "1251 Avenue of the Americas, 50th Floor, New York, NY 10020",
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        "text": "(Address of Principal Executive Offices, Including Zip Code)",
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        "text": "(212) 257-4600",
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        "text": "(Registrant's Telephone Number, Including Area Code)",
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      {
        "text": "Securities registered pursuant to Section 12(b) of the Act: ",
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        "text": "Title of each class",
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        "text": "Trading ",
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        "text": "Symbol(s)",
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      {
        "text": "Name of each exchange on which ",
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        "text": "registered",
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      {
        "text": "Common Stock, $0.0001 par value per share",
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      {
        "text": "RC",
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        "text": "New York Stock Exchange",
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      {
        "text": "Preferred Stock, 6.25% Series C Cumulative Convertible, par value $0.0001 per share",
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        "text": "RC PRC",
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        "text": "New York Stock Exchange",
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        "text": "Preferred Stock, 6.50% Series E Cumulative Redeemable, par value $0.0001 per share",
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        "text": "RC PRE",
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      {
        "text": "New York Stock Exchange",
        "box": [
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      {
        "text": "9.00% Senior Notes due 2029",
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        "text": "RCD",
        "box": [
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      {
        "text": "New York Stock Exchange",
        "box": [
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        "text": "Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of ",
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        "text": "1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such ",
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        "text": "filing requirements for the past 90 days. Yes ",
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        "text": "\u2612",
        "box": [
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        "text": "   No ",
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        "text": "\u2610",
        "box": [
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      {
        "text": "Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of ",
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        "text": "Regulation S-T (\u00a7232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such ",
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      {
        "text": "files).  Yes ",
        "box": [
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        "confidence": 1.0
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        "text": "\u2612",
        "box": [
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        "text": "   No ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u2610",
        "box": [
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      {
        "text": "Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or ",
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      {
        "text": "an emerging growth company. See the definitions of 'large accelerated filer,' 'accelerated filer,' 'smaller reporting company,' and 'emerging growth ",
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      {
        "text": "company' in Rule 12b-2 of the Exchange Act.",
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        "confidence": 1.0
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        "text": "Large accelerated filer ",
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        "confidence": 1.0
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        "text": "\u2612",
        "box": [
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        "text": "     Accelerated filer ",
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        "from_ocr": false,
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        "text": "\u2610",
        "box": [
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        "text": "     Non-accelerated filer ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2610",
        "box": [
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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": "Smaller reporting company ",
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        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "Emerging growth company  ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ",
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        "confidence": 1.0
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        "text": "\u2610",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u2610",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   No ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u2612",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: ",
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        "from_ocr": false,
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      },
      {
        "text": "The Company has 165,219,071 shares of common stock, par value $0.0001 per share, outstanding as of May 7, 2026.",
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  {
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    "cells": [
      {
        "text": " TABLE OF CONTENTS",
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        "text": "Page",
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      {
        "text": "PART I. FINANCIAL INFORMATION",
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      {
        "text": "4",
        "box": [
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      {
        "text": "Item 1. Financial Statements (Unaudited)",
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      {
        "text": "4",
        "box": [
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      {
        "text": "UNAUDITED CONSOLIDATED BALANCE SHEETS",
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          325.73000000000025,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4",
        "box": [
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          546.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS",
        "box": [
          98.39,
          153.85888599999998,
          384.3300000000004,
          162.0871825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5",
        "box": [
          541.0,
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          546.0,
          162.0871825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)",
        "box": [
          98.39,
          167.06890600000008,
          481.5000000000005,
          175.2972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          541.0,
          167.06890600000008,
          546.0,
          175.2972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY",
        "box": [
          98.39,
          180.27892600000007,
          422.0800000000005,
          188.50722255618268
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          541.0,
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          546.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "8",
        "box": [
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        "confidence": 1.0
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      {
        "text": "NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)",
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          455.97000000000054,
          214.76723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          536.0,
          206.53893600000004,
          546.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 1. Organization",
        "box": [
          115.99,
          219.74890600000003,
          200.06000000000006,
          227.97720255618265
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          536.0,
          219.74890600000003,
          546.0,
          227.97720255618265
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 2. Basis of Presentation",
        "box": [
          115.99,
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          232.26000000000005,
          241.18722255618263
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          536.0,
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          546.0,
          241.18722255618263
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 3. Summary of Significant Accounting Policies",
        "box": [
          115.99,
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          327.1700000000001,
          254.39718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          536.0,
          246.16888600000004,
          546.0,
          254.39718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 4. Recent Accounting Pronouncements",
        "box": [
          115.99,
          259.37890600000003,
          293.86000000000007,
          267.60720255618264
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          536.0,
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          546.0,
          267.60720255618264
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 5. Business Combinations",
        "box": [
          115.99,
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          242.0,
          280.8171625561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23",
        "box": [
          536.0,
          272.58886600000005,
          546.0,
          280.8171625561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 6. Loans and Allowance for Credit Losses",
        "box": [
          115.99,
          285.79891599999996,
          306.35,
          294.0272125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          536.0,
          285.79891599999996,
          546.0,
          294.0272125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 7. Fair Value Measurements",
        "box": [
          115.99,
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          251.1100000000001,
          307.2372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30",
        "box": [
          536.0,
          299.00890599999997,
          546.0,
          307.2372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 8. Servicing Rights",
        "box": [
          115.99,
          312.21890599999995,
          214.79000000000005,
          320.4472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35",
        "box": [
          536.0,
          312.21890599999995,
          546.0,
          320.4472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 9. Discontinued Operations and Assets and Liabilities Held for Sale",
        "box": [
          115.99,
          325.42889599999995,
          408.7299999999999,
          333.6571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          536.0,
          325.42889599999995,
          546.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 10. Secured Borrowings",
        "box": [
          115.99,
          338.638916,
          234.79000000000005,
          346.8672125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38",
        "box": [
          536.0,
          338.638916,
          546.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 11. Senior Secured Notes and Corporate Debt, net",
        "box": [
          115.99,
          351.848906,
          338.00000000000006,
          360.0772025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39",
        "box": [
          536.0,
          351.848906,
          546.0,
          360.0772025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 12. Guaranteed Loan Financing",
        "box": [
          115.99,
          365.05889599999995,
          264.4400000000001,
          373.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          536.0,
          365.05889599999995,
          546.0,
          373.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Note 13. Variable Interest Entities and Securitization Activities",
        "box": [
          115.99,
          378.268916,
          368.95,
          386.4972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          536.0,
          378.268916,
          546.0,
          386.4972125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Note 14. Interest Income and Interest Expense",
        "box": [
          115.99,
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          301.0600000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44",
        "box": [
          536.0,
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          546.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 15. Derivative Instruments",
        "box": [
          115.99,
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          244.7400000000001,
          412.9172025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          536.0,
          404.688906,
          546.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 16. Real Estate Owned",
        "box": [
          115.99,
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          229.46000000000004,
          426.1271925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46",
        "box": [
          536.0,
          417.898896,
          546.0,
          426.1271925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 17. Agreements and Transactions with Related Parties",
        "box": [
          115.99,
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          354.58,
          439.3372125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47",
        "box": [
          536.0,
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          546.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 18. Other Assets and Other Liabilities",
        "box": [
          115.99,
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          289.3999999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49",
        "box": [
          536.0,
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          546.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 19. Other Income and Operating Expenses",
        "box": [
          115.99,
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          307.7400000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
          536.0,
          457.528896,
          546.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 20. Redeemable Preferred Stock and Stockholders' Equity",
        "box": [
          115.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51",
        "box": [
          536.0,
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          546.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 21. Earnings per Share of Common Stock",
        "box": [
          115.99,
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          304.73,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          536.0,
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          546.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Note 22. Offsetting Assets and Liabilities",
        "box": [
          115.99,
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          281.9099999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          536.0,
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          546.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Note 23. Financial Instruments with Off-Balance Sheet Risk, Credit Risk, and Certain Other ",
        "box": [
          115.99,
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          487.2300000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risks",
        "box": [
          115.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          536.0,
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          546.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 24. Commitments, Contingencies and Indemnifications",
        "box": [
          115.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59",
        "box": [
          536.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 25. Income Taxes",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          536.0,
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          546.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 26. Segment Reporting",
        "box": [
          115.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          536.0,
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          546.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 27. Subsequent Events",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62",
        "box": [
          536.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63",
        "box": [
          536.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 3. Quantitative and Qualitative Disclosures About Market Risk",
        "box": [
          65.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84",
        "box": [
          536.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 4. Controls and Procedures",
        "box": [
          65.99,
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          205.05,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88",
        "box": [
          536.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          303.5,
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          308.5,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 3,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "PART II. OTHER INFORMATION",
        "box": [
          65.99,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "88",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Item 1. Legal Proceedings",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "88",
        "box": [
          536.0,
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        "confidence": 1.0
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      {
        "text": "Item 1A. Risk Factors",
        "box": [
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        "confidence": 1.0
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      {
        "text": "91",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Item 2. Unregistered Sales of Equity Securities and Use of Proceeds",
        "box": [
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        "confidence": 1.0
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      {
        "text": "91",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Item 3. Default Upon Senior Securities",
        "box": [
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        "confidence": 1.0
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      {
        "text": "91",
        "box": [
          536.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Item 4. Mine Safety Disclosures",
        "box": [
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        "confidence": 1.0
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      {
        "text": "92",
        "box": [
          536.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 5. Other Information",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 6. Exhibits",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "92",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "SIGNATURES",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "95",
        "box": [
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        "confidence": 1.0
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      {
        "text": "3",
        "box": [
          303.5,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 4,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "PART I. FINANCIAL INFORMATION",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Item 1. Financial Statements (Unaudited)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "READY CAPITAL CORPORATION",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UNAUDITED CONSOLIDATED BALANCE SHEETS",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
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          111.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "200,430 ",
        "box": [
          438.94998999999996,
          172.59313479999992,
          466.94998999999996,
          179.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          172.59313479999992,
          482.23999,
          179.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "207,841 ",
        "box": [
          519.19999,
          172.59313479999992,
          547.19999,
          179.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash",
        "box": [
          77.99,
          183.84313479999992,
          126.64600000000003,
          190.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          183.84313479999992,
          397.98999,
          190.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,906 ",
        "box": [
          442.94998999999996,
          183.84313479999992,
          466.94998999999996,
          190.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          183.84313479999992,
          478.23999,
          190.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,746 ",
        "box": [
          523.19999,
          183.84313479999992,
          547.19999,
          190.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, net (including $462 and $737 held at fair value)",
        "box": [
          77.99,
          195.09313479999992,
          254.36799999999988,
          201.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          195.09313479999992,
          397.98999,
          201.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,350,560 ",
        "box": [
          432.94998999999996,
          195.09313479999992,
          466.94998999999996,
          201.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          195.09313479999992,
          478.23999,
          201.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,500,298 ",
        "box": [
          513.19999,
          195.09313479999992,
          547.19999,
          201.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held for sale (including $87,198 and $73,094 held at fair value and net of valuation ",
        "box": [
          77.99,
          207.34313479999992,
          369.22200000000004,
          213.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allowance of $74,315 and $67,612)",
        "box": [
          77.99,
          215.34313479999992,
          191.274,
          221.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          215.34313479999992,
          397.98999,
          221.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "360,228 ",
        "box": [
          438.94998999999996,
          215.34313479999992,
          466.94998999999996,
          221.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          215.34313479999992,
          478.23999,
          221.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "585,820 ",
        "box": [
          519.19999,
          215.34313479999992,
          547.19999,
          221.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage-backed securities",
        "box": [
          77.99,
          226.59313479999992,
          166.62999999999994,
          233.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          226.59313479999992,
          397.98999,
          233.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,649 ",
        "box": [
          442.94998999999996,
          226.59313479999992,
          466.94998999999996,
          233.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          226.59313479999992,
          478.23999,
          233.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,501 ",
        "box": [
          523.19999,
          226.59313479999992,
          547.19999,
          233.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment in unconsolidated joint ventures (including $5,517 and $5,737 held at fair value)",
        "box": [
          77.99,
          237.84313479999992,
          372.97799000000003,
          244.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          237.84313479999992,
          397.98999,
          244.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,251 ",
        "box": [
          438.94998999999996,
          237.84313479999992,
          466.94998999999996,
          244.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          237.84313479999992,
          478.23999,
          244.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161,424 ",
        "box": [
          519.19999,
          237.84313479999992,
          547.19999,
          244.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative instruments",
        "box": [
          77.99,
          249.09313479999992,
          151.094,
          255.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          249.09313479999992,
          397.98999,
          255.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,104 ",
        "box": [
          446.94998999999996,
          249.09313479999992,
          466.94998999999996,
          255.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          249.09313479999992,
          478.23999,
          255.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,740 ",
        "box": [
          527.19999,
          249.09313479999992,
          547.19999,
          255.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing rights",
        "box": [
          77.99,
          260.3431347999999,
          128.87000000000003,
          266.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          260.3431347999999,
          397.98999,
          266.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,687 ",
        "box": [
          438.94998999999996,
          260.3431347999999,
          466.94998999999996,
          266.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          260.3431347999999,
          478.23999,
          266.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126,279 ",
        "box": [
          519.19999,
          260.3431347999999,
          547.19999,
          266.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned",
        "box": [
          77.99,
          271.5931347999999,
          136.198,
          278.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          271.5931347999999,
          397.98999,
          278.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "610,215 ",
        "box": [
          438.94998999999996,
          271.5931347999999,
          466.94998999999996,
          278.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          271.5931347999999,
          478.23999,
          278.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "620,225 ",
        "box": [
          519.19999,
          271.5931347999999,
          547.19999,
          278.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          77.99,
          282.84313480000003,
          116.87,
          289.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          282.84313480000003,
          397.98999,
          289.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "466,383 ",
        "box": [
          438.94998999999996,
          282.84313480000003,
          466.94998999999996,
          289.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          282.84313480000003,
          478.23999,
          289.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "508,238 ",
        "box": [
          519.19999,
          282.84313480000003,
          547.19999,
          289.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets of consolidated VIEs",
        "box": [
          77.99,
          294.09313480000003,
          168.41399999999993,
          300.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          294.09313480000003,
          397.98999,
          300.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "960,875 ",
        "box": [
          438.94998999999996,
          294.09313480000003,
          466.94998999999996,
          300.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          294.09313480000003,
          478.23999,
          300.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,978,684 ",
        "box": [
          513.19999,
          294.09313480000003,
          547.19999,
          300.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Assets",
        "box": [
          65.99,
          305.34313480000003,
          107.54199999999999,
          311.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          305.34313480000003,
          401.98999,
          311.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,314,288 ",
        "box": [
          432.94998999999996,
          305.34313480000003,
          466.94998999999996,
          311.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          305.34313480000003,
          482.23999,
          311.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,769,796 ",
        "box": [
          513.19999,
          305.34313480000003,
          547.19999,
          311.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          65.99,
          316.59313480000003,
          100.21400000000001,
          323.1757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured borrowings",
        "box": [
          77.99,
          327.84313480000003,
          142.19,
          334.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          327.84313480000003,
          397.98999,
          334.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,321,443 ",
        "box": [
          432.94998999999996,
          327.84313480000003,
          466.94998999999996,
          334.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          327.84313480000003,
          478.23999,
          334.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,788,926 ",
        "box": [
          513.19999,
          327.84313480000003,
          547.19999,
          334.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations of consolidated VIEs, net",
        "box": [
          77.99,
          339.09313480000003,
          250.62199999999987,
          345.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          339.09313480000003,
          397.98999,
          345.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "526,535 ",
        "box": [
          438.94998999999996,
          339.09313480000003,
          466.94998999999996,
          345.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          339.09313480000003,
          478.23999,
          345.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,174,785 ",
        "box": [
          513.19999,
          339.09313480000003,
          547.19999,
          345.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net",
        "box": [
          77.99,
          350.34313480000003,
          157.96599999999998,
          356.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          350.34313480000003,
          397.98999,
          356.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "723,707 ",
        "box": [
          438.94998999999996,
          350.34313480000003,
          466.94998999999996,
          356.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          350.34313480000003,
          478.23999,
          356.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "722,729 ",
        "box": [
          519.19999,
          350.34313480000003,
          547.19999,
          356.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt, net",
        "box": [
          77.99,
          361.59313480000003,
          139.53400000000002,
          368.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          361.59313480000003,
          397.98999,
          368.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "536,972 ",
        "box": [
          438.94998999999996,
          361.59313480000003,
          466.94998999999996,
          368.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          361.59313480000003,
          478.23999,
          368.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "652,487 ",
        "box": [
          519.19999,
          361.59313480000003,
          547.19999,
          368.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Guaranteed loan financing",
        "box": [
          77.99,
          372.84313480000003,
          162.85399999999998,
          379.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          372.84313480000003,
          397.98999,
          379.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "501,736 ",
        "box": [
          438.94998999999996,
          372.84313480000003,
          466.94998999999996,
          379.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          372.84313480000003,
          478.23999,
          379.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "524,091 ",
        "box": [
          519.19999,
          372.84313480000003,
          547.19999,
          379.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contingent consideration",
        "box": [
          77.99,
          384.09313480000003,
          158.65399999999997,
          390.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          384.09313480000003,
          397.98999,
          390.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,441 ",
        "box": [
          442.94998999999996,
          384.09313480000003,
          466.94998999999996,
          390.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          384.09313480000003,
          478.23999,
          390.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,698 ",
        "box": [
          523.19999,
          384.09313480000003,
          547.19999,
          390.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative instruments",
        "box": [
          77.99,
          395.34313480000003,
          151.094,
          401.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          395.34313480000003,
          397.98999,
          401.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "948 ",
        "box": [
          452.94998999999996,
          395.34313480000003,
          466.94998999999996,
          401.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          395.34313480000003,
          478.23999,
          401.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,432 ",
        "box": [
          527.19999,
          395.34313480000003,
          547.19999,
          401.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends payable",
        "box": [
          77.99,
          406.59313480000003,
          137.758,
          413.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          406.59313480000003,
          397.98999,
          413.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,685 ",
        "box": [
          446.94998999999996,
          406.59313480000003,
          466.94998999999996,
          413.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          406.59313480000003,
          478.23999,
          413.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,633 ",
        "box": [
          527.19999,
          406.59313480000003,
          547.19999,
          413.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan participations sold",
        "box": [
          77.99,
          417.84313480000003,
          155.31000000000003,
          424.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          417.84313480000003,
          397.98999,
          424.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,616 ",
        "box": [
          442.94998999999996,
          417.84313480000003,
          466.94998999999996,
          424.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          417.84313480000003,
          478.23999,
          424.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,616 ",
        "box": [
          523.19999,
          417.84313480000003,
          547.19999,
          424.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Due to third parties",
        "box": [
          77.99,
          429.09313480000003,
          139.98199999999997,
          435.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          429.09313480000003,
          397.98999,
          435.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,304 ",
        "box": [
          442.94998999999996,
          429.09313480000003,
          466.94998999999996,
          435.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          429.09313480000003,
          478.23999,
          435.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,135 ",
        "box": [
          527.19999,
          429.09313480000003,
          547.19999,
          435.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable and other accrued liabilities",
        "box": [
          77.99,
          440.34313480000003,
          225.7339999999998,
          446.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          440.34313480000003,
          397.98999,
          446.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161,201 ",
        "box": [
          438.94998999999996,
          440.34313480000003,
          466.94998999999996,
          446.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          440.34313480000003,
          478.23999,
          446.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,636 ",
        "box": [
          519.19999,
          440.34313480000003,
          547.19999,
          446.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          65.99,
          451.59313480000003,
          120.43800000000003,
          458.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          451.59313480000003,
          401.98999,
          458.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,865,588 ",
        "box": [
          432.94998999999996,
          451.59313480000003,
          466.94998999999996,
          458.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          451.59313480000003,
          482.23999,
          458.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,118,168 ",
        "box": [
          513.19999,
          451.59313480000003,
          547.19999,
          458.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred stock Series C, liquidation preference $25.00 per share (refer to Note 20)",
        "box": [
          77.99,
          462.84313480000003,
          343.08398,
          469.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          462.84313480000003,
          397.98999,
          469.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,361 ",
        "box": [
          446.94998999999996,
          462.84313480000003,
          466.94998999999996,
          469.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          462.84313480000003,
          478.23999,
          469.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,361 ",
        "box": [
          527.19999,
          462.84313480000003,
          547.19999,
          469.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments & contingencies (refer to Note 24)",
        "box": [
          65.99,
          485.34313480000003,
          231.59399,
          491.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' Equity",
        "box": [
          65.99,
          507.84313480000003,
          138.17399999999998,
          514.4257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred stock Series E, liquidation preference $25.00 per share (refer to Note 20)",
        "box": [
          77.99,
          519.0931348,
          342.634,
          525.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          519.0931348,
          397.98999,
          525.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,378 ",
        "box": [
          438.94998999999996,
          519.0931348,
          466.94998999999996,
          525.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          519.0931348,
          478.23999,
          525.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,378 ",
        "box": [
          519.19999,
          519.0931348,
          547.19999,
          525.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock, $0.0001 par value, 500,000,000 shares authorized, 165,255,559 and 163,010,012 ",
        "box": [
          77.99,
          531.3431347999999,
          391.44998,
          537.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares issued and outstanding, respectively",
        "box": [
          77.99,
          539.3431348,
          215.52599999999987,
          545.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          539.3431348,
          397.98999,
          545.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17 ",
        "box": [
          456.94998999999996,
          539.3431348,
          466.94998999999996,
          545.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          539.3431348,
          478.23999,
          545.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17 ",
        "box": [
          537.19999,
          539.3431348,
          547.19999,
          545.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional paid-in capital",
        "box": [
          77.99,
          550.5931348,
          160.20599999999996,
          557.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          550.5931348,
          397.98999,
          557.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,265,534 ",
        "box": [
          432.94998999999996,
          550.5931348,
          466.94998999999996,
          557.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          550.5931348,
          478.23999,
          557.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,264,355 ",
        "box": [
          513.19999,
          550.5931348,
          547.19999,
          557.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retained deficit",
        "box": [
          77.99,
          561.8431348,
          128.87000000000003,
          568.4257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          561.8431348,
          397.98999,
          568.4257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,012,927) ",
        "box": [
          430.28598999999997,
          561.8431348,
          469.61398999999994,
          568.4257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          561.8431348,
          478.23999,
          568.4257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(807,522) ",
        "box": [
          516.53599,
          561.8431348,
          549.86399,
          568.4257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated other comprehensive loss",
        "box": [
          77.99,
          573.0931348,
          203.96599999999992,
          579.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          573.0931348,
          397.98999,
          579.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24,476) ",
        "box": [
          440.28598999999997,
          573.0931348,
          469.61398999999994,
          579.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          573.0931348,
          478.23999,
          579.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24,196) ",
        "box": [
          520.53599,
          573.0931348,
          549.86399,
          579.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Ready Capital Corporation equity",
        "box": [
          89.99,
          584.3431348,
          217.08599999999993,
          590.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          584.3431348,
          397.98999,
          590.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,339,526 ",
        "box": [
          432.94998999999996,
          584.3431348,
          466.94998999999996,
          590.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          584.3431348,
          478.23999,
          590.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,544,032 ",
        "box": [
          513.19999,
          584.3431348,
          547.19999,
          590.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests",
        "box": [
          89.99,
          595.5931348,
          170.2059999999999,
          602.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          595.5931348,
          397.98999,
          602.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100,813 ",
        "box": [
          438.94998999999996,
          595.5931348,
          466.94998999999996,
          602.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          595.5931348,
          478.23999,
          602.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,235 ",
        "box": [
          523.19999,
          595.5931348,
          547.19999,
          602.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Stockholders' Equity",
        "box": [
          65.99,
          606.8431348,
          158.39800000000002,
          613.4257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          606.8431348,
          401.98999,
          613.4257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,440,339 ",
        "box": [
          432.94998999999996,
          606.8431348,
          466.94998999999996,
          613.4257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          606.8431348,
          482.23999,
          613.4257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,643,267 ",
        "box": [
          513.19999,
          606.8431348,
          547.19999,
          613.4257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities, Redeemable Preferred Stock, and Stockholders' Equity",
        "box": [
          65.99,
          618.0931348,
          313.6459999999999,
          624.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          618.0931348,
          401.98999,
          624.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,314,288 ",
        "box": [
          432.94998999999996,
          618.0931348,
          466.94998999999996,
          624.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          618.0931348,
          482.23999,
          624.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,769,796 ",
        "box": [
          513.19999,
          618.0931348,
          547.19999,
          624.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See Notes To Unaudited Consolidated Financial Statements",
        "box": [
          186.42,
          643.918886,
          425.5699999999999,
          652.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          303.5,
          756.228886,
          308.5,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 5,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "READY CAPITAL CORPORATION",
        "box": [
          225.21001,
          63.508906000000025,
          386.7800100000003,
          71.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS",
        "box": [
          156.08,
          75.50890600000002,
          455.9100000000004,
          83.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          410.78,
          102.84313479999992,
          520.7240000000002,
          109.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands, except share data)",
        "box": [
          65.99,
          114.09313479999992,
          172.42199999999997,
          120.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          415.35999,
          114.09313479999992,
          431.35999,
          120.67577204494614
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          500.10999,
          114.09313479999992,
          516.1099899999999,
          120.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          71.99,
          125.34313479999992,
          121.53400000000003,
          131.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          125.34313479999992,
          392.23999,
          131.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,730 ",
        "box": [
          437.69599,
          125.34313479999992,
          461.69599,
          131.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          125.34313479999992,
          476.98999,
          131.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "154,967 ",
        "box": [
          518.4459899999999,
          125.34313479999992,
          546.4459899999999,
          131.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          71.99,
          136.59313479999992,
          123.75000000000003,
          143.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          136.59313479999992,
          388.23999,
          143.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(96,834) ",
        "box": [
          435.03999,
          136.59313479999992,
          464.36798999999996,
          143.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          136.59313479999992,
          472.98999,
          143.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(140,466) ",
        "box": [
          515.78999,
          136.59313479999992,
          549.11799,
          143.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income before (provision for) recovery of loan losses",
        "box": [
          65.99,
          147.84313479999992,
          285.6699999999999,
          154.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          147.84313479999992,
          392.23999,
          154.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,104) ",
        "box": [
          435.03999,
          147.84313479999992,
          464.36798999999996,
          154.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          147.84313479999992,
          476.98999,
          154.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,501 ",
        "box": [
          522.4459899999999,
          147.84313479999992,
          546.4459899999999,
          154.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Provision for) recovery of loan losses",
        "box": [
          71.99,
          159.09313479999992,
          194.84599999999995,
          165.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          159.09313479999992,
          388.23999,
          165.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(70,907) ",
        "box": [
          435.03999,
          159.09313479999992,
          464.36798999999996,
          165.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          159.09313479999992,
          472.98999,
          165.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "109,568 ",
        "box": [
          518.4459899999999,
          159.09313479999992,
          546.4459899999999,
          165.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income after (provision for) recovery of loan losses",
        "box": [
          65.99,
          170.34313479999992,
          280.3419999999999,
          176.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          170.34313479999992,
          392.23999,
          176.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(86,011) ",
        "box": [
          435.03999,
          170.34313479999992,
          464.36798999999996,
          176.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          170.34313479999992,
          476.98999,
          176.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "124,069 ",
        "box": [
          518.4459899999999,
          170.34313479999992,
          546.4459899999999,
          176.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-interest income",
        "box": [
          65.99,
          181.59313479999992,
          135.062,
          188.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net realized gain (loss) on financial instruments and real estate owned",
        "box": [
          71.99,
          193.59313479999992,
          296.82999999999987,
          200.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          193.59313479999992,
          388.23999,
          200.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(60,085) ",
        "box": [
          435.03999,
          193.59313479999992,
          464.36798999999996,
          200.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          193.59313479999992,
          472.98999,
          200.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,669 ",
        "box": [
          522.4459899999999,
          193.59313479999992,
          546.4459899999999,
          200.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net unrealized gain (loss) on financial instruments",
        "box": [
          71.99,
          204.84313479999992,
          233.74199999999985,
          211.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          204.84313479999992,
          388.23999,
          211.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,920) ",
        "box": [
          439.03999,
          204.84313479999992,
          464.36798999999996,
          211.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          204.84313479999992,
          472.98999,
          211.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,750) ",
        "box": [
          523.78999,
          204.84313479999992,
          549.11799,
          211.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation allowance, loans held for sale",
        "box": [
          71.99,
          216.09313479999992,
          200.40599999999992,
          222.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          216.09313479999992,
          388.23999,
          222.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,557) ",
        "box": [
          439.03999,
          216.09313479999992,
          464.36798999999996,
          222.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          216.09313479999992,
          472.98999,
          222.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(99,718) ",
        "box": [
          519.78999,
          216.09313479999992,
          549.11799,
          222.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing income, net of amortization and impairment of $6,587 and $5,294",
        "box": [
          71.99,
          228.09313479999992,
          315.63,
          234.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          228.09313479999992,
          388.23999,
          234.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,421 ",
        "box": [
          441.69599,
          228.09313479999992,
          461.69599,
          234.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          228.09313479999992,
          472.98999,
          234.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,456 ",
        "box": [
          526.4459899999999,
          228.09313479999992,
          546.4459899999999,
          234.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on bargain purchase",
        "box": [
          71.99,
          239.34313479999992,
          153.96599999999998,
          245.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          239.34313479999992,
          388.23999,
          245.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          451.69599,
          239.34313479999992,
          457.69599,
          245.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          239.34313479999992,
          472.98999,
          245.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102,471 ",
        "box": [
          518.4459899999999,
          239.34313479999992,
          546.4459899999999,
          245.92577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) on unconsolidated joint ventures",
        "box": [
          71.99,
          250.59313479999992,
          221.97399999999988,
          257.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          250.59313479999992,
          388.23999,
          257.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,059 ",
        "box": [
          441.69599,
          250.59313479999992,
          461.69599,
          257.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          250.59313479999992,
          472.98999,
          257.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,982) ",
        "box": [
          523.78999,
          250.59313479999992,
          549.11799,
          257.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income",
        "box": [
          71.99,
          261.8431347999999,
          115.75800000000002,
          268.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          261.8431347999999,
          388.23999,
          268.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,065 ",
        "box": [
          437.69599,
          261.8431347999999,
          461.69599,
          268.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          261.8431347999999,
          472.98999,
          268.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,590 ",
        "box": [
          522.4459899999999,
          261.8431347999999,
          546.4459899999999,
          268.42577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total non-interest income (expense)",
        "box": [
          65.99,
          273.0931347999999,
          187.92599999999993,
          279.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          273.0931347999999,
          392.23999,
          279.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(48,017) ",
        "box": [
          435.03999,
          273.0931347999999,
          464.36798999999996,
          279.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          273.0931347999999,
          476.98999,
          279.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,736 ",
        "box": [
          522.4459899999999,
          273.0931347999999,
          546.4459899999999,
          279.67577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-interest expense",
        "box": [
          65.99,
          284.34313480000003,
          137.27800000000002,
          290.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Employee compensation and benefits",
        "box": [
          71.99,
          295.59313480000003,
          191.74199999999996,
          302.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          295.59313480000003,
          388.23999,
          302.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(23,848) ",
        "box": [
          435.03999,
          295.59313480000003,
          464.36798999999996,
          302.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          295.59313480000003,
          472.98999,
          302.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,254) ",
        "box": [
          519.78999,
          295.59313480000003,
          549.11799,
          302.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allocated employee compensation and benefits from related party",
        "box": [
          71.99,
          306.84313480000003,
          283.27799999999985,
          313.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          306.84313480000003,
          388.23999,
          313.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,600) ",
        "box": [
          439.03999,
          306.84313480000003,
          464.36798999999996,
          313.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          306.84313480000003,
          472.98999,
          313.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,276) ",
        "box": [
          523.78999,
          306.84313480000003,
          549.11799,
          313.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Professional fees",
        "box": [
          71.99,
          318.09313480000003,
          126.41400000000002,
          324.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          318.09313480000003,
          388.23999,
          324.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,655) ",
        "box": [
          439.03999,
          318.09313480000003,
          464.36798999999996,
          324.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          318.09313480000003,
          472.98999,
          324.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,488) ",
        "box": [
          523.78999,
          318.09313480000003,
          549.11799,
          324.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees - related party",
        "box": [
          71.99,
          329.34313480000003,
          176.84599999999995,
          335.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          329.34313480000003,
          388.23999,
          335.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,076) ",
        "box": [
          439.03999,
          329.34313480000003,
          464.36798999999996,
          335.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          329.34313480000003,
          472.98999,
          335.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,577) ",
        "box": [
          523.78999,
          329.34313480000003,
          549.11799,
          335.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan servicing expense",
        "box": [
          71.99,
          340.59313480000003,
          147.518,
          347.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          340.59313480000003,
          388.23999,
          347.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,674) ",
        "box": [
          435.03999,
          340.59313480000003,
          464.36798999999996,
          347.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          340.59313480000003,
          472.98999,
          347.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,844) ",
        "box": [
          519.78999,
          340.59313480000003,
          549.11799,
          347.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transaction related expenses",
        "box": [
          71.99,
          351.84313480000003,
          164.39800000000002,
          358.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          351.84313480000003,
          388.23999,
          358.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(335) ",
        "box": [
          445.03999,
          351.84313480000003,
          464.36798999999996,
          358.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          351.84313480000003,
          472.98999,
          358.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,694) ",
        "box": [
          523.78999,
          351.84313480000003,
          549.11799,
          358.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impairment on real estate",
        "box": [
          71.99,
          363.84313480000003,
          153.52599999999998,
          370.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          363.84313480000003,
          388.23999,
          370.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "469 ",
        "box": [
          447.69599,
          363.84313480000003,
          461.69599,
          370.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          363.84313480000003,
          472.98999,
          370.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,346) ",
        "box": [
          523.78999,
          363.84313480000003,
          549.11799,
          370.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other operating expenses",
        "box": [
          71.99,
          375.09313480000003,
          153.30200000000002,
          381.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          375.09313480000003,
          388.23999,
          381.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,014) ",
        "box": [
          435.03999,
          375.09313480000003,
          464.36798999999996,
          381.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          375.09313480000003,
          472.98999,
          381.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,123) ",
        "box": [
          519.78999,
          375.09313480000003,
          549.11799,
          381.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total non-interest expense",
        "box": [
          65.99,
          386.34313480000003,
          156.166,
          392.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          386.34313480000003,
          392.23999,
          392.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(82,733) ",
        "box": [
          435.03999,
          386.34313480000003,
          464.36798999999996,
          392.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          386.34313480000003,
          476.98999,
          392.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(72,602) ",
        "box": [
          519.78999,
          386.34313480000003,
          549.11799,
          392.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) from continuing operations before benefit for income taxes",
        "box": [
          65.99,
          398.34313480000003,
          300.82999999999987,
          404.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          398.34313480000003,
          388.23999,
          404.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(216,761) ",
        "box": [
          431.03999,
          398.34313480000003,
          464.36798999999996,
          404.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          398.34313480000003,
          472.98999,
          404.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77,203 ",
        "box": [
          522.4459899999999,
          398.34313480000003,
          546.4459899999999,
          404.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax benefit",
        "box": [
          65.99,
          409.59313480000003,
          125.97400000000005,
          416.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          409.59313480000003,
          388.23999,
          416.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,674 ",
        "box": [
          437.69599,
          409.59313480000003,
          461.69599,
          416.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          409.59313480000003,
          472.98999,
          416.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,207 ",
        "box": [
          526.4459899999999,
          409.59313480000003,
          546.4459899999999,
          416.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) from continuing operations",
        "box": [
          65.99,
          420.84313480000003,
          219.4779999999999,
          427.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          420.84313480000003,
          392.23999,
          427.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(200,087) ",
        "box": [
          431.03999,
          420.84313480000003,
          464.36798999999996,
          427.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          420.84313480000003,
          476.98999,
          427.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,410 ",
        "box": [
          522.4459899999999,
          420.84313480000003,
          546.4459899999999,
          427.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discontinued operations (refer to Note 9)",
        "box": [
          65.99,
          432.09313480000003,
          205.62399,
          438.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss from discontinued operations before income tax benefit",
        "box": [
          71.99,
          444.09313480000003,
          266.83799999999985,
          450.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          444.09313480000003,
          388.23999,
          450.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          451.69599,
          444.09313480000003,
          457.69599,
          450.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          444.09313480000003,
          472.98999,
          450.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(594) ",
        "box": [
          529.78999,
          444.09313480000003,
          549.11799,
          450.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax benefit",
        "box": [
          71.99,
          455.34313480000003,
          131.97400000000002,
          461.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          455.34313480000003,
          388.23999,
          461.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          451.69599,
          455.34313480000003,
          457.69599,
          461.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          455.34313480000003,
          472.98999,
          461.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "149 ",
        "box": [
          532.4459899999999,
          455.34313480000003,
          546.4459899999999,
          461.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss from discontinued operations",
        "box": [
          65.99,
          466.59313480000003,
          194.82199999999995,
          473.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          466.59313480000003,
          392.23999,
          473.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          451.69599,
          466.59313480000003,
          457.69599,
          473.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          466.59313480000003,
          476.98999,
          473.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(445) ",
        "box": [
          529.78999,
          466.59313480000003,
          549.11799,
          473.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss)",
        "box": [
          65.99,
          477.84313480000003,
          124.19000000000001,
          484.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          477.84313480000003,
          392.23999,
          484.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(200,087) ",
        "box": [
          431.03999,
          477.84313480000003,
          464.36798999999996,
          484.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          477.84313480000003,
          476.98999,
          484.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,965 ",
        "box": [
          522.4459899999999,
          477.84313480000003,
          546.4459899999999,
          484.4257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Dividends on preferred stock",
        "box": [
          65.99,
          489.09313480000003,
          177.9579999999999,
          495.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          489.09313480000003,
          388.23999,
          495.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,999 ",
        "box": [
          441.69599,
          489.09313480000003,
          461.69599,
          495.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          489.09313480000003,
          472.98999,
          495.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,999 ",
        "box": [
          526.4459899999999,
          489.09313480000003,
          546.4459899999999,
          495.6757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Net income attributable to non-controlling interest",
        "box": [
          65.99,
          500.34313480000003,
          245.9659999999998,
          506.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          500.34313480000003,
          388.23999,
          506.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,642 ",
        "box": [
          441.69599,
          500.34313480000003,
          461.69599,
          506.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          500.34313480000003,
          472.98999,
          506.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,460 ",
        "box": [
          526.4459899999999,
          500.34313480000003,
          546.4459899999999,
          506.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to Ready Capital Corporation",
        "box": [
          65.99,
          511.6031448,
          271.46999999999986,
          518.1857820449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          511.59313480000003,
          392.23999,
          518.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(203,728) ",
        "box": [
          431.03999,
          511.59313480000003,
          464.36798999999996,
          518.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          511.59313480000003,
          476.98999,
          518.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77,506 ",
        "box": [
          522.4459899999999,
          511.59313480000003,
          546.4459899999999,
          518.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings per common share from continuing operations - basic",
        "box": [
          65.99,
          534.0931347999999,
          281.8939999999999,
          540.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          534.0931347999999,
          392.23999,
          540.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1.25) ",
        "box": [
          443.03999,
          534.0931347999999,
          464.36798999999996,
          540.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          534.0931347999999,
          476.98999,
          540.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          530.4459899999999,
          534.0931347999999,
          546.4459899999999,
          540.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings per common share from discontinued operations - basic",
        "box": [
          65.99,
          545.3431348,
          288.9979999999999,
          551.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          545.3431348,
          392.23999,
          551.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00 ",
        "box": [
          445.69599,
          545.3431348,
          461.69599,
          551.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          545.3431348,
          476.98999,
          551.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00 ",
        "box": [
          530.4459899999999,
          545.3431348,
          546.4459899999999,
          551.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total earnings per common share - basic",
        "box": [
          65.99,
          556.6031448,
          205.04599999999994,
          563.1857820449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          556.5931348,
          392.23999,
          563.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1.25) ",
        "box": [
          443.03999,
          556.5931348,
          464.36798999999996,
          563.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          556.5931348,
          476.98999,
          563.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          530.4459899999999,
          556.5931348,
          546.4459899999999,
          563.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings per common share from continuing operations - diluted",
        "box": [
          65.99,
          579.0931348,
          288.5579999999998,
          585.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          579.0931348,
          392.23999,
          585.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1.25) ",
        "box": [
          443.03999,
          579.0931348,
          464.36798999999996,
          585.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          579.0931348,
          476.98999,
          585.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.46 ",
        "box": [
          530.4459899999999,
          579.0931348,
          546.4459899999999,
          585.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings per common share from discontinued operations - diluted",
        "box": [
          65.99,
          591.0931348,
          295.6619999999998,
          597.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          591.0931348,
          392.23999,
          597.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00 ",
        "box": [
          445.69599,
          591.0931348,
          461.69599,
          597.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          591.0931348,
          476.98999,
          597.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00 ",
        "box": [
          530.4459899999999,
          591.0931348,
          546.4459899999999,
          597.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total earnings per common share - diluted",
        "box": [
          65.99,
          602.3531448,
          211.70999999999992,
          608.9357820449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          602.3431348,
          392.23999,
          608.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1.25) ",
        "box": [
          443.03999,
          602.3431348,
          464.36798999999996,
          608.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          602.3431348,
          476.98999,
          608.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.46 ",
        "box": [
          530.4459899999999,
          602.3431348,
          546.4459899999999,
          608.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares outstanding",
        "box": [
          65.99,
          620.3431348,
          190.37399999999997,
          626.9257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic",
        "box": [
          71.99,
          631.5931348,
          89.766,
          638.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          631.5931348,
          388.23999,
          638.1757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "163,674,011 ",
        "box": [
          419.69599,
          631.5931348,
          461.69599,
          638.1757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "165,166,276",
        "box": [
          505.23001,
          631.5931348,
          545.23001,
          638.1757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted",
        "box": [
          71.99,
          642.8431348,
          95.99000000000001,
          649.4257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          642.8431348,
          388.23999,
          649.4257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,650,149 ",
        "box": [
          419.69599,
          642.8431348,
          461.69599,
          649.4257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,723,519",
        "box": [
          505.23001,
          642.8431348,
          545.23001,
          649.4257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared per share of common stock",
        "box": [
          65.99,
          660.8431348,
          225.46999999999994,
          667.4257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          660.8431348,
          392.23999,
          667.4257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.01 ",
        "box": [
          445.69599,
          660.8431348,
          461.69599,
          667.4257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          660.8431348,
          476.98999,
          667.4257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.125 ",
        "box": [
          526.4459899999999,
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          546.4459899999999,
          667.4257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See Notes To Unaudited Consolidated Financial Statements",
        "box": [
          186.42,
          674.668886,
          425.5699999999999,
          682.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          303.5,
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          308.5,
          773.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 6,
    "width": 612.0,
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    "cells": [
      {
        "text": "READY CAPITAL CORPORATION",
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      {
        "text": "UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)",
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          104.73,
          75.50890600000002,
          507.2700000000004,
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        "confidence": 1.0
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      {
        "text": "Three Months Ended March 31,",
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          520.7240000000002,
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        "confidence": 1.0
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      {
        "text": "(in thousands)",
        "box": [
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          111.99,
          120.67577204494614
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        "confidence": 1.0
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      {
        "text": "2026",
        "box": [
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          431.35999,
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        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
          500.10999,
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          516.1099899999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net income (loss)",
        "box": [
          65.99,
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          122.87000000000002,
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        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
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          392.23999,
          131.92577204494614
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(200,087) ",
        "box": [
          431.03999,
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          464.36798999999996,
          131.92577204494614
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          476.98999,
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        "confidence": 1.0
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      {
        "text": "81,965 ",
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        "confidence": 1.0
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      {
        "text": "Other comprehensive income (loss) - net change by component:",
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          65.99,
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          281.8699999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative financial instruments (cash flow hedges)",
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          71.99,
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          237.50999999999988,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
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          388.23999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "106 ",
        "box": [
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          461.69599,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          472.98999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3,944) ",
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        "confidence": 1.0
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      {
        "text": "Foreign currency translation",
        "box": [
          71.99,
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          162.62999999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
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          388.23999,
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        "confidence": 1.0
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      {
        "text": "(385) ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          159.09313479999992,
          472.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "813 ",
        "box": [
          532.4459899999999,
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          546.4459899999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other comprehensive loss",
        "box": [
          65.99,
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          153.95000000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
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          392.23999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(279) ",
        "box": [
          445.03999,
          170.34313479999992,
          464.36798999999996,
          176.92577204494614
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
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          476.98999,
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        "confidence": 1.0
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      {
        "text": "(3,131) ",
        "box": [
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          549.11799,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Comprehensive income (loss)",
        "box": [
          65.99,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
          386.23999,
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        "confidence": 1.0
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      {
        "text": "(200,366) ",
        "box": [
          431.03999,
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          464.36798999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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      {
        "text": "78,834 ",
        "box": [
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        "text": "Less: Comprehensive income attributable to non-controlling interests",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          386.23999,
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        "confidence": 1.0
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      {
        "text": "1,641 ",
        "box": [
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          470.98999,
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        "confidence": 1.0
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      {
        "text": "2,439 ",
        "box": [
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        "text": "Comprehensive income (loss) attributable to Ready Capital Corporation",
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          65.99,
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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": "(202,007) ",
        "box": [
          431.03999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "76,395 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "See Notes To Unaudited Consolidated Financial Statements",
        "box": [
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        "confidence": 1.0
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      {
        "text": "6",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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  {
    "page_no": 7,
    "width": 792.0,
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    "cells": [
      {
        "text": "READY CAPITAL CORPORATION",
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      {
        "text": "UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY",
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          226.64,
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        "confidence": 1.0
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      {
        "text": "Three Months Ended March 31, 2026",
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          407.17001,
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      {
        "text": "Preferred Series E",
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        "text": "Common Stock",
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        "text": "Additional Paid-",
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        "text": "In Capital",
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        "text": "Retained ",
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        "text": "Earnings ",
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      {
        "text": "(Deficit)",
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        "text": "Comprehensive ",
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      {
        "text": "Income (Loss)",
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        "text": "Total Ready ",
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        "text": "Capital ",
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        "text": "Corporation ",
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        "text": "Equity",
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        "text": "Non-controlling ",
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        "text": "Interests",
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        "text": "Total ",
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        "text": "Stockholders' ",
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      {
        "text": "Equity",
        "box": [
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      {
        "text": "(in thousands, except share data)",
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        "text": "Shares",
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      {
        "text": "Amount",
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        "from_ocr": false,
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        "text": "Shares",
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        "from_ocr": false,
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      {
        "text": "Amount",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Balance at December 31, 2025",
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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": "4,600,000 ",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "111,378 ",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "163,010,012 ",
        "box": [
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      {
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        "from_ocr": false,
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      {
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      {
        "text": "4,600,000 ",
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      {
        "text": "$ ",
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      {
        "text": "111,378 ",
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "165,255,559 ",
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        "from_ocr": false,
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      {
        "text": "$ ",
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        "text": "17 ",
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      {
        "text": "$ ",
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        "from_ocr": false,
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      {
        "text": "2,265,534 ",
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      {
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      {
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        "text": "(24,476) ",
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      {
        "text": "1,339,526 ",
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        "from_ocr": false,
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      {
        "text": "$ ",
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        "from_ocr": false,
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      {
        "text": "100,813 ",
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        "from_ocr": false,
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      {
        "text": "$ ",
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      {
        "text": "1,440,339 ",
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        "from_ocr": false,
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      {
        "text": "Three Months Ended March 31, 2025",
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          519.1000099999999,
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          357.164,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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          374.13,
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      {
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          128.18200000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "4,600,000 ",
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        "from_ocr": false,
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      {
        "text": "$ ",
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        "from_ocr": false,
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      {
        "text": "111,378 ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      },
      {
        "text": "162,792,372 ",
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        "from_ocr": false,
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "17 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
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        "from_ocr": false,
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      {
        "text": "2,250,291 ",
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      {
        "text": "$ ",
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        "from_ocr": false,
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      {
        "text": "(505,089) ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "from_ocr": false,
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      {
        "text": "(18,552) ",
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        "from_ocr": false,
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,838,045 ",
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          631.67,
          315.4750517893279
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        "from_ocr": false,
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      {
        "text": "$ ",
        "box": [
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          646.13,
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        "from_ocr": false,
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      {
        "text": "97,697 ",
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        "from_ocr": false,
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      {
        "text": "$ ",
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        "from_ocr": false,
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      {
        "text": "1,935,742 ",
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        "from_ocr": false,
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      {
        "text": "- ",
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        "from_ocr": false,
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      {
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        "from_ocr": false,
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      {
        "text": "- ",
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        "from_ocr": false,
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        "from_ocr": false,
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      {
        "text": "- ",
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        "from_ocr": false,
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        "from_ocr": false,
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      {
        "text": "- ",
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "- ",
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "- ",
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "- ",
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        "from_ocr": false,
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        "text": " ",
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        "text": "- ",
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(3,110) ",
        "box": [
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          572.501,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          581.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3,110) ",
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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": "(21) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          702.38,
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          704.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3,131) ",
        "box": [
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          757.001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Balance at March 31, 2025",
        "box": [
          38.63,
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          118.095,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "4,600,000 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
          228.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "111,378 ",
        "box": [
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          274.664,
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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": "172,507,227 ",
        "box": [
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          330.164,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          339.38,
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        "from_ocr": false,
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      {
        "text": "17 ",
        "box": [
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          385.664,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          394.88,
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          400.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,302,101 ",
        "box": [
          417.42,
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          447.17,
          450.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          456.38,
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          461.63,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(450,276) ",
        "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": "(21,673) ",
        "box": [
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          572.501,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
          579.38,
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          584.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,941,547 ",
        "box": [
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          631.67,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
          640.88,
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          646.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "99,644 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
          702.38,
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          707.63,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,041,191 ",
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        "confidence": 1.0
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      {
        "text": "See Notes To Unaudited Consolidated Financial Statements",
        "box": [
          276.42001,
          469.66891599999997,
          515.5700099999999,
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        "confidence": 1.0
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      {
        "text": "7",
        "box": [
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  {
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    "cells": [
      {
        "text": "READY CAPITAL CORPORATION",
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      {
        "text": "UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS",
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          451.0600000000004,
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      {
        "text": "Three Months Ended March 31,",
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      {
        "text": "(in thousands)",
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      {
        "text": "2026",
        "box": [
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      {
        "text": "2025",
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        "text": "Cash Flows From Operating Activities:",
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      {
        "text": "Net income (loss)",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(200,087) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "81,965 ",
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      {
        "text": "Net loss from discontinued operations, net of tax",
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "- ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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      {
        "text": "(445) ",
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        "text": "Net income (loss) from continuing operations",
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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": "(200,087) ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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      {
        "text": "82,410 ",
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        "text": "Adjustments to reconcile net income (loss) to net cash provided by operating activities:",
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      {
        "text": "Amortization of premiums, discounts, and debt issuance costs, net",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          388.38,
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      {
        "text": "12,054 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          471.38,
          144.90521420000005,
          473.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "11,265 ",
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        "from_ocr": false,
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        "text": "Stock-based compensation",
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          153.189,
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "1,629 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
        "box": [
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        "text": "1,785 ",
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        "text": "Provision for (recovery of) loan losses",
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          185.851,
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "70,907 ",
        "box": [
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          462.16700000000003,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          471.38,
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          473.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(109,568) ",
        "box": [
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          549.248,
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        "confidence": 1.0
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        "text": "Impairment (recovery) on real estate owned, held for sale",
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          239.04399999999995,
          177.66502178932785
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          386.63,
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          388.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(469) ",
        "box": [
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        "confidence": 1.0
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        "text": " ",
        "box": [
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      {
        "text": "2,346 ",
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          546.917,
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        "text": "Depreciation and amortization on real estate owned",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          388.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,576 ",
        "box": [
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          462.16700000000003,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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        "text": "Repair and denial reserve",
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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": "354 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "823 ",
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      {
        "text": "Paid-in-kind accrued interest",
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          159.202,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          198.90521420000005,
          388.38,
          204.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(708) ",
        "box": [
          447.586,
          198.90521420000005,
          464.49800000000005,
          204.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          198.90521420000005,
          473.13,
          204.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(241) ",
        "box": [
          532.336,
          198.90521420000005,
          549.248,
          204.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation allowance, loans held for sale",
        "box": [
          78.38,
          207.90521420000005,
          190.68099999999998,
          213.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          207.90521420000005,
          388.38,
          213.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,557 ",
        "box": [
          444.66700000000003,
          207.90521420000005,
          462.16700000000003,
          213.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          207.90521420000005,
          473.13,
          213.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,718 ",
        "box": [
          525.917,
          207.90521420000005,
          546.917,
          213.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (income) loss of unconsolidated joint ventures, net of distributions",
        "box": [
          78.38,
          216.90521420000005,
          276.249,
          222.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          216.90521420000005,
          388.38,
          222.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,533) ",
        "box": [
          442.336,
          216.90521420000005,
          464.49800000000005,
          222.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          216.90521420000005,
          473.13,
          222.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,782 ",
        "box": [
          529.417,
          216.90521420000005,
          546.917,
          222.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized (gains) losses, net",
        "box": [
          78.38,
          225.90521420000005,
          154.53300000000002,
          231.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          225.90521420000005,
          388.38,
          231.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,401 ",
        "box": [
          441.16700000000003,
          225.90521420000005,
          462.16700000000003,
          231.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          225.90521420000005,
          473.13,
          231.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,242) ",
        "box": [
          523.586,
          225.90521420000005,
          549.248,
          231.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized (gains) losses, net",
        "box": [
          78.38,
          234.90521420000005,
          160.75600000000003,
          240.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          234.90521420000005,
          388.38,
          240.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,919 ",
        "box": [
          444.66700000000003,
          234.90521420000005,
          462.16700000000003,
          240.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          234.90521420000005,
          473.13,
          240.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,922 ",
        "box": [
          529.417,
          234.90521420000005,
          546.917,
          240.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bargain purchase gain",
        "box": [
          78.38,
          243.90521420000005,
          140.92499999999998,
          249.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          243.90521420000005,
          388.38,
          249.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.41700000000003,
          243.90521420000005,
          458.66700000000003,
          249.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          243.90521420000005,
          473.13,
          249.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(102,471) ",
        "box": [
          520.086,
          243.90521420000005,
          549.248,
          249.66502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held for sale, net",
        "box": [
          72.38,
          252.9052742,
          139.60799999999998,
          258.6650817893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          252.9052742,
          388.38,
          258.6650817893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "596,031 ",
        "box": [
          437.66700000000003,
          252.9052742,
          462.16700000000003,
          258.6650817893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          252.9052742,
          473.13,
          258.6650817893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,106 ",
        "box": [
          525.917,
          252.9052742,
          546.917,
          258.6650817893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in operating assets and liabilities:",
        "box": [
          72.38,
          261.9052742,
          191.499,
          267.6650817893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative instruments",
        "box": [
          78.38,
          270.9052742,
          142.318,
          276.6650817893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          270.9052742,
          388.38,
          276.6650817893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,834 ",
        "box": [
          444.66700000000003,
          270.9052742,
          462.16700000000003,
          276.6650817893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          270.9052742,
          473.13,
          276.6650817893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,982) ",
        "box": [
          527.086,
          270.9052742,
          549.248,
          276.6650817893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers",
        "box": [
          78.38,
          279.90524419999997,
          333.29900000000015,
          285.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          279.90524419999997,
          388.38,
          285.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,622 ",
        "box": [
          444.66700000000003,
          279.90524419999997,
          462.16700000000003,
          285.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          279.90524419999997,
          473.13,
          285.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,964 ",
        "box": [
          525.917,
          279.90524419999997,
          546.917,
          285.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Receivable from third parties",
        "box": [
          78.38,
          288.90524419999997,
          160.16799999999998,
          294.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          288.90524419999997,
          388.38,
          294.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,210) ",
        "box": [
          438.836,
          288.90524419999997,
          464.49800000000005,
          294.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          288.90524419999997,
          473.13,
          294.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(862) ",
        "box": [
          532.336,
          288.90524419999997,
          549.248,
          294.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          78.38,
          297.90524419999997,
          112.37899999999999,
          303.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          297.90524419999997,
          388.38,
          303.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,634 ",
        "box": [
          441.16700000000003,
          297.90524419999997,
          462.16700000000003,
          303.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          297.90524419999997,
          473.13,
          303.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(46,464) ",
        "box": [
          523.586,
          297.90524419999997,
          549.248,
          303.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable and other accrued liabilities",
        "box": [
          78.38,
          306.90524419999997,
          207.56499999999994,
          312.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          306.90524419999997,
          388.38,
          312.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,678 ",
        "box": [
          444.66700000000003,
          306.90524419999997,
          462.16700000000003,
          312.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          306.90524419999997,
          473.13,
          312.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,126 ",
        "box": [
          525.917,
          306.90524419999997,
          546.917,
          312.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by operating activities from continuing operations",
        "box": [
          66.38,
          315.90524419999997,
          271.62699999999995,
          321.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.63,
          315.90524419999997,
          391.88,
          321.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "590,189 ",
        "box": [
          437.66700000000003,
          315.90524419999997,
          462.16700000000003,
          321.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          471.38,
          315.90524419999997,
          476.63,
          321.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,417 ",
        "box": [
          525.917,
          315.90524419999997,
          546.917,
          321.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash used for operating activities from discontinued operations",
        "box": [
          72.38,
          324.90524419999997,
          260.0919999999999,
          330.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          324.90524419999997,
          388.38,
          330.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.41700000000003,
          324.90524419999997,
          458.66700000000003,
          330.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          324.90524419999997,
          473.13,
          330.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,052 ",
        "box": [
          525.917,
          324.90524419999997,
          546.917,
          330.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by operating activities",
        "box": [
          66.38,
          333.90524419999997,
          188.23599999999993,
          339.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.63,
          333.90524419999997,
          391.88,
          339.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "590,189 ",
        "box": [
          437.66700000000003,
          333.90524419999997,
          462.16700000000003,
          339.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          471.38,
          333.90524419999997,
          476.63,
          339.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "108,469 ",
        "box": [
          522.417,
          333.90524419999997,
          546.917,
          339.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows From Investing Activities:",
        "box": [
          66.38,
          342.90524419999997,
          180.67599999999996,
          348.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination of loans",
        "box": [
          72.38,
          351.90524419999997,
          128.751,
          357.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          351.90524419999997,
          388.38,
          357.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(91,261) ",
        "box": [
          438.836,
          351.90524419999997,
          464.49800000000005,
          357.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          351.90524419999997,
          473.13,
          357.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(174,330) ",
        "box": [
          520.086,
          351.90524419999997,
          549.248,
          357.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from disposition and principal payment of loans",
        "box": [
          72.38,
          360.90524419999997,
          233.884,
          366.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          360.90524419999997,
          388.38,
          366.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "724,693 ",
        "box": [
          437.66700000000003,
          360.90524419999997,
          462.16700000000003,
          366.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          360.90524419999997,
          473.13,
          366.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "414,830 ",
        "box": [
          522.417,
          360.90524419999997,
          546.917,
          366.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from sale and principal payment of mortgage-backed securities",
        "box": [
          72.38,
          369.90524419999997,
          275.982,
          375.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          369.90524419999997,
          388.38,
          375.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,747 ",
        "box": [
          444.66700000000003,
          369.90524419999997,
          462.16700000000003,
          375.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          369.90524419999997,
          473.13,
          375.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          538.167,
          369.90524419999997,
          543.417,
          375.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Funding of real estate, held for sale",
        "box": [
          72.38,
          378.90524419999997,
          171.28299999999996,
          384.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          378.90524419999997,
          388.38,
          384.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(669) ",
        "box": [
          447.586,
          378.90524419999997,
          464.49800000000005,
          384.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          378.90524419999997,
          473.13,
          384.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5) ",
        "box": [
          539.336,
          378.90524419999997,
          549.248,
          384.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from sale of real estate, held for sale",
        "box": [
          72.38,
          387.90524419999997,
          201.17299999999997,
          393.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          387.90524419999997,
          388.38,
          393.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,728 ",
        "box": [
          441.16700000000003,
          387.90524419999997,
          462.16700000000003,
          393.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          387.90524419999997,
          473.13,
          393.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,096 ",
        "box": [
          529.417,
          387.90524419999997,
          546.917,
          393.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment in unconsolidated joint ventures",
        "box": [
          72.38,
          396.90524419999997,
          194.82399999999998,
          402.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          396.90524419999997,
          388.38,
          402.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,484) ",
        "box": [
          442.336,
          396.90524419999997,
          464.49800000000005,
          402.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          396.90524419999997,
          473.13,
          402.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,508) ",
        "box": [
          523.586,
          396.90524419999997,
          549.248,
          402.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions in excess of cumulative earnings from unconsolidated joint ventures",
        "box": [
          72.38,
          405.90524419999997,
          301.5180000000001,
          411.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          405.90524419999997,
          388.38,
          411.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,190 ",
        "box": [
          444.66700000000003,
          405.90524419999997,
          462.16700000000003,
          411.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          405.90524419999997,
          473.13,
          411.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,657 ",
        "box": [
          529.417,
          405.90524419999997,
          546.917,
          411.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment of liabilities under participation agreements",
        "box": [
          72.38,
          414.90524419999997,
          220.63999999999993,
          420.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          414.90524419999997,
          388.38,
          420.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.41700000000003,
          414.90524419999997,
          458.66700000000003,
          420.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          414.90524419999997,
          473.13,
          420.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,335) ",
        "box": [
          527.086,
          414.90524419999997,
          549.248,
          420.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by business acquisitions",
        "box": [
          72.38,
          423.90524419999997,
          192.68200000000004,
          429.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          423.90524419999997,
          388.38,
          429.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.41700000000003,
          423.90524419999997,
          458.66700000000003,
          429.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          423.90524419999997,
          473.13,
          429.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,020 ",
        "box": [
          525.917,
          423.90524419999997,
          546.917,
          429.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by investing activities from continuing operations",
        "box": [
          66.38,
          432.90524419999997,
          269.69499999999994,
          438.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.63,
          432.90524419999997,
          391.88,
          438.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "668,944 ",
        "box": [
          437.66700000000003,
          432.90524419999997,
          462.16700000000003,
          438.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          471.38,
          432.90524419999997,
          476.63,
          438.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "252,425 ",
        "box": [
          522.417,
          432.90524419999997,
          546.917,
          438.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by investing activities from discontinued operations",
        "box": [
          72.38,
          441.90524419999997,
          270.221,
          447.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          441.90524419999997,
          388.38,
          447.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.41700000000003,
          441.90524419999997,
          458.66700000000003,
          447.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          441.90524419999997,
          473.13,
          447.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,843 ",
        "box": [
          525.917,
          441.90524419999997,
          546.917,
          447.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by investing activities",
        "box": [
          66.38,
          450.90524419999997,
          186.30399999999995,
          456.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.63,
          450.90524419999997,
          391.88,
          456.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "668,944 ",
        "box": [
          437.66700000000003,
          450.90524419999997,
          462.16700000000003,
          456.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          471.38,
          450.90524419999997,
          476.63,
          456.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "307,268 ",
        "box": [
          522.417,
          450.90524419999997,
          546.917,
          456.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows From Financing Activities:",
        "box": [
          66.38,
          459.90524419999997,
          183.01399999999995,
          465.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from secured borrowings",
        "box": [
          72.38,
          468.90524419999997,
          169.72899999999998,
          474.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          468.90524419999997,
          388.38,
          474.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "866,664 ",
        "box": [
          437.66700000000003,
          468.90524419999997,
          462.16700000000003,
          474.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          468.90524419999997,
          473.13,
          474.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,235,533 ",
        "box": [
          517.167,
          468.90524419999997,
          546.917,
          474.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayment of secured borrowings",
        "box": [
          72.38,
          477.90524419999997,
          168.55999999999997,
          483.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          477.90524419999997,
          388.38,
          483.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,333,647) ",
        "box": [
          430.086,
          477.90524419999997,
          464.49800000000005,
          483.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          477.90524419999997,
          473.13,
          483.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(558,475) ",
        "box": [
          520.086,
          477.90524419999997,
          549.248,
          483.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayment of the Paycheck Protection Program Liquidity Facility borrowings",
        "box": [
          72.38,
          486.90524419999997,
          291.59899999999993,
          492.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          486.90524419999997,
          388.38,
          492.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,758) ",
        "box": [
          442.336,
          486.90524419999997,
          464.49800000000005,
          492.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          486.90524419999997,
          473.13,
          492.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,639) ",
        "box": [
          527.086,
          486.90524419999997,
          549.248,
          492.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayment of securitized debt obligations of consolidated VIEs",
        "box": [
          72.38,
          495.90524419999997,
          251.34899999999996,
          501.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          495.90524419999997,
          388.38,
          501.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(649,409) ",
        "box": [
          435.336,
          495.90524419999997,
          464.49800000000005,
          501.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          495.90524419999997,
          473.13,
          501.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,010,685) ",
        "box": [
          514.836,
          495.90524419999997,
          549.248,
          501.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayment of corporate debt",
        "box": [
          72.38,
          504.90524419999997,
          153.77599999999998,
          510.6650517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          504.90524419999997,
          388.38,
          510.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(116,556) ",
        "box": [
          435.336,
          504.90524419999997,
          464.49800000000005,
          510.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          504.90524419999997,
          473.13,
          510.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(79,477) ",
        "box": [
          523.586,
          504.90524419999997,
          549.248,
          510.6650517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from senior secured note",
        "box": [
          72.38,
          513.9052142,
          168.749,
          519.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          513.9052142,
          388.38,
          519.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.41700000000003,
          513.9052142,
          458.66700000000003,
          519.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          513.9052142,
          473.13,
          519.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "240,250 ",
        "box": [
          522.417,
          513.9052142,
          546.917,
          519.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayment of guaranteed loan financing",
        "box": [
          72.38,
          522.9052142,
          186.22099999999995,
          528.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          522.9052142,
          388.38,
          528.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22,344) ",
        "box": [
          438.836,
          522.9052142,
          464.49800000000005,
          528.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          522.9052142,
          473.13,
          528.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,532) ",
        "box": [
          523.586,
          522.9052142,
          549.248,
          528.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment of deferred financing costs",
        "box": [
          72.38,
          531.9052142,
          173.411,
          537.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          531.9052142,
          388.38,
          537.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,413) ",
        "box": [
          442.336,
          531.9052142,
          464.49800000000005,
          537.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          531.9052142,
          473.13,
          537.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,850) ",
        "box": [
          523.586,
          531.9052142,
          549.248,
          537.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock repurchased",
        "box": [
          72.38,
          540.9052142,
          150.49299999999997,
          546.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          540.9052142,
          388.38,
          546.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.41700000000003,
          540.9052142,
          458.66700000000003,
          546.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          540.9052142,
          473.13,
          546.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,405) ",
        "box": [
          523.586,
          540.9052142,
          549.248,
          546.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Settlement of share-based awards in satisfaction of withholding tax requirements",
        "box": [
          72.38,
          549.9052142,
          298.7600000000001,
          555.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          549.9052142,
          388.38,
          555.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(374) ",
        "box": [
          447.586,
          549.9052142,
          464.49800000000005,
          555.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          549.9052142,
          473.13,
          555.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,915) ",
        "box": [
          527.086,
          549.9052142,
          549.248,
          555.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend payments",
        "box": [
          72.38,
          558.9052142,
          126.99399999999999,
          564.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          558.9052142,
          388.38,
          564.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,627) ",
        "box": [
          442.336,
          558.9052142,
          464.49800000000005,
          564.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          558.9052142,
          473.13,
          564.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(44,042) ",
        "box": [
          523.586,
          558.9052142,
          549.248,
          564.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash used for financing activities from continuing operations",
        "box": [
          66.38,
          567.9052142,
          259.18799999999993,
          573.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.63,
          567.9052142,
          391.88,
          573.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,267,464) ",
        "box": [
          430.086,
          567.9052142,
          464.49800000000005,
          573.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          471.38,
          567.9052142,
          476.63,
          573.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(296,237) ",
        "box": [
          520.086,
          567.9052142,
          549.248,
          573.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by (used for) financing activities from discontinued operations",
        "box": [
          72.38,
          576.9052142,
          300.132,
          582.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          576.9052142,
          388.38,
          582.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.41700000000003,
          576.9052142,
          458.66700000000003,
          582.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          576.9052142,
          473.13,
          582.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(58,753) ",
        "box": [
          523.586,
          576.9052142,
          549.248,
          582.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash used for financing activities",
        "box": [
          66.38,
          585.9052142,
          175.79699999999997,
          591.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.63,
          585.9052142,
          391.88,
          591.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,267,464) ",
        "box": [
          430.086,
          585.9052142,
          464.49800000000005,
          591.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          471.38,
          585.9052142,
          476.63,
          591.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(354,990) ",
        "box": [
          520.086,
          585.9052142,
          549.248,
          591.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net increase (decrease) in cash, cash equivalents, and restricted cash including cash classified within assets held ",
        "box": [
          66.38,
          596.9052142,
          381.85600000000034,
          602.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for sale",
        "box": [
          66.38,
          603.9052142,
          87.17,
          609.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          603.9052142,
          388.38,
          609.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,331) ",
        "box": [
          442.336,
          603.9052142,
          464.49800000000005,
          609.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          603.9052142,
          473.13,
          609.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,747 ",
        "box": [
          525.917,
          603.9052142,
          546.917,
          609.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Net decrease in cash and cash equivalents within assets held for sale",
        "box": [
          66.38,
          612.9052142,
          273.8670000000001,
          618.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          612.9052142,
          388.38,
          618.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.41700000000003,
          612.9052142,
          458.66700000000003,
          618.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          612.9052142,
          473.13,
          618.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,858) ",
        "box": [
          527.086,
          612.9052142,
          549.248,
          618.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net increase (decrease) in cash, cash equivalents, and restricted cash",
        "box": [
          66.38,
          621.9052142,
          258.068,
          627.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          621.9052142,
          388.38,
          627.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,331) ",
        "box": [
          442.336,
          621.9052142,
          464.49800000000005,
          627.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          621.9052142,
          473.13,
          627.665021789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,605 ",
        "box": [
          525.917,
          621.9052142,
          546.917,
          627.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash, cash equivalents, and restricted cash beginning balance",
        "box": [
          66.38,
          630.9052142,
          238.30699999999996,
          636.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.63,
          630.9052142,
          388.38,
          636.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "249,534 ",
        "box": [
          437.66700000000003,
          630.9052142,
          462.16700000000003,
          636.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
          630.9052142,
          473.13,
          636.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "182,774 ",
        "box": [
          522.417,
          630.9052142,
          546.917,
          636.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash, cash equivalents, and restricted cash ending balance",
        "box": [
          66.38,
          639.9052142,
          240.72899999999993,
          645.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.63,
          639.9052142,
          391.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "241,203 ",
        "box": [
          437.66700000000003,
          639.9052142,
          462.16700000000003,
          645.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          471.38,
          639.9052142,
          476.63,
          645.665021789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "248,379 ",
        "box": [
          522.417,
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          546.917,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See Notes To Unaudited Consolidated Financial Statements",
        "box": [
          186.42,
          664.858886,
          425.5699999999999,
          673.0871825561827
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        "confidence": 1.0
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      {
        "text": "8",
        "box": [
          303.5,
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          308.5,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 9,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "READY CAPITAL CORPORATION",
        "box": [
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      {
        "text": "UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS",
        "box": [
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          70.94891600000005,
          451.0600000000004,
          79.17721255618267
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
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          513.8399999999999,
          101.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
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          106.24,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2026",
        "box": [
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          430.35999,
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        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Supplemental disclosures:",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash paid for interest",
        "box": [
          71.99,
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          132.029,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          123.15521420000005,
          391.48999,
          128.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78,537 ",
        "box": [
          440.77698999999996,
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          461.77698999999996,
          128.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
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          476.23999,
          128.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134,316 ",
        "box": [
          522.02699,
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          546.52699,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash received for income taxes",
        "box": [
          71.99,
          132.15521420000005,
          159.784,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
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          391.48999,
          137.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(38) ",
        "box": [
          450.69599,
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          464.10799000000003,
          137.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          132.15521420000005,
          476.23999,
          137.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(297) ",
        "box": [
          531.9459899999999,
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          548.85799,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Non-cash investing activities",
        "box": [
          65.99,
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          150.73899999999995,
          146.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans transferred from loans, held for sale to loans, net",
        "box": [
          71.99,
          150.15521420000005,
          226.858,
          155.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
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          391.48999,
          155.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          150.15521420000005,
          458.27698999999996,
          155.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          150.15521420000005,
          476.23999,
          155.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "72,826 ",
        "box": [
          525.52699,
          150.15521420000005,
          546.52699,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans transferred from loans, net to loans, held for sale",
        "box": [
          71.99,
          159.15521420000005,
          226.865,
          164.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          159.15521420000005,
          391.48999,
          164.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,728 ",
        "box": [
          437.27698999999996,
          159.15521420000005,
          461.77698999999996,
          164.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          159.15521420000005,
          476.23999,
          164.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "722,797 ",
        "box": [
          522.02699,
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          546.52699,
          164.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loans transferred to real estate owned, held for sale",
        "box": [
          71.99,
          168.15521420000005,
          216.72199999999998,
          173.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          168.15521420000005,
          391.48999,
          173.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,149 ",
        "box": [
          440.77698999999996,
          168.15521420000005,
          461.77698999999996,
          173.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          168.15521420000005,
          476.23999,
          173.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,336 ",
        "box": [
          525.52699,
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          546.52699,
          173.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contingent consideration in connection with acquisitions",
        "box": [
          71.99,
          177.15521420000005,
          231.55499999999998,
          182.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          177.15521420000005,
          391.48999,
          182.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          177.15521420000005,
          458.27698999999996,
          182.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          177.15521420000005,
          476.23999,
          182.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "15,409 ",
        "box": [
          525.52699,
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          546.52699,
          182.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash financing activities",
        "box": [
          65.99,
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          151.90799999999996,
          191.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares and OP units issued in connection with merger transactions",
        "box": [
          71.99,
          195.15521420000005,
          258.35799999999995,
          200.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          195.15521420000005,
          391.48999,
          200.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          195.15521420000005,
          458.27698999999996,
          200.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
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          476.23999,
          200.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "64,600 ",
        "box": [
          525.52699,
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          546.52699,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash, cash equivalents, and restricted cash reconciliation",
        "box": [
          65.99,
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          236.22999999999993,
          209.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          71.99,
          213.15521420000005,
          145.61599999999999,
          218.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
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          391.48999,
          218.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "200,430 ",
        "box": [
          437.27698999999996,
          213.15521420000005,
          461.77698999999996,
          218.91502178932785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
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          476.23999,
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        "from_ocr": false,
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        "text": "205,917 ",
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        "text": "Restricted cash",
        "box": [
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      {
        "text": " ",
        "box": [
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      {
        "text": "38,906 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          472.73999,
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        "confidence": 1.0
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      {
        "text": "39,603 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash, cash equivalents, and restricted cash in assets of consolidated VIEs",
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        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "1,867 ",
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          461.77698999999996,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          472.73999,
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        "confidence": 1.0
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      {
        "text": "2,859 ",
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          546.52699,
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        "confidence": 1.0
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      {
        "text": "Cash, cash equivalents, and restricted cash ending balance",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          391.48999,
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        "confidence": 1.0
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      {
        "text": "241,203 ",
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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": "248,379 ",
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        "confidence": 1.0
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      {
        "text": "See Notes To Unaudited Consolidated Financial Statements",
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      {
        "text": "9",
        "box": [
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  {
    "page_no": 10,
    "width": 612.0,
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    "cells": [
      {
        "text": "READY CAPITAL CORPORATION",
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      {
        "text": "NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)",
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      {
        "text": "Note 1. Organization",
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      {
        "text": "Ready Capital Corporation (the 'Company' or 'Ready Capital' and together with its subsidiaries 'we,' 'us' and 'our'), ",
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        "confidence": 1.0
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      {
        "text": "is  a  Maryland  corporation.  The  Company  is  a  multi-strategy  real  estate  finance  company  that  originates,  acquires, ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "finances  and  services  lower-to-middle-market  commercial  real  estate  ('LMM')  loans,  Small  Business  Administration ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "('SBA') loans, construction loans, and to a lesser extent, mortgage-backed securities ('MBS') collateralized primarily ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "by LMM loans, or other real estate-related investments. LMM loans represent a special category of commercial loans, ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "sharing both commercial and residential loan characteristics. LMM loans are generally secured by first mortgages on ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial properties, but because LMM loans are also often accompanied by collateralization of personal assets and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subordinate lien positions, aspects of residential mortgage credit analysis are utilized in the underwriting process.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company is externally managed and advised by Waterfall Asset Management, LLC ('Waterfall' or the 'Manager'), ",
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        "confidence": 1.0
      },
      {
        "text": "an  investment  advisor  registered  with  the  United  States  Securities  and  Exchange  Commission  ('SEC')  under  the ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Investment Advisors Act of 1940, as amended.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sutherland  Partners,  L.P.  (the  'operating  partnership')  holds  substantially  all  of  the  Company's  assets  and  conducts ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "substantially all of the Company's business. As of both March 31, 2026 and December 31, 2025, the Company owned ",
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        "confidence": 1.0
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      {
        "text": "approximately 99.8% of the operating partnership. The Company, as sole general partner of the operating partnership, ",
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        "confidence": 1.0
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      {
        "text": "has responsibility and discretion in the management and control of the operating partnership, and the limited partners of ",
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        "confidence": 1.0
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      {
        "text": "the operating partnership, in such capacity, have no authority to transact business for, or participate in the management ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "activities of the operating partnership. Therefore, the Company consolidates the operating partnership.",
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        "confidence": 1.0
      },
      {
        "text": "Acquisitions",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "United Development Funding IV.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  On  March 13, 2025, pursuant to the terms of the Agreement and Plan of Merger, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "dated as of November 29, 2024, by and among the Company, United Development Funding IV ('UDF IV'), and RC ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Merger Sub IV, LLC, a wholly owned subsidiary of the Company ('RC Merger Sub IV'), the Company acquired UDF ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "IV,  a  real  estate  investment  trust  providing  capital  solutions  to  residential  real  estate  developers  and  regional ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "homebuilders,  (the  'UDF  IV  Merger').  At  the  effective  time  of  the  UDF  IV  Merger  (the  'Effective  Time'),  each ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding common share of beneficial interest, par value $0.01 per share, of UDF IV ('UDF IV Common Shares'), ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excluding any UDF IV Common Shares held by UDF IV, the Company, RC Merger Sub IV or their subsidiaries, was ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "automatically cancelled and retired and converted into the right to receive (i) 0.416 shares of Company common stock, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii)  0.416  contingent  value  rights  ('CVRs')  representing  the  potential  right  to  receive  additional  shares  of  Company ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock after the end of each of (1) the period beginning on October 1, 2024, and ending on December 31, 2025 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  (2)  the  three  subsequent  calendar  years,  based,  in  part,  upon  cash  proceeds  received  by  the  Company  and  its ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiaries in respect of a portfolio of five UDF IV loans and (iii) cash consideration in lieu of any fractional shares of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company common stock. Refer to Note 5 for assets acquired and liabilities assumed in the UDF IV Merger.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REIT Status",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company qualifies as a real estate investment trust ('REIT') under the Internal Revenue Code of 1986, as amended ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(the 'Internal Revenue Code'), commencing with its first taxable year ended December 31, 2011. To maintain its tax ",
        "box": [
          63.36,
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          550.98,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "status  as  a  REIT,  the  Company  distributes  dividends  equal  to  at  least  90%  of  its  taxable  income  in  the  form  of ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distributions to shareholders.",
        "box": [
          63.36,
          605.268916,
          179.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 2. Basis of Presentation",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The unaudited interim consolidated financial statements herein, referred to as the 'consolidated financial statements', as ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  March  31,  2026  and  December  31,  2025  and  for  the  three  months  ended  March  31,  2026  and  2025,  have  been ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prepared in accordance with accounting principles generally accepted in the United States of America ('U.S. GAAP')-",
        "box": [
          63.36,
          677.268916,
          543.6400000000001,
          685.4972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as  prescribed  by  the  Financial  Accounting  Standards  Board's  ('FASB')  Accounting  Standards  Codification  ('ASC') ",
        "box": [
          63.36,
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          551.0600000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and the rules and regulations of the SEC.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
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        "confidence": 1.0
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    ]
  },
  {
    "page_no": 11,
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    "cells": [
      {
        "text": "The accompanying consolidated financial statements, including the notes thereto, are unaudited and exclude some of the ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disclosures required in audited financial statements. Accordingly, certain information and footnote disclosures normally ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "included  in  consolidated  financial  statements  have  been  condensed  or  omitted.  In  the  opinion  of  management,  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accompanying consolidated financial statements contain all normal recurring adjustments necessary for a fair statement ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the results for the interim periods presented. Such operating results may not be indicative of the expected results for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any  other  interim  period  or  the  entire  year.  The  accompanying  consolidated  financial  statements  should  be  read  in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for the fiscal year ended December 31, 2025, as filed with the SEC.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 3. Summary of Significant Accounting Policies",
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        "confidence": 1.0
      },
      {
        "text": "Use of estimates",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preparation  of  the  Company's  consolidated  financial  statements  in  conformity  with  U.S.  GAAP  requires  certain ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the reporting period. These estimates and assumptions are based on the best available information however, actual results ",
        "box": [
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          551.1299999999998,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "could be materially different.",
        "box": [
          63.36,
          255.668946,
          179.85000000000005,
          263.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basis of consolidation",
        "box": [
          63.36,
          279.508906,
          154.42000000000002,
          287.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The accompanying consolidated financial statements of the Company include the accounts and results of operations of ",
        "box": [
          63.36,
          291.66891599999997,
          550.9999999999998,
          299.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  operating  partnership  and  other  consolidated  subsidiaries  and  variable  interest  entities  ('VIEs')  in  which  the ",
        "box": [
          63.36,
          303.66891599999997,
          551.1399999999999,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company is the primary beneficiary. The consolidated financial statements are prepared in accordance with ASC 810, ",
        "box": [
          63.36,
          315.66891599999997,
          551.0999999999997,
          323.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidation",
        "box": [
          63.36,
          327.67889599999995,
          119.98999999999998,
          335.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ('ASC 810'). Intercompany balances and transactions have been eliminated.",
        "box": [
          119.99001,
          327.67889599999995,
          429.32001,
          335.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reclassifications",
        "box": [
          63.36,
          351.50890599999997,
          132.71999999999994,
          359.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain  amounts  reported  for  the  prior  periods  in  the  accompanying  consolidated  financial  statements  have  been ",
        "box": [
          63.36,
          363.66891599999997,
          551.0100000000001,
          371.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reclassified in order to conform to the current period's presentation. ",
        "box": [
          63.36,
          375.66891599999997,
          336.65002,
          383.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          63.36,
          399.50890599999997,
          173.02000000000004,
          407.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company accounts for cash and cash equivalents in accordance with ASC 305, ",
        "box": [
          63.36,
          411.67889599999995,
          412.1400000000001,
          419.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and Cash Equivalents",
        "box": [
          413.17999,
          411.67889599999995,
          527.0599900000001,
          419.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ".  The ",
        "box": [
          527.06,
          411.67889599999995,
          551.13,
          419.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company defines cash and cash equivalents as cash, demand deposits, and short-term, highly liquid investments with ",
        "box": [
          63.36,
          423.66891599999997,
          551.0199999999996,
          431.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "original maturities of 90 days or less when purchased. Cash and cash equivalents are exposed to concentrations of credit ",
        "box": [
          63.36,
          435.66891599999997,
          551.01,
          443.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk. The Company deposits cash with institutions believed to have highly valuable and defensible business franchises, ",
        "box": [
          63.36,
          447.66891599999997,
          551.0300000000001,
          455.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "strong financial fundamentals, and predictable and stable operating environments. ",
        "box": [
          63.36,
          459.66891599999997,
          393.22998,
          467.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash",
        "box": [
          63.36,
          483.50890599999997,
          125.77999999999996,
          491.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash represents cash held by the Company as collateral against its derivatives, borrowings under repurchase ",
        "box": [
          63.36,
          495.66891599999997,
          551.0100000000001,
          503.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements,  borrowings  under  credit  facilities  and  other  financing  agreements  with  counterparties,  construction  and ",
        "box": [
          63.36,
          507.668886,
          551.1,
          515.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mortgage escrows, as well as cash held for remittance on loans serviced for third parties. Restricted cash is not available ",
        "box": [
          63.36,
          519.6688859999999,
          550.9999999999998,
          527.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for  general  corporate  purposes  but  may  be  applied  against  amounts  due  to  counterparties  under  existing  swaps  and ",
        "box": [
          63.36,
          531.6688859999999,
          550.99,
          539.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase agreement borrowings, returned to the Company when the restriction requirements no longer exist or at the ",
        "box": [
          63.36,
          543.668886,
          551.0100000000003,
          551.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maturity of the swap or repurchase agreement. ",
        "box": [
          63.36,
          555.668886,
          251.46001,
          563.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, net",
        "box": [
          63.36,
          579.508906,
          106.67999999999999,
          587.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, net consists of loans, held-for-investment, net of allowance for credit losses, and loans, held at fair value.",
        "box": [
          63.36,
          591.668886,
          512.5699999999998,
          599.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held-for-investment.",
        "box": [
          63.36,
          615.668886,
          178.28000000000003,
          623.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Loans, held-for-investment are loans acquired from third parties ('acquired loans'), loans ",
        "box": [
          178.28,
          615.668886,
          551.0800000000002,
          623.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "originated by the Company that it does not intend to sell, or securitized loans that were previously originated. Certain ",
        "box": [
          63.36,
          627.668886,
          551.13,
          635.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitized loans remain on the Company's balance sheet because the securitization vehicles are consolidated under ASC ",
        "box": [
          63.36,
          639.668886,
          551.1199999999999,
          647.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "810.  Acquired  loans  are  recorded  at  the  valuation  at  the  time  of  acquisition  and  are  accounted  for  under  ASC  310, ",
        "box": [
          63.36,
          651.668886,
          551.01,
          659.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Receivables",
        "box": [
          63.36,
          663.678896,
          111.03999999999995,
          671.9071925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ('ASC 310').",
        "box": [
          111.04,
          663.678896,
          168.50000000000003,
          671.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company uses the interest method to recognize, as a constant effective yield adjustment, the difference between the ",
        "box": [
          63.36,
          687.668886,
          551.1300000000002,
          695.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "initial  recorded investment in the loan and the principal amount of the loan. The calculation of the constant effective ",
        "box": [
          63.36,
          699.668886,
          551.0099999999999,
          707.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 12,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "yield necessary to apply the interest method uses the payment terms required by the loan contract, and prepayments of ",
        "box": [
          63.36,
          63.66888600000004,
          551.1300100000001,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal are not anticipated to shorten the loan term.",
        "box": [
          63.36,
          75.66888600000004,
          275.01000000000005,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchased  credit  deteriorated  ('PCD')  loans  are  purchased  loans  that,  as  of  the  acquisition  date,  have  experienced  a ",
        "box": [
          63.36,
          99.66888600000004,
          551.0500000000002,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "more-than-insignificant  deterioration  in  credit  quality  since  origination,  as  determined  by  the  Company's  assessment ",
        "box": [
          63.36,
          110.36889600000006,
          551.0699999999999,
          118.59719255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under  ASC  326, ",
        "box": [
          63.36,
          121.07891600000005,
          134.15999999999997,
          129.30721255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial  Instruments-Credit  Losses",
        "box": [
          135.95999,
          121.07891600000005,
          286.0999900000001,
          129.30721255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ".  An  allowance  for  credit  losses  is  determined  using  the  same ",
        "box": [
          286.10001,
          121.07891600000005,
          551.0300100000001,
          129.30721255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "methodology as loans held for investment. When a discounted cash flow model is used to determine the allowance for ",
        "box": [
          63.36,
          131.768916,
          550.9800000000004,
          139.9972125561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit  losses,  the  change  in  the  allowance  associated  with  the  time  value  of  money  is  presented  as  an  adjustment  to ",
        "box": [
          63.36,
          142.46887600000002,
          551.1399999999998,
          150.69717255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest income. The sum of a loan's purchase price and allowance for credit losses becomes its initial amortized cost ",
        "box": [
          63.36,
          153.16888600000004,
          551.03,
          161.39718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "basis. The difference between the initial amortized cost basis and the unpaid principal balance of a loan is a non-credit ",
        "box": [
          63.36,
          163.86889600000006,
          551.0800000000005,
          172.09719255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discount  or  premium  which  is  amortized  into  interest  income  over  the  life  of  the  loan.  Subsequent  changes  to  the ",
        "box": [
          63.36,
          174.56890600000008,
          551.1,
          182.7972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allowance for credit losses are recorded through provision for loan losses. ",
        "box": [
          63.36,
          185.268916,
          360.82999999999987,
          193.4972125561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held at fair value.",
        "box": [
          63.36,
          207.978886,
          167.94000000000003,
          216.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          167.94,
          207.978886,
          170.44,
          216.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held at fair value represent certain loans originated by the Company for which the fair ",
        "box": [
          170.77,
          207.978886,
          551.0900200000001,
          216.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value option has been elected. Interest is recognized as interest income in the consolidated statements of operations when ",
        "box": [
          63.36,
          219.96887600000002,
          551.07,
          228.19717255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earned  and  deemed  collectible.  Changes  in  fair  value  are  recurring  and  are  reported  as  net  unrealized  gain  (loss)  on ",
        "box": [
          63.36,
          231.96887600000002,
          551.0499999999998,
          240.19717255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial instruments in the consolidated statements of operations. Loans, held at fair value are classified as Level 3 in ",
        "box": [
          63.36,
          243.96887600000002,
          551.14001,
          252.19717255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the fair value hierarchy.",
        "box": [
          63.36,
          255.96887600000002,
          158.77,
          264.19717255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for credit losses. ",
        "box": [
          63.36,
          279.96890599999995,
          181.37,
          288.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The allowance for credit losses consists of the allowance for losses on loans and lending ",
        "box": [
          182.32001,
          279.96890599999995,
          551.0600099999997,
          288.1972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments accounted for at amortized cost. Such loans and lending commitments are reviewed quarterly considering ",
        "box": [
          63.36,
          291.96890599999995,
          551.0100000000002,
          300.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit  quality  indicators,  including  probable  and  historical  losses,  collateral  values,  loan-to-value  ('LTV')  ratio  and ",
        "box": [
          63.36,
          303.96890599999995,
          551.1199999999999,
          312.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic conditions. The allowance for credit losses increases through provisions charged to earnings and reduced by ",
        "box": [
          63.36,
          315.96890599999995,
          551.08,
          324.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "charge-offs, net of recoveries. ",
        "box": [
          63.36,
          327.96890599999995,
          185.43,
          336.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company utilizes loan loss forecasting models for estimating expected life-time credit losses, at the individual loan ",
        "box": [
          63.36,
          351.96890599999995,
          551.1199999999998,
          360.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "level,  for  its  loan  portfolio.  The  Current  Expected  Credit  Loss  ('CECL')  forecasting  methods  used  by  the  Company ",
        "box": [
          63.36,
          363.96890599999995,
          550.9900000000002,
          372.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include  (i)  a  probability  of  default  and  loss  given  default  method  using  underlying  third-party  CMBS/CRE  loan ",
        "box": [
          63.36,
          375.96890599999995,
          550.9999999999998,
          384.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "databases with historical loan losses and (ii) probability weighted expected cash flow method, depending on the type of ",
        "box": [
          63.36,
          387.96890599999995,
          551.0900000000004,
          396.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan and the availability of relevant historical market loan loss data. The Company might use other acceptable alternative ",
        "box": [
          63.36,
          399.96890599999995,
          551.0100000000004,
          408.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of ",
        "box": [
          63.36,
          411.96890599999995,
          550.9799999999997,
          420.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relevant historical market loan loss data.",
        "box": [
          63.36,
          423.96890599999995,
          224.79000000000005,
          432.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Significant inputs to the Company's forecasting methods include (i) key loan-specific inputs such as LTV, vintage year, ",
        "box": [
          63.36,
          447.96890599999995,
          551.0900000000004,
          456.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan-term, underlying property type, occupancy, geographic location, and others, and (ii) a macro-economic forecast, ",
        "box": [
          63.36,
          459.96890599999995,
          551.1099999999999,
          468.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including unemployment rates, interest rates, commercial real estate prices, and others. These estimates may change in ",
        "box": [
          63.36,
          471.96890599999995,
          551.0000000000001,
          480.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "future periods based on available future macro-economic data and might result in a material change in the Company's ",
        "box": [
          63.36,
          483.96890599999995,
          551.1399999999999,
          492.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "future estimates of expected credit losses for its loan portfolio.",
        "box": [
          63.36,
          495.96890599999995,
          313.04999999999995,
          504.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  certain  instances,  the  Company  considers  relevant  loan-specific  qualitative  factors  to  certain  loans  to  estimate  its ",
        "box": [
          63.36,
          519.968936,
          551.0499999999996,
          528.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL expected credit losses. The Company considers loan investments to be 'collateral-dependent' loans if they are ",
        "box": [
          63.36,
          531.968936,
          551.0299999999999,
          540.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "both (i) expected to be substantially repaid through the operation or sale of the underlying collateral and (ii) for which ",
        "box": [
          63.36,
          543.968936,
          551.1200000000001,
          552.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  borrower is experiencing financial difficulty. For such loans that the Company determines that foreclosure of the ",
        "box": [
          63.36,
          555.968936,
          551.1400000000001,
          564.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral is probable, the Company measures the expected losses based on the difference between the fair value of the ",
        "box": [
          63.36,
          567.968936,
          551.07,
          576.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost ",
        "box": [
          63.36,
          579.968936,
          550.99,
          588.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is ",
        "box": [
          63.36,
          591.968936,
          551.0299999999997,
          600.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not probable, the Company applies a practical expedient to estimate expected losses using the difference between the ",
        "box": [
          63.36,
          603.968936,
          551.0300000000002,
          612.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral's  fair  value  (less  costs  to  sell  the  asset  if  repayment  is  expected  through  the  sale  of  the  collateral)  and  the ",
        "box": [
          63.36,
          615.968936,
          551.08,
          624.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortized cost basis of the loan.",
        "box": [
          63.36,
          627.968936,
          192.08999999999997,
          636.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "While the Company has a formal methodology to determine the adequate and appropriate level of the allowance for ",
        "box": [
          63.36,
          651.968936,
          551.0999999999999,
          660.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit losses, estimates of inherent loan losses involve judgment and assumptions as to various factors, including current ",
        "box": [
          63.36,
          663.968936,
          551.01,
          672.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic conditions. The Company's determination of adequacy of the allowance for credit losses is based on quarterly ",
        "box": [
          63.36,
          675.968936,
          551.0099999999999,
          684.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "evaluations of the above factors. Accordingly, the provision for credit losses will vary from period to period based on ",
        "box": [
          63.36,
          687.968936,
          551.0499999999998,
          696.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management's ongoing assessment of the adequacy of the allowance for credit losses.",
        "box": [
          63.36,
          699.968936,
          406.2899999999999,
          708.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 13,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Non-accrual loans. ",
        "box": [
          63.36,
          63.66888600000004,
          145.85001,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A loan is generally placed on non-accrual status when it is probable that principal and interest will ",
        "box": [
          146.42999,
          63.66888600000004,
          551.0399899999999,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not be collected under the original contractual terms. At that time, interest income is no longer accrued. Non-accrual ",
        "box": [
          63.36,
          75.66888600000004,
          551.0000000000002,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans consist of loans for which principal or interest has been delinquent for 90 days or more and for which specific ",
        "box": [
          63.36,
          87.66888600000004,
          550.9699999999999,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reserves are recorded, including PCD loans. Interest income accrued, but not collected, at the date loans are placed on ",
        "box": [
          63.36,
          99.66888600000004,
          551.1,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-accrual status is reversed, unless the loan is expected to be fully recoverable by the collateral or is in the process of ",
        "box": [
          63.36,
          111.66888600000004,
          551.0099999999999,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "being collected.  Interest  income  is  subsequently  recognized  only  to  the  extent  it  is  received  in  cash  or  until  the  loan ",
        "box": [
          63.36,
          123.66888600000004,
          551.0899999999998,
          131.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "qualifies  for  return  to  accrual  status.  However,  where  there  is  doubt  regarding  the  ultimate  collectability  of  loan ",
        "box": [
          63.36,
          135.66888600000004,
          551.0600000000001,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal, all cash received is applied to reduce the carrying value of such loans. Loans are restored to accrual status ",
        "box": [
          63.36,
          147.66888600000004,
          551.07,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "when  contractually  current  and  the  collection  of  future  payments  is  reasonably  assured.  In  certain  instances,  the ",
        "box": [
          63.36,
          159.66888600000004,
          551.0200000000002,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company may make exceptions to placing a loan on non-accrual status if the loan is in the process of a modification. For ",
        "box": [
          63.36,
          171.66888600000004,
          551.02,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "construction loans that have been delinquent for 90 days or more, interest income may continue to accrue if it is probable ",
        "box": [
          63.36,
          183.66888600000004,
          551.0100000000001,
          191.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that principal and interest will be collected in full.",
        "box": [
          63.36,
          195.66888600000004,
          262.7800000000001,
          203.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Paid-In-Kind (",
        "box": [
          63.36,
          219.66888600000004,
          125.22999999999998,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'",
        "box": [
          125.23,
          219.66888600000004,
          130.23000000000002,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "PIK",
        "box": [
          130.23001,
          219.66888600000004,
          146.89001,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'",
        "box": [
          146.88,
          219.66888600000004,
          151.88,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ")  Interest.",
        "box": [
          151.88,
          219.66888600000004,
          192.91,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  PIK interest is computed at the contractual rate specified in each loan agreement and ",
        "box": [
          192.91,
          219.66888600000004,
          551.0,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "added to the principal balance of the loan, and is recorded as interest income over the life of the loan on the consolidated ",
        "box": [
          63.36,
          231.66888600000004,
          551.0399999999996,
          239.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statement of operations. The Company will generally cease accruing PIK interest if there is insufficient value to support ",
        "box": [
          63.36,
          243.66888600000004,
          551.0299999999996,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the accrual or management does not expect the borrower to be able to pay all principal and interest due. To maintain the ",
        "box": [
          63.36,
          255.668946,
          551.10002,
          263.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's status as a REIT, this non-cash source of income is included within the 90% of its taxable income required to ",
        "box": [
          63.36,
          267.668946,
          551.0900000000001,
          275.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "be distributed to shareholders.",
        "box": [
          63.36,
          279.66891599999997,
          183.79,
          287.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan  modifications  made  to  borrowers  experiencing  financial  difficulty.",
        "box": [
          63.36,
          303.66891599999997,
          379.50000999999986,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          379.5,
          303.66891599999997,
          382.0,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  situations  where  economic  or  legal ",
        "box": [
          384.73999,
          303.66891599999997,
          551.0299900000001,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "circumstances may cause a borrower to experience significant financial difficulties, the Company may grant concessions ",
        "box": [
          63.36,
          315.66891599999997,
          551.0699999999997,
          323.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for a period of time to the borrower that it would not otherwise consider. These modified terms may include interest rate ",
        "box": [
          63.36,
          327.66891599999997,
          551.0800000000005,
          335.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reductions, principal forgiveness, term extensions, and other-than-insignificant payment delay intended to minimize the ",
        "box": [
          63.36,
          339.66891599999997,
          551.0900000000001,
          347.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's  economic  loss  and  to  avoid  foreclosure  or  repossession  of  collateral.  The  Company  monitors  the ",
        "box": [
          63.36,
          351.66891599999997,
          551.1099999999999,
          359.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance of loans modified to borrowers experiencing financial difficulty and considers loans that are 30 days past ",
        "box": [
          63.36,
          363.66891599999997,
          551.1299999999997,
          371.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due to be in payment default. To the extent the modified loan is contractually current and ultimately deemed collectible, ",
        "box": [
          63.36,
          375.66891599999997,
          551.1199999999999,
          383.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Company will continue to accrue interest. ",
        "box": [
          63.36,
          387.66891599999997,
          247.56,
          395.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held for sale",
        "box": [
          63.36,
          411.50890599999997,
          144.98999999999998,
          419.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans are classified as held for sale if there is an intent to sell in the near-term. These loans are recorded at the lower of ",
        "box": [
          63.36,
          423.66891599999997,
          550.93,
          431.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortized cost or fair value, unless the fair value option has been elected at the time of origination or acquisition. If the ",
        "box": [
          63.36,
          435.66891599999997,
          551.0,
          443.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan's fair value is determined to be less than its amortized cost, a non-recurring fair value adjustment may be recorded ",
        "box": [
          63.36,
          447.66891599999997,
          551.02,
          455.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through a valuation allowance. Changes in fair value on originated loans for which the fair value option has been elected, ",
        "box": [
          63.36,
          459.66891599999997,
          551.1199999999998,
          467.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are recurring and are reported as net unrealized gain (loss) on financial instruments in the consolidated statements of ",
        "box": [
          63.36,
          471.66891599999997,
          550.9800200000001,
          479.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations. Loans, held for sale for which the fair value option has been elected are classified as Level 2 in the fair value ",
        "box": [
          63.36,
          483.66891599999997,
          550.9600200000002,
          491.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hierarchy. For originated SBA loans, the guaranteed portion is held at fair value. Interest is recognized as interest income ",
        "box": [
          63.36,
          495.66891599999997,
          551.0599699999999,
          503.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the consolidated statements of operations when earned and deemed collectible. When loans classified as held for sale ",
        "box": [
          63.36,
          507.668886,
          551.0799800000001,
          515.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are sold, the proceeds, less the costs to sell, in excess (or deficiency) of the net carrying value, including accrued interest, ",
        "box": [
          63.36,
          519.6688859999999,
          550.96,
          527.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are recognized as a realized gain (loss). ",
        "box": [
          63.36,
          531.6688859999999,
          223.12,
          539.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Paycheck Protection Program loans",
        "box": [
          63.36,
          555.508906,
          211.83,
          563.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Paycheck Protection Program ('PPP') loans were originated in response to the COVID-19 pandemic. The Company has ",
        "box": [
          63.36,
          567.668886,
          551.1,
          575.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "elected  the  fair  value  option  for  the  loans  originated  by  the  Company  for  the  first  round  of  the  program.  Interest  is ",
        "box": [
          63.36,
          579.668886,
          551.0399999999996,
          587.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized  in  the  consolidated  statements  of  operations  as  interest  income  when  earned  and  deemed  collectible. ",
        "box": [
          63.36,
          591.668886,
          551.0999999999999,
          599.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Although PPP includes a 100% guarantee from the federal government and principal forgiveness for borrowers if the ",
        "box": [
          63.36,
          603.668886,
          551.02,
          611.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funds were used for defined purposes, changes in fair value are recurring and are reported as net unrealized gains (losses) ",
        "box": [
          63.36,
          615.668886,
          551.0499999999998,
          623.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on financial instruments in the consolidated statements of operations.",
        "box": [
          63.36,
          627.668886,
          339.96999999999997,
          635.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company's loan originations in the second round of the program are accounted for as loans, held-for-investment ",
        "box": [
          63.36,
          651.668886,
          551.0400000000001,
          659.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under ASC 310. Loan origination fees and related direct loan origination costs are capitalized into the initial recorded ",
        "box": [
          63.36,
          663.6688859999999,
          551.0500000000001,
          671.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment in the loan and are deferred over the loan term. The Company recognizes the difference between the initial ",
        "box": [
          63.36,
          675.668886,
          551.04,
          683.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded  investment  and  the  principal  amount  of  the  loan  as  interest  income  using  the  effective  yield  method.  The ",
        "box": [
          63.36,
          687.668886,
          551.0899999999996,
          695.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "effective  yield  is  determined  based  on  the  payment  terms  required  by  the  loan  contract  as  well  as  with  actual  and ",
        "box": [
          63.36,
          699.668886,
          551.0399999999997,
          707.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected prepayments from loan forgiveness by the federal government.",
        "box": [
          63.36,
          711.668886,
          352.74999999999994,
          719.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          301.0,
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          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 14,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Mortgage-backed securities",
        "box": [
          63.36,
          75.50890600000002,
          176.86,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company accounts for MBS as trading securities and carries them at fair value under ASC 320, ",
        "box": [
          63.36,
          87.67889600000001,
          477.8599999999998,
          95.90719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments-Debt ",
        "box": [
          478.62,
          87.67889600000001,
          551.0300000000001,
          95.90719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Equity Securities",
        "box": [
          63.36,
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          148.89,
          107.90719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ('ASC 320'). The Company's MBS portfolio is comprised of asset-backed securities collateralized ",
        "box": [
          148.89,
          99.67889600000001,
          551.1300000000001,
          107.90719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by interest in, or obligations backed by, pools of LMM loans, which are guaranteed by the U.S. government, such as the ",
        "box": [
          63.36,
          111.66888600000004,
          550.9800000000001,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Government National Mortgage Association ('Ginnie Mae'), or guaranteed by federally sponsored enterprises, such as ",
        "box": [
          63.36,
          123.66888600000004,
          551.11,
          131.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Federal National Mortgage Association ('Fannie Mae') or the Federal Home Loan Mortgage Corporation ('Freddie ",
        "box": [
          63.36,
          135.66888600000004,
          551.0300000000001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mac').  Purchases  and  sales  of  MBS  are  recorded  as  of  the  trade  date.  MBS  securities  pledged  as  collateral  against ",
        "box": [
          63.36,
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          551.0799999999997,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings under repurchase agreements are included in mortgage-backed securities on the consolidated balance sheets.",
        "box": [
          63.36,
          159.66888600000004,
          544.4200000000001,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MBS  are  recorded  at  fair  value  as  determined  by  market  prices  provided  by  independent  broker  dealers  or  other ",
        "box": [
          63.36,
          183.66888600000004,
          550.99,
          191.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "independent  valuation  service  providers.  The  fair  values  assigned  to  these  investments  are  based  upon  available ",
        "box": [
          63.36,
          195.66888600000004,
          551.0300000000001,
          203.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information and may not reflect amounts that may be realized. The fair value adjustments on MBS are reported within ",
        "box": [
          63.36,
          207.66888600000004,
          551.1099999999998,
          215.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net  unrealized  gain  (loss)  on  financial  instruments  in  the  consolidated  statements  of  operations.  Mortgage-backed ",
        "box": [
          63.36,
          219.66888600000004,
          551.1399800000003,
          227.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities are classified as Level 2 in the fair value hierarchy.",
        "box": [
          63.36,
          231.66888600000004,
          307.70000000000005,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative instruments",
        "box": [
          63.36,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subject to maintaining qualification as a REIT for U.S. federal income tax purposes, the Company utilizes derivative ",
        "box": [
          63.36,
          269.468876,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial instruments, comprised of interest rate swaps and FX forwards as part of its risk management strategy. The ",
        "box": [
          63.36,
          281.46890599999995,
          551.0500000000002,
          289.6972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company accounts for derivative instruments under ASC 815, ",
        "box": [
          63.36,
          293.47891599999997,
          322.08000000000015,
          301.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives and Hedging ",
        "box": [
          323.08002,
          293.47891599999997,
          428.03003,
          301.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "('ASC 815'). All derivatives ",
        "box": [
          429.03003,
          293.47891599999997,
          551.0700300000002,
          301.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are reported as either assets or liabilities in the consolidated balance sheets at the estimated fair value with the changes in ",
        "box": [
          63.36,
          305.46890599999995,
          550.9799999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the fair value recorded in earnings unless hedge accounting is elected. As of March 31, 2026 and December 31, 2025, the ",
        "box": [
          63.36,
          317.46890599999995,
          551.10001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company had offset $14.9 million and $13.0 million of cash collateral payable against gross derivative asset positions, ",
        "box": [
          63.36,
          329.46890599999995,
          551.0300199999995,
          337.6972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively.",
        "box": [
          63.36,
          341.46890599999995,
          114.10999999999996,
          349.6972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate swap agreements. ",
        "box": [
          63.36,
          365.46890599999995,
          193.07001,
          373.6972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "An interest rate swap is an agreement between two counterparties to exchange periodic ",
        "box": [
          193.66,
          365.46890599999995,
          551.1,
          373.6972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest payments where one party to the contract makes a fixed-rate payment in exchange for a floating-rate payment ",
        "box": [
          63.36,
          377.46890599999995,
          551.0099999999999,
          385.6972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from the other party. The dollar amount each party pays is an agreed-upon periodic interest rate multiplied by a pre-",
        "box": [
          63.36,
          389.46890599999995,
          548.5299999999997,
          397.6972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined dollar principal (notional amount). No principal (notional amount) is exchanged between the two parties at ",
        "box": [
          63.36,
          401.46890599999995,
          551.1200000000001,
          409.6972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the trade initiation date and only interest payments are exchanged over the life of the contract. The fair value adjustments ",
        "box": [
          63.36,
          413.46890599999995,
          551.1300000000001,
          421.6972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are  reported  within  net  unrealized  gain  (loss)  on  financial  instruments,  while  the  related  interest  income  or  interest ",
        "box": [
          63.36,
          425.46890599999995,
          551.1399999999999,
          433.6972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expense are reported within net realized gain (loss) on financial instruments in the consolidated statements of operations. ",
        "box": [
          63.36,
          437.46890599999995,
          551.09998,
          445.6972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate swaps are classified as Level 2 in the fair value hierarchy. ",
        "box": [
          63.36,
          449.46890599999995,
          346.83002,
          457.6972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FX forwards.",
        "box": [
          63.36,
          473.47891599999997,
          118.58999999999999,
          481.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          118.59,
          473.47891599999997,
          121.09,
          481.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FX forwards are agreements between two counterparties to exchange a pair of currencies at a set rate on a ",
        "box": [
          121.34,
          473.47891599999997,
          551.1000000000003,
          481.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "future  date.  Such  contracts  are  used  to  convert  the  foreign  currency  risk  to  U.S.  dollars  to  mitigate  exposure  to ",
        "box": [
          63.36,
          485.46890599999995,
          551.02,
          493.6972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fluctuations  in  FX  rates.  The  fair  value  adjustments  are  reported  within  net  unrealized  gain  (loss)  on  financial ",
        "box": [
          63.36,
          497.46890599999995,
          551.1199999999999,
          505.6972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments  in  the  consolidated  statements  of  operations.  FX  forwards  are  classified  as  Level  2  in  the  fair  value ",
        "box": [
          63.36,
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          551.0700100000001,
          517.6972325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hierarchy. ",
        "box": [
          63.36,
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          106.08,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hedge accounting. ",
        "box": [
          63.36,
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          143.94,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As a general rule, hedge accounting is permitted where the Company is exposed to a particular risk, ",
        "box": [
          144.31,
          545.468936,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "such as interest rate risk, that causes changes in the fair value of an asset or liability or variability in the expected future ",
        "box": [
          63.36,
          557.468936,
          550.9600000000002,
          565.6972325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows of an existing asset, liability, or forecasted transaction that may affect earnings.",
        "box": [
          63.36,
          569.468936,
          425.09999999999997,
          577.6972325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To qualify as an accounting hedge under the hedge accounting rules (versus an economic hedge where hedge accounting ",
        "box": [
          63.36,
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          551.0800000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is not applied), a hedging relationship must be highly effective in offsetting the risk designated as being hedged. Cash ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "flow hedges are used to hedge the exposure to the variability in cash flows from forecasted transactions, including the ",
        "box": [
          63.36,
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          625.6972325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "anticipated  issuance  of  securitized  debt  obligations.  ASC  815  requires  that  a  forecasted  transaction  be  identified  as ",
        "box": [
          63.36,
          629.468936,
          551.03,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "either: 1) a single transaction, or 2) a group of individual transactions that share the same risk exposures for which they ",
        "box": [
          63.36,
          641.468936,
          551.0799999999999,
          649.6972325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are designated as being hedged. Hedges of forecasted transactions are considered cash flow hedges since the price is not ",
        "box": [
          63.36,
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          661.6972325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fixed, hence involve variability of cash flows.",
        "box": [
          63.36,
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          246.48000000000008,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For qualifying cash flow hedges, the change in the fair value of the derivative (the hedging instrument) is recorded in ",
        "box": [
          63.36,
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          697.6972325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other  comprehensive  income  (loss)  ('OCI')  and  is  reclassified  out  of  OCI  and  into  the  consolidated  statements  of ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations when the hedged cash flows affect earnings. These amounts are recognized consistent with the classification ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 15,
    "width": 612.0,
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    "cells": [
      {
        "text": "of the hedged item, primarily interest expense (for hedges of interest rate risk). If the hedge relationship is terminated, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "then the value of the derivative recorded in accumulated other comprehensive income (loss) ('AOCI') is recognized in ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earnings when the cash flows that were hedged affect earnings, so long as the forecasted transaction remains probable of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "occurring. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hedge accounting is generally terminated at the debt issuance date because the Company is no longer exposed to cash ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "flow  variability  subsequent  to  issuance.  Accumulated  amounts  recorded  in  AOCI  at  that  date  are  then  released  to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earnings in future periods to reflect the difference in 1) the fixed rates economically locked in at the inception of the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hedge and 2) the actual fixed rates established in the debt instrument at issuance. Because of the effects of the time value ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of money, the actual interest expense reported in earnings will not equal the effective yield locked in at hedge inception ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "multiplied by the par value. Similarly, this hedging strategy does not actually fix the interest payments associated with ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the forecasted debt issuance.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing rights ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing rights initially  represent  the  fair  value  of  expected  future  cash  flows  for  performing  servicing  activities  for ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the servicing ",
        "box": [
          63.36,
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          263.8972425561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "right asset against contractual servicing and ancillary fee income.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing  rights  are  recognized  upon  sale  of  loans,  including  a  securitization  of  loans  accounted  for  as  a  sale  in ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accordance with U.S. GAAP, if servicing is retained. Gains (losses) related to servicing rights retained is included in net ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "realized gain (loss) in the consolidated statements of operations.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing rights are accounted for under ASC 860, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfers and Servicing ",
        "box": [
          275.64999,
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          375.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "('ASC 860'). A significant portion of the ",
        "box": [
          376.89001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's multi-family servicing rights are under the Freddie Mac program.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing  rights  are  initially  recorded  at  fair  value  and  subsequently  carried  at  amortized  cost.  Servicing  rights  are ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortized in proportion to and over the expected service period, or term of the loans, and are evaluated for potential ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment quarterly.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For purposes of testing servicing rights for impairment, the Company first determines whether facts and circumstances ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exist that would suggest the carrying value of the servicing asset is not recoverable. If so, the Company then compares ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the net present value of servicing cash flow to its carrying value. The estimated net present value of servicing cash flows ",
        "box": [
          63.36,
          447.66891599999997,
          550.9600000000002,
          455.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is determined using discounted cash flow modeling techniques, which require management to make estimates regarding ",
        "box": [
          63.36,
          459.66891599999997,
          551.0300000000001,
          467.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "future net servicing cash flows, taking into consideration historical and forecasted loan prepayment rates, delinquency ",
        "box": [
          63.36,
          471.66891599999997,
          551.08,
          479.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates  and  anticipated  maturity  defaults.  If  the  carrying  value  of  the  servicing  rights  exceeds  the  net  present  value  of ",
        "box": [
          63.36,
          483.66891599999997,
          551.0500000000002,
          491.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "servicing  cash  flows,  the  servicing  rights  are  considered  impaired,  and  an  impairment  loss  is  recognized  in  the ",
        "box": [
          63.36,
          495.66891599999997,
          551.0099999999999,
          503.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations for the amount by which carrying value exceeds the net present value of servicing ",
        "box": [
          63.36,
          507.668886,
          551.0,
          515.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows.",
        "box": [
          63.36,
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          108.31999999999998,
          527.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company estimates the fair value of servicing rights by determining the present value of future expected servicing ",
        "box": [
          63.36,
          543.668886,
          551.0900000000001,
          551.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows using modeling techniques that incorporate management's best estimates of key variables including estimates ",
        "box": [
          63.36,
          555.668886,
          551.1099999999999,
          563.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "regarding future net servicing cash flows, forecasted loan prepayment rates, delinquency rates, and return requirements ",
        "box": [
          63.36,
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          551.0400000000001,
          575.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commensurate  with  the  risks  involved.  Cash  flow  assumptions  are  modeled  using  internally  forecasted  revenue  and ",
        "box": [
          63.36,
          579.668886,
          551.1,
          587.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses,  and  where  possible,  the  reasonableness  of  assumptions  is  periodically  validated  through  comparisons  to ",
        "box": [
          63.36,
          591.668886,
          551.1199999999998,
          599.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market data. Prepayment speed estimates are determined from historical prepayment rates or obtained from third-party ",
        "box": [
          63.36,
          603.668886,
          551.01,
          611.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "industry  data.  Return  requirement  assumptions  are  determined  using  data  obtained  from  market  participants,  where ",
        "box": [
          63.36,
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          551.06,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "available,  or  based  on  current  relevant  interest  rates  plus  a  risk-adjusted  spread.  The  Company  also  considers  other ",
        "box": [
          63.36,
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          551.0700000000002,
          635.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "factors  that  can  impact  the  value  of  the  servicing  rights,  such  as  surety  provider  termination  clauses  and  servicer ",
        "box": [
          63.36,
          639.668886,
          551.0199999999999,
          647.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "terminations  that  could  result  if  the  Company  failed  to  materially  comply  with  the  covenants  or  conditions  of  its ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "servicing  agreements  and  did  not  remedy  the  failure.  Since  many  factors  can  affect  the  estimate  of  the  fair  value  of ",
        "box": [
          63.36,
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          551.0899999999999,
          671.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "servicing rights, the Company regularly evaluates the major assumptions and modeling techniques used in its estimate ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and reviews these assumptions against market comparables, if available. The Company monitors the actual performance ",
        "box": [
          63.36,
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          695.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of its servicing rights by regularly comparing actual cash flow, credit, and prepayment experience to modeled estimates. ",
        "box": [
          63.36,
          699.668886,
          546.08002,
          707.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 16,
    "width": 612.0,
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    "cells": [
      {
        "text": "Real estate owned",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company generally acquires real estate assets through foreclosure or deed-in-lieu of foreclosure in full or partial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "settlement of loan obligations. Based on the Company's strategic plan to realize the maximum value from the real estate ",
        "box": [
          63.36,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquired, properties are either classified as real estate owned, held for use if the Company intends to hold, operate or ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "develop the property for a period of at least 12 months or real estate owned, held for sale if the Company intends to ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market these properties for sale in the near term.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real  estate  owned,  held  for  use. ",
        "box": [
          63.36,
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          205.22,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Upon  acquisition  of  a  property,  the  Company  assesses  the  fair  value  of  acquired ",
        "box": [
          207.06,
          147.66888600000004,
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          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tangible  and  intangible  assets  (including  above  and  below-market  leases)  and  allocates  the  fair  value  of  the  acquired ",
        "box": [
          63.36,
          158.86889600000006,
          551.1099999999999,
          167.09719255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets and assumed liabilities. ",
        "box": [
          63.36,
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          185.14000000000004,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. Real ",
        "box": [
          63.36,
          193.268916,
          551.10999,
          201.4972125561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate owned, held for use is recorded at acquisition cost less any accumulated depreciation. Depreciation is computed ",
        "box": [
          63.36,
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          551.1299999999998,
          213.4972125561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "using a straight-line method over the estimated useful life of 50 years for building and improvements and 8 years for ",
        "box": [
          63.36,
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          551.14002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "furniture, fixtures and equipment. On a quarterly basis, management assesses whether there are any indicators that the ",
        "box": [
          63.36,
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          237.4972125561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value of the Company's properties classified as held for use may be impaired. Such indicators include occupancy trends, ",
        "box": [
          63.36,
          241.268916,
          551.0399900000001,
          249.4972125561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revenue per available room trends, leasing trends, current and estimated future cash flows associated with the property ",
        "box": [
          63.36,
          253.268916,
          551.0000000000001,
          261.4972125561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  other  quantitative  and  qualitative  factors.  A  property  is  considered  impaired  if  management's  estimate  of  the ",
        "box": [
          63.36,
          265.268916,
          551.0199899999998,
          273.4972125561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate future cash flows is less than the carrying value of the property. To the extent impairment has occurred, the ",
        "box": [
          63.36,
          277.268916,
          551.14,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss  shall  be  measured  as  the  excess  of  the  carrying  amount  of  the  property  over  the  fair  value  of  the  property.  The ",
        "box": [
          63.36,
          289.268916,
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          297.4972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's estimates of aggregate future cash flows involve significant judgment and assumptions, including current ",
        "box": [
          63.36,
          301.268916,
          551.05,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic conditions and therefore, actual results could be materially different. ",
        "box": [
          63.36,
          313.268916,
          380.69999999999993,
          321.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  fair  value  of  intangible  assets  is  based  on  estimated  cash  flow  projections,  as  well  as  other  available  market ",
        "box": [
          63.36,
          337.268916,
          551.0800000000002,
          345.4972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information. Amortization of intangible assets (including above and below-market leases) is recorded as an adjustment to ",
        "box": [
          63.36,
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          357.4972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income on the consolidated statements of operations. ",
        "box": [
          63.36,
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          277.55000000000007,
          369.4972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned, held for sale. ",
        "box": [
          63.36,
          385.268916,
          201.37999999999997,
          393.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned, held for sale is recorded at acquisition at the property's estimated ",
        "box": [
          202.00999,
          385.268916,
          551.1199899999998,
          393.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value less estimated costs to sell. After acquisition, costs incurred relating to the development and improvement of ",
        "box": [
          63.36,
          396.46890599999995,
          551.0299999999997,
          404.6972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property are capitalized to the extent they do not cause the recorded value to exceed the net realizable value, whereas ",
        "box": [
          63.36,
          407.66891599999997,
          550.9600000000004,
          415.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "costs relating to holding and disposition of the property are expensed as incurred. After acquisition, real estate owned, ",
        "box": [
          63.36,
          418.86889599999995,
          550.98,
          427.0971925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held  for  sale  is  analyzed  periodically  for  changes  in  fair  values  and  any  subsequent  write  down  is  charged  through ",
        "box": [
          63.36,
          430.06890599999997,
          550.9899999999998,
          438.2972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment.",
        "box": [
          63.36,
          441.268916,
          111.89999999999996,
          449.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company records a gain or loss from the sale of real estate when control of the property transfers to the buyer, ",
        "box": [
          63.36,
          464.46890599999995,
          551.05,
          472.6972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which generally occurs at the time of an executed deed. When the Company finances the sale of real estate to the buyer, ",
        "box": [
          63.36,
          476.46890599999995,
          551.0200000000003,
          484.6972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Company assesses whether the buyer is committed to perform their obligations under the contract and whether the ",
        "box": [
          63.36,
          488.46890599999995,
          551.0299999999999,
          496.6972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collectability of the transaction price is probable. Once these criteria are met, the real estate is derecognized and the gain ",
        "box": [
          63.36,
          500.46890599999995,
          551.03,
          508.6972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or loss on sale is recorded upon transfer of control of the property to the buyer. In determining the gain or loss on the ",
        "box": [
          63.36,
          512.468936,
          550.9199999999996,
          520.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is ",
        "box": [
          63.36,
          524.468936,
          551.1099999999997,
          532.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "present. This adjustment is based on management's estimate of the fair value of the loan extended to the buyer to finance ",
        "box": [
          63.36,
          536.468936,
          551.0199999999998,
          544.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the sale.",
        "box": [
          63.36,
          548.468936,
          96.07999999999997,
          556.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment in unconsolidated joint ventures",
        "box": [
          63.36,
          572.308896,
          243.76000000000005,
          580.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "According to ASC 323, ",
        "box": [
          63.36,
          584.478886,
          161.29999999999995,
          592.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Method and Joint Ventures",
        "box": [
          161.64999,
          584.478886,
          300.1299900000001,
          592.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", investors in unincorporated entities such as partnerships and ",
        "box": [
          300.13,
          584.478886,
          551.01,
          592.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unincorporated joint ventures generally shall account for their investments using the equity method of accounting if the ",
        "box": [
          63.36,
          596.468936,
          551.0099999999996,
          604.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investor  has  the  ability  to  exercise  significant  influence  over  the  investee.  Under  the  equity  method,  the  Company ",
        "box": [
          63.36,
          608.468936,
          551.0999999999998,
          616.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognizes its allocable share of the earnings or losses of the investment monthly in earnings and adjusts the carrying ",
        "box": [
          63.36,
          620.468936,
          551.1100000000002,
          628.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount  for  its  share  of  the  distributions  that  exceeds  its  allocable  share  of  earnings.  The  fair  value  adjustments  are ",
        "box": [
          63.36,
          632.468936,
          551.0200000000003,
          640.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reported within income on unconsolidated joint ventures in the consolidated statements of operations. Investments in ",
        "box": [
          63.36,
          644.468936,
          551.0399999999998,
          652.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unconsolidated joint ventures are classified as Level 3 in the fair value hierarchy. ",
        "box": [
          63.36,
          656.468936,
          390.1400199999999,
          664.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible assets ",
        "box": [
          63.36,
          680.308896,
          134.97999999999996,
          688.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company  accounts  for  intangible  assets  under  ASC  350, ",
        "box": [
          63.36,
          692.478886,
          326.84000000000003,
          700.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangibles-  Goodwill  and  Other",
        "box": [
          328.96997,
          692.478886,
          466.6499699999999,
          700.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ('ASC  350').  The ",
        "box": [
          466.65002,
          692.478886,
          551.02998,
          700.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's intangible assets include an SBA license, capitalized software, a broker network, trade names, above and ",
        "box": [
          63.36,
          704.468936,
          551.0400000000001,
          712.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "below market leases and customer relationships. The Company capitalizes software costs expected to result in long-term ",
        "box": [
          63.36,
          716.468936,
          551.05999,
          724.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 17,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "operational benefits, such as replacement systems or new applications that result in significantly increased operational ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "efficiencies  or  functionality  as  well  as  costs  related  to  internally  developed  software  expected  to  be  sold,  leased  or ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "otherwise  marketed  under  ASC  985-20, ",
        "box": [
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          231.13000000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Software-  costs  of  software  to  be  sold,  leased,  or  marketed",
        "box": [
          232.69,
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          480.67999999999995,
          95.90719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ".  All  other  costs ",
        "box": [
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          551.12999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incurred in connection with internal use software are expensed as incurred. The Company initially records its intangible ",
        "box": [
          63.36,
          99.66888600000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets at cost or fair value and will test for impairment if a triggering event occurs. Intangible assets are included within ",
        "box": [
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          551.0500000000001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other assets in the consolidated balance sheets. The Company amortizes intangible assets with identified estimated useful ",
        "box": [
          63.36,
          123.66888600000004,
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          131.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lives on a straight-line basis over their estimated useful lives.",
        "box": [
          63.36,
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          307.49000000000007,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goodwill",
        "box": [
          63.36,
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          100.55999999999999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goodwill represents the excess of the consideration transferred over the fair value of net assets, including identifiable ",
        "box": [
          63.36,
          171.66888600000004,
          550.9899999999999,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "intangible  assets,  at  the  acquisition  date.  Goodwill  is  assessed  for  impairment  annually  in  the  fourth  quarter  or  more ",
        "box": [
          63.36,
          183.66888600000004,
          550.9799999999998,
          191.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "frequently if events or changes in circumstances indicate a potential impairment exists. ",
        "box": [
          63.36,
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          413.1499999999998,
          203.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In assessing goodwill for impairment, the Company follows ASC 350, which permits a qualitative assessment of whether ",
        "box": [
          63.36,
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          551.1,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "it is more likely than not that the fair value of the reporting unit is less than its carrying value including goodwill. If the ",
        "box": [
          63.36,
          231.66888600000004,
          550.9499999999996,
          239.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "qualitative assessment determines that it is not more likely than not that the fair value of a reporting unit is less than its ",
        "box": [
          63.36,
          243.66888600000004,
          551.0299999999999,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying value, including goodwill, then no impairment is determined to exist for the reporting unit. However, if the ",
        "box": [
          63.36,
          255.668946,
          551.0699999999999,
          263.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "qualitative assessment determines that it is more likely than not that the fair value of the reporting unit is less than its ",
        "box": [
          63.36,
          267.668946,
          551.0199999999999,
          275.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying  value,  including  goodwill,  or  the  Company  chooses  not  to  perform  the  qualitative  assessment,  then  the ",
        "box": [
          63.36,
          279.66891599999997,
          551.1399999999999,
          287.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company compares the fair value of that reporting unit with its carrying value, including goodwill, in a quantitative ",
        "box": [
          63.36,
          291.66891599999997,
          550.9899999999998,
          299.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assessment.  If  the  carrying  value  of  a  reporting  unit  exceeds  its  fair  value,  goodwill  is  considered  impaired  with  the ",
        "box": [
          63.36,
          303.66891599999997,
          551.0799999999999,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment loss measured as the excess of the reporting unit's carrying value, including goodwill, over its fair value. ",
        "box": [
          63.36,
          315.66891599999997,
          551.1299999999999,
          323.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The estimated fair value of the reporting unit is derived based on valuation techniques the Company believes market ",
        "box": [
          63.36,
          327.66891599999997,
          551.0000000000001,
          335.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participants would use for each of the reporting units.",
        "box": [
          63.36,
          339.66891599999997,
          277.30000000000007,
          347.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including actual ",
        "box": [
          63.36,
          363.66891599999997,
          551.08,
          371.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and projected financial performance of the reporting unit, macroeconomic conditions, industry and market conditions ",
        "box": [
          63.36,
          375.66891599999997,
          551.0199999999999,
          383.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and relevant entity specific events in determining whether it is more likely than not that the fair value of the reporting ",
        "box": [
          63.36,
          387.66891599999997,
          551.0400000000002,
          395.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unit  is  less  than  its  carrying  amount,  including  goodwill.  In  the  first  quarter  of  2026,  as  a  result  of  the  qualitative ",
        "box": [
          63.36,
          399.66891599999997,
          550.94998,
          407.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assessment,  the  Company  determined  that  it  was  more  likely  than  not  that  the  estimated  fair  value  of  each  of  the ",
        "box": [
          63.36,
          411.66891599999997,
          551.0300000000003,
          419.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reporting  units  exceeded  its  respective  estimated  carrying  value.  Therefore,  goodwill  for  each  reporting  unit  was  not ",
        "box": [
          63.36,
          423.66891599999997,
          550.9999999999999,
          431.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impaired and a quantitative test was not required.",
        "box": [
          63.36,
          435.66891599999997,
          260.3200000000001,
          443.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred financing costs",
        "box": [
          63.36,
          459.50890599999997,
          164.94,
          467.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs incurred in connection with secured borrowings are accounted for under ASC 340, ",
        "box": [
          63.36,
          471.67889599999995,
          436.5300000000001,
          479.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Assets and Deferred ",
        "box": [
          437.84003,
          471.67889599999995,
          551.1100300000002,
          479.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs.",
        "box": [
          63.36,
          483.67889599999995,
          88.07,
          491.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Deferred costs are capitalized and amortized using the effective interest method over the respective financing term ",
        "box": [
          88.07,
          483.67889599999995,
          551.08,
          491.9071925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with  such  amortization  reflected  on  the  Company's  consolidated  statements  of  operations  as  a  component  of  interest ",
        "box": [
          63.36,
          495.66891599999997,
          551.1200000000001,
          503.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expense. Establishing secured borrowings may include legal, accounting and other related fees. Unamortized deferred ",
        "box": [
          63.36,
          507.668886,
          551.11,
          515.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing costs are expensed when the associated debt is refinanced or repaid before maturity. Unamortized deferred ",
        "box": [
          63.36,
          519.6688859999999,
          551.1199999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing costs related to securitizations and note issuances are presented in the consolidated balance sheets as a direct ",
        "box": [
          63.36,
          531.6688859999999,
          551.0800000000003,
          539.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deduction from the associated liability.",
        "box": [
          63.36,
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          218.98000000000008,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Due from servicers",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The loan-servicing activities of the Company's LMM Commercial Real Estate segment are performed primarily by third-",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "party servicers. Small Business Lending ('SBL') loans originated and held by the Company are internally serviced. The ",
        "box": [
          63.36,
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          599.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's servicers hold substantially all of the cash owned by the Company related to loan servicing activities. These ",
        "box": [
          63.36,
          603.668886,
          551.0699999999999,
          611.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amounts  include  principal  and  interest  payments  made  by  borrowers,  net  of  advances  and  servicing  fees.  Cash  is ",
        "box": [
          63.36,
          615.668886,
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          623.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally received within 30 days of recording the receivable. ",
        "box": [
          63.36,
          627.668886,
          313.03000000000003,
          635.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company is subject to credit risk to the extent any servicer with whom the Company conducts business is unable to ",
        "box": [
          63.36,
          651.668886,
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          659.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deliver cash balances or process loan-related transactions on the Company's behalf. The Company monitors the financial ",
        "box": [
          63.36,
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          551.06,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condition  of  the  servicers  with  whom  the  Company  conducts  business  and  believes  the  likelihood  of  loss  under  the ",
        "box": [
          63.36,
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          683.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aforementioned circumstances is remote.",
        "box": [
          63.36,
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          227.01000000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 18,
    "width": 612.0,
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    "cells": [
      {
        "text": "Secured borrowings",
        "box": [
          63.36,
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          145.82,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured  borrowings  include  borrowings  under  credit  facilities  and  other  financing  agreements  and  repurchase ",
        "box": [
          63.36,
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          551.0399999999998,
          83.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements.",
        "box": [
          63.36,
          87.66888600000004,
          111.33999999999996,
          95.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings  under  credit  facilities  and  other  financing  agreements. ",
        "box": [
          63.36,
          111.66888600000004,
          358.90997,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings  under  credit  facilities  and  other ",
        "box": [
          361.44,
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          551.0999999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing agreements are accounted for under ASC 470, ",
        "box": [
          63.36,
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          295.93000000000006,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt",
        "box": [
          296.69,
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          316.12,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ('ASC 470'). The Company partially finances its loans, ",
        "box": [
          316.10999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net  through  credit  agreements  and  other  financing  agreements  with  various  counterparties.  These  borrowings  are ",
        "box": [
          63.36,
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          551.11,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateralized by loans, held-for-investment and loans, held for sale and have maturity dates within two years from the ",
        "box": [
          63.36,
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          155.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheet date. If the fair value (as determined by the applicable counterparty) of the collateral securing ",
        "box": [
          63.36,
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          551.0299999999999,
          167.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these  borrowings  decreases,  the  Company  may  be  subject  to  margin  calls  during  the  period  the  borrowings  are ",
        "box": [
          63.36,
          171.66888600000004,
          551.0999999999998,
          179.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding. In instances where margin calls are not satisfied within the required time frame the counterparty may retain ",
        "box": [
          63.36,
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          551.0999999999997,
          191.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  collateral  and  pursue  collection  of  any  outstanding  debt.  Interest  accrued  in  connection  with  credit  facilities  is ",
        "box": [
          63.36,
          195.66888600000004,
          550.9999999999997,
          203.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded as interest expense in the consolidated statements of operations.",
        "box": [
          63.36,
          207.66888600000004,
          355.75999999999993,
          215.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings under repurchase agreements. ",
        "box": [
          63.36,
          231.66888600000004,
          242.2,
          239.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings under repurchase agreements are accounted for under ASC 860. ",
        "box": [
          242.31,
          231.66888600000004,
          551.05,
          239.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment securities financed under repurchase agreements are treated as collateralized borrowings, unless they meet ",
        "box": [
          63.36,
          243.66888600000004,
          551.0600000000002,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale  treatment  or  are  deemed  to  be  linked  transactions.  As  of  the  current  period  ended,  the  Company  had  no  such ",
        "box": [
          63.36,
          255.668946,
          551.1299999999999,
          263.8972425561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase  agreements  that  have  been  accounted  for  as  components  of  linked  transactions.  All  securities  financed ",
        "box": [
          63.36,
          267.668946,
          551.0699999999999,
          275.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through  a  repurchase  agreement  have  remained  on  the  Company's  consolidated  balance  sheets  as  an  asset  and  cash ",
        "box": [
          63.36,
          279.66891599999997,
          551.0400000000003,
          287.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received from the lender has been recorded on the Company's consolidated balance sheets as a liability. Interest accrued ",
        "box": [
          63.36,
          291.66891599999997,
          551.1200000000001,
          299.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in connection with repurchase agreements is recorded as interest expense in the consolidated statements of operations.",
        "box": [
          63.36,
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          535.5299999999997,
          311.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Paycheck Protection Program Liquidity Facility borrowings",
        "box": [
          63.36,
          327.50890599999997,
          310.03999999999996,
          335.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Paycheck  Protection  Program  Liquidity  Facility  ('PPPLF')  is  a  government  loan  facility  created  to  enable  the ",
        "box": [
          63.36,
          339.66891599999997,
          551.0800000000003,
          347.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distribution of funds for PPP whereby the Company received advances from the Federal Reserve through the PPPLF. ",
        "box": [
          63.36,
          351.66891599999997,
          551.0899999999996,
          359.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company accounts for borrowings under the PPPLF under ASC 470. Interest accrued in connection with PPPLF is ",
        "box": [
          63.36,
          363.66891599999997,
          551.0799999999997,
          371.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded as interest expense in the consolidated statements of operations.",
        "box": [
          63.36,
          375.66891599999997,
          355.75999999999993,
          383.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations of consolidated VIEs, net",
        "box": [
          63.36,
          399.50890599999997,
          282.91,
          407.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company has engaged in several securitization transactions accounted for under ASC 810. Securitization involves ",
        "box": [
          63.36,
          411.66891599999997,
          551.0799999999999,
          419.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transferring assets to a special purpose entity or securitization trust, which typically qualifies as a VIE. The entity that ",
        "box": [
          63.36,
          423.66891599999997,
          551.1099999999998,
          431.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the ",
        "box": [
          63.36,
          435.66891599999997,
          550.9700000000001,
          443.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE. The consolidation of the VIE includes the VIE's issuance of senior securities to third parties, which are shown as ",
        "box": [
          63.36,
          447.66891599999997,
          551.1000000000001,
          455.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitized debt obligations of consolidated VIEs in the consolidated balance sheets.",
        "box": [
          63.36,
          459.66891599999997,
          400.42999999999995,
          467.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt issuance costs related to securitizations are presented as a direct deduction from the carrying value of the related ",
        "box": [
          63.36,
          483.66891599999997,
          551.0600000000001,
          491.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt liability. Debt issuance costs are amortized using the effective interest method and are included in interest expense ",
        "box": [
          63.36,
          495.66891599999997,
          551.1300000000001,
          503.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the consolidated statements of operations.",
        "box": [
          63.36,
          507.668886,
          240.92000000000004,
          515.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net",
        "box": [
          63.36,
          531.508906,
          166.61999999999998,
          539.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company accounts for secured debt offerings net of issuance costs, under ASC 470. These senior secured notes are ",
        "box": [
          63.36,
          543.668886,
          551.1000000000001,
          551.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateralized by loans, MBS, and retained interests of consolidated VIE's. Interest accrued in connection with senior ",
        "box": [
          63.36,
          555.668886,
          551.1099999999999,
          563.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "secured notes is recorded as interest expense in the consolidated statements of operations.",
        "box": [
          63.36,
          567.668886,
          421.51999999999987,
          575.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt, net",
        "box": [
          63.36,
          591.508906,
          142.47,
          599.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company accounts for corporate debt offerings net of issuance costs, under ASC 470. Interest accrued in connection ",
        "box": [
          63.36,
          603.668886,
          551.0399999999998,
          611.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with corporate debt is recorded as interest expense in the consolidated statements of operations.",
        "box": [
          63.36,
          615.668886,
          445.09999999999985,
          623.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Guaranteed loan financing",
        "box": [
          63.36,
          639.508906,
          175.53000000000003,
          647.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain partial loan sales do not meet the definition of a 'participating interest' under ASC 860 and therefore, do not ",
        "box": [
          63.36,
          651.668886,
          551.12,
          659.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "qualify as a sale. Participations or other partial loan sales which do not meet the definition of a participating interest ",
        "box": [
          63.36,
          663.6688859999999,
          550.9900000000001,
          671.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "remain  as  an  investment  in  the  consolidated  balance  sheets  and  the  proceeds  from  the  portion  sold  is  recorded  as ",
        "box": [
          63.36,
          675.668886,
          551.1199999999999,
          683.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "guaranteed loan financing in the liabilities section of the consolidated balance sheets. For these partial loan sales, the ",
        "box": [
          63.36,
          687.668886,
          551.0200000000002,
          695.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest earned on the entire loan balance is recorded as interest income and the interest earned by the buyer in the partial ",
        "box": [
          63.36,
          699.668886,
          551.0900000000003,
          707.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan sale is recorded within interest expense in the accompanying consolidated statements of operations.",
        "box": [
          63.36,
          711.668886,
          480.60999999999984,
          719.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 19,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Contingent consideration",
        "box": [
          63.36,
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          168.01,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company  accounts  for  certain  liabilities  recognized  in  relation  to  mergers  and  acquisitions  as  contingent ",
        "box": [
          63.36,
          87.66888600000004,
          551.0999999999997,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consideration  whereby  the  fair  value  of  this  liability  is  dependent  on  certain  criteria.  Contingent  consideration  is ",
        "box": [
          63.36,
          99.66888600000004,
          551.1099999999999,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "classified as Level 3 in the fair value hierarchy with fair value adjustments reported within other income (loss) in the ",
        "box": [
          63.36,
          111.66888600000004,
          551.0100000000001,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations. ",
        "box": [
          63.36,
          123.66888600000004,
          218.45,
          131.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan participations sold",
        "box": [
          63.36,
          147.50890600000002,
          163.29999999999995,
          155.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company accounts for loan participations sold, which represents an interest in a loan receivable sold, as a liability ",
        "box": [
          63.36,
          159.66888600000004,
          551.0399999999998,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on the consolidated balance sheets as these arrangements do not qualify as a sale under U.S. GAAP. Such liabilities are ",
        "box": [
          63.36,
          171.66888600000004,
          551.07,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-recourse and remain on the consolidated balance sheets until the loan is repaid.",
        "box": [
          63.36,
          183.66888600000004,
          397.10999999999996,
          191.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Due to third parties",
        "box": [
          63.36,
          207.50890600000002,
          143.57999999999998,
          215.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Due to third parties primarily relates to funds held by the Company to advance certain expenditures necessary to fulfill ",
        "box": [
          63.36,
          219.66888600000004,
          551.0800000000002,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  Company's  obligations  under  its  existing  indebtedness  or  to  be  released  at  the  Company's  discretion  upon  the ",
        "box": [
          63.36,
          231.66888600000004,
          551.12,
          239.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "occurrence  of  certain  pre-specified  events,  and  to  serve  as  additional  collateral  for  borrowers'  loans.  While  retained, ",
        "box": [
          63.36,
          243.66888600000004,
          551.11,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these balances earn interest in accordance with the specific loan terms with which they are associated.",
        "box": [
          63.36,
          255.668946,
          470.5299999999999,
          263.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repair and denial reserve ",
        "box": [
          63.36,
          279.508906,
          171.58999999999997,
          287.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The repair and denial reserve represents the potential liability to the SBA in the event that the Company is required to ",
        "box": [
          63.36,
          291.66891599999997,
          550.9999999999998,
          299.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "make the SBA whole for reimbursement of the guaranteed portion of SBA loans. The Company may be responsible for ",
        "box": [
          63.36,
          303.66891599999997,
          551.0000000000001,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  guaranteed  portion  of  SBA  loans  if  there  are  lien  and  collateral  issues,  unauthorized  use  of  proceeds,  liquidation ",
        "box": [
          63.36,
          315.66891599999997,
          551.1399999999996,
          323.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deficiencies, undocumented servicing actions or denial of SBA eligibility. This reserve is calculated using an estimated ",
        "box": [
          63.36,
          327.66891599999997,
          551.0199999999996,
          335.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "frequency of a repair and denial event upon default, as well as an estimate of the severity of the repair and denial as a ",
        "box": [
          63.36,
          339.66891599999997,
          551.1400000000002,
          347.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "percentage of the guaranteed balance.",
        "box": [
          63.36,
          351.66891599999997,
          213.95000000000005,
          359.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Variable interest entities",
        "box": [
          63.36,
          375.50890599999997,
          163.78,
          383.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs are entities  that,  by  design,  either  (i)  lack  sufficient  equity  to  permit  the  entity  to  finance  its  activities  without ",
        "box": [
          63.36,
          387.66891599999997,
          550.9899999999994,
          395.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "additional subordinated financial support from other parties; or (ii) have equity investors that do not have the ability to ",
        "box": [
          63.36,
          399.66891599999997,
          551.09,
          407.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "make  significant  decisions  relating  to  the  entity's  operations  through  voting  rights,  or  do  not  have  the  obligation  to ",
        "box": [
          63.36,
          411.66891599999997,
          551.09,
          419.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "absorb the expected losses, or do not have the right to receive the residual returns of the entity. The entity that is the ",
        "box": [
          63.36,
          423.66891599999997,
          551.0699999999996,
          431.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primary beneficiary is required to consolidate the VIE. An entity is deemed to be the primary beneficiary of a VIE if the ",
        "box": [
          63.36,
          435.66891599999997,
          551.0600000000001,
          443.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entity has both (i) the power to direct the activities that most significantly impact the VIE's economic performance and ",
        "box": [
          63.36,
          447.66891599999997,
          551.0600000000002,
          455.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the ",
        "box": [
          63.36,
          459.66891599999997,
          551.12,
          467.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE. ",
        "box": [
          63.36,
          471.66891599999997,
          85.01,
          479.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In determining whether the Company is the primary beneficiary of a VIE, both qualitative and quantitative factors are ",
        "box": [
          63.36,
          495.66891599999997,
          550.9900000000004,
          503.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "considered regarding the nature, size and form of its involvement with the VIE, such as its role establishing the VIE and ",
        "box": [
          63.36,
          507.668886,
          551.0799999999997,
          515.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ongoing  rights  and  responsibilities,  the  design  of  the  VIE,  its  economic  interests,  servicing  fees  and  servicing ",
        "box": [
          63.36,
          519.6688859999999,
          551.1099999999998,
          527.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "responsibilities,  and  other  factors.  The  Company  performs  ongoing  reassessments  to  evaluate  whether  changes  in  the ",
        "box": [
          63.36,
          531.6688859999999,
          551.0399999999997,
          539.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entity's  capital  structure  or  changes  in  the  nature  of  its  involvement  with  the  entity  result  in  a  change  to  the  VIE ",
        "box": [
          63.36,
          543.668886,
          551.1099999999999,
          551.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "designation or a change to its consolidation conclusion. ",
        "box": [
          63.36,
          555.668886,
          287.28998,
          563.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests",
        "box": [
          63.36,
          579.508906,
          166.89,
          587.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests are presented on the consolidated balance sheets and the consolidated statements of operations ",
        "box": [
          63.36,
          591.668886,
          551.1299999999999,
          599.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and represent direct investment in the operating partnership by third parties, including operating partnership units issued ",
        "box": [
          63.36,
          603.668886,
          551.0799999999997,
          611.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to satisfy a portion of the purchase price in connection with a series of mergers (collectively, the 'Mosaic Mergers'), ",
        "box": [
          63.36,
          615.668886,
          551.0500000000002,
          623.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pursuant to which the company acquired a group of privately held, real estate structured finance opportunities funds, ",
        "box": [
          63.36,
          627.668886,
          551.13,
          635.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with  a  focus  on  construction  lending  (collectively,  the  'Mosaic  Funds'),  managed  by  MREC  Management,  LLC.  In ",
        "box": [
          63.36,
          639.668886,
          551.07,
          647.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "addition,  the  Company  has  non-controlling  interests  from  investments  in  consolidated  joint  ventures  whereby,  net ",
        "box": [
          63.36,
          651.668886,
          551.0499999999998,
          659.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income or loss is generally based upon relative ownership interests or contractual arrangements.",
        "box": [
          63.36,
          663.6688859999999,
          447.0599999999999,
          671.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair value option",
        "box": [
          63.36,
          687.508906,
          134.96999999999997,
          695.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASC 825, ",
        "box": [
          63.36,
          699.678896,
          107.03999999999999,
          707.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial  Instruments",
        "box": [
          108.78,
          699.678896,
          199.05,
          707.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ('ASC  825')  provides  a  fair  value  option  election  that  allows  entities  to  make  an ",
        "box": [
          199.05,
          699.678896,
          551.0600000000001,
          707.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "election  of  fair  value  as  the  initial  and  subsequent  measurement  attribute  for  certain  eligible  financial  assets  and ",
        "box": [
          63.36,
          711.668886,
          551.0599999999997,
          719.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          301.0,
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          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 20,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. ",
        "box": [
          63.36,
          63.66888600000004,
          550.9799999999998,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The decision to elect the fair value option is determined on an instrument by instrument basis and must be applied to an ",
        "box": [
          63.36,
          75.66888600000004,
          551.13,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance ",
        "box": [
          63.36,
          87.66888600000004,
          551.1300000000001,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are required to be reported separately in the consolidated balance sheets from those instruments using another accounting ",
        "box": [
          63.36,
          99.66888600000004,
          551.06,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "method. ",
        "box": [
          63.36,
          111.66888600000004,
          98.32999999999998,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company has elected the fair value option for certain loans held-for-sale originated by the Company that it intends ",
        "box": [
          63.36,
          135.66888600000004,
          551.1199999999998,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to sell in the near term. The fair value elections for loans, held for sale originated by the Company were made due to the ",
        "box": [
          63.36,
          147.66888600000004,
          550.9199999999998,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "short-term nature of these instruments. The Company additionally elected the fair value option for certain investments in ",
        "box": [
          63.36,
          159.66888600000004,
          551.0299999999999,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unconsolidated joint ventures due to their short-term tenor.",
        "box": [
          63.36,
          171.66888600000004,
          298.66,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings per share",
        "box": [
          63.36,
          195.50890600000002,
          142.78999999999996,
          203.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic EPS is computed by dividing income available to common stockholders by the weighted-average number of shares ",
        "box": [
          63.36,
          207.66888600000004,
          551.1400000000001,
          215.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from ",
        "box": [
          63.36,
          219.66888600000004,
          551.1299999999998,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  Company's share-based compensation, consisting of unvested restricted stock units ('RSUs'), unvested restricted ",
        "box": [
          63.36,
          231.66888600000004,
          551.0699999999999,
          239.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock awards ('RSAs'), performance-based equity awards, as well as the dilutive impact of convertible preferred stock ",
        "box": [
          63.36,
          243.66888600000004,
          551.0000000000001,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and CVRs under the if-converted method and warrants under the treasury stock method. Potential dilutive shares are ",
        "box": [
          63.36,
          255.668946,
          551.0100000000003,
          263.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excluded from the calculation if they have an anti-dilutive effect in the period. ",
        "box": [
          63.36,
          267.668946,
          378.4699999999999,
          275.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All of the Company's unvested RSAs, unvested RSUs granted to non-employee directors, and preferred stock contain ",
        "box": [
          63.36,
          291.66891599999997,
          551.0499999999998,
          299.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rights  to  receive  non-forfeitable  dividends  or  dividend  equivalents  and,  thus,  are  participating  securities.  Due  to  the ",
        "box": [
          63.36,
          303.66891599999997,
          551.06002,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "existence of these participating securities, the two-class method of computing EPS is required, unless another method is ",
        "box": [
          63.36,
          315.66891599999997,
          550.9899999999997,
          323.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of ",
        "box": [
          63.36,
          327.66891599999997,
          550.9999999999999,
          335.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock and participating securities.",
        "box": [
          63.36,
          339.66891599999997,
          234.53000000000011,
          347.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income taxes",
        "box": [
          63.36,
          363.50890599999997,
          118.02999999999997,
          371.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current ",
        "box": [
          63.36,
          375.66891599999997,
          550.98,
          383.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an ",
        "box": [
          63.36,
          387.66891599999997,
          551.0900000000003,
          395.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entity's consolidated financial statements or tax returns. The Company assesses the recoverability of deferred tax assets ",
        "box": [
          63.36,
          399.66891599999997,
          551.07,
          407.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through  evaluation  of  carryback  availability,  projected  taxable  income  and  other  factors  as  applicable.  Significant ",
        "box": [
          63.36,
          411.66891599999997,
          551.11,
          419.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "judgment is required in assessing the future tax consequences of events that have been recognized in the consolidated ",
        "box": [
          63.36,
          423.66891599999997,
          551.0,
          431.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements or tax returns as well as the recoverability of amounts recorded, including deferred tax assets.",
        "box": [
          63.36,
          435.66891599999997,
          518.8699999999998,
          443.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company provides for exposure in connection with uncertain tax positions, which requires significant judgment by ",
        "box": [
          63.36,
          459.66891599999997,
          551.0699999999999,
          467.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management including determination, based on the weight of the tax law and available evidence, that it is more-likely-",
        "box": [
          63.36,
          471.66891599999997,
          548.4899999999998,
          479.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "than-not  that  a  tax  result  will  be  realized.  The  Company's  policy  is  to  recognize  interest  and/or  penalties  related  to ",
        "box": [
          63.36,
          483.66891599999997,
          550.9700000000003,
          491.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income  tax  matters  in  income  tax  expense  on  the  consolidated  statements  of  operations.  As  of  the  date  of  the ",
        "box": [
          63.36,
          495.66891599999997,
          550.9700000000001,
          503.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets, the Company has accrued no taxes, interest or penalties related to uncertain tax positions. In ",
        "box": [
          63.36,
          507.668886,
          550.9900099999999,
          515.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "addition, changes in this position in the next 12 months are not anticipated.",
        "box": [
          63.36,
          519.6688859999999,
          363.03999999999996,
          527.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue recognition",
        "box": [
          63.36,
          543.508906,
          148.54,
          551.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Under  ASC  606 ",
        "box": [
          63.36,
          555.678896,
          133.86,
          563.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue  Recognition ",
        "box": [
          135.64999,
          555.678896,
          224.52999000000008,
          563.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "('ASC  606'),  revenue  is  recognized  upon  the  transfer  of  promised  goods  or ",
        "box": [
          226.32001,
          555.678896,
          551.0199899999999,
          563.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange ",
        "box": [
          63.36,
          567.668886,
          551.1299999999998,
          575.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for those goods or services. Revenue is recognized through the following five-step process:",
        "box": [
          63.36,
          579.668886,
          428.2899999999999,
          587.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Step 1: Identify the contract(s) with a customer.",
        "box": [
          81.36,
          603.668886,
          272.2400000000001,
          611.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Step 2: Identify the performance obligations in the contract.",
        "box": [
          81.36,
          615.668886,
          320.2300000000001,
          623.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Step 3: Determine the transaction price.",
        "box": [
          81.36,
          627.668886,
          240.02000000000012,
          635.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Step 4: Allocate the transaction price to the performance obligations in the contract.",
        "box": [
          81.36,
          639.668886,
          416.16999999999996,
          647.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.",
        "box": [
          81.36,
          651.668886,
          420.6499999999998,
          659.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Most  of  the  Company's  revenue  streams,  such  as  revenue  associated  with  financial  instruments,  including  interest ",
        "box": [
          63.36,
          675.668886,
          551.13,
          683.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income, realized or unrealized gains on financial instruments, loan servicing fees, loan origination fees, hotel income, ",
        "box": [
          63.36,
          687.668886,
          551.1,
          695.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "among other revenue streams, follow specific revenue recognition criteria and therefore the guidance referenced above ",
        "box": [
          63.36,
          699.668886,
          551.11999,
          707.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "does not have a material impact on the consolidated financial statements. In addition, revisions to existing accounting ",
        "box": [
          63.36,
          711.668886,
          551.0999999999999,
          719.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 21,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "rules  regarding  the  determination  of  whether  a  company  is  acting  as  a  principal  or  agent  in  an  arrangement  and ",
        "box": [
          63.36,
          63.66888600000004,
          551.1100000000004,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounting for sales of nonfinancial assets where the seller has continuing involvement, did not materially impact the ",
        "box": [
          63.36,
          75.66888600000004,
          551.07,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company. A further description of the revenue recognition criteria is outlined below.",
        "box": [
          63.36,
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          403.24999999999994,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income.",
        "box": [
          63.36,
          111.66888600000004,
          130.49999999999994,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Interest income on loans, held-for-investment, loans, held at fair value, loans, held for sale, and MBS, ",
        "box": [
          130.5,
          111.66888600000004,
          551.0799999999998,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "at  fair  value  is  accrued  based  on  the  outstanding  principal  amount  and  contractual  terms  of  the  instrument,  including ",
        "box": [
          63.36,
          123.66888600000004,
          551.03,
          131.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans with contractual PIK interest for which the Company has not yet collected cash. Discounts or premiums associated ",
        "box": [
          63.36,
          135.66888600000004,
          551.14002,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with  the  loans  and  investment  securities  are  amortized  or  accreted  into  interest  income  as  a  yield  adjustment  on  the ",
        "box": [
          63.36,
          147.66888600000004,
          551.1200000000001,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "effective interest method, based on contractual cash flows through the maturity date of the investment. ",
        "box": [
          63.36,
          159.66888600000004,
          475.3399999999998,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease rental income. ",
        "box": [
          63.36,
          183.66888600000004,
          153.85001,
          191.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned operations primarily includes lease rental income which arises ",
        "box": [
          154.98001,
          183.66888600000004,
          551.07001,
          191.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from base rent income, net of concessions, from tenant leases. Base rent is recognized on a straight-line basis over the ",
        "box": [
          63.36,
          195.66888600000004,
          551.0100000000001,
          203.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term of the lease and recorded as other income in the consolidated statement of operations. Such income for the three ",
        "box": [
          63.36,
          207.66888600000004,
          551.0599800000001,
          215.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2026, was not material.",
        "box": [
          63.36,
          219.66888600000004,
          258.73999,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized gains (losses).",
        "box": [
          63.36,
          245.10888599999998,
          159.43999999999997,
          253.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Upon the sale or disposition (not including the prepayment of outstanding principal balance) of ",
        "box": [
          159.44,
          245.10888599999998,
          551.0400000000001,
          253.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans or securities, the excess (or deficiency) of net proceeds over the net carrying value or cost basis of such loans or ",
        "box": [
          63.36,
          257.108886,
          551.1299999999999,
          265.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities is recognized as a realized gain (loss). ",
        "box": [
          63.36,
          269.108886,
          257.80000000000007,
          277.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination income and expense. ",
        "box": [
          63.36,
          293.10891599999997,
          202.78999,
          301.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination income represents fees received for origination of either loans, held at fair ",
        "box": [
          202.91,
          293.10891599999997,
          551.12,
          301.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value, loans, held for sale, or loans, held-for-investment. For loans held, at fair value, and loans, held for sale, pursuant ",
        "box": [
          63.36,
          305.10891599999997,
          550.9899999999996,
          313.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to ASC 825 the Company reports origination fee income as revenue and fees charged and costs incurred as expenses. ",
        "box": [
          63.36,
          317.10891599999997,
          551.07,
          325.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These fees and costs are excluded from the fair value. For originated loans, held-for-investment, under ASC 310 the ",
        "box": [
          63.36,
          329.10891599999997,
          551.0499999999998,
          337.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company defers these origination fees and costs at origination and amortizes them under the effective interest method ",
        "box": [
          63.36,
          341.10891599999997,
          551.0799999999999,
          349.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over the life of the loan. Origination fees and expenses for loans, held at fair value and loans, held for sale, are presented ",
        "box": [
          63.36,
          353.10891599999997,
          551.0200000000004,
          361.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the consolidated statements of operations as components of other income and operating expenses. The amortization of ",
        "box": [
          63.36,
          365.10891599999997,
          551.07,
          373.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net  origination  fees  and  expenses  for  loans,  held-for-investment  are  presented  in  the  consolidated  statements  of ",
        "box": [
          63.36,
          377.10891599999997,
          551.07,
          385.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations as a component of interest income.",
        "box": [
          63.36,
          389.10891599999997,
          246.75000000000009,
          397.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets and liabilities held for sale",
        "box": [
          63.36,
          412.948916,
          200.74,
          421.1772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company  classifies  long-lived  assets  or  a  disposal  group  to  be  sold  as  held  for  sale  in  the  period  when  all  the ",
        "box": [
          63.36,
          425.10891599999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "necessary criteria are met. The criteria includes (i) management, having the authority to approve the action, commits to a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "plan to sell the asset or the disposal group (ii) the asset or disposal group is available for immediate sale in its present ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condition subject only to terms that are usual and customary for sales of such assets (iii) an active program to locate a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated (iv) the sale ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  the  asset  or  disposal  group  is  probable,  and  transfer  of  the  asset  or  disposal  group  is  expected  to  qualify  for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognition as a completed sale within one year (v) the asset or disposal group is being actively marketed for sale at a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "unlikely that significant changes to the plan will be made or that the plan will be withdrawn.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Upon  determining  that  a  long-lived  asset  or  disposal  group  meets  the  criteria  to  be  classified  as  held  for  sale,  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Company reports the assets and liabilities of the disposal group, if material, in the line items assets or liabilities held for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale, respectively, on the consolidated balance sheets. A long-lived asset or disposal group that is classified as held for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale is measured at the lower of its cost or estimated fair value less any costs to sell. The fair values of assets held for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale  are  assessed  each  reporting  period  and  changes  in  such  fair  values  are  reported  as  an  adjustment  to  the  carrying ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "value of the asset or disposal group with an offset on the consolidated statements of operations, to the extent that any ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "subsequent changes in fair value do not exceed the cost basis of the asset or disposal group. Any loss resulting from the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "transfer of long-lived assets or disposal groups to assets held for sale is recognized in the period in which the held for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale criteria are met.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discontinued operations",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  results  of  operations  of  long-lived  assets  or  a  disposal  group  that  the  Company  has  either  disposed  of  or  has ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "classified  as  held  for  sale  is  reported  as  discontinued  operations  on  the  consolidated  statements  of  operations  if  the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disposal  represents  a  strategic  shift  that  has  or  will  have  a  major  effect  on  the  Company's  operations  and  financial ",
        "box": [
          63.36,
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          709.3371825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "results.",
        "box": [
          63.36,
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          91.93999999999998,
          721.3371825561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "21",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 22,
    "width": 612.0,
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    "cells": [
      {
        "text": "Foreign currency transactions",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Assets  and  liabilities  denominated  in  non-U.S.  currencies  are  translated  into  U.S.  dollars  using  foreign  currency ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exchange  rates  prevailing  at  the  end  of  the  reporting  period.  Revenue  and  expenses  are  translated  at  the  average ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exchange  rates  for  each  reporting  period.  Foreign  currency  remeasurement  gains  or  losses  on  transactions  in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "nonfunctional currencies are recognized in earnings. Gains or losses on translation of the financial statements of a non-",
        "box": [
          63.36,
          123.66888600000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "U.S. operation, when the functional currency is other than the U.S. dollar, are included, net of taxes, in the consolidated ",
        "box": [
          63.36,
          135.66888600000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements of comprehensive income (loss). ",
        "box": [
          63.36,
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          240.93001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Note 4. Recent Accounting Pronouncements",
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          250.7100000000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements",
        "box": [
          63.36,
          183.678896,
          429.81000000000006,
          191.90719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Issued November 2025",
        "box": [
          429.81,
          183.678896,
          523.9100000000001,
          191.90719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This  ASU  clarifies  certain  aspects  of  the  guidance  on  hedge  accounting  and  addresses  several  incremental  hedge ",
        "box": [
          63.36,
          206.36889600000006,
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          214.59719255618268
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounting issues arising from global reference rate reform. The ASU is effective in reporting periods beginning after ",
        "box": [
          63.36,
          218.36889600000006,
          551.0100000000001,
          226.59719255618268
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 15, 2026, including interim periods within the fiscal year, on a prospective basis. Early adoption is permitted. ",
        "box": [
          63.36,
          230.36889600000006,
          551.0199999999998,
          238.59719255618268
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company is currently assessing the impact upon adoption of this standard on the consolidated financial statements.",
        "box": [
          63.36,
          242.36889600000006,
          540.8799999999999,
          250.59719255618268
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans ",
        "box": [
          63.36,
          266.69891600000005,
          419.8300000000001,
          274.92721255618267
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issued November 2025 ",
        "box": [
          419.83002,
          266.69891600000005,
          513.92999,
          274.92721255618267
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This  ASU  expands  the  gross-up  approach  for  initial  recognition  and  measurement  of  acquired  financial  assets  to ",
        "box": [
          63.36,
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          551.02,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchased  seasoned  loans.  The  ASU  is  effective  in  reporting  periods  beginning  after  December  15,  2026,  including ",
        "box": [
          63.36,
          302.188906,
          551.0999999999997,
          310.4172025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interim periods within the fiscal year, on a prospective basis. Early adoption is permitted. The Company is currently ",
        "box": [
          63.36,
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          551.01,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assessing the impact upon adoption of this standard on the consolidated financial statements.",
        "box": [
          63.36,
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          433.7699999999998,
          334.4172025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASU ",
        "box": [
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          85.86,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025-06, ",
        "box": [
          92.1,
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          130.43,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangibles ",
        "box": [
          136.67000000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goodwill ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and ",
        "box": [
          252.84000000000012,
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          271.46000000000015,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other-Internal-Use ",
        "box": [
          277.70000000000016,
          350.348906,
          362.8900000000001,
          358.5772025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Software ",
        "box": [
          369.1300000000001,
          350.348906,
          409.9300000000001,
          358.5772025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Subtopic ",
        "box": [
          416.17000000000013,
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          459.7700000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "350-40): ",
        "box": [
          466.0100000000001,
          350.348906,
          503.50000000000006,
          358.5772025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Targeted ",
        "box": [
          509.74000000000007,
          350.348906,
          551.0800000000003,
          358.5772025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Improvements to the Accounting for Internal-Use Software ",
        "box": [
          63.36,
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          318.4500000000001,
          369.9472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issued September 2025",
        "box": [
          318.45001,
          361.71890599999995,
          411.16001,
          369.9472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This ASU makes targeted improvements to increase the operability of the recognition guidance considering different ",
        "box": [
          63.36,
          384.10891599999997,
          551.1300000000001,
          392.3372125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "methods  of  software  development.  The  ASU  is  effective  in  reporting  periods  beginning  after  December  15,  2027, ",
        "box": [
          63.36,
          396.10891599999997,
          551.0799999999999,
          404.3372125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including interim periods within the fiscal year, on a prospective or retrospective basis, or using a modified transition ",
        "box": [
          63.36,
          408.10891599999997,
          550.9800000000001,
          416.3372125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "method. Early adoption is permitted. The Company is currently assessing the impact upon adoption of this standard on ",
        "box": [
          63.36,
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          550.9899999999997,
          428.3372125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the consolidated financial statements.",
        "box": [
          63.36,
          432.10891599999997,
          213.13000000000005,
          440.3372125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurements of Credit Losses for Accounts ",
        "box": [
          63.36,
          457.388916,
          530.8100000000001,
          465.6172125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Receivable and Contract Assets ",
        "box": [
          63.36,
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          200.46999999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issued July 2025",
        "box": [
          200.47,
          468.75890599999997,
          267.64,
          476.9872025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This ASU provides a practical expedient related to the estimation of expected credit losses. The ASU is effective in ",
        "box": [
          63.36,
          491.148896,
          551.1300000000001,
          499.3771925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reporting periods beginning after December 15, 2025, including interim periods within the fiscal year, on a prospective ",
        "box": [
          63.36,
          503.148896,
          551.0099999999999,
          511.3771925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "basis. Early adoption is permitted. The adoption of this standard did not have an impact on the Company's consolidated ",
        "box": [
          63.36,
          515.148926,
          550.9999999999998,
          523.3772225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements.",
        "box": [
          63.36,
          527.148926,
          145.44,
          535.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASU 2025-03, Compensation - Business Combinations (Topic 805) and Consolidation (Topic 810) Determining ",
        "box": [
          63.36,
          552.428896,
          536.5199999999998,
          560.6571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Accounting Acquirer in the Acquisition of a Variable Interest Entity ",
        "box": [
          63.36,
          563.798886,
          372.83000000000004,
          572.0271825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issued May 2025",
        "box": [
          372.83002,
          563.798886,
          441.13001999999994,
          572.0271825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This ASU clarifies the guidance in determining the accounting acquirer in certain transactions involving VIEs. The ASU ",
        "box": [
          63.36,
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          551.06,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is effective in reporting periods beginning after December 15, 2026, including interim periods within the fiscal year, on a ",
        "box": [
          63.36,
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          551.11,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prospective basis.  Early  adoption  is  permitted.  The  Company  is  currently  assessing  the  impact  upon  adoption  of  this ",
        "box": [
          63.36,
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          551.0999999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "standard on the consolidated financial statements.",
        "box": [
          63.36,
          622.188906,
          261.98000000000013,
          630.4172025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASU 2024-04,  Compensation  -  Debt  Conversion  and  Other  Topics  (Subtopic  470-20)  Induced  Conversions  of ",
        "box": [
          63.36,
          645.228886,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Debt Instruments",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          191.60001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issued November 2024",
        "box": [
          194.10001,
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          285.70001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This ASU clarifies the requirements for settlement of a convertible debt instrument as an induced conversion. The ASU ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "is effective in reporting periods beginning after December 15, 2025, including interim periods within the fiscal year, on a ",
        "box": [
          63.36,
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          551.11,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prospective or retrospective basis. Early adoption is permitted. The adoption of this standard did not have an impact on ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Company's consolidated financial statements.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "22",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 23,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "ASU  2024-03,  Income  Statement  -  Reporting  Comprehensive  Income  -  Expense  Disaggregation  Disclosures ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(Subtopic 220-40)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issued November 2024",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This ASU requires additional disclosure in the notes to financial statements of specified information about certain costs ",
        "box": [
          63.36,
          110.66888600000004,
          551.0499999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and expenses. The ASU is effective in reporting periods beginning after December 15, 2026, and interim periods within ",
        "box": [
          63.36,
          121.86889600000006,
          551.0999999999999,
          130.09719255618268
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "annual reporting periods beginning after December 15, 2027, on a prospective or retrospective basis. Early adoption is ",
        "box": [
          63.36,
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          551.1299999999998,
          141.2972025561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "permitted. The Company is currently assessing the impact upon adoption of this standard on the consolidated financial ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements.",
        "box": [
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          108.00999999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures",
        "box": [
          63.36,
          178.678896,
          417.31,
          186.90719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.31,
          178.678896,
          419.81,
          186.90719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issued December 2023",
        "box": [
          419.81,
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          511.40000000000003,
          186.90719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This  ASU  improves  income  tax  disclosure  requirements,  primarily  through  standardization  of  rate  reconciliation ",
        "box": [
          63.36,
          202.66888600000004,
          551.0499999999997,
          210.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "categories and disaggregation of income taxes paid by jurisdiction. The ASU is effective in reporting periods beginning ",
        "box": [
          63.36,
          214.66888600000004,
          551.1399999999996,
          222.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "after  December  15,  2024  on  a  prospective  or  retrospective  basis.  Early  adoption  is  permitted.  The  adoption  of  this ",
        "box": [
          63.36,
          226.66888600000004,
          551.1199999999997,
          234.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "standard did not have a material impact on the Company's consolidated financial statements.",
        "box": [
          63.36,
          238.66888600000004,
          432.72999999999985,
          246.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 5. Business Combinations",
        "box": [
          63.36,
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          194.98000000000002,
          270.73720255618264
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UDF IV Merger",
        "box": [
          63.36,
          286.50890599999997,
          130.54,
          294.7372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On  March  13,  2025  the  Company  acquired  UDF  IV,  a  real  estate  investment  trust  providing  capital  solutions  to ",
        "box": [
          63.36,
          310.66891599999997,
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          318.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "residential real estate developers and regional homebuilders. Refer to Note 1 for more information about the UDF IV ",
        "box": [
          63.36,
          322.66891599999997,
          550.9799999999997,
          330.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Merger. The purchase price was allocated to the assets acquired and liabilities assumed based on their respective fair ",
        "box": [
          63.36,
          334.66891599999997,
          551.0799999999999,
          342.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "values.  The  methodologies  used,  and  key  assumptions  made,  to  estimate  the  fair  value  of  the  assets  acquired  and ",
        "box": [
          63.36,
          346.66891599999997,
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          354.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities assumed are primarily based on future cash flows and discount rates.",
        "box": [
          63.36,
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          377.98,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below summarizes the fair value of assets acquired and liabilities assumed from the UDF IV Merger.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(in thousands)",
        "box": [
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          106.24,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preliminary Purchase ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Price Allocation",
        "box": [
          313.51001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Measurement Period ",
        "box": [
          391.63,
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          456.12100000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments",
        "box": [
          403.94,
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          442.04100000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Updated Purchase Price ",
        "box": [
          472.37,
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          546.3950000000001,
          415.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allocation",
        "box": [
          493.14001,
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          523.8560100000002,
          422.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          65.99,
          426.4652442,
          84.645,
          432.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          71.99,
          436.2152442,
          145.61599999999999,
          441.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          299.98999,
          436.2152442,
          305.23999,
          441.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,020 ",
        "box": [
          355.27599,
          436.2152442,
          376.27599,
          441.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.48999,
          436.2152442,
          390.73999,
          441.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02599,
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          458.27599,
          441.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          436.2152442,
          476.23999,
          441.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,020 ",
        "box": [
          526.27599,
          436.2152442,
          547.27599,
          441.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, net",
        "box": [
          71.99,
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          101.13799999999999,
          451.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          299.98999,
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          301.73999,
          451.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "158,469 ",
        "box": [
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          376.27599,
          451.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.48999,
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          387.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,836 ",
        "box": [
          440.77599,
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          461.77599,
          451.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
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          472.73999,
          451.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,305 ",
        "box": [
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          547.27599,
          451.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment in unconsolidated joint ventures",
        "box": [
          71.99,
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          194.43399999999997,
          461.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          299.98999,
          455.7152442,
          301.73999,
          461.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,290 ",
        "box": [
          358.77599,
          455.7152442,
          376.27599,
          461.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.48999,
          455.7152442,
          387.23999,
          461.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02599,
          455.7152442,
          458.27599,
          461.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          455.7152442,
          472.73999,
          461.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,290 ",
        "box": [
          529.77599,
          455.7152442,
          547.27599,
          461.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other Assets:",
        "box": [
          71.99,
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          109.88799999999999,
          471.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Accrued interest",
        "box": [
          77.99,
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          124.02199999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          299.98999,
          475.2152442,
          301.73999,
          480.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,231 ",
        "box": [
          358.77599,
          475.2152442,
          376.27599,
          480.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.48999,
          475.2152442,
          387.23999,
          480.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02599,
          475.2152442,
          458.27599,
          480.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          475.2152442,
          472.73999,
          480.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,231 ",
        "box": [
          529.77599,
          475.2152442,
          547.27599,
          480.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Receivable from third party",
        "box": [
          77.99,
          484.9652442,
          155.50799999999995,
          490.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          299.98999,
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          301.73999,
          490.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "738 ",
        "box": [
          364.02599,
          484.9652442,
          376.27599,
          490.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.48999,
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          387.23999,
          490.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02599,
          484.9652442,
          458.27599,
          490.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          484.9652442,
          472.73999,
          490.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "738 ",
        "box": [
          535.02599,
          484.9652442,
          547.27599,
          490.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          77.99,
          494.7152442,
          93.922,
          500.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          299.98999,
          494.7152442,
          301.73999,
          500.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,946 ",
        "box": [
          358.77599,
          494.7152442,
          376.27599,
          500.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.48999,
          494.7152442,
          387.23999,
          500.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02599,
          494.7152442,
          458.27599,
          500.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
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          472.73999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,946 ",
        "box": [
          529.77599,
          494.7152442,
          547.27599,
          500.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total assets acquired",
        "box": [
          65.99,
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          128.95499999999998,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          504.4652442,
          305.23999,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "183,694 ",
        "box": [
          351.77599,
          504.4652442,
          376.27599,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.48999,
          504.4652442,
          390.73999,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,836 ",
        "box": [
          440.77599,
          504.4652442,
          461.77599,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          504.4652442,
          476.23999,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "194,530 ",
        "box": [
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          547.27599,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Liabilities",
        "box": [
          65.99,
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          95.92899999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable and other accrued liabilities",
        "box": [
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          201.17499999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          523.9652142,
          301.73999,
          529.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,214 ",
        "box": [
          358.77599,
          523.9652142,
          376.27599,
          529.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.48999,
          523.9652142,
          387.23999,
          529.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(605) ",
        "box": [
          447.19498999999996,
          523.9652142,
          464.10699,
          529.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          523.9652142,
          472.73999,
          529.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "609 ",
        "box": [
          535.02599,
          523.9652142,
          547.27599,
          529.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contract liability  ",
        "box": [
          71.99,
          533.7152142,
          123.10399999999997,
          539.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          299.98999,
          533.7152142,
          301.73999,
          539.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          367.52599,
          533.7152142,
          372.77599,
          539.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.48999,
          533.7152142,
          387.23999,
          539.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,529 ",
        "box": [
          444.27599,
          533.7152142,
          461.77599,
          539.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          533.7152142,
          472.73999,
          539.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,529 ",
        "box": [
          529.77599,
          533.7152142,
          547.27599,
          539.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities assumed",
        "box": [
          65.99,
          543.4652142,
          138.31399999999996,
          549.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          299.98999,
          543.4652142,
          305.23999,
          549.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,214 ",
        "box": [
          358.77599,
          543.4652142,
          376.27599,
          549.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.48999,
          543.4652142,
          390.73999,
          549.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,924 ",
        "box": [
          444.27599,
          543.4652142,
          461.77599,
          549.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          543.4652142,
          476.23999,
          549.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,138 ",
        "box": [
          529.77599,
          543.4652142,
          547.27599,
          549.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net assets acquired",
        "box": [
          65.99,
          553.2152142,
          123.50199999999998,
          558.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          299.98999,
          553.2152142,
          305.23999,
          558.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "182,480 ",
        "box": [
          351.77599,
          553.2152142,
          376.27599,
          558.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.48999,
          553.2152142,
          390.73999,
          558.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,912 ",
        "box": [
          444.27599,
          553.2152142,
          461.77599,
          558.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          553.2152142,
          476.23999,
          558.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "189,392 ",
        "box": [
          522.77599,
          553.2152142,
          547.27599,
          558.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In a business combination, the initial allocation of the purchase price is considered preliminary and therefore, is subject ",
        "box": [
          63.36,
          578.168886,
          551.08,
          586.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to change until the end of the measurement period. The final determination must occur within one year of the merger ",
        "box": [
          63.36,
          590.168886,
          551.1099999999999,
          598.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "date. Because the measurement period for the UDF IV Merger remained open until March 13, 2026, certain fair value ",
        "box": [
          63.36,
          602.168886,
          551.0899800000002,
          610.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimates  changed  once  all  information  necessary  to  make  a  final  fair  value  assessment  was  received.  The  amounts ",
        "box": [
          63.36,
          614.168886,
          551.11,
          622.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "presented in the table above pertained to the preliminary purchase price allocation reported at the time of the UDF IV ",
        "box": [
          63.36,
          626.168886,
          551.1000100000001,
          634.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Merger based on information that was available to management at the time the consolidated financial statements were ",
        "box": [
          63.36,
          638.168886,
          551.0899800000002,
          646.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prepared. The preliminary purchase price allocation changed as the Company completed its analysis of the fair value of ",
        "box": [
          63.36,
          650.168886,
          551.0000000000005,
          658.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  assets  acquired  and  liabilities  assumed,  which  impacts  the  consolidated  financial  statements.  Subsequent  to  the ",
        "box": [
          63.36,
          662.1688859999999,
          551.0299999999997,
          670.3971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determination  of  the  preliminary  purchase  price  allocation,  the  Company  recorded  a  measurement  period  adjustment ",
        "box": [
          63.36,
          674.168886,
          551.1099999999998,
          682.3971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based on the updated valuations obtained by increasing net assets acquired, decreasing the consideration transferred and ",
        "box": [
          63.36,
          686.168886,
          551.1199999999999,
          694.3971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increasing the bargain purchase gain related to this transaction by $7.1 million.",
        "box": [
          63.36,
          698.168886,
          378.81,
          706.3971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 24,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The table below illustrates the aggregate consideration transferred, net assets acquired, and the related bargain purchase ",
        "box": [
          63.36,
          63.66888600000004,
          551.1400000000001,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gain, which was primarily driven by a discount in UDF IV's market valuation due to factors such as the illiquid nature of ",
        "box": [
          63.36,
          75.16888600000004,
          551.0699999999999,
          83.39718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UDF IV's shares, and a change in our stock price between the date of the agreement and the closing date of the UDF IV ",
        "box": [
          63.36,
          86.66888600000004,
          551.08,
          94.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Merger.",
        "box": [
          63.36,
          98.16888600000004,
          95.27,
          106.39718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          131.7152142,
          106.24,
          137.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preliminary Purchase ",
        "box": [
          304.76999,
          124.71521419999999,
          371.9979900000001,
          130.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Price Allocation",
        "box": [
          313.51001,
          131.7152142,
          361.5020100000001,
          137.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Measurement Period ",
        "box": [
          391.63,
          124.71521419999999,
          456.12100000000004,
          130.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments",
        "box": [
          403.94,
          131.7152142,
          442.04100000000005,
          137.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Updated Purchase Price ",
        "box": [
          472.37,
          124.71521419999999,
          546.3950000000001,
          130.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allocation",
        "box": [
          493.14001,
          131.7152142,
          523.8560100000002,
          137.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair value of net assets acquired",
        "box": [
          65.99,
          141.4652142,
          155.93299999999996,
          147.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          299.98999,
          141.4652142,
          305.23999,
          147.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "182,480 ",
        "box": [
          351.77599,
          141.4652142,
          376.27599,
          147.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.48999,
          141.4652142,
          390.73999,
          147.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,912 ",
        "box": [
          444.27599,
          141.4652142,
          461.77599,
          147.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          141.4652142,
          476.23999,
          147.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "189,392 ",
        "box": [
          522.77599,
          141.4652142,
          547.27599,
          147.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consideration transferred based on the value of common stock issued",
        "box": [
          65.99,
          160.9652142,
          260.49899999999997,
          166.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          299.98999,
          160.9652142,
          301.73999,
          166.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,600 ",
        "box": [
          355.27599,
          160.9652142,
          376.27599,
          166.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.48999,
          160.9652142,
          387.23999,
          166.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02599,
          160.9652142,
          458.27599,
          166.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          160.9652142,
          472.73999,
          166.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,600 ",
        "box": [
          526.27599,
          160.9652142,
          547.27599,
          166.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contingent consideration",
        "box": [
          65.99,
          170.7152142,
          136.53599999999997,
          176.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          299.98999,
          170.7152142,
          301.73999,
          176.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,409 ",
        "box": [
          355.27599,
          170.7152142,
          376.27599,
          176.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.48999,
          170.7152142,
          387.23999,
          176.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(167) ",
        "box": [
          447.19498999999996,
          170.7152142,
          464.10699,
          176.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          170.7152142,
          472.73999,
          176.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,242 ",
        "box": [
          526.27599,
          170.7152142,
          547.27599,
          176.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total consideration transferred",
        "box": [
          65.99,
          180.4652142,
          160.02799999999996,
          186.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          299.98999,
          180.4652142,
          305.23999,
          186.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,009 ",
        "box": [
          355.27599,
          180.4652142,
          376.27599,
          186.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.48999,
          180.4652142,
          390.73999,
          186.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(167) ",
        "box": [
          447.19498999999996,
          180.4652142,
          464.10699,
          186.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          180.4652142,
          476.23999,
          186.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,842 ",
        "box": [
          526.27599,
          180.4652142,
          547.27599,
          186.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bargain purchase gain",
        "box": [
          65.99,
          199.9652142,
          133.63099999999997,
          205.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          299.98999,
          199.9652142,
          305.23999,
          205.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102,471 ",
        "box": [
          351.77599,
          199.9652142,
          376.27599,
          205.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.48999,
          199.9652142,
          390.73999,
          205.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,079 ",
        "box": [
          444.27599,
          199.9652142,
          461.77599,
          205.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          199.9652142,
          476.23999,
          205.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "109,550 ",
        "box": [
          522.77599,
          199.9652142,
          547.27599,
          205.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table above includes contingent consideration in the form of CVRs valued at approximately $15.4 million or $1.21 ",
        "box": [
          63.36,
          224.91888600000004,
          551.14001,
          233.14718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per  CVR. Subsequent to the determination of the preliminary purchase price allocation, based on updated valuations ",
        "box": [
          63.36,
          236.91888600000004,
          551.14,
          245.14718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obtained, the Company recorded a measurement period adjustment of $0.2 million to decrease the value of the CVR. As ",
        "box": [
          63.36,
          248.91888600000004,
          551.0,
          257.14718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of March 31, 2026, the updated purchase price of the CVRs was valued at approximately $15.2 million or $1.19 per ",
        "box": [
          63.36,
          260.918946,
          551.0799700000001,
          269.1472425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CVR. See note 7 for more information about the valuation of the CVRs.",
        "box": [
          63.36,
          272.918946,
          351.41000000000014,
          281.1472425561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 6. Loans and Allowance for Credit Losses",
        "box": [
          63.36,
          308.75890599999997,
          263.2300000000001,
          316.9872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans includes (i) loans held for investment that are accounted for at amortized cost net of allowance for credit losses, ",
        "box": [
          63.36,
          332.91891599999997,
          551.12,
          341.1472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii) loans held at fair value under the fair value option, (iii) loans held for sale that are accounted for at the lower of cost ",
        "box": [
          63.36,
          344.91891599999997,
          551.0500000000002,
          353.1472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or  fair  value  net  of  valuation  allowance  and  (iv)  loans  held  for  sale  at  fair  value  under  the  fair  value  option.  The ",
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        "text": "24",
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        "text": "Loan portfolio",
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        "text": "the Company including loans of consolidated VIEs.",
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      {
        "text": "March 31, 2026",
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        "text": "December 31, 2025",
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        "text": "Freddie Mac",
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      {
        "text": "3,350,560 ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          363.2152442,
          420.73999,
          368.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125,107 ",
        "box": [
          452.27499,
          363.2152442,
          476.77499,
          368.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          363.2152442,
          491.23999,
          368.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,238 ",
        "box": [
          522.77499,
          363.2152442,
          547.27499,
          368.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          65.99,
          372.9652442,
          81.92899999999999,
          378.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.48999,
          372.9652442,
          279.73999,
          378.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,528,103 ",
        "box": [
          306.02499,
          372.9652442,
          335.77499,
          378.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          372.9652442,
          350.23999,
          378.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,902,272 ",
        "box": [
          376.52499,
          372.9652442,
          406.27499,
          378.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          372.9652442,
          420.73999,
          378.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,905,304 ",
        "box": [
          447.02499,
          372.9652442,
          476.77499,
          378.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          372.9652442,
          491.23999,
          378.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,269,484 ",
        "box": [
          517.52499,
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          547.27499,
          378.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  the  table  above,  loans  with  the  'Other'  classification  are  generally  LMM  acquired loans that have nonconforming ",
        "box": [
          63.36,
          397.91891599999997,
          551.0199999999998,
          406.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "characteristics  for  the  Fixed  rate,  Bridge,  Construction,  or  Freddie  Mac  classifications  due  to  loan  size,  rate  type, ",
        "box": [
          63.36,
          409.91891599999997,
          551.14,
          418.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral, or borrower criteria.",
        "box": [
          63.36,
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          186.22001000000012,
          430.1472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan vintage and credit quality indicators",
        "box": [
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          232.37000000000006,
          454.1571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company  monitors  the  credit  quality  of  its  loan  portfolio  based  on  primary  credit  quality  indicators,  such  as ",
        "box": [
          63.36,
          457.91891599999997,
          550.98,
          466.1472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "delinquency  rates.  Loans  that  are  30  days  or  more  past  due,  provide  an  indication  of  the  borrower's  capacity  and ",
        "box": [
          63.36,
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          550.9799999999998,
          478.1472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "willingness to meet its financial obligations. ",
        "box": [
          63.36,
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          242.3000000000001,
          490.1472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 26,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The tables below summarize the classification, UPB, carrying value and gross write-offs of loans by year of origination. ",
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        "confidence": 1.0
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      {
        "text": "Carrying Value by Year of Origination",
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          429.67599000000007,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
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          106.24,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "UPB",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2024",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2023",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Pre 2022",
        "box": [
          470.62,
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          496.849,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "March 31, 2026",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Bridge",
        "box": [
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          91.03699999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 1,970,165 ",
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          232.27401,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          246.74001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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          273.77401000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          291.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,912 ",
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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": "221,786 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102,324 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          426.73999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "895,866 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          471.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "651,816 ",
        "box": [
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          502.27398999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 1,885,704 ",
        "box": [
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          547.27399,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fixed rate",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "613,223 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          268.52401000000003,
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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": [
          313.52398999999997,
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          318.77398999999997,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          358.52398999999997,
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          363.77398999999997,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          423.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,791 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "584,557 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "610,348 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Construction",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "527,060 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
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        "confidence": 1.0
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        "text": "43,430 ",
        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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      {
        "text": "Freddie Mac",
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "- ",
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "- ",
        "box": [
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          290.4652442,
          322.27398999999997,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.48999,
          290.4652442,
          336.73999,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,993 ",
        "box": [
          349.77398999999997,
          290.4652442,
          367.27398999999997,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          376.48999,
          290.4652442,
          381.73999,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,438 ",
        "box": [
          394.77398999999997,
          290.4652442,
          412.27398999999997,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          421.48999,
          290.4652442,
          426.73999,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,900 ",
        "box": [
          439.77398999999997,
          290.4652442,
          457.27398999999997,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          466.48999,
          290.4652442,
          471.73999,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "184,402 ",
        "box": [
          477.77398999999997,
          290.4652442,
          502.27398999999997,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          511.48999,
          290.4652442,
          516.73999,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "202,510 ",
        "box": [
          522.77399,
          290.4652442,
          547.27399,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The tables below present delinquency information on loans, net by year of origination.",
        "box": [
          63.36,
          315.41891599999997,
          409.09999999999997,
          323.6472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value by Year of Origination",
        "box": [
          312.85999,
          341.2152442,
          429.67599000000007,
          346.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          350.9652442,
          106.24,
          356.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UPB",
        "box": [
          206.74001,
          350.9652442,
          220.74001,
          356.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          251.73,
          350.9652442,
          265.73,
          356.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          296.73001,
          350.9652442,
          310.73001,
          356.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024",
        "box": [
          341.73001,
          350.9652442,
          355.73001,
          356.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2023",
        "box": [
          386.73001,
          350.9652442,
          400.73001,
          356.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2022",
        "box": [
          431.73001,
          350.9652442,
          445.73001,
          356.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pre 2022",
        "box": [
          470.62,
          350.9652442,
          496.849,
          356.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          520.77002,
          350.9652442,
          536.7090200000001,
          356.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          65.99,
          360.7152442,
          112.43499999999999,
          366.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current",
        "box": [
          71.99,
          370.4652442,
          93.36099999999999,
          376.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 3,526,286 ",
        "box": [
          196.49001,
          370.4652442,
          232.27401,
          376.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.49001,
          370.4652442,
          246.74001,
          376.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,195 ",
        "box": [
          256.27401000000003,
          370.4652442,
          277.27401000000003,
          376.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.48999,
          370.4652442,
          291.73999,
          376.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "218,150 ",
        "box": [
          297.77398999999997,
          370.4652442,
          322.27398999999997,
          376.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.48999,
          370.4652442,
          336.73999,
          376.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "381,119 ",
        "box": [
          342.77398999999997,
          370.4652442,
          367.27398999999997,
          376.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          376.48999,
          370.4652442,
          381.73999,
          376.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "220,910 ",
        "box": [
          387.77398999999997,
          370.4652442,
          412.27398999999997,
          376.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          421.48999,
          370.4652442,
          426.73999,
          376.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "921,002 ",
        "box": [
          432.77398999999997,
          370.4652442,
          457.27398999999997,
          376.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 1,559,717 ",
        "box": [
          466.48999,
          370.4652442,
          502.27398999999997,
          376.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 3,329,093 ",
        "box": [
          511.48999,
          370.4652442,
          547.27399,
          376.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30 - 59 days past due",
        "box": [
          71.99,
          380.2152442,
          131.273,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          196.49001,
          380.2152442,
          198.24001,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "227,440 ",
        "box": [
          207.77401,
          380.2152442,
          232.27401,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.49001,
          380.2152442,
          243.24001,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10 ",
        "box": [
          268.52401000000003,
          380.2152442,
          277.27401000000003,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.48999,
          380.2152442,
          288.23999,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,555 ",
        "box": [
          304.77398999999997,
          380.2152442,
          322.27398999999997,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.48999,
          380.2152442,
          333.23999,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,666 ",
        "box": [
          346.27398999999997,
          380.2152442,
          367.27398999999997,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.48999,
          380.2152442,
          378.23999,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,069 ",
        "box": [
          394.77398999999997,
          380.2152442,
          412.27398999999997,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.48999,
          380.2152442,
          423.23999,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,711 ",
        "box": [
          436.27398999999997,
          380.2152442,
          457.27398999999997,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          466.48999,
          380.2152442,
          468.23999,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102,504 ",
        "box": [
          477.77398999999997,
          380.2152442,
          502.27398999999997,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.48999,
          380.2152442,
          513.23999,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "219,515 ",
        "box": [
          522.77399,
          380.2152442,
          547.27399,
          385.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60+ days past due",
        "box": [
          71.99,
          389.9652442,
          122.38299999999998,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          196.49001,
          389.9652442,
          198.24001,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "720,258 ",
        "box": [
          207.77401,
          389.9652442,
          232.27401,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.49001,
          389.9652442,
          243.24001,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64 ",
        "box": [
          268.52401000000003,
          389.9652442,
          277.27401000000003,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.48999,
          389.9652442,
          288.23999,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,332 ",
        "box": [
          304.77398999999997,
          389.9652442,
          322.27398999999997,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.48999,
          389.9652442,
          333.23999,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,311 ",
        "box": [
          346.27398999999997,
          389.9652442,
          367.27398999999997,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.48999,
          389.9652442,
          378.23999,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,202 ",
        "box": [
          394.77398999999997,
          389.9652442,
          412.27398999999997,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.48999,
          389.9652442,
          423.23999,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "271,108 ",
        "box": [
          432.77398999999997,
          389.9652442,
          457.27398999999997,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          466.48999,
          389.9652442,
          468.23999,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "258,250 ",
        "box": [
          477.77398999999997,
          389.9652442,
          502.27398999999997,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.48999,
          389.9652442,
          513.23999,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "619,267 ",
        "box": [
          522.77399,
          389.9652442,
          547.27399,
          395.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Loans, net",
        "box": [
          65.99,
          401.2152442,
          114.77999999999997,
          406.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 4,473,984 ",
        "box": [
          196.49001,
          401.2152442,
          232.27401,
          406.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.49001,
          401.2152442,
          246.74001,
          406.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,269 ",
        "box": [
          256.27401000000003,
          401.2152442,
          277.27401000000003,
          406.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.48999,
          401.2152442,
          291.73999,
          406.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "225,037 ",
        "box": [
          297.77398999999997,
          401.2152442,
          322.27398999999997,
          406.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.48999,
          401.2152442,
          336.73999,
          406.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "489,096 ",
        "box": [
          342.77398999999997,
          401.2152442,
          367.27398999999997,
          406.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          376.48999,
          401.2152442,
          381.73999,
          406.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "231,181 ",
        "box": [
          387.77398999999997,
          401.2152442,
          412.27398999999997,
          406.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 1,273,821 ",
        "box": [
          421.48999,
          401.2152442,
          457.27398999999997,
          406.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 1,920,471 ",
        "box": [
          466.48999,
          401.2152442,
          502.27398999999997,
          406.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 4,167,875 ",
        "box": [
          511.48999,
          401.2152442,
          547.27399,
          406.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UPB",
        "box": [
          206.74001,
          410.9652442,
          220.74001,
          416.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          251.73,
          410.9652442,
          265.73,
          416.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024",
        "box": [
          296.73001,
          410.9652442,
          310.73001,
          416.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2023",
        "box": [
          341.73001,
          410.9652442,
          355.73001,
          416.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2022",
        "box": [
          386.73001,
          410.9652442,
          400.73001,
          416.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021",
        "box": [
          431.73001,
          410.9652442,
          445.73001,
          416.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pre 2021",
        "box": [
          470.62,
          410.9652442,
          496.849,
          416.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          520.77002,
          410.9652442,
          536.7090200000001,
          416.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          65.99,
          420.7152442,
          122.52199999999999,
          426.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current",
        "box": [
          71.99,
          430.4652442,
          93.36099999999999,
          436.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 4,478,531 ",
        "box": [
          196.49001,
          430.4652442,
          232.27401,
          436.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.49001,
          430.4652442,
          246.74001,
          436.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "286,900 ",
        "box": [
          252.77401,
          430.4652442,
          277.27401,
          436.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.48999,
          430.4652442,
          291.73999,
          436.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "386,892 ",
        "box": [
          297.77398999999997,
          430.4652442,
          322.27398999999997,
          436.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.48999,
          430.4652442,
          336.73999,
          436.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "293,829 ",
        "box": [
          342.77398999999997,
          430.4652442,
          367.27398999999997,
          436.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 1,152,549 ",
        "box": [
          376.48999,
          430.4652442,
          412.27398999999997,
          436.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 1,171,991 ",
        "box": [
          421.48999,
          430.4652442,
          457.27398999999997,
          436.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          466.48999,
          430.4652442,
          471.73999,
          436.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "983,329 ",
        "box": [
          477.77398999999997,
          430.4652442,
          502.27398999999997,
          436.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 4,275,490 ",
        "box": [
          511.48999,
          430.4652442,
          547.27399,
          436.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30 - 59 days past due",
        "box": [
          71.99,
          440.2152442,
          131.273,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          196.49001,
          440.2152442,
          198.24001,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "392,885 ",
        "box": [
          207.77401,
          440.2152442,
          232.27401,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.49001,
          440.2152442,
          243.24001,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,788 ",
        "box": [
          259.77401000000003,
          440.2152442,
          277.27401000000003,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.48999,
          440.2152442,
          288.23999,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126,870 ",
        "box": [
          297.77398999999997,
          440.2152442,
          322.27398999999997,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.48999,
          440.2152442,
          333.23999,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,336 ",
        "box": [
          349.77398999999997,
          440.2152442,
          367.27398999999997,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.48999,
          440.2152442,
          378.23999,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "147,167 ",
        "box": [
          387.77398999999997,
          440.2152442,
          412.27398999999997,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.48999,
          440.2152442,
          423.23999,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,247 ",
        "box": [
          436.27398999999997,
          440.2152442,
          457.27398999999997,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          466.48999,
          440.2152442,
          468.23999,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,691 ",
        "box": [
          481.27398999999997,
          440.2152442,
          502.27398999999997,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.48999,
          440.2152442,
          513.23999,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "389,099 ",
        "box": [
          522.77399,
          440.2152442,
          547.27399,
          445.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60+ days past due",
        "box": [
          71.99,
          449.9652442,
          122.38299999999998,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          196.49001,
          449.9652442,
          198.24001,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "620,464 ",
        "box": [
          207.77401,
          449.9652442,
          232.27401,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.49001,
          449.9652442,
          243.24001,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,089 ",
        "box": [
          259.77401000000003,
          449.9652442,
          277.27401000000003,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.48999,
          449.9652442,
          288.23999,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,502 ",
        "box": [
          301.27398999999997,
          449.9652442,
          322.27398999999997,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.48999,
          449.9652442,
          333.23999,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,555 ",
        "box": [
          346.27398999999997,
          449.9652442,
          367.27398999999997,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.48999,
          449.9652442,
          378.23999,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "222,229 ",
        "box": [
          387.77398999999997,
          449.9652442,
          412.27398999999997,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.48999,
          449.9652442,
          423.23999,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "181,254 ",
        "box": [
          432.77398999999997,
          449.9652442,
          457.27398999999997,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          466.48999,
          449.9652442,
          468.23999,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69,159 ",
        "box": [
          481.27398999999997,
          449.9652442,
          502.27398999999997,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.48999,
          449.9652442,
          513.23999,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "529,788 ",
        "box": [
          522.77399,
          449.9652442,
          547.27399,
          455.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Loans, net",
        "box": [
          65.99,
          461.2152442,
          114.77999999999997,
          466.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 5,491,880 ",
        "box": [
          196.49001,
          461.2152442,
          232.27401,
          466.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.49001,
          461.2152442,
          246.74001,
          466.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "290,777 ",
        "box": [
          252.77401,
          461.2152442,
          277.27401,
          466.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.48999,
          461.2152442,
          291.73999,
          466.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "547,264 ",
        "box": [
          297.77398999999997,
          461.2152442,
          322.27398999999997,
          466.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.48999,
          461.2152442,
          336.73999,
          466.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "324,720 ",
        "box": [
          342.77398999999997,
          461.2152442,
          367.27398999999997,
          466.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 1,521,945 ",
        "box": [
          376.48999,
          461.2152442,
          412.27398999999997,
          466.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 1,445,492 ",
        "box": [
          421.48999,
          461.2152442,
          457.27398999999997,
          466.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 1,064,179 ",
        "box": [
          466.48999,
          461.2152442,
          502.27398999999997,
          466.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 5,194,377 ",
        "box": [
          511.48999,
          461.2152442,
          547.27399,
          466.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents delinquency information on loans, net by portfolio.",
        "box": [
          63.36,
          486.16891599999997,
          369.7099999999999,
          494.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          63.36,
          525.4652142,
          103.61,
          531.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current",
        "box": [
          233.75,
          525.4652142,
          258.222,
          531.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30 - 59 days ",
        "box": [
          283.89001,
          518.4652142,
          320.83601000000004,
          524.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "past due",
        "box": [
          288.95001,
          525.4652142,
          314.03801000000004,
          531.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60+ days past ",
        "box": [
          336.72,
          518.4652142,
          379.01400000000007,
          524.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due",
        "box": [
          351.54001,
          525.4652142,
          362.43201,
          531.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          404.51999,
          525.4652142,
          420.45899000000003,
          531.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Accrual ",
        "box": [
          448.76001,
          518.4652142,
          488.98201,
          524.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans",
        "box": [
          458.85001,
          525.4652142,
          477.12701,
          531.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90+ days past ",
        "box": [
          503.22,
          511.4652142,
          545.5140000000001,
          517.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due and ",
        "box": [
          511.53,
          518.4652142,
          537.1990000000002,
          524.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accruing",
        "box": [
          509.70001,
          525.4652142,
          537.2870100000001,
          531.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          65.99,
          535.2152142,
          112.43499999999999,
          540.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bridge",
        "box": [
          71.99,
          544.9652142,
          91.03699999999999,
          550.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          223.49001,
          544.9652142,
          228.74001,
          550.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,221,900 ",
        "box": [
          236.35601000000003,
          544.9652142,
          266.10601,
          550.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          278.98999,
          544.9652142,
          284.23999,
          550.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "132,530 ",
        "box": [
          297.10598999999996,
          544.9652142,
          321.60598999999996,
          550.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.48999,
          544.9652142,
          339.73999,
          550.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "531,274 ",
        "box": [
          352.60598999999996,
          544.9652142,
          377.10598999999996,
          550.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          389.98999,
          544.9652142,
          395.23999,
          550.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,885,704 ",
        "box": [
          402.85598999999996,
          544.9652142,
          432.60598999999996,
          550.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.48999,
          544.9652142,
          450.73999,
          550.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,065,566 ",
        "box": [
          458.35598999999996,
          544.9652142,
          488.10598999999996,
          550.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          500.98999,
          544.9652142,
          506.23999,
          550.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          534.85599,
          544.9652142,
          540.10599,
          550.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed rate",
        "box": [
          71.99,
          554.7152142,
          100.16499999999999,
          560.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          223.49001,
          554.7152142,
          225.24001,
          560.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "569,617 ",
        "box": [
          241.60601000000003,
          554.7152142,
          266.10601,
          560.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          278.98999,
          554.7152142,
          280.73999,
          560.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,073 ",
        "box": [
          300.60598999999996,
          554.7152142,
          321.60598999999996,
          560.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.48999,
          554.7152142,
          336.23999,
          560.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,658 ",
        "box": [
          356.10598999999996,
          554.7152142,
          377.10598999999996,
          560.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          389.98999,
          554.7152142,
          391.73999,
          560.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "610,348 ",
        "box": [
          408.10598999999996,
          554.7152142,
          432.60598999999996,
          560.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.48999,
          554.7152142,
          447.23999,
          560.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,659 ",
        "box": [
          467.10598999999996,
          554.7152142,
          488.10598999999996,
          560.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          500.98999,
          554.7152142,
          502.73999,
          560.4750217893279
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          433.354,
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          488.854,
          620.4750217893279
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          620.4750217893279
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        "text": "20,738 ",
        "box": [
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        "from_ocr": false,
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        "text": " ",
        "box": [
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          502.73999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          534.85599,
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          540.10599,
          649.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Construction",
        "box": [
          71.99,
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          108.14499999999998,
          658.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          223.49001,
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          225.24001,
          658.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "343,450 ",
        "box": [
          241.60601000000003,
          652.9652142,
          266.10601,
          658.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          278.98999,
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          280.73999,
          658.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,496 ",
        "box": [
          304.10598999999996,
          652.9652142,
          321.60598999999996,
          658.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          652.9652142,
          336.23999,
          658.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,096 ",
        "box": [
          356.10598999999996,
          652.9652142,
          377.10598999999996,
          658.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
        "box": [
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          391.73999,
          658.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "388,042 ",
        "box": [
          408.10598999999996,
          652.9652142,
          432.60598999999996,
          658.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
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          447.23999,
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        "text": "62,395 ",
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        "from_ocr": false,
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        "from_ocr": false,
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          540.10599,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Freddie Mac",
        "box": [
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          107.54299999999999,
          668.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
        "box": [
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          225.24001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          257.35601,
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          262.60601,
          668.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          280.73999,
          668.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          312.85598999999996,
          662.7152142,
          318.10598999999996,
          668.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          336.23999,
          668.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3,945 ",
        "box": [
          359.60598999999996,
          662.7152142,
          377.10598999999996,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
        "box": [
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          391.73999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3,945 ",
        "box": [
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          662.7152142,
          432.60598999999996,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          447.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,945 ",
        "box": [
          470.60598999999996,
          662.7152142,
          488.10598999999996,
          668.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          502.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          534.85599,
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          540.10599,
          668.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA - 7(a)",
        "box": [
          71.99,
          672.4652142,
          102.692,
          678.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          223.49001,
          672.4652142,
          225.24001,
          678.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "971,069 ",
        "box": [
          241.60601000000003,
          672.4652142,
          266.10601,
          678.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          278.98999,
          672.4652142,
          280.73999,
          678.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,669 ",
        "box": [
          300.60598999999996,
          672.4652142,
          321.60598999999996,
          678.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.48999,
          672.4652142,
          336.23999,
          678.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,737 ",
        "box": [
          356.10598999999996,
          672.4652142,
          377.10598999999996,
          678.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          672.4652142,
          391.73999,
          678.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,043,475 ",
        "box": [
          402.85598999999996,
          672.4652142,
          432.60598999999996,
          678.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.48999,
          672.4652142,
          447.23999,
          678.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,795 ",
        "box": [
          467.10598999999996,
          672.4652142,
          488.10598999999996,
          678.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          500.98999,
          672.4652142,
          502.73999,
          678.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90 ",
        "box": [
          534.85599,
          672.4652142,
          543.60599,
          678.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          71.99,
          682.2152142,
          87.922,
          687.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          223.49001,
          682.2152142,
          225.24001,
          687.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "239,945 ",
        "box": [
          241.60601000000003,
          682.2152142,
          266.10601,
          687.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          278.98999,
          682.2152142,
          280.73999,
          687.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,817 ",
        "box": [
          304.10598999999996,
          682.2152142,
          321.60598999999996,
          687.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          682.2152142,
          336.23999,
          687.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,573 ",
        "box": [
          359.60598999999996,
          682.2152142,
          377.10598999999996,
          687.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          389.98999,
          682.2152142,
          391.73999,
          687.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "249,335 ",
        "box": [
          408.10598999999996,
          682.2152142,
          432.60598999999996,
          687.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.48999,
          682.2152142,
          447.23999,
          687.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,229 ",
        "box": [
          470.60598999999996,
          682.2152142,
          488.10598999999996,
          687.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          500.98999,
          682.2152142,
          502.73999,
          687.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          534.85599,
          682.2152142,
          540.10599,
          687.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Loans, net",
        "box": [
          65.99,
          693.4652142,
          114.77999999999997,
          699.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          223.49001,
          693.4652142,
          228.74001,
          699.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,275,490 ",
        "box": [
          236.35601000000003,
          693.4652142,
          266.10601,
          699.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          278.98999,
          693.4652142,
          284.23999,
          699.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "389,099 ",
        "box": [
          297.10598999999996,
          693.4652142,
          321.60598999999996,
          699.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.48999,
          693.4652142,
          339.73999,
          699.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "529,788 ",
        "box": [
          352.60598999999996,
          693.4652142,
          377.10598999999996,
          699.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          389.98999,
          693.4652142,
          395.23999,
          699.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,194,377 ",
        "box": [
          402.85598999999996,
          693.4652142,
          432.60598999999996,
          699.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.48999,
          693.4652142,
          450.73999,
          699.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,327,124 ",
        "box": [
          458.35598999999996,
          693.4652142,
          488.10598999999996,
          699.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          500.98999,
          693.4652142,
          506.23999,
          699.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90 ",
        "box": [
          534.85599,
          693.4652142,
          543.60599,
          699.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage of loans outstanding",
        "box": [
          65.99,
          703.2152142,
          161.03599999999997,
          708.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  82.3 %",
        "box": [
          248.78,
          703.2152142,
          266.854,
          708.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.5 %",
        "box": [
          307.78,
          703.2152142,
          322.354,
          708.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  10.2 %",
        "box": [
          359.78,
          703.2152142,
          377.854,
          708.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100 %",
        "box": [
          417.03,
          703.2152142,
          433.354,
          708.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  25.5 %",
        "box": [
          470.78,
          703.2152142,
          488.854,
          708.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - %",
        "box": [
          531.53003,
          703.2152142,
          540.85403,
          708.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 27,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "In  addition  to  delinquency  rates,  the  current  estimated  LTV  ratio,  geographic  distribution  of  the  loan  collateral  and ",
        "box": [
          63.36,
          63.66888600000004,
          551.1200000000003,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral  concentration  are  primary  credit  quality  indicators  that  provide  insight  into  a  borrower's  capacity  and ",
        "box": [
          63.36,
          75.66888600000004,
          551.13,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "willingness to meet its financial obligation. High LTV loans tend to have higher delinquency rates than loans where the ",
        "box": [
          63.36,
          87.66888600000004,
          551.0900000000003,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrower has equity in  the  collateral.  The  geographic  distribution  of  the  loan  collateral  considers  factors  such  as  the ",
        "box": [
          63.36,
          99.66888600000004,
          551.1299999999997,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "regional economy, property price changes and specific events such as natural disasters, which will affect credit quality. ",
        "box": [
          63.36,
          111.66888600000004,
          551.0699999999997,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The collateral concentration of the loan portfolio considers economic factors or events may have a more pronounced ",
        "box": [
          63.36,
          123.66888600000004,
          551.0700000000002,
          131.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impact on certain sectors or property types. ",
        "box": [
          63.36,
          135.66888600000004,
          238.71,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents quantitative information on the credit quality of loans, net.",
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          63.36,
          159.66888600000004,
          399.04999999999995,
          167.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LTV (1)",
        "box": [
          364.03,
          185.53415223000002,
          383.69619,
          191.8550217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          203.4652142,
          106.24,
          209.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.0 - 20.0%",
        "box": [
          204.11,
          203.4652142,
          235.61,
          209.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.1 - 40.0%",
        "box": [
          252.61,
          203.4652142,
          287.61,
          209.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40.1 - 60.0%",
        "box": [
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          203.4652142,
          337.85999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60.1 - 80.0%",
        "box": [
          353.10999,
          203.4652142,
          388.10999,
          209.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80.1 - 100.0%",
        "box": [
          403.10999,
          203.4652142,
          441.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Greater than ",
        "box": [
          456.34,
          195.06524420000005,
          497.136,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          352.48999,
          362.4652442,
          354.23999,
          368.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,114 ",
        "box": [
          368.85598999999996,
          362.4652442,
          389.85598999999996,
          368.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          402.73999,
          362.4652442,
          404.48999,
          368.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,347 ",
        "box": [
          422.10898999999995,
          362.4652442,
          443.10898999999995,
          368.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          455.98999,
          362.4652442,
          457.73999,
          368.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,932 ",
        "box": [
          475.85598999999996,
          362.4652442,
          493.35598999999996,
          368.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          506.23999,
          362.4652442,
          507.98999,
          368.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "249,335 ",
        "box": [
          515.77399,
          362.4652442,
          540.27399,
          368.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Loans, net",
        "box": [
          65.99,
          373.7152442,
          114.77999999999997,
          379.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          201.74001,
          373.7152442,
          206.99001,
          379.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,293 ",
        "box": [
          218.10601000000003,
          373.7152442,
          239.10601000000003,
          379.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          251.99001,
          373.7152442,
          257.24001,
          379.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "203,420 ",
        "box": [
          264.85600999999997,
          373.7152442,
          289.35600999999997,
          379.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          302.23999,
          373.7152442,
          307.48999,
          379.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "778,476 ",
        "box": [
          315.10598999999996,
          373.7152442,
          339.60598999999996,
          379.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  2,029,983 ",
        "box": [
          352.48999,
          373.7152442,
          389.85598999999996,
          379.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          402.73999,
          373.7152442,
          407.98999,
          379.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,143,393 ",
        "box": [
          413.35898999999995,
          373.7152442,
          443.10898999999995,
          379.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          455.98999,
          373.7152442,
          461.23999,
          379.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "946,812 ",
        "box": [
          468.85598999999996,
          373.7152442,
          493.35598999999996,
          379.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,194,377 ",
        "box": [
          506.23999,
          373.7152442,
          540.28099,
          379.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage of loans outstanding",
        "box": [
          65.99,
          383.4652442,
          161.03599999999997,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1.8 %",
        "box": [
          225.28,
          383.4652442,
          239.854,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.9 %",
        "box": [
          275.53,
          383.4652442,
          290.104,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  15.0 %",
        "box": [
          322.28,
          383.4652442,
          340.354,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  39.1 %",
        "box": [
          372.53,
          383.4652442,
          390.604,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  22.0 %",
        "box": [
          425.78,
          383.4652442,
          443.854,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  18.2 %",
        "box": [
          476.03,
          383.4652442,
          494.104,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100 %",
        "box": [
          528.03003,
          383.4652442,
          544.35403,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)LTV is calculated by dividing the current UPB by the most recent collateral value received. The most recent value for performing loans is often the third-party as-is ",
        "box": [
          63.36,
          396.3252242,
          550.5160000000002,
          402.0850317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "valuation utilized during the original underwriting process.",
        "box": [
          72.36,
          404.72522419999996,
          237.36399999999992,
          410.4850317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the geographic concentration of loans, net, secured by real estate.",
        "box": [
          63.36,
          425.21890599999995,
          426.20999999999987,
          433.4472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Geographic Concentration (% of UPB)",
        "box": [
          65.99,
          451.0152242,
          179.09599999999992,
          456.7750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          407.64001,
          451.0152242,
          454.08501,
          456.7750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          482.85001,
          451.0152242,
          539.38201,
          456.7750317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          65.99,
          460.7652242,
          82.692,
          466.5250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  25.4 %",
        "box": [
          447.20001,
          460.7652242,
          467.60501000000005,
          466.5250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  25.8 %",
        "box": [
          527.45001,
          460.7652242,
          547.85501,
          466.5250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "California",
        "box": [
          65.99,
          470.5152242,
          94.36099999999999,
          476.2750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  11.0 ",
        "box": [
          447.20001,
          470.5152242,
          461.20001,
          476.2750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  12.7 ",
        "box": [
          527.45001,
          470.5152242,
          541.45001,
          476.2750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arizona",
        "box": [
          65.99,
          480.2652242,
          88.53,
          486.0250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  10.4 ",
        "box": [
          447.20001,
          480.2652242,
          461.20001,
          486.0250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  9.2 ",
        "box": [
          530.95001,
          480.2652242,
          541.45001,
          486.0250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          65.99,
          490.0152242,
          86.213,
          495.7750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.6 ",
        "box": [
          450.70001,
          490.0152242,
          461.20001,
          495.7750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  8.9 ",
        "box": [
          530.95001,
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          541.45001,
          495.7750317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Georgia",
        "box": [
          65.99,
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          88.53,
          505.5250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.8 ",
        "box": [
          450.70001,
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          461.20001,
          505.5250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.0 ",
        "box": [
          530.95001,
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          541.45001,
          505.5250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          65.99,
          509.51525419999996,
          95.334,
          515.2750617893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.2 ",
        "box": [
          450.70001,
          509.51525419999996,
          461.20001,
          515.2750617893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.7 ",
        "box": [
          530.95001,
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          541.45001,
          515.2750617893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Washington",
        "box": [
          65.99,
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          99.80699999999999,
          525.0250617893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.8 ",
        "box": [
          450.70001,
          519.2652542,
          461.20001,
          525.0250617893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.1 ",
        "box": [
          530.95001,
          519.2652542,
          541.45001,
          525.0250617893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          65.99,
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          108.16499999999999,
          534.7750617893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2.2 ",
        "box": [
          450.70001,
          529.0152542,
          461.20001,
          534.7750617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2.0 ",
        "box": [
          530.95001,
          529.0152542,
          541.45001,
          534.7750617893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ohio",
        "box": [
          65.99,
          538.7652542000001,
          79.99,
          544.5250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2.2 ",
        "box": [
          450.70001,
          538.7652542000001,
          461.20001,
          544.5250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1.8 ",
        "box": [
          530.95001,
          538.7652542000001,
          541.45001,
          544.5250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New Jersey",
        "box": [
          65.99,
          548.5152542000001,
          98.428,
          554.2750617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2.2 ",
        "box": [
          450.70001,
          548.5152542000001,
          461.20001,
          554.2750617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1.8 ",
        "box": [
          530.95001,
          548.5152542000001,
          541.45001,
          554.2750617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          65.99,
          558.2652542000001,
          81.922,
          564.0250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  25.2 ",
        "box": [
          447.20001,
          558.2652542000001,
          461.20001,
          564.0250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  25.0 ",
        "box": [
          527.45001,
          558.2652542000001,
          541.45001,
          564.0250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          63.36,
          568.0152542000001,
          79.29899999999999,
          573.7750617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100  %",
        "box": [
          447.60999,
          568.0152542000001,
          461.60999,
          573.7750617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100  %",
        "box": [
          527.85999,
          568.0152542000001,
          541.85999,
          573.7750617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the collateral type concentration of loans, net.",
        "box": [
          63.36,
          592.968936,
          347.96,
          601.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral Concentration (% of UPB)",
        "box": [
          65.99,
          618.7652542000001,
          174.04199999999994,
          624.5250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          407.64001,
          618.7652542000001,
          454.08501,
          624.5250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          482.85001,
          618.7652542000001,
          539.38201,
          624.5250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multi-family",
        "box": [
          65.99,
          628.5152542000001,
          102.15199999999999,
          634.2750617893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  49.9  %",
        "box": [
          446.03,
          628.5152542000001,
          467.611,
          634.2750617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  56.6  %",
        "box": [
          526.28003,
          628.5152542000001,
          547.86103,
          634.2750617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA",
        "box": [
          65.99,
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          79.59799999999998,
          644.0250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  24.4 ",
        "box": [
          446.03,
          638.2652542000001,
          460.03,
          644.0250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  20.1 ",
        "box": [
          526.28003,
          638.2652542000001,
          540.28003,
          644.0250617893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Land",
        "box": [
          65.99,
          649.5152542000001,
          80.368,
          655.2750617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.6 ",
        "box": [
          449.53,
          649.5152542000001,
          460.03,
          655.2750617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.3 ",
        "box": [
          529.78003,
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          540.28003,
          655.2750617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          65.99,
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          82.69199999999998,
          665.0250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.4 ",
        "box": [
          449.53,
          659.2652542000001,
          460.03,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.7 ",
        "box": [
          529.78003,
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          540.28003,
          665.0250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          65.99,
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          92.814,
          674.7750617893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.7 ",
        "box": [
          449.53,
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          460.03,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.0 ",
        "box": [
          529.78003,
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          540.28003,
          674.7750617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          65.99,
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          83.861,
          684.5250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.2 ",
        "box": [
          449.53,
          678.7652542,
          460.03,
          684.5250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.2 ",
        "box": [
          529.78003,
          678.7652542,
          540.28003,
          684.5250617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed Use",
        "box": [
          65.99,
          688.5152542,
          96.895,
          694.2750617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2.6 ",
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        "text": "  3.0 ",
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        "text": "  4.2 ",
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        "text": "  4.1 ",
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        "text": "Total",
        "box": [
          65.99,
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          81.92899999999999,
          713.7750617893279
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        "from_ocr": false,
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      {
        "text": "  100 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  100 %",
        "box": [
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        "from_ocr": false,
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      {
        "text": "27",
        "box": [
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  {
    "page_no": 28,
    "width": 612.0,
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    "cells": [
      {
        "text": "The table below presents the collateral type concentration of SBA loans within loans, net.",
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      {
        "text": "Collateral Concentration (% of UPB)",
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      {
        "text": "March 31, 2026",
        "box": [
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      {
        "text": "December 31, 2025",
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        "text": "Lodging",
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      {
        "text": "  20.7  %",
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      {
        "text": "  21.2  %",
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      {
        "text": "Grocery Stores",
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        "text": "  8.4 ",
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        "text": "  8.7 ",
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        "text": "Eating Places",
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        "text": "  7.6 ",
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        "text": "  7.6 ",
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      {
        "text": "Child Day Care Services",
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        "text": "  4.9 ",
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        "text": "  5.2 ",
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      {
        "text": "General Freight Trucking, Local",
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        "text": "  4.4 ",
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        "text": "  4.4 ",
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        "text": "Gasoline Service Stations",
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        "text": "  2.9 ",
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        "text": "  2.8 ",
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      {
        "text": "Offices of Physicians",
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        "text": "  2.3 ",
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        "text": "  2.3 ",
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      {
        "text": "Coin-Operated Laundries and Drycleaners",
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        "text": "  2.1 ",
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      {
        "text": "  2.1 ",
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      {
        "text": "Car Washes",
        "box": [
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        "text": "  1.8 ",
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        "text": "  1.7 ",
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        "text": "Funeral Service & Crematories",
        "box": [
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        "text": "  0.9 ",
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        "text": "  0.9 ",
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        "text": "Other",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  44.0 ",
        "box": [
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      {
        "text": "  43.1 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total",
        "box": [
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          81.92899999999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  100 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  100 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for credit losses",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The allowance for credit losses consists of the allowance for losses on loans and lending commitments accounted for at ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortized  cost.  Such  loans  and  lending  commitments  are  reviewed  quarterly  considering  credit  quality  indicators, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "including probable and historical losses, collateral values, LTV ratios, and economic conditions. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the allowance for loan losses by loan product and impairment methodology. ",
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      {
        "text": "(in thousands)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Bridge",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Fixed rate",
        "box": [
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        "from_ocr": false,
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        "text": "Construction",
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      {
        "text": "SBA - 7(a)",
        "box": [
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        "text": "Other",
        "box": [
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        "text": "Total",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "March 31, 2026",
        "box": [
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        "from_ocr": false,
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        "text": "General",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,782 ",
        "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": "1,239 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "text": "982 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "text": "28,674 ",
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      {
        "text": "$ ",
        "box": [
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        "text": "1,448 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "text": "34,125 ",
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        "text": "Specific",
        "box": [
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "81,046 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,838 ",
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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": "27,273 ",
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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": "10,161 ",
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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": "10,091 ",
        "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": "130,409 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "PCD",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
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        "from_ocr": false,
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        "text": "- ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
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        "confidence": 1.0
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      {
        "text": "71,133 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "82,828 ",
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        "confidence": 1.0
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        "text": "99,388 ",
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        "text": "38,835 ",
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        "from_ocr": false,
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      {
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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": "235,667 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "December 31, 2025",
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        "from_ocr": false,
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        "from_ocr": false,
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      {
        "text": "$ ",
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        "from_ocr": false,
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        "text": "7,921 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "$ ",
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      {
        "text": "1,749 ",
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        "from_ocr": false,
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      {
        "text": "$ ",
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        "from_ocr": false,
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        "text": "587 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "text": "28,615 ",
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        "text": "60,861 ",
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        "text": "Ending balance",
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        "from_ocr": false,
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      {
        "text": "$ ",
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        "text": "80,635 ",
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        "text": "$ ",
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        "text": "3,345 ",
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        "text": "$ ",
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        "text": "84,365 ",
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        "text": "$ ",
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      {
        "text": "38,654 ",
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        "from_ocr": false,
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      {
        "text": "$ ",
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      {
        "text": "11,518 ",
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        "text": "$ ",
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        "text": "218,517 ",
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      {
        "text": "The table below presents a summary of the changes in the allowance for loan losses.",
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      {
        "text": "(in thousands)",
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        "text": "Bridge",
        "box": [
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        "box": [
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        "text": "Total",
        "box": [
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      {
        "text": "Three Months Ended March 31, 2026",
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        "from_ocr": false,
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        "from_ocr": false,
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "80,635 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "$ ",
        "box": [
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        "text": "3,345 ",
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        "from_ocr": false,
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      {
        "text": "$ ",
        "box": [
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        "text": "84,365 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "38,654 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "text": "11,518 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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      {
        "text": "218,517 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Provision for (recoveries of) loan losses",
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          183.731,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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          483.02999,
          608.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.48999,
          602.7152142,
          492.23999,
          608.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,626 ",
        "box": [
          526.27399,
          602.7152142,
          547.27399,
          608.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs and sales",
        "box": [
          71.99,
          613.9652142,
          132.596,
          619.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          223.49001,
          613.9652142,
          225.24001,
          619.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.02401000000003,
          613.9652142,
          266.27401000000003,
          619.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          273.73999,
          613.9652142,
          275.48999,
          619.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,000)   ",
        "box": [
          303.19599,
          613.9652142,
          328.73999,
          619.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,204)   ",
        "box": [
          357.19498999999996,
          613.9652142,
          382.73999,
          619.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(226)   ",
        "box": [
          415.69599,
          613.9652142,
          435.98999,
          619.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          477.77999,
          613.9652142,
          483.02999,
          619.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.48999,
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          492.23999,
          619.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,430) ",
        "box": [
          527.44999,
          613.9652142,
          549.61199,
          619.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recoveries",
        "box": [
          71.99,
          625.2152142,
          103.05599999999998,
          630.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          223.49001,
          625.2152142,
          225.24001,
          630.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          260.85601,
          625.2152142,
          266.10601,
          630.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          273.73999,
          625.2152142,
          275.48999,
          630.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          314.10898999999995,
          625.2152142,
          319.35898999999995,
          630.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          326.98999,
          625.2152142,
          328.73999,
          630.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.10799,
          625.2152142,
          373.35799,
          630.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          380.98999,
          625.2152142,
          382.73999,
          630.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86 ",
        "box": [
          421.35898999999995,
          625.2152142,
          430.10898999999995,
          630.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          434.23999,
          625.2152142,
          435.98999,
          630.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          477.60499,
          625.2152142,
          482.85499,
          630.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.48999,
          625.2152142,
          492.23999,
          630.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86 ",
        "box": [
          538.35599,
          625.2152142,
          547.10599,
          630.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ending balance",
        "box": [
          65.99,
          636.4652142,
          112.46299999999997,
          642.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          223.49001,
          636.4652142,
          228.74001,
          642.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,049 ",
        "box": [
          248.60601000000003,
          636.4652142,
          269.60601,
          642.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          273.73999,
          636.4652142,
          278.98999,
          642.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,230 ",
        "box": [
          305.35898999999995,
          636.4652142,
          322.85898999999995,
          642.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          326.98999,
          636.4652142,
          332.23999,
          642.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "166,051 ",
        "box": [
          352.35799,
          636.4652142,
          376.85799,
          642.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          380.98999,
          636.4652142,
          386.23999,
          642.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,035 ",
        "box": [
          409.10898999999995,
          636.4652142,
          430.10898999999995,
          642.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          434.23999,
          636.4652142,
          439.48999,
          642.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,855 ",
        "box": [
          468.85499,
          636.4652142,
          486.35499,
          642.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.48999,
          636.4652142,
          495.73999,
          642.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "239,220 ",
        "box": [
          522.60599,
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          547.10599,
          642.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table above excludes $8.0 million and $2.9 million of allowance for loan losses on unfunded lending commitments ",
        "box": [
          63.36,
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          551.02999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as of March 31, 2026 and March 31, 2025, respectively. Refer to Note 3 - Summary of Significant Accounting Policies ",
        "box": [
          63.36,
          673.418886,
          551.0799799999998,
          681.6471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for more information on accounting policies, methodologies and judgment applied to determine the allowance for loan ",
        "box": [
          63.36,
          685.418886,
          551.0,
          693.6471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses and lending commitments.",
        "box": [
          63.36,
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          196.00000000000003,
          705.6471825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 29,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Non-accrual loans",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A loan  is  placed  on  nonaccrual  status  when  it  is  probable  that  principal  and  interest  will  not  be  collected  under  the ",
        "box": [
          63.36,
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          550.9900000000001,
          83.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "original contractual terms. At that time, interest income is no longer accrued.",
        "box": [
          63.36,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents information on non-accrual loans.",
        "box": [
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          300.86,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          137.4652142,
          106.24,
          143.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          407.64001,
          137.4652142,
          454.08501,
          143.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          482.85001,
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          539.38201,
          143.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-accrual loans",
        "box": [
          65.99,
          147.8452142,
          120.21899999999998,
          153.6050217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "With an allowance",
        "box": [
          71.99,
          156.9652142,
          124.44099999999999,
          162.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          156.9652142,
          401.23999,
          162.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,198,578 ",
        "box": [
          437.27599,
          156.9652142,
          467.02599,
          162.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          156.9652142,
          481.48999,
          162.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,290,859 ",
        "box": [
          517.52599,
          156.9652142,
          547.27599,
          162.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Without an allowance",
        "box": [
          71.99,
          167.45520420000003,
          133.38699999999997,
          173.21501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          166.7152142,
          397.73999,
          172.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,021 ",
        "box": [
          446.02599,
          166.7152142,
          467.02599,
          172.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          166.7152142,
          477.98999,
          172.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,265 ",
        "box": [
          526.27599,
          166.7152142,
          547.27599,
          172.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total carrying value of non-accrual loans",
        "box": [
          65.99,
          176.4652142,
          189.40699999999993,
          182.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          176.4652142,
          401.23999,
          182.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,220,599 ",
        "box": [
          437.27599,
          176.4652142,
          467.02599,
          182.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          176.4652142,
          481.48999,
          182.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,327,124 ",
        "box": [
          517.52599,
          176.4652142,
          547.27599,
          182.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for loan losses related to non-accrual loans",
        "box": [
          65.99,
          186.2152142,
          225.93999999999997,
          191.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          186.2152142,
          401.23999,
          191.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(146,652) ",
        "box": [
          440.19498999999996,
          186.2152142,
          469.35699,
          191.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          186.2152142,
          481.48999,
          191.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(133,750) ",
        "box": [
          520.44499,
          186.2152142,
          549.60699,
          191.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UPB of non-accrual loans",
        "box": [
          65.99,
          195.9652142,
          142.381,
          201.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          195.9652142,
          401.23999,
          201.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,373,876 ",
        "box": [
          437.27599,
          195.9652142,
          467.02599,
          201.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          195.9652142,
          481.48999,
          201.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,466,969 ",
        "box": [
          517.52599,
          195.9652142,
          547.27599,
          201.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          407.64001,
          215.4652142,
          454.08501,
          221.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2025",
        "box": [
          487.89001,
          215.4652142,
          534.33501,
          221.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income on non-accrual loans for the three months ended",
        "box": [
          65.99,
          225.8452142,
          258.9519999999999,
          231.6050217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          225.2152142,
          401.23999,
          230.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,128 ",
        "box": [
          449.52599,
          225.2152142,
          467.02599,
          230.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          225.2152142,
          481.48999,
          230.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,214 ",
        "box": [
          529.77599,
          225.2152142,
          547.27599,
          230.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan modifications made to borrowers experiencing financial difficulty",
        "box": [
          63.36,
          250.178896,
          349.45999999999975,
          258.4071925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In certain situations, the Company may provide loan modifications to borrowers experiencing financial difficulty. These ",
        "box": [
          63.36,
          262.168946,
          551.0199999999999,
          270.3972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "modifications may include interest rate reductions, principal forgiveness, term extensions, and other-than-insignificant ",
        "box": [
          63.36,
          274.16891599999997,
          551.0399999999998,
          282.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payment  delays  intended  to  minimize  the  Company's  economic  loss  and  to  avoid  foreclosure  or  repossession  of ",
        "box": [
          63.36,
          286.16891599999997,
          551.0399999999998,
          294.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral. ",
        "box": [
          63.36,
          298.16891599999997,
          105.49001,
          306.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three months ended March 31, 2026",
        "box": [
          63.36,
          322.17889599999995,
          211.55999999999995,
          330.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ". During the three months ended March 31, 2026, the Company entered into 50 loan ",
        "box": [
          211.56,
          322.17889599999995,
          551.0000100000001,
          330.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "modifications  with  an  aggregate  carrying  value  of  $232.2  million,  or  5.6%  of  total  loans,  net.  These  modified  loans ",
        "box": [
          63.36,
          334.16891599999997,
          551.0899900000001,
          342.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include  a  combination  of  changes  to  the  contractual  terms  which  were  in  the  form  of  interest  rate  reductions,  term ",
        "box": [
          63.36,
          346.16891599999997,
          551.1299799999999,
          354.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extensions and other-than-insignificant payment delays.",
        "box": [
          63.36,
          358.16891599999997,
          286.71002,
          366.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There were 5 loans with an aggregate carrying value of $145.4 million, or 3.5% of loans, net, that were modified to ",
        "box": [
          63.36,
          382.16891599999997,
          550.9600199999999,
          390.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include both term extensions which ranged between 2 and 60 months with a weighted average of 14 months added to the ",
        "box": [
          63.36,
          394.16891599999997,
          551.1099800000002,
          402.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "original loan term and interest payment deferrals which ranged between 2 and 9 months with a weighted average of 3 ",
        "box": [
          63.36,
          406.16891599999997,
          550.98999,
          414.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months. There were 44 loans with an aggregate carrying value of $86.7 million, or 2.1% of loans, net that were modified ",
        "box": [
          63.36,
          418.16891599999997,
          551.01998,
          426.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to include interest payment deferrals which ranged between 3 and 23 months with a weighted average of 4 months and ",
        "box": [
          63.36,
          430.16891599999997,
          551.0800100000001,
          438.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include payments for periods before the modification date. There was 1 loan with a carrying value of $0.1 million, or ",
        "box": [
          63.36,
          442.16891599999997,
          550.95997,
          450.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "less than 0.1% of loans, net that was modified to include both a 14 month interest payment deferral and an interest rate ",
        "box": [
          63.36,
          454.16891599999997,
          550.95001,
          462.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reduction from Prime + 2.75% to a fixed rate of 9.00% from February 2026 to May 2033. Interest payment deferral ",
        "box": [
          63.36,
          466.16891599999997,
          551.12998,
          474.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payment  modifications  include  the  reduction  of  interest  payments  to  equal  excess  net  operating  income  with  the ",
        "box": [
          63.36,
          478.16891599999997,
          551.03999,
          486.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "difference between the original rate and the interest collected due at maturity. In most cases, default interest is waived.",
        "box": [
          63.36,
          490.16891599999997,
          536.8299999999999,
          498.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, no capital was invested by the borrowers. ",
        "box": [
          63.36,
          514.1688859999999,
          426.3700099999999,
          522.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three months ended March 31, 2025",
        "box": [
          63.36,
          538.178896,
          211.55999999999995,
          546.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ". During the three months ended March 31, 2025, the Company entered into 23 loan ",
        "box": [
          211.56,
          538.178896,
          551.0000100000001,
          546.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "modifications  with  an  aggregate  carrying  value  of  $166.0  million,  or  2.2%  of  total  loans,  net.  These  modified  loans ",
        "box": [
          63.36,
          550.168886,
          551.0899900000001,
          558.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include a combination of changes to the contractual terms which were in the form of term extensions and other-than-",
        "box": [
          63.36,
          562.168886,
          548.5599799999999,
          570.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "insignificant payment delays. ",
        "box": [
          63.36,
          574.168886,
          183.20999,
          582.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There were 2 loans with an aggregate carrying value of $66.4 million, or 0.9% of loans, net that were assumed by new ",
        "box": [
          63.36,
          598.168886,
          550.95002,
          606.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowers  and  modified  to  include  both  term  extensions  and  interest  payment  deferrals.  The  term  extensions  ranged ",
        "box": [
          63.36,
          610.168886,
          551.0200000000002,
          618.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "between 19 and 32 months with a weighted average of 25 months added to the original loan term. Interest payment ",
        "box": [
          63.36,
          622.168886,
          551.0199700000001,
          630.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deferrals ranged between 12 and 24 months with a weighted average of 17 months. There was 1 loan with a carrying ",
        "box": [
          63.36,
          634.168886,
          550.9600000000002,
          642.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value of $44.2 million, or 0.5% of loans, net that was assumed by a new borrower with a 35 months term extension ",
        "box": [
          63.36,
          646.168886,
          551.08,
          654.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "added to the original loan term. There were 4 loans with an aggregate carrying value of $29.6 million, or 0.4% of loans, ",
        "box": [
          63.36,
          658.1688859999999,
          550.9600200000002,
          666.3971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net  that  were  modified  to  include  both  term  extensions  and  interest  payment  deferrals.  The  term  extensions  ranged ",
        "box": [
          63.36,
          670.168886,
          551.1099999999999,
          678.3971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "between 12 and 60 months with a weighted average of 14 months added to the original loan term. Interest payment ",
        "box": [
          63.36,
          682.168886,
          551.0199700000001,
          690.3971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deferrals  ranged  between  6  and  24  months  with  a  weighted  average  of  15  months  and  include  payments  for  periods ",
        "box": [
          63.36,
          694.168886,
          550.97001,
          702.3971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "before the modification date. There were 6 loans with an aggregate carrying value of $21.1 million, or 0.3% of loans, net ",
        "box": [
          63.36,
          706.168886,
          551.1299900000001,
          714.3971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that were modified to include term extensions which ranged between 5 and 60 months with a weighted average of 16 ",
        "box": [
          63.36,
          718.168886,
          551.07001,
          726.3971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 30,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "months added to the original loan term. There were 10 loans with an aggregate carrying value of $4.7 million, or 0.1% of ",
        "box": [
          63.36,
          63.66888600000004,
          551.13,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans,  net  that  were  modified  to  include  interest  payment  deferrals  which  ranged  between  6  and  16  months  with  a ",
        "box": [
          63.36,
          75.66888600000004,
          550.97998,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted average of 6 months and include payments for periods before the modification date. Interest payment deferral ",
        "box": [
          63.36,
          87.66888600000004,
          551.1000000000003,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payment  modifications  include  the  reduction  of  interest  payments  to  equal  excess  net  operating  income  with  the ",
        "box": [
          63.36,
          99.66888600000004,
          551.04,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "difference between the original rate and the interest collected due at maturity. In most cases, default interest is waived.",
        "box": [
          63.36,
          111.66888600000004,
          536.8299999999999,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  three  months  ended  March  31,  2025,  $10.2  million  of  total  capital  was  invested  by  the  borrowers, ",
        "box": [
          63.36,
          135.66888600000004,
          551.0999900000002,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "substantially all in the form of payments in contribution to reserve accounts.",
        "box": [
          63.36,
          147.66888600000004,
          368.00999999999993,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The remaining elements of the Company's modification programs are generally considered insignificant and do not have ",
        "box": [
          63.36,
          171.66888600000004,
          550.9999999999998,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a material impact on financial results. ",
        "box": [
          63.36,
          183.66888600000004,
          216.17000000000004,
          191.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for loan losses.",
        "box": [
          63.36,
          207.678896,
          169.59999999999994,
          215.90719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " The Company's allowance for loan losses reflects estimates of expected life-time loan losses, ",
        "box": [
          169.60001,
          207.678896,
          551.0900099999997,
          215.90719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which  considers  historical  loan  losses  including  losses  from  modified  loans  to  borrowers  experiencing  financial ",
        "box": [
          63.36,
          219.66888600000004,
          551.0299999999999,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "difficulty.  The  Company  continues  to  estimate  the  allowance  for  loan  losses  after  modification  using  loan-specific ",
        "box": [
          63.36,
          231.66888600000004,
          551.0600000000001,
          239.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "inputs. A majority of the modified loans during the three months ended March 31, 2026 were performing in accordance ",
        "box": [
          63.36,
          243.66888600000004,
          551.0999800000004,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with  the  modified  contractual  terms  however,  $232.2  million  were  on  nonaccrual  status  regarding  the  ultimate ",
        "box": [
          63.36,
          255.668946,
          551.1000000000001,
          263.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collectability  of  the  contractually  due  principal  and  interest.  Substantially  all  of  the  modified  loans  during  the  three ",
        "box": [
          63.36,
          267.668946,
          551.0400200000001,
          275.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2025 were on accrual status and performing in accordance with the modified contractual terms.",
        "box": [
          63.36,
          279.66891599999997,
          545.8600099999999,
          287.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans with modifications disclosed in  the  previous  twelve  months  are  performing  in  accordance  with  their  modified ",
        "box": [
          63.36,
          303.66891599999997,
          551.0499999999997,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "terms as of March 31, 2026, except for 52 loans with a carrying value of $185.8 million which did not make payments in ",
        "box": [
          63.36,
          315.66891599999997,
          551.01001,
          323.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accordance with their modified terms during the three months ended March 31, 2026.",
        "box": [
          63.36,
          327.66891599999997,
          405.21997,
          335.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On loans  for  which  the  Company  determines  foreclosure  of  the  collateral  is  probable,  expected  losses  are  measured ",
        "box": [
          63.36,
          351.66891599999997,
          550.9999999999999,
          359.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based  on  the  difference  between  the  fair  value  of  the  collateral  and  the  amortized  cost  basis  of  the  loan  as  of  the ",
        "box": [
          63.36,
          363.66891599999997,
          551.1099999999999,
          371.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measurement date. As of March 31, 2026 and December 31, 2025, the Company's total carrying amount of loans in the ",
        "box": [
          63.36,
          375.66891599999997,
          551.0700299999999,
          383.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreclosure process was $25.7 million and $17.9 million, respectively.",
        "box": [
          63.36,
          387.66891599999997,
          344.18999999999994,
          395.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending  commitments.",
        "box": [
          63.36,
          411.67889599999995,
          155.82,
          419.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  For  the  three  months  ended  March  31,  2026  and  March  31,  2025,  lending  commitments  to ",
        "box": [
          155.82001,
          411.67889599999995,
          551.06001,
          419.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowers experiencing financial difficulty for which the Company has modified the loan terms were $2.2 million and ",
        "box": [
          63.36,
          423.66891599999997,
          551.03,
          431.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6.8 million, respectively.",
        "box": [
          63.36,
          435.66891599999997,
          167.96000000000004,
          443.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "PCD loans",
        "box": [
          63.36,
          471.67889599999995,
          107.5,
          479.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On  March  13,  2025,  the  Company  acquired  PCD  loans  in  connection  with  the  UDF  IV  Merger.  Subsequent  to  the ",
        "box": [
          63.36,
          483.66891599999997,
          550.9900000000001,
          491.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determination of the preliminary purchase price allocation, based on updated valuations obtained, the Company recorded ",
        "box": [
          63.36,
          495.66891599999997,
          551.11,
          503.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a measurement period adjustment of $36.3 million to increase the PCD allowance. Refer to Note 5 for further details on ",
        "box": [
          63.36,
          507.668886,
          551.1099900000003,
          515.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets acquired and liabilities assumed in connection with the UDF IV Merger. The table below presents a reconciliation ",
        "box": [
          63.36,
          519.6688859999999,
          551.0400099999999,
          527.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the Company's purchase price with the par value of the purchased loans.",
        "box": [
          63.36,
          531.6688859999999,
          364.42,
          539.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          565.7152142,
          106.24,
          571.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preliminary Purchase ",
        "box": [
          304.76999,
          558.7152142,
          371.9979900000001,
          564.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Price Allocation",
        "box": [
          313.51001,
          565.7152142,
          361.5020100000001,
          571.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Measurement Period ",
        "box": [
          391.63,
          558.7152142,
          456.12100000000004,
          564.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments",
        "box": [
          403.94,
          565.7152142,
          442.04100000000005,
          571.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Updated Purchase Price ",
        "box": [
          472.37,
          558.7152142,
          546.3950000000001,
          564.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allocation",
        "box": [
          493.14001,
          565.7152142,
          523.8560100000002,
          571.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UPB",
        "box": [
          71.99,
          575.4652142,
          85.60499999999999,
          581.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          299.98999,
          575.4652142,
          305.23999,
          581.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "200,729 ",
        "box": [
          351.77599,
          575.4652142,
          376.27599,
          581.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.48999,
          575.4652142,
          390.73999,
          581.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,205) ",
        "box": [
          438.44498999999996,
          575.4652142,
          464.10699,
          581.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          575.4652142,
          476.23999,
          581.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "163,524 ",
        "box": [
          522.77599,
          575.4652142,
          547.27599,
          581.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for credit losses",
        "box": [
          71.99,
          585.9552642,
          148.34600000000003,
          591.7150717893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          299.98999,
          585.2152142,
          301.73999,
          590.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,626) ",
        "box": [
          352.94498999999996,
          585.2152142,
          378.60699,
          590.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.48999,
          585.2152142,
          387.23999,
          590.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(36,291) ",
        "box": [
          438.44498999999996,
          585.2152142,
          464.10699,
          590.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          585.2152142,
          472.73999,
          590.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(52,917) ",
        "box": [
          523.94499,
          585.2152142,
          549.60699,
          590.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-credit discount",
        "box": [
          71.99,
          595.7052642,
          127.76599999999999,
          601.4650717893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          299.98999,
          594.9652142,
          301.73999,
          600.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(87,141) ",
        "box": [
          352.94498999999996,
          594.9652142,
          378.60699,
          600.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.48999,
          594.9652142,
          387.23999,
          600.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,456 ",
        "box": [
          440.77599,
          594.9652142,
          461.77599,
          600.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          594.9652142,
          472.73999,
          600.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38,685) ",
        "box": [
          523.94499,
          594.9652142,
          549.60699,
          600.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchase price of loans classified as PCD",
        "box": [
          65.99,
          604.7152142,
          188.427,
          610.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          299.98999,
          604.7152142,
          305.23999,
          610.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96,962 ",
        "box": [
          355.27599,
          604.7152142,
          376.27599,
          610.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.48999,
          604.7152142,
          390.73999,
          610.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(25,040) ",
        "box": [
          438.44498999999996,
          604.7152142,
          464.10699,
          610.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          604.7152142,
          476.23999,
          610.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71,922 ",
        "box": [
          526.27599,
          604.7152142,
          547.27599,
          610.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company did not acquire any PCD loans during the three months ended March 31, 2026.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 7. Fair Value Measurements",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair  value  is  the  price  that  would  be  received  to  sell  an  asset  or  paid  to  transfer  a  liability  in  an  orderly  transaction ",
        "box": [
          63.36,
          677.668886,
          551.0499999999996,
          685.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "between market participants at the measurement date. U.S. GAAP has a three-level hierarchy that prioritizes and ranks ",
        "box": [
          63.36,
          689.668886,
          551.14,
          697.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the level of market price observability used in measuring financial instruments at fair value. Market price observability is ",
        "box": [
          63.36,
          701.668886,
          551.0699999999998,
          709.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impacted by a number of factors, including the type of investment, the characteristics specific to the investment, and the ",
        "box": [
          63.36,
          713.668886,
          551.0899999999998,
          721.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 31,
    "width": 612.0,
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    "cells": [
      {
        "text": "state  of  the  marketplace  (including  the  existence  and  transparency  of  transactions  between  market  participants).  The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's valuation  techniques  for  financial  instruments  use  observable  and  unobservable  inputs.  Investments  with ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "readily  available,  actively  quoted  prices  or  for  which  fair  value  can  be  measured  from  actively  quoted  prices  in  an ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets  or  liabilities  (Level  1  measurements)  and  the  lowest  priority  to  unobservable  inputs  (Level  3  measurements). ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Investments measured and reported at fair value are classified and disclosed into one of the following categories:",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level  1 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-  Quoted  prices  (unadjusted)  in  active  markets  for  identical  assets  and  liabilities  that  the  Company  has  the ",
        "box": [
          97.72,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ability to access. ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 2 ",
        "box": [
          63.36,
          195.678896,
          95.55999999999997,
          203.90719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- Pricing inputs are other than quoted prices in active markets, including, but not limited to, quoted prices for ",
        "box": [
          96.14,
          195.678896,
          546.0999999999999,
          203.90719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "similar assets and liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets ",
        "box": [
          63.36,
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          551.0899999999999,
          215.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, ",
        "box": [
          63.36,
          219.66888600000004,
          551.1100000000001,
          227.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated ",
        "box": [
          63.36,
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          551.0499999999996,
          239.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "inputs.",
        "box": [
          63.36,
          243.66888600000004,
          90.28999999999999,
          251.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 3 ",
        "box": [
          63.36,
          267.678896,
          95.37999999999998,
          275.9071925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- One or more pricing inputs is significant to the overall valuation and unobservable. Significant unobservable ",
        "box": [
          95.78,
          267.678896,
          546.03,
          275.9071925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "inputs are based on the best information available in the circumstances, to the extent observable inputs are not available, ",
        "box": [
          63.36,
          279.66891599999997,
          551.0099999999999,
          287.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including the Company's own assumptions used in determining the fair value of financial instruments. Fair value for ",
        "box": [
          63.36,
          291.66891599999997,
          551.0399999999998,
          299.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these investments is determined using valuation methodologies that consider a range of factors including, but not limited ",
        "box": [
          63.36,
          303.66891599999997,
          551.0799999999998,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to, the price at which the investment was acquired, the nature of the investment, local market conditions, trading values ",
        "box": [
          63.36,
          315.66891599999997,
          551.11,
          323.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on public exchanges for comparable securities, current and projected operating performance, and financing transactions ",
        "box": [
          63.36,
          327.66891599999997,
          551.1399999999999,
          335.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsequent  to  the  acquisition  of  the  investment.  The  inputs  into  the  determination  of  fair  value  require  significant ",
        "box": [
          63.36,
          339.66891599999997,
          551.0100000000001,
          347.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management judgment. ",
        "box": [
          63.36,
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          159.63,
          359.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation techniques of Level 3 investments vary by instrument type, but are generally based on an income, market or ",
        "box": [
          63.36,
          375.66891599999997,
          551.0800000000003,
          383.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cost-based  approach.  The  income  approach  predominantly  considers  discounted  cash  flows  which  is  the  measure  of ",
        "box": [
          63.36,
          387.66891599999997,
          551.0900000000003,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected future cash flows in a default scenario, implied by the value of the underlying collateral, where applicable, and ",
        "box": [
          63.36,
          399.66891599999997,
          551.0899999999997,
          407.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "current performance whereas the market-based approach predominantly considers pull-through rates, industry multiples ",
        "box": [
          63.36,
          411.66891599999997,
          551.1299999999997,
          419.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  the  UPB.  Fair  value  measurements  of  loans  are  sensitive  to  changes  in  assumptions  regarding  prepayments, ",
        "box": [
          63.36,
          423.66891599999997,
          551.0199999999999,
          431.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "probability  of  default,  loss  severity  in  the  event  of  default,  forecasts  of  home  prices,  and  significant  activity  or ",
        "box": [
          63.36,
          435.66891599999997,
          551.0599999999998,
          443.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "developments in the real estate market.",
        "box": [
          63.36,
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          219.23000000000008,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contingent consideration primarily consists of CVRs issued pursuant to the UDF IV Merger. Pursuant to the Contingent ",
        "box": [
          63.36,
          471.66891599999997,
          550.99001,
          479.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value  Rights  Agreement,  dated  as  of  March  13,  2025,  by  and  among  the  Company  and  Computershare  Inc.  and  its ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "affiliate Computershare Trust Company, N.A., on the issuance date following the end of each CVR accrual period, the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company will issue to the CVR holders, with respect to each CVR, a number of shares of Company common stock equal ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to 60% of any cash proceeds received between October 1, 2024 and December 31, 2028 from select loans in excess of ",
        "box": [
          63.36,
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          551.1399999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the outstanding amounts of such loans and net of certain costs, divided by the Company's tangible book value per share, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with  cash  being  paid  in  lieu  of  any  fractional  shares  of  Company  common  stock  otherwise  due  to  such  holder.  In ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "addition, each CVR holder will be entitled to receive (i) an amount in cash equal to the amount of any dividends or other ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distributions paid with respect to the number of whole shares of Company common stock received by such holder in ",
        "box": [
          63.36,
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          551.1300000000001,
          575.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respect of such holder's CVRs and having a record date on or after the Effective Time and a payment date prior to the ",
        "box": [
          63.36,
          579.668886,
          551.0299999999997,
          587.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issuance date of such shares of Company common stock (the 'Catch-up Dividend Amount') or (ii) a number of shares of ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company common stock equal to (A) the Catch-up Dividend Amount, divided by (B) the most recently publicly reported ",
        "box": [
          63.36,
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          551.11,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tangible book value per share of Company common stock immediately preceding the issuance date of such shares of ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company common stock and (y) the amount of any dividends or other distributions payable with respect to such shares ",
        "box": [
          63.36,
          627.668886,
          551.1000000000003,
          635.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of Company common stock and having a record date prior to the issuance date of such Company common stock and a ",
        "box": [
          63.36,
          639.668886,
          551.0200000000001,
          647.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payment date on or after the relevant issuance date of such Company common stock. The fair value of the contingent ",
        "box": [
          63.36,
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          551.1100000000001,
          659.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consideration in connection with the UDF IV Merger was determined using a discounted cash flow model which is based ",
        "box": [
          63.36,
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          551.0999999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on Level 3 inputs, including estimates of future cash proceeds generated from the underlying collateral of such loans and ",
        "box": [
          63.36,
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          551.07,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discount rate. Fair value measurements of the contingent consideration liability are sensitive to changes in assumptions ",
        "box": [
          63.36,
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          551.1299999999995,
          695.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related to future cash proceeds and discount rate. ",
        "box": [
          63.36,
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          261.16,
          707.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 32,
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    "cells": [
      {
        "text": "As of March 31, 2026, the CVRs associated with the closing of the UDF IV Merger were valued at approximately $19.9 ",
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      {
        "text": "million or $1.56 per CVR.",
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      {
        "text": "In  addition,  the  fair  value  of  certain  contingent  consideration  in  connection  with  mergers  and  acquisitions  was ",
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      {
        "text": "determined using a Monte Carlo simulation model which considers various potential results based on Level 3 inputs, ",
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        "confidence": 1.0
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      {
        "text": "including  management's  latest  estimates  of  future  operating  results.  Fair  value  measurements  of  the  contingent ",
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      {
        "text": "consideration liability are sensitive to changes in assumptions related to earnings before tax, discount rate and risk-free ",
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        "confidence": 1.0
      },
      {
        "text": "rate of return.",
        "box": [
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      {
        "text": "The final purchase price allocation associated with the closing of the Mosaic Mergers valued the contingent equity rights ",
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      {
        "text": "at  approximately $25.0 million or $0.83 per contingent equity right. On March 17, 2025, the contingent equity rights ",
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      {
        "text": "expired with an aggregate consideration of zero. ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In certain cases, the inputs used to measure fair value may be categorized into different levels of the fair value hierarchy. ",
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        "confidence": 1.0
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      {
        "text": "In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant ",
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        "confidence": 1.0
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      {
        "text": "to  the  fair  value  measurement.  The  Company's  assessment  of  the  significance  of  a  particular  input  to  the  fair  value ",
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        "confidence": 1.0
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      {
        "text": "measurement in its entirety requires judgment and considers factors specific to the investment.",
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      {
        "text": "The table below presents financial instruments carried at fair value on a recurring basis.",
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      {
        "text": "(in thousands)",
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        "confidence": 1.0
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      {
        "text": "Level 1",
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        "confidence": 1.0
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        "text": "Level 2",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Level 3",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Total",
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        "confidence": 1.0
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      {
        "text": "March 31, 2026",
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      {
        "text": "Assets:",
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      {
        "text": "Money market funds  (1)",
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        "confidence": 1.0
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      {
        "text": "$ ",
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        "text": "121,876 ",
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      {
        "text": "$ ",
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        "confidence": 1.0
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      {
        "text": "- ",
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        "from_ocr": false,
        "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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      {
        "text": "$ ",
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        "text": "121,876 ",
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        "text": "Loans, net",
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      {
        "text": " ",
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "462 ",
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      {
        "text": " ",
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        "text": "462 ",
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      {
        "text": "Loans, held for sale",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "87,198 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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        "text": " ",
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      {
        "text": "PPP loans  (2)",
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        "text": " ",
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        "text": "266 ",
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        "text": "MBS",
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        "text": "Derivative instruments",
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        "text": "Investment in unconsolidated joint ventures",
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      {
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        "text": "(1) Money market funds are included in cash and cash equivalents on the consolidated balance sheets",
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        "text": "(2) Asset is included in other assets on the consolidated balance sheets",
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        "text": "(3) Preferred equity investment held through consolidated joint ventures is included in assets of consolidated VIEs on the consolidated balance sheets",
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        "text": "The table below presents the valuation techniques and significant unobservable inputs used to value Level 3 financial ",
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        "text": "instruments, using third party information without adjustment.",
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        "text": "(in thousands)",
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      {
        "text": "March 31, 2026",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate",
        "box": [
          354.0,
          121.71521419999999,
          391.5060000000001,
          127.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.0%",
        "box": [
          440.38,
          121.71521419999999,
          458.461,
          127.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.0%",
        "box": [
          507.13,
          121.71521419999999,
          525.211,
          127.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Receivable from third party",
        "box": [
          71.99,
          139.7152142,
          149.50799999999995,
          145.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          197.99001,
          139.7152142,
          199.74001,
          145.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,360 ",
        "box": [
          220.27801000000002,
          139.7152142,
          241.27801000000002,
          145.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income Approach",
        "box": [
          261.32999,
          139.7152142,
          311.64599000000004,
          145.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt Yield | Capitalization ",
        "box": [
          335.25,
          132.7152142,
          412.04000000000013,
          138.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate",
        "box": [
          366.32999,
          139.7152142,
          379.14699,
          145.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.3% | 6.0%",
        "box": [
          431.45001,
          139.7152142,
          465.51102000000003,
          145.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.3% | 6.0%",
        "box": [
          498.20001,
          139.7152142,
          532.26099,
          145.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          65.99,
          150.9652142,
          100.77999999999999,
          156.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          197.99001,
          150.9652142,
          203.24001,
          156.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90,528 ",
        "box": [
          220.27801000000002,
          150.9652142,
          241.27801000000002,
          156.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities:",
        "box": [
          65.99,
          162.2152142,
          98.25999999999998,
          167.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contingent consideration- Madison One  (2)",
        "box": [
          71.99,
          179.65415223000002,
          191.49620000000002,
          185.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          197.99001,
          180.2152142,
          203.24001,
          185.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "496 ",
        "box": [
          229.02801000000002,
          180.2152142,
          241.27801000000002,
          185.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Monte Carlo Simulation ",
        "box": [
          252.49001,
          173.2152142,
          322.27301000000017,
          178.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Model",
        "box": [
          277.35001,
          180.2152142,
          295.62001000000004,
          185.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income volatility | Risk-",
        "box": [
          333.0,
          173.2152142,
          412.5340000000002,
          178.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjusted discount rate",
        "box": [
          342.25,
          180.2152142,
          403.2690000000002,
          185.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64.0% | 47.3%",
        "box": [
          427.95001,
          180.2152142,
          469.01102000000003,
          185.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64.0% | 47.3%",
        "box": [
          494.70001,
          180.2152142,
          535.76099,
          185.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contingent consideration - UDF",
        "box": [
          71.99,
          198.2152142,
          162.36699999999996,
          203.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          197.99001,
          198.2152142,
          199.74001,
          203.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,945 ",
        "box": [
          220.27801000000002,
          198.2152142,
          241.27801000000002,
          203.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Cash Flow ",
        "box": [
          252.3,
          191.2152142,
          322.46800000000013,
          196.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Approach",
        "box": [
          272.69,
          198.2152142,
          300.277,
          203.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount factor",
        "box": [
          351.07999,
          198.2152142,
          394.4099900000001,
          203.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.5%",
        "box": [
          440.38,
          198.2152142,
          458.461,
          203.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.5%",
        "box": [
          507.13,
          198.2152142,
          525.211,
          203.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities",
        "box": [
          65.99,
          209.4652142,
          110.90199999999997,
          215.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          197.99001,
          209.4652142,
          203.24001,
          215.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,441 ",
        "box": [
          220.27801000000002,
          209.4652142,
          241.27801000000002,
          215.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          65.99,
          219.2152142,
          122.52199999999999,
          224.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets:",
        "box": [
          65.99,
          230.4652142,
          86.976,
          236.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment in unconsolidated joint ",
        "box": [
          71.99,
          241.4652142,
          170.73199999999997,
          247.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ventures",
        "box": [
          71.99,
          248.4652142,
          95.692,
          254.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          197.99001,
          248.4652142,
          203.24001,
          254.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,737 ",
        "box": [
          223.77801000000002,
          248.4652142,
          241.27801000000002,
          254.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income Approach",
        "box": [
          261.32999,
          248.4652142,
          311.64599000000004,
          254.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate",
        "box": [
          354.0,
          248.4652142,
          391.5060000000001,
          254.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.0%",
        "box": [
          442.13,
          248.4652142,
          456.711,
          254.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.0%",
        "box": [
          508.88,
          248.4652142,
          523.461,
          254.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred equity investment",
        "box": [
          71.99,
          258.2152142,
          149.71099999999998,
          263.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          197.99001,
          258.2152142,
          199.74001,
          263.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,887 ",
        "box": [
          220.27801000000002,
          258.2152142,
          241.27801000000002,
          263.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income Approach",
        "box": [
          261.32999,
          258.2152142,
          311.64599000000004,
          263.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate",
        "box": [
          354.0,
          258.2152142,
          391.5060000000001,
          263.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.0%",
        "box": [
          440.38,
          258.2152142,
          458.461,
          263.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.0%",
        "box": [
          507.13,
          258.2152142,
          525.211,
          263.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Receivable from third party",
        "box": [
          71.99,
          276.21524420000003,
          149.50799999999995,
          281.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          197.99001,
          276.21524420000003,
          199.74001,
          281.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,360 ",
        "box": [
          220.27801000000002,
          276.21524420000003,
          241.27801000000002,
          281.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income Approach",
        "box": [
          261.32999,
          276.21524420000003,
          311.64599000000004,
          281.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt Yield | Capitalization ",
        "box": [
          335.25,
          269.2152142,
          412.04000000000013,
          274.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate",
        "box": [
          366.32999,
          276.21524420000003,
          379.14699,
          281.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.3% | 6.0%",
        "box": [
          431.45001,
          276.21524420000003,
          465.51102000000003,
          281.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.3% | 6.0%",
        "box": [
          498.20001,
          276.21524420000003,
          532.26099,
          281.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          65.99,
          287.4652442,
          100.77999999999999,
          293.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          197.99001,
          287.4652442,
          203.24001,
          293.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97,984 ",
        "box": [
          220.27801000000002,
          287.4652442,
          241.27801000000002,
          293.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities:",
        "box": [
          65.99,
          298.7152442,
          98.25999999999998,
          304.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contingent consideration- Madison One  (2)",
        "box": [
          71.99,
          316.15418223,
          191.49620000000002,
          322.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          197.99001,
          316.7152442,
          203.24001,
          322.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "526 ",
        "box": [
          229.02801000000002,
          316.7152442,
          241.27801000000002,
          322.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Monte Carlo Simulation ",
        "box": [
          252.49001,
          309.7152442,
          322.27301000000017,
          315.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Model",
        "box": [
          277.35001,
          316.7152442,
          295.62001000000004,
          322.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income volatility | Risk-",
        "box": [
          333.0,
          309.7152442,
          412.5340000000002,
          315.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjusted discount rate",
        "box": [
          342.25,
          316.7152442,
          403.2690000000002,
          322.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64.0% | 50.8%",
        "box": [
          427.95001,
          316.7152442,
          469.01102000000003,
          322.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64.0% | 50.8%",
        "box": [
          494.70001,
          316.7152442,
          535.76099,
          322.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contingent consideration - UDF",
        "box": [
          71.99,
          334.7152442,
          162.36699999999996,
          340.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          197.99001,
          334.7152442,
          199.74001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,172 ",
        "box": [
          220.27801000000002,
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          241.27801000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Cash Flow ",
        "box": [
          252.3,
          327.7152442,
          322.46800000000013,
          333.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Approach",
        "box": [
          272.69,
          334.7152442,
          300.277,
          340.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount factor",
        "box": [
          351.07999,
          334.7152442,
          394.4099900000001,
          340.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18%",
        "box": [
          443.01001,
          334.7152442,
          455.84101000000004,
          340.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18%",
        "box": [
          509.76001,
          334.7152442,
          522.59101,
          340.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities",
        "box": [
          65.99,
          345.9652442,
          110.90199999999997,
          351.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          203.24001,
          351.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,698 ",
        "box": [
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          241.27801000000002,
          351.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1) Prices are weighted based on the UPB of the loans and securities included in the range for each class.",
        "box": [
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          356.7230000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2) Contingent Consideration- Madison One refers to the contingent consideration in connection with the acquisition of Madison One Capital, M1 CUSO and Madison One ",
        "box": [
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          545.9120000000003,
          372.9850317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lender Services ('Madison One') on June 5, 2024.",
        "box": [
          63.36,
          375.0652442,
          206.951,
          380.8250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included within Level 3 assets of $91.0 million as of March 31, 2026 and $98.7 million as of December 31, 2025, is $0.5 ",
        "box": [
          63.36,
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          551.02002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million and $0.7 million, respectively, of transaction prices in which quantitative unobservable inputs are not developed ",
        "box": [
          63.36,
          406.198916,
          550.9999899999999,
          414.4272125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by the Company when measuring fair value.",
        "box": [
          63.36,
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          240.68000000000006,
          425.6271925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33",
        "box": [
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          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
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  },
  {
    "page_no": 34,
    "width": 612.0,
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    "cells": [
      {
        "text": "The table below presents a summary of changes in fair value for Level 3 assets and liabilities.",
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          63.66888600000004,
          437.5999999999998,
          71.89718255618266
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        "confidence": 1.0
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      {
        "text": "Three Months Ended March 31,",
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          503.34,
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      {
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        "text": "2026",
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        "text": "2025",
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      {
        "text": "Loans, net",
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        "box": [
          71.99,
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      {
        "text": "$ ",
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      {
        "text": "737 ",
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      {
        "text": "$ ",
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        "text": "3,533 ",
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        "text": "Purchases or Originations",
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          144.286,
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      {
        "text": " ",
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      {
        "text": "122 ",
        "box": [
          439.02599,
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          451.27599,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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      {
        "text": "- ",
        "box": [
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          543.77599,
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      {
        "text": "Sales / Principal payments",
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          71.99,
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          146.029,
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      {
        "text": " ",
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      {
        "text": "(468) ",
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      {
        "text": "(834) ",
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      {
        "text": " ",
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        "text": "71 ",
        "box": [
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      {
        "text": " ",
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          462.23999,
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      {
        "text": "(681) ",
        "box": [
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      {
        "text": "Ending balance",
        "box": [
          71.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          364.48999,
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          369.73999,
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        "from_ocr": false,
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      {
        "text": "462 ",
        "box": [
          439.02599,
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          451.27599,
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      {
        "text": "$ ",
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      {
        "text": "2,018 ",
        "box": [
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      {
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          130.30699999999996,
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        "text": "Beginning balance",
        "box": [
          71.99,
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          124.25199999999998,
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      {
        "text": " ",
        "box": [
          364.48999,
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          366.23999,
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      {
        "text": "- ",
        "box": [
          442.52599,
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          447.77599,
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        "text": "2,750 ",
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      {
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      {
        "text": "- ",
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      {
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      {
        "text": "10 ",
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          71.99,
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      {
        "text": "$ ",
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      {
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      {
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        "text": "(220) ",
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      {
        "text": "$ ",
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      {
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      {
        "text": " ",
        "box": [
          364.48999,
          383.4652442,
          366.23999,
          389.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122 ",
        "box": [
          439.02599,
          383.4652442,
          451.27599,
          389.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          460.48999,
          383.4652442,
          462.23999,
          389.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          538.52599,
          383.4652442,
          543.77599,
          389.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales / Principal payments",
        "box": [
          71.99,
          394.7152442,
          146.029,
          400.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.48999,
          394.7152442,
          366.23999,
          400.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(468) ",
        "box": [
          436.69498999999996,
          394.7152442,
          453.60699,
          400.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          460.48999,
          394.7152442,
          462.23999,
          400.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(834) ",
        "box": [
          532.69499,
          394.7152442,
          549.60699,
          400.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized gains (losses), net",
        "box": [
          71.99,
          405.9652442,
          154.366,
          411.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.48999,
          405.9652442,
          366.23999,
          411.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,385) ",
        "box": [
          431.44498999999996,
          405.9652442,
          453.60699,
          411.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          460.48999,
          405.9652442,
          462.23999,
          411.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(877) ",
        "box": [
          532.69499,
          405.9652442,
          549.60699,
          411.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ending balance",
        "box": [
          71.99,
          417.2152442,
          118.46299999999997,
          422.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          364.48999,
          417.2152442,
          369.73999,
          422.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90,990 ",
        "box": [
          430.27599,
          417.2152442,
          451.27599,
          422.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          460.48999,
          417.2152442,
          465.73999,
          422.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103,959 ",
        "box": [
          522.77599,
          417.2152442,
          547.27599,
          422.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities:",
        "box": [
          65.99,
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          433.7850417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contingent consideration",
        "box": [
          71.99,
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          147.60399999999996,
          445.0350417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Beginning balance",
        "box": [
          71.99,
          450.9652442,
          124.25199999999998,
          456.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.48999,
          450.9652442,
          366.23999,
          456.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,698 ",
        "box": [
          430.27599,
          450.9652442,
          451.27599,
          456.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          460.48999,
          450.9652442,
          462.23999,
          456.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "573 ",
        "box": [
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          547.27599,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized (gains) losses, net",
        "box": [
          71.99,
          462.2152442,
          154.366,
          467.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.48999,
          462.2152442,
          366.23999,
          467.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,743 ",
        "box": [
          433.77599,
          462.2152442,
          451.27599,
          467.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          460.48999,
          462.2152442,
          462.23999,
          467.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          538.52599,
          462.2152442,
          543.77599,
          467.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mergers and acquisitions  (2)",
        "box": [
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          149.33621000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.48999,
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          366.23999,
          479.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          442.52599,
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          447.77599,
          479.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          462.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,409 ",
        "box": [
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          547.27599,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ending balance",
        "box": [
          71.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          364.48999,
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          369.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,441 ",
        "box": [
          430.27599,
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          451.27599,
          490.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,982 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)Preferred equity investment held through consolidated joint ventures is included in assets of consolidated VIE's on the consolidated balance sheets.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)Includes assets acquired and liabilities assumed as a result of the UDF IV Merger in 2025. Refer to Note 5 for further details on assets acquired and liabilities assumed in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "connection with the UDF IV Merger.",
        "box": [
          72.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The Company's policy is to recognize transfers in and transfers out as of the end of the period of the event or the date of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the change in circumstances that caused the transfer. Transfers between Level 2 and Level 3 generally relate to whether ",
        "box": [
          63.36,
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          555.0971925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "there were changes in the significant relevant observable and unobservable inputs that are available for the fair value ",
        "box": [
          63.36,
          558.868896,
          551.0300000000003,
          567.0971925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measurements of such financial instruments.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial instruments not carried at fair value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the carrying value and estimated fair value of financial instruments that are not carried at fair ",
        "box": [
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          551.12,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value and are classified as Level 3.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 35,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "March 31, 2026",
        "box": [
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        "from_ocr": false,
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      {
        "text": "December 31, 2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
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          106.24,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Carrying Value",
        "box": [
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          327.92399,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Estimated ",
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          82.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fair Value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          422.07999,
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          468.92399,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Estimated ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fair Value",
        "box": [
          499.95999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Assets:",
        "box": [
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          86.976,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, net",
        "box": [
          71.99,
          102.96521419999999,
          101.13799999999999,
          108.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.48999,
          102.96521419999999,
          279.73999,
          108.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,167,413 ",
        "box": [
          306.02499,
          102.96521419999999,
          335.77499,
          108.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          102.96521419999999,
          350.23999,
          108.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,883,760 ",
        "box": [
          376.52499,
          102.96521419999999,
          406.27499,
          108.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
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          420.73999,
          108.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,193,640 ",
        "box": [
          447.02499,
          102.96521419999999,
          476.77499,
          108.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
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          491.23999,
          108.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,022,286 ",
        "box": [
          517.52499,
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          547.27499,
          108.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held for sale",
        "box": [
          71.99,
          112.71521419999999,
          127.178,
          118.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
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          276.23999,
          118.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "273,030 ",
        "box": [
          311.27499,
          112.71521419999999,
          335.77499,
          118.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
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          346.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "273,030 ",
        "box": [
          381.77499,
          112.71521419999999,
          406.27499,
          118.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          112.71521419999999,
          417.23999,
          118.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "637,833 ",
        "box": [
          452.27499,
          112.71521419999999,
          476.77499,
          118.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          112.71521419999999,
          487.73999,
          118.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "637,833 ",
        "box": [
          522.77499,
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          547.27499,
          118.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing rights",
        "box": [
          71.99,
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          116.50299999999999,
          128.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          122.46521419999999,
          276.23999,
          128.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,687 ",
        "box": [
          311.27499,
          122.46521419999999,
          335.77499,
          128.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
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          346.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "141,334 ",
        "box": [
          381.77499,
          122.46521419999999,
          406.27499,
          128.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
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          417.23999,
          128.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126,279 ",
        "box": [
          452.27499,
          122.46521419999999,
          476.77499,
          128.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
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          487.73999,
          128.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "143,179 ",
        "box": [
          522.77499,
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          547.27499,
          128.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          65.99,
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          100.77999999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.48999,
          132.2152142,
          279.73999,
          137.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,564,130 ",
        "box": [
          306.02499,
          132.2152142,
          335.77499,
          137.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          132.2152142,
          350.23999,
          137.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,298,124 ",
        "box": [
          376.52499,
          132.2152142,
          406.27499,
          137.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          132.2152142,
          420.73999,
          137.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,957,752 ",
        "box": [
          447.02499,
          132.2152142,
          476.77499,
          137.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          132.2152142,
          491.23999,
          137.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,803,298 ",
        "box": [
          517.52499,
          132.2152142,
          547.27499,
          137.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities:",
        "box": [
          65.99,
          141.9652142,
          98.25999999999998,
          147.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured borrowings",
        "box": [
          71.99,
          151.7152142,
          128.151,
          157.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          151.7152142,
          276.23999,
          157.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,321,443 ",
        "box": [
          306.02499,
          151.7152142,
          335.77499,
          157.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          151.7152142,
          346.73999,
          157.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,321,443 ",
        "box": [
          376.52499,
          151.7152142,
          406.27499,
          157.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          151.7152142,
          417.23999,
          157.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,788,926 ",
        "box": [
          447.02499,
          151.7152142,
          476.77499,
          157.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          151.7152142,
          487.73999,
          157.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,788,926 ",
        "box": [
          517.52499,
          151.7152142,
          547.27499,
          157.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations of consolidated VIEs, net",
        "box": [
          71.99,
          161.4652142,
          222.98699999999997,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          161.4652142,
          276.23999,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "526,535 ",
        "box": [
          311.27499,
          161.4652142,
          335.77499,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          161.4652142,
          346.73999,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "501,331 ",
        "box": [
          381.77499,
          161.4652142,
          406.27499,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          161.4652142,
          417.23999,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,174,785 ",
        "box": [
          447.02499,
          161.4652142,
          476.77499,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          161.4652142,
          487.73999,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,150,551 ",
        "box": [
          517.52499,
          161.4652142,
          547.27499,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net",
        "box": [
          71.99,
          171.2152142,
          141.934,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          171.2152142,
          276.23999,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "723,707 ",
        "box": [
          311.27499,
          171.2152142,
          335.77499,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          171.2152142,
          346.73999,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "700,944 ",
        "box": [
          381.77499,
          171.2152142,
          406.27499,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          171.2152142,
          417.23999,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "722,729 ",
        "box": [
          452.27499,
          171.2152142,
          476.77499,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          171.2152142,
          487.73999,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "711,705 ",
        "box": [
          522.77499,
          171.2152142,
          547.27499,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Guaranteed loan financing",
        "box": [
          71.99,
          180.9652142,
          146.19699999999997,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          180.9652142,
          276.23999,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "501,736 ",
        "box": [
          311.27499,
          180.9652142,
          335.77499,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          180.9652142,
          346.73999,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "527,111 ",
        "box": [
          381.77499,
          180.9652142,
          406.27499,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          180.9652142,
          417.23999,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "524,091 ",
        "box": [
          452.27499,
          180.9652142,
          476.77499,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          180.9652142,
          487.73999,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "550,556 ",
        "box": [
          522.77499,
          180.9652142,
          547.27499,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt, net",
        "box": [
          71.99,
          190.7152142,
          125.80599999999998,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          190.7152142,
          276.23999,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "536,972 ",
        "box": [
          311.27499,
          190.7152142,
          335.77499,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          190.7152142,
          346.73999,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "480,295 ",
        "box": [
          381.77499,
          190.7152142,
          406.27499,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          190.7152142,
          417.23999,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "652,487 ",
        "box": [
          452.27499,
          190.7152142,
          476.77499,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          190.7152142,
          487.73999,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "617,477 ",
        "box": [
          522.77499,
          190.7152142,
          547.27499,
          196.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities",
        "box": [
          65.99,
          200.4652142,
          110.90199999999997,
          206.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.48999,
          200.4652142,
          279.73999,
          206.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,610,393 ",
        "box": [
          306.02499,
          200.4652142,
          335.77499,
          206.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          200.4652142,
          350.23999,
          206.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,531,124 ",
        "box": [
          376.52499,
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          406.27499,
          206.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
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          420.73999,
          206.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,863,018 ",
        "box": [
          447.02499,
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          476.77499,
          206.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
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          491.23999,
          206.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,819,215 ",
        "box": [
          517.52499,
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          547.27499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of both March 31, 2026 and December 31, 2025, other assets and accounts payable and accrued liabilities are not ",
        "box": [
          63.36,
          225.41888600000004,
          551.0400099999997,
          233.64718255618266
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "carried at fair value but generally approximate fair value. Further details are presented in Note 18 - Other Assets and ",
        "box": [
          63.36,
          237.41888600000004,
          551.0799999999999,
          245.64718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Liabilities.",
        "box": [
          63.36,
          249.418946,
          131.57999999999993,
          257.6472425561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 8. Servicing Rights",
        "box": [
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          273.258906,
          166.05999999999997,
          281.4872025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company performs servicing activities for third parties, which primarily include collecting principal, interest and ",
        "box": [
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          551.0699999999998,
          305.6472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other payments from borrowers, remitting the corresponding payments to investors and monitoring delinquencies. The ",
        "box": [
          63.36,
          309.41891599999997,
          551.1299999999999,
          317.6472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's servicing fees are specified by pooling and servicing agreements. ",
        "box": [
          63.36,
          321.41891599999997,
          374.95,
          329.6472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents information about servicing rights at amortized cost.",
        "box": [
          63.36,
          345.41891599999997,
          374.91999999999985,
          353.6472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          401.16,
          372.7152442,
          497.34,
          378.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          383.9652442,
          106.24,
          389.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          391.60999,
          383.9652442,
          405.60999,
          389.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          492.85999,
          383.9652442,
          506.85999,
          389.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA",
        "box": [
          65.99,
          395.2152442,
          79.59799999999998,
          400.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Beginning net carrying amount",
        "box": [
          71.99,
          406.4652442,
          159.24499999999998,
          412.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.23999,
          406.4652442,
          358.48999,
          412.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,056 ",
        "box": [
          424.27599,
          406.4652442,
          445.27599,
          412.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          454.48999,
          406.4652442,
          459.73999,
          412.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,227 ",
        "box": [
          525.52599,
          406.4652442,
          546.52599,
          412.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additions",
        "box": [
          71.99,
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          99.60499999999999,
          423.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.23999,
          417.7152442,
          354.98999,
          423.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,412 ",
        "box": [
          427.77599,
          417.7152442,
          445.27599,
          423.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          454.48999,
          417.7152442,
          456.23999,
          423.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,863 ",
        "box": [
          529.02599,
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          546.52599,
          423.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization",
        "box": [
          71.99,
          428.9652442,
          109.30699999999999,
          434.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.23999,
          428.9652442,
          354.98999,
          434.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,764) ",
        "box": [
          425.44498999999996,
          428.9652442,
          447.60699,
          434.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          454.48999,
          428.9652442,
          456.23999,
          434.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,634) ",
        "box": [
          526.69499,
          428.9652442,
          548.85699,
          434.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recovery (impairment)",
        "box": [
          71.99,
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          137.46099999999996,
          445.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.23999,
          440.2152442,
          354.98999,
          445.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(733) ",
        "box": [
          430.69498999999996,
          440.2152442,
          447.60699,
          445.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          454.48999,
          440.2152442,
          456.23999,
          445.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "833 ",
        "box": [
          534.27599,
          440.2152442,
          546.52599,
          445.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ending net carrying amount",
        "box": [
          65.99,
          451.4652442,
          150.93499999999995,
          457.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.23999,
          451.4652442,
          358.48999,
          457.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,971 ",
        "box": [
          424.27599,
          451.4652442,
          445.27599,
          457.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
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        "from_ocr": false,
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          479.7250517893279
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        "text": "61,331 ",
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        "from_ocr": false,
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        "text": "67,996 ",
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          546.52599,
          479.7250517893279
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        "from_ocr": false,
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          99.60499999999999,
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          354.98999,
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          445.27599,
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        "from_ocr": false,
        "confidence": 1.0
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        "box": [
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          546.52599,
          490.9750517893279
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          109.30699999999999,
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        "confidence": 1.0
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          456.23999,
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          150.93499999999995,
          513.4750217893279
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          358.48999,
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        "text": "60,008 ",
        "box": [
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          445.27599,
          513.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "$ ",
        "box": [
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          459.73999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "65,559 ",
        "box": [
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          507.7152142,
          546.52599,
          513.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "USDA",
        "box": [
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          85.044,
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        "from_ocr": false,
        "confidence": 1.0
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        "box": [
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          530.2152142,
          159.24499999999998,
          535.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          530.2152142,
          354.98999,
          535.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20,620 ",
        "box": [
          424.27599,
          530.2152142,
          445.27599,
          535.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
        "box": [
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          530.2152142,
          456.23999,
          535.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "16,465 ",
        "box": [
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          530.2152142,
          546.52599,
          535.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
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          99.60499999999999,
          547.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
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          354.98999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "470 ",
        "box": [
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          445.27599,
          547.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
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        "box": [
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          456.23999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "689 ",
        "box": [
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          546.52599,
          547.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
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          552.7152142,
          109.30699999999999,
          558.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          552.7152142,
          354.98999,
          558.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(790) ",
        "box": [
          430.69498999999996,
          552.7152142,
          447.60699,
          558.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
        "box": [
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          552.7152142,
          456.23999,
          558.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(687) ",
        "box": [
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          552.7152142,
          548.85699,
          558.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
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        "box": [
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          98.78599999999999,
          569.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "box": [
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          354.98999,
          569.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "467 ",
        "box": [
          433.02599,
          563.9652142,
          445.27599,
          569.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          456.23999,
          569.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "19 ",
        "box": [
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          563.9652142,
          546.52599,
          569.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Ending net carrying amount",
        "box": [
          65.99,
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          150.93499999999995,
          580.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          358.48999,
          580.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20,767 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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          459.73999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "16,486 ",
        "box": [
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          546.52599,
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      {
        "text": "Small business loans",
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        "from_ocr": false,
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        "from_ocr": false,
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      {
        "text": "3,272 ",
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        "from_ocr": false,
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        "text": "4,752 ",
        "box": [
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        "from_ocr": false,
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        "confidence": 1.0
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        "from_ocr": false,
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        "text": "544 ",
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        "from_ocr": false,
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        "box": [
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        "from_ocr": false,
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      {
        "text": "(661) ",
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        "from_ocr": false,
        "confidence": 1.0
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        "box": [
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          456.23999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(789) ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Impairment",
        "box": [
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          104.63799999999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          354.98999,
          637.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(110) ",
        "box": [
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          447.60699,
          637.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          456.23999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(27) ",
        "box": [
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          548.85699,
          637.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ending net carrying amount",
        "box": [
          65.99,
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          150.93499999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          358.48999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,941 ",
        "box": [
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          445.27599,
          648.4750217893279
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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": "4,480 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total servicing rights",
        "box": [
          65.99,
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          129.73199999999997,
          659.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          358.48999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,687 ",
        "box": [
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          445.27599,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          459.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,814 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company's servicing rights are carried at amortized cost and evaluated quarterly for impairment. The Company ",
        "box": [
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          551.07,
          687.1471825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimates the fair value of these servicing rights by using a combination of internal models and data provided by third-",
        "box": [
          63.36,
          690.918886,
          548.5999999999997,
          699.1471825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "party  valuation  experts.  The  assumptions  used  in  the  Company's  internal  models  include  forward  prepayment  rates, ",
        "box": [
          63.36,
          702.918886,
          551.0899999999997,
          711.1471825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "forward default rates, discount rates, and servicing expenses. ",
        "box": [
          63.36,
          714.918886,
          308.91,
          723.1471825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35",
        "box": [
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          756.228886,
          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 36,
    "width": 612.0,
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    "cells": [
      {
        "text": "The Company's models calculate the present value of expected future cash flows utilizing assumptions that it believes ",
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          75.66888600000004,
          550.9899999999999,
          83.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are used by market participants. Forward prepayment rates, forward default rates and discount rates are derived from ",
        "box": [
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          87.66888600000004,
          551.0700000000002,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "historical experiences adjusted for prevailing market conditions. Components of the estimated future cash flows include ",
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          99.66888600000004,
          551.02,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "servicing fees, late fees, other ancillary fees and cost of servicing. ",
        "box": [
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          328.55,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents additional information about servicing rights at amortized cost.",
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          417.35999999999984,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026",
        "box": [
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          161.4652142,
          371.505,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of December 31, 2025",
        "box": [
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          161.4652142,
          517.55202,
          167.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
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          106.24,
          176.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "UPB",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
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          171.2152142,
          398.42399,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "UPB",
        "box": [
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          452.4899899999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Carrying Value",
        "box": [
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          539.42399,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "SBA",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.48999,
          180.9652142,
          279.73999,
          186.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,902,485 ",
        "box": [
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          335.85898999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          350.23999,
          186.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "39,971 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,916,211 ",
        "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": "41,056 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6,269,434 ",
        "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": "60,008 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6,318,735 ",
        "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": "61,331 ",
        "box": [
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        "from_ocr": false,
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        "text": "USDA",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "698,288 ",
        "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": "20,767 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "699,779 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          487.73999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20,620 ",
        "box": [
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        "from_ocr": false,
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      },
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        "text": "Small business loans",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
        "box": [
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          276.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "398,679 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          346.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,941 ",
        "box": [
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          406.35898999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          417.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "419,016 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          487.73999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3,272 ",
        "box": [
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          547.35899,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total",
        "box": [
          63.36,
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          79.29899999999999,
          227.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          279.73999,
          227.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,268,886 ",
        "box": [
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          335.85898999999995,
          227.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          350.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,687 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
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          420.73999,
          227.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,353,741 ",
        "box": [
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          476.85898999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          491.23999,
          227.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126,279 ",
        "box": [
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          547.35899,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents significant assumptions used in the estimated valuation of servicing rights at amortized cost.",
        "box": [
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          534.1700099999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
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          314.20501,
          271.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          435.60001,
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          492.13201,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Range of input values",
        "box": [
          221.13,
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          285.87300000000005,
          287.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Weighted Average",
        "box": [
          311.31,
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          363.187,
          287.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Range of input values",
        "box": [
          394.0,
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          458.74300000000005,
          287.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted Average",
        "box": [
          486.06,
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          537.937,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA",
        "box": [
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          79.59799999999998,
          298.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forward prepayment rate",
        "box": [
          71.99,
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          142.71099999999998,
          310.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.4 %",
        "box": [
          230.2,
          304.4652442,
          247.105,
          310.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          253.25999,
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          255.59098999999998,
          310.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  21.6 %",
        "box": [
          277.70001,
          304.4652442,
          298.10501000000005,
          310.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  9.4 %",
        "box": [
          356.20001,
          304.4652442,
          373.10501000000005,
          310.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  6.0 %",
        "box": [
          401.20001,
          304.4652442,
          418.10501000000005,
          310.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
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          304.4652442,
          428.461,
          310.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  21.6 %",
        "box": [
          452.45001,
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          472.85501000000005,
          310.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  9.8 %",
        "box": [
          530.95001,
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          547.85501,
          310.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Forward default rate",
        "box": [
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          129.10999999999999,
          321.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  0.0 %",
        "box": [
          230.2,
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          247.105,
          321.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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          255.59098999999998,
          321.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  3.8 %",
        "box": [
          281.20001,
          315.7152442,
          298.10501000000005,
          321.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  1.2 %",
        "box": [
          356.20001,
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          373.10501000000005,
          321.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  0.0 %",
        "box": [
          401.20001,
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          418.10501000000005,
          321.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
          426.13,
          315.7152442,
          428.461,
          321.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  3.8 %",
        "box": [
          455.95001,
          315.7152442,
          472.85501000000005,
          321.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1.3 %",
        "box": [
          530.95001,
          315.7152442,
          547.85501,
          321.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Discount rate",
        "box": [
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          109.496,
          332.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  7.4 %",
        "box": [
          230.2,
          326.9652442,
          247.105,
          332.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          253.25999,
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          255.59098999999998,
          332.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  21.1 %",
        "box": [
          277.70001,
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          298.10501000000005,
          332.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  12.7 %",
        "box": [
          352.70001,
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          373.10501000000005,
          332.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  7.4 %",
        "box": [
          401.20001,
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          418.10501000000005,
          332.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
          426.13,
          326.9652442,
          428.461,
          332.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  19.0 %",
        "box": [
          452.45001,
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          472.85501000000005,
          332.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  11.9 %",
        "box": [
          527.45001,
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          547.85501,
          332.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Servicing expense",
        "box": [
          71.99,
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          123.08999999999999,
          343.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  0.4 %",
        "box": [
          230.2,
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          247.105,
          343.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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          255.59098999999998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  0.4 %",
        "box": [
          281.20001,
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          298.10501000000005,
          343.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  0.4 %",
        "box": [
          356.20001,
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          373.10501000000005,
          343.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  0.4 %",
        "box": [
          401.20001,
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          418.10501000000005,
          343.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          426.13,
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          428.461,
          343.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  0.4 %",
        "box": [
          455.95001,
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          472.85501000000005,
          343.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  0.4 %",
        "box": [
          530.95001,
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          547.85501,
          343.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multi-family",
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          104.091,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Forward prepayment rate",
        "box": [
          71.99,
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          142.71099999999998,
          377.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  0.0 %",
        "box": [
          230.2,
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          247.105,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
          253.25999,
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          377.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.6 %",
        "box": [
          281.20001,
          371.9652442,
          298.10501000000005,
          377.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2.4 %",
        "box": [
          356.20001,
          371.9652442,
          373.10501000000005,
          377.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.0 %",
        "box": [
          401.20001,
          371.9652442,
          418.10501000000005,
          377.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          426.13,
          371.9652442,
          428.461,
          377.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.6 %",
        "box": [
          455.95001,
          371.9652442,
          472.85501000000005,
          377.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.3 %",
        "box": [
          530.95001,
          371.9652442,
          547.85501,
          377.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forward default rate",
        "box": [
          71.99,
          383.2152442,
          129.10999999999999,
          388.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.0 %",
        "box": [
          230.2,
          383.2152442,
          247.105,
          388.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          253.25999,
          383.2152442,
          255.59098999999998,
          388.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.2 %",
        "box": [
          281.20001,
          383.2152442,
          298.10501000000005,
          388.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.1 %",
        "box": [
          356.20001,
          383.2152442,
          373.10501000000005,
          388.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.0 %",
        "box": [
          401.20001,
          383.2152442,
          418.10501000000005,
          388.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          426.13,
          383.2152442,
          428.461,
          388.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.2 %",
        "box": [
          455.95001,
          383.2152442,
          472.85501000000005,
          388.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.1 %",
        "box": [
          530.95001,
          383.2152442,
          547.85501,
          388.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate",
        "box": [
          71.99,
          394.4652442,
          109.496,
          400.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.2 %",
        "box": [
          230.2,
          394.4652442,
          247.105,
          400.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          253.25999,
          394.4652442,
          255.59098999999998,
          400.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.2 %",
        "box": [
          281.20001,
          394.4652442,
          298.10501000000005,
          400.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.2 %",
        "box": [
          356.20001,
          394.4652442,
          373.10501000000005,
          400.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.2 %",
        "box": [
          401.20001,
          394.4652442,
          418.10501000000005,
          400.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          426.13,
          394.4652442,
          428.461,
          400.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.2 %",
        "box": [
          455.95001,
          394.4652442,
          472.85501000000005,
          400.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.2 %",
        "box": [
          530.95001,
          394.4652442,
          547.85501,
          400.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing expense",
        "box": [
          71.99,
          405.7152442,
          123.08999999999999,
          411.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.0 %",
        "box": [
          230.2,
          405.7152442,
          247.105,
          411.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          253.25999,
          405.7152442,
          255.59098999999998,
          411.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.8 %",
        "box": [
          281.20001,
          405.7152442,
          298.10501000000005,
          411.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.1 %",
        "box": [
          356.20001,
          405.7152442,
          373.10501000000005,
          411.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.0 %",
        "box": [
          401.20001,
          405.7152442,
          418.10501000000005,
          411.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          426.13,
          405.7152442,
          428.461,
          411.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.8 %",
        "box": [
          455.95001,
          405.7152442,
          472.85501000000005,
          411.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.1 %",
        "box": [
          530.95001,
          405.7152442,
          547.85501,
          411.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USDA",
        "box": [
          65.99,
          428.2152442,
          85.044,
          433.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forward prepayment rate",
        "box": [
          71.99,
          439.4652442,
          142.71099999999998,
          445.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.0 %",
        "box": [
          230.2,
          439.4652442,
          247.105,
          445.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          253.25999,
          439.4652442,
          255.59098999999998,
          445.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  17.7 %",
        "box": [
          277.70001,
          439.4652442,
          298.10501000000005,
          445.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  12.5 %",
        "box": [
          352.70001,
          439.4652442,
          373.10501000000005,
          445.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.5 %",
        "box": [
          401.20001,
          439.4652442,
          418.10501000000005,
          445.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          425.19,
          439.4652442,
          427.521,
          445.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  16.9 %",
        "box": [
          452.45001,
          439.4652442,
          472.85501000000005,
          445.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  12.1 %",
        "box": [
          527.45001,
          439.4652442,
          547.85501,
          445.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate",
        "box": [
          71.99,
          450.7152442,
          109.496,
          456.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.9 %",
        "box": [
          230.2,
          450.7152442,
          247.105,
          456.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          253.25999,
          450.7152442,
          255.59098999999998,
          456.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.1 %",
        "box": [
          281.20001,
          450.7152442,
          298.10501000000005,
          456.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.9 %",
        "box": [
          356.20001,
          450.7152442,
          373.10501000000005,
          456.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.9 %",
        "box": [
          401.20001,
          450.7152442,
          418.10501000000005,
          456.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          425.19,
          450.7152442,
          427.521,
          456.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.0 %",
        "box": [
          455.95001,
          450.7152442,
          472.85501000000005,
          456.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.8 %",
        "box": [
          530.95001,
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          547.85501,
          456.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing expense",
        "box": [
          71.99,
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          123.08999999999999,
          467.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.1 %",
        "box": [
          230.2,
          461.9652442,
          247.105,
          467.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          253.25999,
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          255.59098999999998,
          467.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.3 %",
        "box": [
          281.20001,
          461.9652442,
          298.10501000000005,
          467.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.2 %",
        "box": [
          356.20001,
          461.9652442,
          373.10501000000005,
          467.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.1 %",
        "box": [
          401.20001,
          461.9652442,
          418.10501000000005,
          467.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          425.19,
          461.9652442,
          427.521,
          467.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.3 %",
        "box": [
          455.95001,
          461.9652442,
          472.85501000000005,
          467.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.2 %",
        "box": [
          530.95001,
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          547.85501,
          467.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small business loans",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Discount rate",
        "box": [
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          109.496,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  6.0 %",
        "box": [
          230.2,
          495.7152442,
          247.105,
          501.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          253.25999,
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          255.59098999999998,
          501.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.0 %",
        "box": [
          281.20001,
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          298.10501000000005,
          501.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  6.0 %",
        "box": [
          356.20001,
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          373.10501000000005,
          501.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.0 %",
        "box": [
          401.20001,
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          418.10501000000005,
          501.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
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          427.521,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.0 %",
        "box": [
          455.95001,
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          501.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  6.0 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing expense",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  0.5 %",
        "box": [
          230.2,
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          247.105,
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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": "  0.5 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  0.5 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  0.5 %",
        "box": [
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          418.10501000000005,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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          427.521,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  0.5 %",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  0.5 %",
        "box": [
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          547.85501,
          512.7250517893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assumptions can change between and at each reporting period as market conditions and projected interest rates change.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "36",
        "box": [
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        "confidence": 1.0
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  },
  {
    "page_no": 37,
    "width": 612.0,
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    "cells": [
      {
        "text": "The table below presents the possible impact of 10% and 20% adverse changes to key assumptions on servicing rights.",
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        "confidence": 1.0
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      {
        "text": "(in thousands)",
        "box": [
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          106.24,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "March 31, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "December 31, 2025",
        "box": [
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        "from_ocr": false,
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        "text": "SBA",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Forward prepayment rate",
        "box": [
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          108.96521419999999,
          136.71099999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 10% adverse change",
        "box": [
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          158.244,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1,127) ",
        "box": [
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          469.35699,
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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": "(1,228) ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Impact of 20% adverse change",
        "box": [
          71.99,
          128.4652142,
          158.244,
          134.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          128.4652142,
          401.23999,
          134.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,195) ",
        "box": [
          447.19498999999996,
          128.4652142,
          469.35699,
          134.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          128.4652142,
          481.48999,
          134.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,390) ",
        "box": [
          527.44499,
          128.4652142,
          549.60699,
          134.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forward default rate",
        "box": [
          65.99,
          138.2152142,
          123.11,
          143.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 10% adverse change",
        "box": [
          71.99,
          147.9652142,
          158.244,
          153.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          147.9652142,
          401.23999,
          153.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(188) ",
        "box": [
          452.44498999999996,
          147.9652142,
          469.35699,
          153.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          147.9652142,
          481.48999,
          153.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(199) ",
        "box": [
          532.69499,
          147.9652142,
          549.60699,
          153.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 20% adverse change",
        "box": [
          71.99,
          157.7152142,
          158.244,
          163.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          157.7152142,
          401.23999,
          163.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(375) ",
        "box": [
          452.44498999999996,
          157.7152142,
          469.35699,
          163.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          157.7152142,
          481.48999,
          163.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(396) ",
        "box": [
          532.69499,
          157.7152142,
          549.60699,
          163.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate",
        "box": [
          65.99,
          167.4652142,
          103.496,
          173.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 10% adverse change",
        "box": [
          71.99,
          177.2152142,
          158.244,
          182.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          177.2152142,
          401.23999,
          182.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,366) ",
        "box": [
          447.19498999999996,
          177.2152142,
          469.35699,
          182.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          177.2152142,
          481.48999,
          182.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,356) ",
        "box": [
          527.44499,
          177.2152142,
          549.60699,
          182.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 20% adverse change",
        "box": [
          71.99,
          186.9652142,
          158.244,
          192.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          186.9652142,
          401.23999,
          192.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,637) ",
        "box": [
          447.19498999999996,
          186.9652142,
          469.35699,
          192.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          186.9652142,
          481.48999,
          192.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,621) ",
        "box": [
          527.44499,
          186.9652142,
          549.60699,
          192.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing expense",
        "box": [
          65.99,
          196.7152142,
          117.08999999999999,
          202.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 10% adverse change",
        "box": [
          71.99,
          206.4652142,
          158.244,
          212.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          206.4652142,
          401.23999,
          212.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,630) ",
        "box": [
          447.19498999999996,
          206.4652142,
          469.35699,
          212.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          206.4652142,
          481.48999,
          212.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,697) ",
        "box": [
          527.44499,
          206.4652142,
          549.60699,
          212.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 20% adverse change",
        "box": [
          71.99,
          216.2152142,
          158.244,
          221.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          216.2152142,
          401.23999,
          221.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,261) ",
        "box": [
          447.19498999999996,
          216.2152142,
          469.35699,
          221.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          216.2152142,
          481.48999,
          221.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,394) ",
        "box": [
          527.44499,
          216.2152142,
          549.60699,
          221.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multi-family",
        "box": [
          65.99,
          225.9652142,
          104.091,
          231.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forward prepayment rate",
        "box": [
          65.99,
          235.7152142,
          136.71099999999998,
          241.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 10% adverse change",
        "box": [
          71.99,
          245.4652142,
          158.244,
          251.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          245.4652142,
          401.23999,
          251.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(454) ",
        "box": [
          452.44498999999996,
          245.4652142,
          469.35699,
          251.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          245.4652142,
          481.48999,
          251.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(470) ",
        "box": [
          532.69499,
          245.4652142,
          549.60699,
          251.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 20% adverse change",
        "box": [
          71.99,
          255.2152142,
          158.244,
          260.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          255.2152142,
          401.23999,
          260.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(892) ",
        "box": [
          452.44498999999996,
          255.2152142,
          469.35699,
          260.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          255.2152142,
          481.48999,
          260.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(923) ",
        "box": [
          532.69499,
          255.2152142,
          549.60699,
          260.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forward default rate",
        "box": [
          65.99,
          264.9652142,
          123.11,
          270.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 10% adverse change",
        "box": [
          71.99,
          274.7152142,
          158.244,
          280.47502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          274.7152142,
          401.23999,
          280.47502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27) ",
        "box": [
          455.94498999999996,
          274.7152142,
          469.35699,
          280.47502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          274.7152142,
          481.48999,
          280.47502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(28) ",
        "box": [
          536.19499,
          274.7152142,
          549.60699,
          280.47502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 20% adverse change",
        "box": [
          71.99,
          284.4652442,
          158.244,
          290.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          284.4652442,
          401.23999,
          290.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(54) ",
        "box": [
          455.94498999999996,
          284.4652442,
          469.35699,
          290.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          284.4652442,
          481.48999,
          290.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(56) ",
        "box": [
          536.19499,
          284.4652442,
          549.60699,
          290.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate",
        "box": [
          65.99,
          294.2152442,
          103.496,
          299.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 10% adverse change",
        "box": [
          71.99,
          303.9652442,
          158.244,
          309.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          303.9652442,
          401.23999,
          309.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,818) ",
        "box": [
          447.19498999999996,
          303.9652442,
          469.35699,
          309.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          303.9652442,
          481.48999,
          309.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,852) ",
        "box": [
          527.44499,
          303.9652442,
          549.60699,
          309.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 20% adverse change",
        "box": [
          71.99,
          313.7152442,
          158.244,
          319.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          313.7152442,
          401.23999,
          319.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,561) ",
        "box": [
          447.19498999999996,
          313.7152442,
          469.35699,
          319.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          313.7152442,
          481.48999,
          319.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,625) ",
        "box": [
          527.44499,
          313.7152442,
          549.60699,
          319.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing expense",
        "box": [
          65.99,
          323.4652442,
          117.08999999999999,
          329.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 10% adverse change",
        "box": [
          71.99,
          333.2152442,
          158.244,
          338.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          333.2152442,
          401.23999,
          338.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,365) ",
        "box": [
          447.19498999999996,
          333.2152442,
          469.35699,
          338.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          333.2152442,
          481.48999,
          338.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,422) ",
        "box": [
          527.44499,
          333.2152442,
          549.60699,
          338.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 20% adverse change",
        "box": [
          71.99,
          342.9652442,
          158.244,
          348.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          342.9652442,
          401.23999,
          348.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,730) ",
        "box": [
          447.19498999999996,
          342.9652442,
          469.35699,
          348.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          342.9652442,
          481.48999,
          348.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,845) ",
        "box": [
          527.44499,
          342.9652442,
          549.60699,
          348.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USDA",
        "box": [
          65.99,
          352.7152442,
          85.044,
          358.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forward prepayment rate",
        "box": [
          65.99,
          362.4652442,
          136.71099999999998,
          368.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 10% adverse change",
        "box": [
          71.99,
          372.2152442,
          158.244,
          377.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          372.2152442,
          401.23999,
          377.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,136) ",
        "box": [
          447.19498999999996,
          372.2152442,
          469.35699,
          377.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          372.2152442,
          481.48999,
          377.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,066) ",
        "box": [
          527.44499,
          372.2152442,
          549.60699,
          377.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 20% adverse change",
        "box": [
          71.99,
          381.9652442,
          158.244,
          387.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          381.9652442,
          401.23999,
          387.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,167) ",
        "box": [
          447.19498999999996,
          381.9652442,
          469.35699,
          387.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          381.9652442,
          481.48999,
          387.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,040) ",
        "box": [
          527.44499,
          381.9652442,
          549.60699,
          387.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate",
        "box": [
          65.99,
          391.7152442,
          103.496,
          397.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 10% adverse change",
        "box": [
          71.99,
          401.4652442,
          158.244,
          407.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          401.4652442,
          401.23999,
          407.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(453) ",
        "box": [
          452.44498999999996,
          401.4652442,
          469.35699,
          407.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          401.4652442,
          481.48999,
          407.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(526) ",
        "box": [
          532.69499,
          401.4652442,
          549.60699,
          407.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 20% adverse change",
        "box": [
          71.99,
          411.2152442,
          158.244,
          416.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          411.2152442,
          401.23999,
          416.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(887) ",
        "box": [
          452.44498999999996,
          411.2152442,
          469.35699,
          416.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          411.2152442,
          481.48999,
          416.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,027) ",
        "box": [
          527.44499,
          411.2152442,
          549.60699,
          416.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing expense",
        "box": [
          65.99,
          420.9652442,
          117.08999999999999,
          426.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 10% adverse change",
        "box": [
          71.99,
          430.7152442,
          158.244,
          436.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          430.7152442,
          401.23999,
          436.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(803) ",
        "box": [
          452.44498999999996,
          430.7152442,
          469.35699,
          436.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          430.7152442,
          481.48999,
          436.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(797) ",
        "box": [
          532.69499,
          430.7152442,
          549.60699,
          436.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 20% adverse change",
        "box": [
          71.99,
          440.4652442,
          158.244,
          446.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          440.4652442,
          401.23999,
          446.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,605) ",
        "box": [
          447.19498999999996,
          440.4652442,
          469.35699,
          446.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          440.4652442,
          481.48999,
          446.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,593) ",
        "box": [
          527.44499,
          440.4652442,
          549.60699,
          446.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small business loans",
        "box": [
          65.99,
          450.2152442,
          127.05799999999996,
          455.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate",
        "box": [
          65.99,
          459.9652442,
          103.496,
          465.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 10% adverse change",
        "box": [
          71.99,
          469.7152442,
          158.244,
          475.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          469.7152442,
          401.23999,
          475.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11) ",
        "box": [
          455.94498999999996,
          469.7152442,
          469.35699,
          475.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          469.7152442,
          481.48999,
          475.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15) ",
        "box": [
          536.19499,
          469.7152442,
          549.60699,
          475.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 20% adverse change",
        "box": [
          71.99,
          479.4652442,
          158.244,
          485.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          479.4652442,
          401.23999,
          485.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22) ",
        "box": [
          455.94498999999996,
          479.4652442,
          469.35699,
          485.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          479.4652442,
          481.48999,
          485.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29) ",
        "box": [
          536.19499,
          479.4652442,
          549.60699,
          485.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing expense",
        "box": [
          65.99,
          489.2152442,
          117.08999999999999,
          494.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 10% adverse change",
        "box": [
          71.99,
          498.9652442,
          158.244,
          504.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          498.9652442,
          401.23999,
          504.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(277) ",
        "box": [
          452.44498999999996,
          498.9652442,
          469.35699,
          504.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          498.9652442,
          481.48999,
          504.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(280) ",
        "box": [
          532.69499,
          498.9652442,
          549.60699,
          504.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impact of 20% adverse change",
        "box": [
          71.99,
          508.7152142,
          158.244,
          514.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          508.7152142,
          401.23999,
          514.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(554) ",
        "box": [
          452.44498999999996,
          508.7152142,
          469.35699,
          514.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          508.7152142,
          481.48999,
          514.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(560) ",
        "box": [
          532.69499,
          508.7152142,
          549.60699,
          514.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents estimated future amortization expense for servicing rights.",
        "box": [
          63.36,
          533.6688859999999,
          398.75999999999993,
          541.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          559.4652142,
          106.24,
          565.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          487.89001,
          559.4652142,
          534.33501,
          565.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          65.99,
          569.2152142,
          79.99,
          574.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          569.2152142,
          481.48999,
          574.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,417 ",
        "box": [
          526.27599,
          569.2152142,
          547.27599,
          574.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          65.99,
          578.9652142,
          79.99,
          584.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          578.9652142,
          477.98999,
          584.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,023 ",
        "box": [
          526.27599,
          578.9652142,
          547.27599,
          584.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          65.99,
          588.7152142,
          79.99,
          594.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          588.7152142,
          477.98999,
          594.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,720 ",
        "box": [
          526.27599,
          588.7152142,
          547.27599,
          594.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          65.99,
          598.4652142,
          79.99,
          604.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          598.4652142,
          477.98999,
          604.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,580 ",
        "box": [
          526.27599,
          598.4652142,
          547.27599,
          604.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          65.99,
          608.2152142,
          79.99,
          613.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          608.2152142,
          477.98999,
          613.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,825 ",
        "box": [
          526.27599,
          608.2152142,
          547.27599,
          613.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          65.99,
          617.9652142,
          95.11,
          623.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          617.9652142,
          477.98999,
          623.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,122 ",
        "box": [
          526.27599,
          617.9652142,
          547.27599,
          623.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          65.99,
          627.7152142,
          81.92899999999999,
          633.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          627.7152142,
          481.48999,
          633.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,687 ",
        "box": [
          522.77599,
          627.7152142,
          547.27599,
          633.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 9. Discontinued Operations and Assets and Liabilities Held for Sale",
        "box": [
          63.36,
          652.508906,
          372.3299999999999,
          660.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the fourth quarter of 2023, the Company's board of directors (the 'Board') approved a plan to strategically shift the ",
        "box": [
          63.36,
          676.668886,
          551.0200199999999,
          684.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's  core  focus  to  LMM  commercial  real  estate  lending  and  small  business  loans,  which  contemplates  the ",
        "box": [
          63.36,
          688.668886,
          551.1400000000001,
          696.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disposition  of  assets  and  liabilities  of  the  Company's  Residential  Mortgage  Banking  segment.  Accordingly,  the  then ",
        "box": [
          63.36,
          700.668886,
          551.07999,
          708.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential  Mortgage  Banking  segment  met  the  criteria  to  be  classified  as  held  for  sale  on  the  consolidated  balance ",
        "box": [
          63.36,
          712.668886,
          551.0,
          720.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 38,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "sheets, presented as discontinued operations on the consolidated statements of operations, and excluded from continuing ",
        "box": [
          63.36,
          63.66888600000004,
          551.06,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations  for  all  periods  presented.  In  the  second  and  fourth  quarters  of  2024,  the  Company  sold  $4.7  billion  and ",
        "box": [
          63.36,
          75.66888600000004,
          550.9700200000001,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.9 billion of residential mortgage servicing rights for net proceeds of $61.8 million and $47.4 million, respectively, as ",
        "box": [
          63.36,
          87.66888600000004,
          550.9799700000001,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "part  of  the  Company's  disposition  of  its  Residential  Mortgage  Banking  segment.  In  the  first  quarter  of  2025,  the ",
        "box": [
          63.36,
          99.66888600000004,
          551.0499799999998,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company  sold  $4.2  billion  of  residential  mortgage  servicing  rights  for  net  proceeds  of  $9.8  million.  The  Company ",
        "box": [
          63.36,
          111.66888600000004,
          551.09,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "completed the disposition of its Residential Mortgage Banking segment effective on June 30, 2025 through the sale of all ",
        "box": [
          63.36,
          123.66888600000004,
          551.1399700000001,
          131.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the issued and outstanding equity of GMFS, LLC. The aggregate consideration consists of approximately $3.5 million ",
        "box": [
          63.36,
          135.66888600000004,
          551.09003,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "paid at closing, as adjusted for closing and other costs related to the disposition and subject to customary post-closing ",
        "box": [
          63.36,
          147.66888600000004,
          551.12,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjustments,  plus  certain  deferred  payments  related  to  the  sale  of  MSRs  and  an  earnout  opportunity  not  to  exceed ",
        "box": [
          63.36,
          159.66888600000004,
          551.1400000000004,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$5.5 million in the approximately 30 months after closing based on the performance of the sold business.",
        "box": [
          63.36,
          171.66888600000004,
          482.95001,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the operating results of the Residential Mortgage Banking segment presented as discontinued ",
        "box": [
          63.36,
          195.66888600000004,
          551.0699999999998,
          203.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations.",
        "box": [
          63.36,
          207.66888600000004,
          107.48,
          215.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          417.66,
          222.52526420000004,
          513.8399999999999,
          228.28507178932784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          233.83520420000002,
          106.24,
          239.59501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          416.35999,
          233.77526420000004,
          430.35999,
          239.53507178932784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          501.10999,
          233.77526420000004,
          515.1099899999999,
          239.53507178932784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          71.99,
          245.08520420000002,
          115.32,
          250.84501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          245.4652142,
          391.48999,
          251.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          245.4652142,
          458.27698999999996,
          251.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          245.4652142,
          476.23999,
          251.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,118 ",
        "box": [
          529.02699,
          245.4652142,
          546.52699,
          251.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          71.99,
          256.3352042,
          117.252,
          262.0950117893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          256.7152142,
          387.98999,
          262.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          256.7152142,
          458.27698999999996,
          262.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          256.7152142,
          472.73999,
          262.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,024) ",
        "box": [
          526.6959899999999,
          256.7152142,
          548.85799,
          262.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income (expense)",
        "box": [
          65.99,
          267.52526420000004,
          153.59499999999997,
          273.28507178932784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          267.9652142,
          391.48999,
          273.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          267.9652142,
          458.27698999999996,
          273.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          267.9652142,
          476.23999,
          273.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94 ",
        "box": [
          537.77699,
          267.9652142,
          546.52699,
          273.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-interest income",
        "box": [
          65.99,
          278.83523420000006,
          123.32,
          284.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential mortgage banking activities",
        "box": [
          71.99,
          290.0852342,
          182.93999999999997,
          295.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          290.4652442,
          387.98999,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          290.4652442,
          458.27698999999996,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          290.4652442,
          472.73999,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,415 ",
        "box": [
          525.52699,
          290.4652442,
          546.52699,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net realized gain (loss) on financial instruments",
        "box": [
          71.99,
          301.3352342,
          206.45299999999997,
          307.0950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          301.7152442,
          387.98999,
          307.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          301.7152442,
          458.27698999999996,
          307.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          301.7152442,
          472.73999,
          307.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,832 ",
        "box": [
          529.02699,
          301.7152442,
          546.52699,
          307.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net unrealized gain (loss) on financial instruments",
        "box": [
          71.99,
          312.5852342,
          213.45299999999997,
          318.3450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          312.9652442,
          387.98999,
          318.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          312.9652442,
          458.27698999999996,
          318.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          312.9652442,
          472.73999,
          318.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,952) ",
        "box": [
          526.6959899999999,
          312.9652442,
          548.85799,
          318.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing income, net of amortization and impairment",
        "box": [
          71.99,
          323.8352342,
          223.75699999999992,
          329.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          324.2152442,
          387.98999,
          329.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          324.2152442,
          458.27698999999996,
          329.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          324.2152442,
          472.73999,
          329.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,433 ",
        "box": [
          529.02699,
          324.2152442,
          546.52699,
          329.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income",
        "box": [
          71.99,
          335.0852342,
          110.273,
          340.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          335.4652442,
          387.98999,
          341.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          335.4652442,
          458.27698999999996,
          341.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          335.4652442,
          472.73999,
          341.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4 ",
        "box": [
          541.27699,
          335.4652442,
          546.52699,
          341.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total non-interest income",
        "box": [
          65.99,
          346.2752342,
          142.94799999999995,
          352.0350417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          346.7152442,
          391.48999,
          352.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          346.7152442,
          458.27698999999996,
          352.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          346.7152442,
          476.23999,
          352.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,732 ",
        "box": [
          525.52699,
          346.7152442,
          546.52699,
          352.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-interest expense",
        "box": [
          65.99,
          357.5852342,
          125.252,
          363.3450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Employee compensation and benefits",
        "box": [
          71.99,
          368.8352342,
          176.72399999999996,
          374.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          369.2152442,
          387.98999,
          374.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          369.2152442,
          458.27698999999996,
          374.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          369.2152442,
          472.73999,
          374.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,561) ",
        "box": [
          526.6959899999999,
          369.2152442,
          548.85799,
          374.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Variable expenses on residential mortgage banking activities",
        "box": [
          71.99,
          380.0852342,
          242.18799999999996,
          385.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          380.4652442,
          387.98999,
          386.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          380.4652442,
          458.27698999999996,
          386.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          380.4652442,
          472.73999,
          386.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,419) ",
        "box": [
          526.6959899999999,
          380.4652442,
          548.85799,
          386.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Professional fees",
        "box": [
          71.99,
          391.3352342,
          119.58999999999999,
          397.0950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          391.7152442,
          387.98999,
          397.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          391.7152442,
          458.27698999999996,
          397.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          391.7152442,
          472.73999,
          397.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(548) ",
        "box": [
          531.9459899999999,
          391.7152442,
          548.85799,
          397.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan servicing expense",
        "box": [
          71.99,
          402.5852342,
          138.049,
          408.3450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          402.9652442,
          387.98999,
          408.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          402.9652442,
          458.27698999999996,
          408.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          402.9652442,
          472.73999,
          408.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,428) ",
        "box": [
          526.6959899999999,
          402.9652442,
          548.85799,
          408.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other operating expenses",
        "box": [
          71.99,
          413.8352342,
          143.096,
          419.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          414.2152442,
          387.98999,
          419.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          414.2152442,
          458.27698999999996,
          419.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          414.2152442,
          472.73999,
          419.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,464) ",
        "box": [
          526.6959899999999,
          414.2152442,
          548.85799,
          419.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total non-interest expense",
        "box": [
          65.99,
          425.0252342,
          144.887,
          430.7850417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          425.4652442,
          391.48999,
          431.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          425.4652442,
          458.27698999999996,
          431.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          425.4652442,
          476.23999,
          431.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,420) ",
        "box": [
          523.1959899999999,
          425.4652442,
          548.85799,
          431.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss from discontinued operations before income tax benefit",
        "box": [
          71.99,
          436.3352342,
          242.41199999999995,
          442.0950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          436.7152442,
          387.98999,
          442.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          436.7152442,
          458.27698999999996,
          442.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          436.7152442,
          472.73999,
          442.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(594) ",
        "box": [
          531.9459899999999,
          436.7152442,
          548.85799,
          442.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax benefit",
        "box": [
          71.99,
          447.5852342,
          124.44099999999999,
          453.3450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          447.9652442,
          387.98999,
          453.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          447.9652442,
          458.27698999999996,
          453.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          447.9652442,
          472.73999,
          453.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "149 ",
        "box": [
          534.27699,
          447.9652442,
          546.52699,
          453.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss from discontinued operations",
        "box": [
          65.99,
          458.7752342,
          178.72499999999997,
          464.5350417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          459.2152442,
          391.48999,
          464.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          459.2152442,
          458.27698999999996,
          464.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          459.2152442,
          476.23999,
          464.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(445) ",
        "box": [
          531.9459899999999,
          459.2152442,
          548.85799,
          464.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 10. Secured Borrowings",
        "box": [
          63.36,
          484.00890599999997,
          187.70000000000002,
          492.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents certain characteristics of secured borrowings.",
        "box": [
          63.36,
          508.168886,
          346.59000000000003,
          516.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pledged Assets",
        "box": [
          363.44,
          535.4652142,
          407.55400000000003,
          541.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value at",
        "box": [
          455.04001,
          535.4652142,
          509.45801,
          541.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lenders  (1)",
        "box": [
          65.99,
          552.90415223,
          96.87915000000004,
          559.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset Class",
        "box": [
          102.74,
          553.4652142,
          136.36800000000002,
          559.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Maturity  (2)",
        "box": [
          182.99001,
          552.90415223,
          243.43621000000002,
          559.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pricing  (3)",
        "box": [
          266.98999,
          552.90415223,
          295.77618,
          559.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facility Size",
        "box": [
          316.32999,
          553.4652142,
          352.6739900000001,
          559.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          371.69,
          546.4652142,
          401.034,
          552.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          376.73999,
          553.4652142,
          394.23999,
          559.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          424.51001,
          553.4652142,
          470.95501,
          559.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          488.47,
          553.4652142,
          545.0020000000001,
          559.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          65.99,
          573.7152142,
          69.49,
          579.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA loans",
        "box": [
          102.74,
          573.7152142,
          132.868,
          579.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2026 to June 2027",
        "box": [
          182.99001,
          573.7152142,
          251.03701,
          579.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.55%",
        "box": [
          266.98999,
          565.3152442,
          310.00098,
          571.0750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prime - 0.82%",
        "box": [
          266.98999,
          573.7152142,
          307.60099,
          579.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          573.7152142,
          320.98999,
          579.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335,000 ",
        "box": [
          329.85898999999995,
          573.7152142,
          354.35898999999995,
          579.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          362.98999,
          573.7152142,
          368.23999,
          579.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "382,817 ",
        "box": [
          384.60598999999996,
          573.7152142,
          409.10598999999996,
          579.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.48999,
          573.7152142,
          423.73999,
          579.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "301,025 ",
        "box": [
          453.60899,
          573.7152142,
          478.10899,
          579.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          487.48999,
          573.7152142,
          492.73999,
          579.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "307,522 ",
        "box": [
          522.60899,
          573.7152142,
          547.10899,
          579.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          65.99,
          584.9652142,
          69.49,
          590.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM loans - USD",
        "box": [
          102.74,
          584.9652142,
          155.814,
          590.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2026",
        "box": [
          182.99001,
          584.9652142,
          211.56401000000002,
          590.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.35%",
        "box": [
          266.98999,
          584.9652142,
          310.00098,
          590.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          584.9652142,
          317.48999,
          590.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,000 ",
        "box": [
          333.35898999999995,
          584.9652142,
          354.35898999999995,
          590.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          362.98999,
          584.9652142,
          364.73999,
          590.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,490 ",
        "box": [
          391.60598999999996,
          584.9652142,
          409.10598999999996,
          590.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.48999,
          584.9652142,
          420.23999,
          590.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,277 ",
        "box": [
          460.77698999999996,
          584.9652142,
          478.27698999999996,
          590.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.48999,
          584.9652142,
          489.23999,
          590.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,425 ",
        "box": [
          526.27699,
          584.9652142,
          547.27699,
          590.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          65.99,
          602.9652142,
          69.49,
          608.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM loans - Non-USD  (4)",
        "box": [
          102.74,
          602.40415223,
          177.20620000000002,
          608.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2027",
        "box": [
          182.99001,
          602.9652142,
          220.49601,
          608.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EURIBOR + ",
        "box": [
          266.98999,
          595.9652142,
          305.10999,
          601.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.00%",
        "box": [
          266.98999,
          602.9652142,
          285.07099,
          608.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          602.9652142,
          317.48999,
          608.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,696 ",
        "box": [
          333.35898999999995,
          602.9652142,
          354.35898999999995,
          608.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          362.98999,
          602.9652142,
          364.73999,
          608.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,356 ",
        "box": [
          388.10598999999996,
          602.9652142,
          409.10598999999996,
          608.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.48999,
          602.9652142,
          420.23999,
          608.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,413 ",
        "box": [
          457.27698999999996,
          602.9652142,
          478.27698999999996,
          608.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.48999,
          602.9652142,
          489.23999,
          608.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,965 ",
        "box": [
          526.27699,
          602.9652142,
          547.27699,
          608.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          65.99,
          614.2152142,
          69.49,
          619.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USDA loans",
        "box": [
          102.74,
          614.2152142,
          138.31400000000002,
          619.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2027 - August 2028",
        "box": [
          182.99001,
          614.2152142,
          253.36801000000003,
          619.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.75%",
        "box": [
          266.98999,
          614.2152142,
          310.00098,
          619.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          614.2152142,
          317.48999,
          619.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "198,500 ",
        "box": [
          329.85898999999995,
          614.2152142,
          354.35898999999995,
          619.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          362.98999,
          614.2152142,
          364.73999,
          619.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,851 ",
        "box": [
          388.10598999999996,
          614.2152142,
          409.10598999999996,
          619.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.48999,
          614.2152142,
          420.23999,
          619.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,285 ",
        "box": [
          457.10898999999995,
          614.2152142,
          478.10898999999995,
          619.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.48999,
          614.2152142,
          489.23999,
          619.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,204 ",
        "box": [
          526.10899,
          614.2152142,
          547.10899,
          619.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total borrowings under credit facilities and other financing agreements",
        "box": [
          65.99,
          625.4652142,
          279.7489999999999,
          631.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          625.4652142,
          320.98999,
          631.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "632,196 ",
        "box": [
          329.85898999999995,
          625.4652142,
          354.35898999999995,
          631.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          362.98999,
          625.4652142,
          368.23999,
          631.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "446,514 ",
        "box": [
          384.60598999999996,
          625.4652142,
          409.10598999999996,
          631.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.48999,
          625.4652142,
          423.73999,
          631.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "358,000 ",
        "box": [
          453.60899,
          625.4652142,
          478.10899,
          631.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          487.48999,
          625.4652142,
          492.73999,
          631.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "385,116 ",
        "box": [
          522.60899,
          625.4652142,
          547.10899,
          631.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          65.99,
          643.4652142,
          69.49,
          649.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM loans",
        "box": [
          102.74,
          643.4652142,
          135.983,
          649.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2026 - September ",
        "box": [
          182.99001,
          636.4652142,
          249.06301,
          642.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          182.99001,
          643.4652142,
          196.99001,
          649.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.56%",
        "box": [
          266.98999,
          643.4652142,
          310.00098,
          649.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          643.4652142,
          317.48999,
          649.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,425,000 ",
        "box": [
          324.60898999999995,
          643.4652142,
          354.35898999999995,
          649.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          362.98999,
          643.4652142,
          364.73999,
          649.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,997,237 ",
        "box": [
          379.35598999999996,
          643.4652142,
          409.10598999999996,
          649.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.48999,
          643.4652142,
          420.23999,
          649.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,841,176 ",
        "box": [
          448.52698999999996,
          643.4652142,
          478.27698999999996,
          649.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.48999,
          643.4652142,
          489.23999,
          649.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,277,028 ",
        "box": [
          517.52699,
          643.4652142,
          547.27699,
          649.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          65.99,
          661.4652142,
          69.49,
          667.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MBS",
        "box": [
          102.74,
          661.4652142,
          117.51699999999998,
          667.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2026 - September ",
        "box": [
          182.99001,
          654.4652142,
          251.01600999999997,
          660.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          182.99001,
          661.4652142,
          196.99001,
          667.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.38%",
        "box": [
          266.98999,
          661.4652142,
          285.07099,
          667.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          661.4652142,
          317.48999,
          667.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122,267 ",
        "box": [
          329.85898999999995,
          661.4652142,
          354.35898999999995,
          667.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          362.98999,
          661.4652142,
          364.73999,
          667.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "212,800 ",
        "box": [
          384.60598999999996,
          661.4652142,
          409.10598999999996,
          667.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.48999,
          661.4652142,
          420.23999,
          667.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122,267 ",
        "box": [
          453.77698999999996,
          661.4652142,
          478.27698999999996,
          667.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.48999,
          661.4652142,
          489.23999,
          667.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126,782 ",
        "box": [
          522.77699,
          661.4652142,
          547.27699,
          667.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total borrowings under repurchase agreements",
        "box": [
          65.99,
          672.7152142,
          208.60099999999994,
          678.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          672.7152142,
          320.98999,
          678.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,547,267 ",
        "box": [
          324.60899,
          672.7152142,
          354.35899,
          678.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          362.98999,
          672.7152142,
          368.23999,
          678.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,210,037 ",
        "box": [
          379.35598999999996,
          672.7152142,
          409.10598999999996,
          678.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.48999,
          672.7152142,
          423.73999,
          678.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,963,443 ",
        "box": [
          448.35898999999995,
          672.7152142,
          478.10898999999995,
          678.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          487.48999,
          672.7152142,
          492.73999,
          678.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,403,810 ",
        "box": [
          517.35899,
          672.7152142,
          547.10899,
          678.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total secured borrowings",
        "box": [
          65.99,
          683.9652142,
          142.54899999999998,
          689.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          683.9652142,
          320.98999,
          689.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,179,463 ",
        "box": [
          324.60899,
          683.9652142,
          354.35899,
          689.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          362.98999,
          683.9652142,
          368.23999,
          689.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,656,551 ",
        "box": [
          379.35598999999996,
          683.9652142,
          409.10598999999996,
          689.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.48999,
          683.9652142,
          423.73999,
          689.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,321,443 ",
        "box": [
          448.35898999999995,
          683.9652142,
          478.10898999999995,
          689.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          487.48999,
          683.9652142,
          492.73999,
          689.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,788,926 ",
        "box": [
          517.35899,
          683.9652142,
          547.10899,
          689.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)Represents the total number of facility lenders.",
        "box": [
          63.36,
          696.8252542,
          203.51199999999994,
          702.5850617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)Current maturity does not reflect extension options available beyond original commitment terms.",
        "box": [
          63.36,
          705.2252242,
          344.04400000000027,
          710.9850317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)Asset class pricing is determined using an index rate plus a weighted average spread.",
        "box": [
          63.36,
          713.6252442,
          310.17100000000005,
          719.3850517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)Non-USD denominated credit facilities and repurchase agreements have been converted into USD for purposes of this disclosure.",
        "box": [
          63.36,
          722.0252042,
          435.0030200000003,
          727.7850117893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 39,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "In  the  table  above,  the  agreements  governing  secured  borrowings  require  maintenance  of  certain  financial  and  debt ",
        "box": [
          63.36,
          75.66888600000004,
          551.1099999999999,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "covenants. As of both March 31, 2026 and December 31, 2025, certain financing counterparties covenants calculations ",
        "box": [
          63.36,
          87.66888600000004,
          551.0799800000001,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were amended to exclude the PPPLF from certain covenant calculations. As of both March 31, 2026 and December 31, ",
        "box": [
          63.36,
          99.66888600000004,
          551.1200300000002,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025 the Company was in compliance with all debt and financial covenants, as amended.",
        "box": [
          63.36,
          111.66888600000004,
          419.88,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the carrying value of collateral pledged with respect to secured borrowings outstanding.",
        "box": [
          63.36,
          135.66888600000004,
          516.1499999999999,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pledged Assets Carrying Value",
        "box": [
          424.66,
          161.4652142,
          517.368,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          171.2152142,
          106.24,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          407.64001,
          171.2152142,
          454.08501,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          482.85001,
          171.2152142,
          539.38201,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral pledged - borrowings under credit facilities and other financing agreements",
        "box": [
          65.99,
          180.9652142,
          322.89,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held for sale",
        "box": [
          71.99,
          190.7152142,
          127.178,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          190.7152142,
          401.23999,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,941 ",
        "box": [
          446.02599,
          190.7152142,
          467.02599,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          190.7152142,
          481.48999,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,516 ",
        "box": [
          526.27599,
          190.7152142,
          547.27599,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, net",
        "box": [
          71.99,
          200.4652142,
          101.13799999999999,
          206.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          200.4652142,
          397.73999,
          206.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "420,573 ",
        "box": [
          442.52599,
          200.4652142,
          467.02599,
          206.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          200.4652142,
          477.98999,
          206.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "423,151 ",
        "box": [
          522.77599,
          200.4652142,
          547.27599,
          206.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          65.99,
          210.2152142,
          81.92899999999999,
          215.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          210.2152142,
          401.23999,
          215.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "446,514 ",
        "box": [
          442.52599,
          210.2152142,
          467.02599,
          215.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          210.2152142,
          481.48999,
          215.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "451,667 ",
        "box": [
          522.77599,
          210.2152142,
          547.27599,
          215.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral pledged - borrowings under repurchase agreements",
        "box": [
          65.99,
          219.9652142,
          251.74199999999996,
          225.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, net",
        "box": [
          71.99,
          229.7152142,
          101.13799999999999,
          235.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          229.7152142,
          397.73999,
          235.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,208,675 ",
        "box": [
          437.27599,
          229.7152142,
          467.02599,
          235.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          229.7152142,
          477.98999,
          235.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,284,251 ",
        "box": [
          517.52599,
          229.7152142,
          547.27599,
          235.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MBS",
        "box": [
          71.99,
          239.4652142,
          86.76699999999998,
          245.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          239.4652142,
          397.73999,
          245.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,648 ",
        "box": [
          446.02599,
          239.4652142,
          467.02599,
          245.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          239.4652142,
          477.98999,
          245.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,501 ",
        "box": [
          526.27599,
          239.4652142,
          547.27599,
          245.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retained interest in assets of consolidated VIEs",
        "box": [
          71.99,
          249.2152142,
          205.284,
          254.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          249.2152142,
          397.73999,
          254.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "181,151 ",
        "box": [
          442.52599,
          249.2152142,
          467.02599,
          254.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          249.2152142,
          477.98999,
          254.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "188,113 ",
        "box": [
          522.77599,
          249.2152142,
          547.27599,
          254.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held for sale",
        "box": [
          71.99,
          258.9652142,
          127.178,
          264.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          258.9652142,
          397.73999,
          264.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "272,230 ",
        "box": [
          442.52599,
          258.9652142,
          467.02599,
          264.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          258.9652142,
          477.98999,
          264.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "506,883 ",
        "box": [
          522.77599,
          258.9652142,
          547.27599,
          264.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate acquired in settlement of loans",
        "box": [
          71.99,
          268.7152142,
          190.10099999999997,
          274.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          268.7152142,
          397.73999,
          274.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "516,333 ",
        "box": [
          442.52599,
          268.7152142,
          467.02599,
          274.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          268.7152142,
          477.98999,
          274.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "546,835 ",
        "box": [
          522.77599,
          268.7152142,
          547.27599,
          274.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          65.99,
          278.46524420000003,
          81.92899999999999,
          284.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          278.46524420000003,
          401.23999,
          284.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,210,037 ",
        "box": [
          437.27599,
          278.46524420000003,
          467.02599,
          284.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          278.46524420000003,
          481.48999,
          284.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,560,583 ",
        "box": [
          517.52599,
          278.46524420000003,
          547.27599,
          284.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total collateral pledged on secured borrowings",
        "box": [
          65.99,
          288.2152442,
          206.48699999999997,
          293.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          288.2152442,
          401.23999,
          293.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,656,551 ",
        "box": [
          437.27599,
          288.2152442,
          467.02599,
          293.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          288.2152442,
          481.48999,
          293.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,012,250 ",
        "box": [
          517.52599,
          288.2152442,
          547.27599,
          293.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 11. Senior Secured Notes and Corporate Debt, net",
        "box": [
          63.36,
          313.00890599999997,
          298.7400000000001,
          321.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net ",
        "box": [
          63.36,
          337.00890599999997,
          169.11,
          345.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap  Holdings,  LLC  ('ReadyCap  Holdings')  4.50%  senior  secured  notes  due  2026. ",
        "box": [
          63.36,
          349.16891599999997,
          452.90002,
          357.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On  October  20,  2021, ",
        "box": [
          455.09998,
          349.16891599999997,
          551.0999800000001,
          357.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap Holdings, an indirect subsidiary of the Company, completed the offer and sale of $350.0 million of its 4.50% ",
        "box": [
          63.36,
          361.16891599999997,
          551.0,
          369.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior  Secured  Notes  due  2026  (the  '2026  Senior  Secured  Notes').  The  2026  Senior  Secured  Notes  are  fully  and ",
        "box": [
          63.36,
          373.16891599999997,
          551.07003,
          381.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unconditionally guaranteed by the Company, each direct parent entity of ReadyCap Holdings, and other direct or indirect ",
        "box": [
          63.36,
          385.16891599999997,
          551.0800000000002,
          393.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiaries of the Company from time to time that is a direct parent entity of Sutherland Asset III, LLC or otherwise ",
        "box": [
          63.36,
          397.16891599999997,
          551.1300000000003,
          405.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pledges collateral to secure the 2026 Senior Secured Notes (collectively, the '2026 SSN Guarantors'). ",
        "box": [
          63.36,
          409.16891599999997,
          475.09999999999997,
          417.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap Holdings' and the 2026 SSN Guarantors' respective obligations under the 2026 Senior Secured Notes are ",
        "box": [
          63.36,
          433.16891599999997,
          551.0599900000002,
          441.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "secured by a perfected first-priority  lien  on  certain  capital  stock  and  assets  (collectively,  the  '2026  SSN  Collateral') ",
        "box": [
          63.36,
          445.16891599999997,
          551.1399700000003,
          453.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned by certain subsidiaries of the Company.",
        "box": [
          63.36,
          457.16891599999997,
          251.23000000000002,
          465.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  2026  Senior  Secured  Notes  are  redeemable  by  ReadyCap  Holdings'  following  a  non-call  period,  through  the ",
        "box": [
          63.36,
          481.16891599999997,
          551.0700000000002,
          489.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payment of the outstanding principal balance of the 2026 Senior Secured Notes plus a 'make-whole' or other premium ",
        "box": [
          63.36,
          493.16891599999997,
          551.1200199999998,
          501.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that  decreases  the  closer  the  2026  Senior  Secured  Notes  are  to  maturity.  ReadyCap  Holdings  is  required  to  offer  to ",
        "box": [
          63.36,
          505.16891599999997,
          551.1100100000002,
          513.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase the 2026 Senior Secured Notes at 101% of the principal balance of the 2026 Senior Secured Notes in the ",
        "box": [
          63.36,
          517.1688859999999,
          551.0100300000001,
          525.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "event of a change in control and a downgrade of the rating on the 2026 Senior Secured Notes in connection therewith, as ",
        "box": [
          63.36,
          529.1688859999999,
          551.06999,
          537.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "set forth more fully in the note purchase agreement governing the 2026 Senior Secured Notes. ",
        "box": [
          63.36,
          541.168886,
          441.85999,
          549.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The 2026 Senior Secured Notes were issued pursuant to a note purchase agreement, which contains certain customary ",
        "box": [
          63.36,
          565.168886,
          551.0300000000002,
          573.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "negative covenants and requirements relating to the collateral and the Company, ReadyCap Holdings, and the 2026 SSN ",
        "box": [
          63.36,
          577.168886,
          551.0599699999999,
          585.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Guarantors,  including  maintenance  of  minimum  liquidity,  minimum  tangible  net  worth,  maximum  debt  to  net  worth ",
        "box": [
          63.36,
          589.168886,
          551.09,
          597.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ratio, and limitations on transactions with affiliates.",
        "box": [
          63.36,
          601.168886,
          269.19000000000005,
          609.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap Holdings 9.375% senior secured notes due 2028. ",
        "box": [
          63.36,
          625.168886,
          312.88999,
          633.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On February 21, 2025, ReadyCap Holdings completed the ",
        "box": [
          313.23999,
          625.168886,
          551.0499900000003,
          633.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offer and sale of $220.0 million of its 9.375% Senior Secured Notes due 2028 (the '2028 Senior Secured Notes' and, ",
        "box": [
          63.36,
          637.168886,
          551.0599900000004,
          645.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with the 2026 Senior Secured Notes, collectively, the 'Senior Secured Notes') for net proceeds of $216.7 million before ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses. The 2028 Senior Secured Notes are fully and unconditionally guaranteed by the Company and other direct or ",
        "box": [
          63.36,
          661.1688859999999,
          551.1300000000003,
          669.3971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indirect subsidiaries of the Company from time to time that pledge collateral to secure the 2028 Senior Secured Notes ",
        "box": [
          63.36,
          673.168886,
          550.97,
          681.3971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(collectively, the '2028 SSN Guarantors'). ",
        "box": [
          63.36,
          685.168886,
          237.89000000000001,
          693.3971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 40,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "ReadyCap Holdings' and the 2028 SSN Guarantors' respective obligations under the 2028 Senior Secured Notes are ",
        "box": [
          63.36,
          63.66888600000004,
          551.06,
          71.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "secured by a perfected first-priority  lien  on  certain  capital  stock  and  assets  (collectively,  the  '2028  SSN  Collateral') ",
        "box": [
          63.36,
          75.66888600000004,
          551.1400000000004,
          83.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned by certain subsidiaries of the Company.",
        "box": [
          63.36,
          87.66888600000004,
          251.23000000000002,
          95.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  2028  Senior  Secured  Notes  are  redeemable  by  ReadyCap  Holdings  following  a  non-call  period,  through  the ",
        "box": [
          63.36,
          111.66888600000004,
          551.04,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payment of the outstanding principal balance of the 2028 Senior Secured Notes plus a 'make-whole' or other premium ",
        "box": [
          63.36,
          123.66888600000004,
          551.1199999999999,
          131.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that  decreases  the  closer  the  2028  Senior  Secured  Notes  are  to  maturity.  ReadyCap  Holdings  is  required  to  offer  to ",
        "box": [
          63.36,
          135.66888600000004,
          551.1100000000001,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase the 2028 Senior Secured Notes at 101% of the principal balance of the 2028 Senior Secured Notes in the ",
        "box": [
          63.36,
          147.66888600000004,
          551.0099799999999,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "event of a change in control and a downgrade of the rating on the 2028 Senior Secured Notes in connection therewith, as ",
        "box": [
          63.36,
          159.66888600000004,
          551.0699999999998,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "set forth more fully in the note purchase agreement governing the 2028 Senior Secured Notes. ",
        "box": [
          63.36,
          171.66888600000004,
          441.85999,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The 2028 Senior Secured Notes were issued pursuant to a note purchase agreement, which contains certain customary ",
        "box": [
          63.36,
          195.66888600000004,
          551.0300000000002,
          203.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "negative covenants and requirements relating to the collateral and the Company, ReadyCap Holdings, and the 2028 SSN ",
        "box": [
          63.36,
          207.66888600000004,
          551.0600000000003,
          215.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Guarantors, including maintenance of minimum tangible net worth, maximum debt to net worth ratio, unencumbered ",
        "box": [
          63.36,
          219.66888600000004,
          551.0300000000002,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash and asset requirements, and limitations on transactions with affiliates. ",
        "box": [
          63.36,
          231.66888600000004,
          364.6300099999999,
          239.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On April 16, 2025, ReadyCap Holdings issued an additional $50.0 million in aggregate principal amount of its 2028 ",
        "box": [
          63.36,
          255.668946,
          551.0199999999999,
          263.8972425561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior  Secured  Notes  for  net  proceeds  of  $49.3  million  before  expenses.  The  additional  notes  are  fungible  with  and ",
        "box": [
          63.36,
          267.668946,
          551.1199999999998,
          275.8972425561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "treated as a single series of debt securities as the Company's 2028 Senior Secured Notes issued on February 21, 2025. ",
        "box": [
          63.36,
          279.66891599999997,
          551.0300000000002,
          287.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company used the net proceeds from the issuance of the additional notes to repay its indebtedness and for general ",
        "box": [
          63.36,
          291.66891599999997,
          551.0800000000003,
          299.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corporate purposes. ",
        "box": [
          63.36,
          303.66891599999997,
          144.12,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Term Holdings, LLC ('Ready Term Holdings') term loan due 2029.",
        "box": [
          63.36,
          327.66891599999997,
          374.59999999999985,
          335.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " On April 12, 2024, Ready Term Holdings, ",
        "box": [
          374.59998,
          327.66891599999997,
          551.0299799999999,
          335.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "an indirect subsidiary of the Company, entered into a credit agreement which provides for a delayed draw term loan to ",
        "box": [
          63.36,
          339.66891599999997,
          550.96,
          347.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Company in an aggregate principal amount not to exceed $115.25 million (the 'Term Loan'). The Term Loan is fully ",
        "box": [
          63.36,
          351.66891599999997,
          551.1200200000001,
          359.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and unconditionally guaranteed by the Company and other direct or indirect subsidiaries of the Company from time to ",
        "box": [
          63.36,
          363.66891599999997,
          550.98,
          371.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "time that pledge collateral to secure the Term Loan (collectively, the 'Term Loan Guarantors'). ",
        "box": [
          63.36,
          375.66891599999997,
          448.32000000000005,
          383.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Term Holdings' and the Term Loan Guarantors' respective obligations under the Term Loan are secured by a ",
        "box": [
          63.36,
          399.66891599999997,
          551.0300000000001,
          407.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "perfected  first-priority  lien  on  certain  capital  stock  and  assets  (collectively,  the  'Term  Loan  Collateral')  owned  by ",
        "box": [
          63.36,
          411.66891599999997,
          551.0600000000003,
          419.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain subsidiaries of the Company.",
        "box": [
          63.36,
          423.66891599999997,
          209.58,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Term Loan matures on April 12, 2029, and may be drawn at any time on or prior to January 12, 2025, subject to the ",
        "box": [
          63.36,
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          551.1,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "satisfaction of customary conditions. The Company borrowed $75.0 million in connection with the initial closing of the ",
        "box": [
          63.36,
          459.66891599999997,
          551.0599899999999,
          467.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Loan. On August 19, 2024, the Company borrowed an additional $20.0 million. The Term Loan bears interest on ",
        "box": [
          63.36,
          471.66891599999997,
          551.0100100000002,
          479.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the outstanding principal amount thereof at a rate equal to (a) SOFR plus 5.50% per annum or (b) base rate plus 4.50% ",
        "box": [
          63.36,
          483.66891599999997,
          550.96002,
          491.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per annum; provided that if at any time the Term Loan is rated below investment grade, the interest rate shall increase to ",
        "box": [
          63.36,
          495.66891599999997,
          551.07,
          503.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(x) SOFR plus 6.50% per annum or (y) base rate plus 5.50% per annum until the rating is no longer below investment ",
        "box": [
          63.36,
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          550.94001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "grade. In connection with the entry into the credit agreement, the Company also agreed to pay certain upfront fees on the ",
        "box": [
          63.36,
          519.6688859999999,
          551.0000000000001,
          527.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "initial borrowing date. The Company will also pay, with respect to any unused portion of the Term Loan, a commitment ",
        "box": [
          63.36,
          531.6688859999999,
          551.0199999999998,
          539.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fee of 1.00% per annum.",
        "box": [
          63.36,
          543.668886,
          162.17,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Term  Loan  was  issued  pursuant  to  a  credit  agreement,  which  contains  certain  customary  representations  and ",
        "box": [
          63.36,
          567.668886,
          551.0499999999998,
          575.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "warranties and affirmative and negative covenants and requirements relating to the collateral and the Company, Ready ",
        "box": [
          63.36,
          579.668886,
          551.0499700000001,
          587.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term  Holdings,  and  the  Term  Loan  Guarantors,  including  maintenance  of  a  minimum  asset  coverage  ratio  and  a ",
        "box": [
          63.36,
          591.668886,
          551.0799900000001,
          599.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maximum debt to equity ratio.",
        "box": [
          63.36,
          603.668886,
          184.61000000000004,
          611.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, the Company was in compliance with all covenants with respect to the Senior Secured Notes and ",
        "box": [
          63.36,
          629.108886,
          551.0800000000002,
          637.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Term Loan, as amended.",
        "box": [
          63.36,
          641.108886,
          177.10001,
          649.3371825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt, net",
        "box": [
          63.36,
          664.948916,
          142.47,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company  issues  senior  unsecured  notes  in  public  and  private  transactions.  The  notes  are  governed  by  a  base ",
        "box": [
          63.36,
          677.108886,
          551.1200000000001,
          685.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indenture and supplemental indentures. Often, the notes are redeemable by us following a non-call period, through the ",
        "box": [
          63.36,
          689.108886,
          551.0300000000001,
          697.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payment of the outstanding principal balance plus a 'make-whole' or other premium that typically decreases the closer ",
        "box": [
          63.36,
          701.108886,
          551.01,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the notes are to maturity. The Company often is required to offer to repurchase the notes, in some cases at 101% of the ",
        "box": [
          63.36,
          713.108886,
          551.11003,
          721.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 41,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "principal balance of the notes, in the event of a change in control or fundamental change pertaining to our company, as ",
        "box": [
          63.36,
          63.66888600000004,
          551.0900000000001,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defined in the applicable supplemental indentures. The notes rank equal in right of payment to any of its existing and ",
        "box": [
          63.36,
          75.66888600000004,
          550.9600200000001,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "future unsecured and unsubordinated indebtedness; effectively junior in right of payment to any of its existing and future ",
        "box": [
          63.36,
          87.66888600000004,
          551.0099800000002,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all ",
        "box": [
          63.36,
          99.66888600000004,
          551.0399999999996,
          107.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "existing and future indebtedness, other liabilities (including trade payables) and (to the extent not held by us) preferred ",
        "box": [
          63.36,
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          119.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock,  if  any,  of  our  subsidiaries.  The  supplemental  indentures  governing  the  notes  often  contain  customary  negative ",
        "box": [
          63.36,
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          131.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "covenants  and  financial  covenants  relating  to  maintenance  of  minimum  liquidity,  minimum  tangible  net  worth, ",
        "box": [
          63.36,
          135.66888600000004,
          551.04,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maximum debt to net worth ratio and limitations on transactions with affiliates.",
        "box": [
          63.36,
          147.66888600000004,
          380.18999999999994,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  addition,  in  connection  with  the  merger  among  the  Company,  Broadmark  Realty  Capital  Inc.  ('Broadmark'),  and ",
        "box": [
          63.36,
          171.66888600000004,
          551.0400000000001,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RCC  Merger  Sub,  LLC,  a  wholly  owned  subsidiary  of  the  operating  partnership  ('RCC  Merger  Sub'),  in  which ",
        "box": [
          63.36,
          183.66888600000004,
          551.0399999999998,
          191.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Broadmark merged with and into RCC Merger Sub, with RCC Merger Sub remaining as a wholly owned subsidiary of ",
        "box": [
          63.36,
          195.66888600000004,
          550.9900000000001,
          203.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  operating  partnership  (the  'Broadmark  Merger'),  RCC  Merger  Sub  assumed  Broadmark's  obligations  on  certain ",
        "box": [
          63.36,
          207.66888600000004,
          551.0599800000001,
          215.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "senior  unsecured  notes.  The  note  purchase  agreement  governing  these  notes  contains  financial  covenants  that  require ",
        "box": [
          63.36,
          219.66888600000004,
          551.12,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compliance  with  leverage  and  coverage  ratios  and  maintenance  of  minimum  tangible  net  worth,  as  well  as  other ",
        "box": [
          63.36,
          231.66888600000004,
          550.9999999999998,
          239.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "customary affirmative and negative covenants.",
        "box": [
          63.36,
          243.66888600000004,
          250.04999999999998,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, the Company was in compliance with all covenants with respect to its Corporate debt.",
        "box": [
          63.36,
          267.668946,
          499.84999999999985,
          275.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents information about senior secured notes and corporate debt issued through public and private ",
        "box": [
          63.36,
          291.66891599999997,
          551.0999999999999,
          299.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions.",
        "box": [
          63.36,
          303.66891599999997,
          113.56999999999996,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          329.4652442,
          106.24,
          335.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Coupon Rate",
        "box": [
          330.88,
          329.4652442,
          370.35299999999995,
          335.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity Date",
        "box": [
          409.39999,
          329.4652442,
          452.34499000000005,
          335.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          487.89001,
          329.4652442,
          534.33501,
          335.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes principal amount (1)",
        "box": [
          65.99,
          339.39417223,
          178.48620000000003,
          345.71504178932787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.50 %",
        "box": [
          366.95001,
          339.2152442,
          387.35501000000005,
          344.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/20/2026",
        "box": [
          431.35001,
          339.2152442,
          463.24201000000005,
          344.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          339.2152442,
          481.48999,
          344.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "350,000 ",
        "box": [
          522.77599,
          339.2152442,
          547.27599,
          344.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes principal amount (2)",
        "box": [
          65.99,
          349.90418223,
          178.48620000000003,
          356.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  9.375 %",
        "box": [
          363.45001,
          350.4652442,
          387.35501000000005,
          356.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/1/2028",
        "box": [
          438.35001,
          350.4652442,
          463.24201000000005,
          356.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          350.4652442,
          477.98999,
          356.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "270,000 ",
        "box": [
          522.77599,
          350.4652442,
          547.27599,
          356.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term loan principal amount (3) ",
        "box": [
          65.99,
          360.39417223,
          150.67915000000002,
          366.71504178932787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 5.50%",
        "box": [
          342.47,
          360.2152442,
          385.48099,
          365.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/12/2029",
        "box": [
          434.85001,
          360.2152442,
          463.24201000000005,
          365.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          360.2152442,
          477.98999,
          365.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115,250 ",
        "box": [
          522.77599,
          360.2152442,
          547.27599,
          365.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized discount",
        "box": [
          65.99,
          369.9652442,
          127.98199999999999,
          375.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          369.9652442,
          477.98999,
          375.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,747) ",
        "box": [
          527.44499,
          369.9652442,
          549.60699,
          375.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized deferred financing costs",
        "box": [
          65.99,
          379.7152442,
          171.48000000000002,
          385.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          379.7152442,
          477.98999,
          385.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,796) ",
        "box": [
          527.44499,
          379.7152442,
          549.60699,
          385.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total senior secured notes, net",
        "box": [
          65.99,
          389.4652442,
          156.72399999999993,
          395.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          389.4652442,
          481.48999,
          395.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "723,707 ",
        "box": [
          522.77599,
          389.4652442,
          547.27599,
          395.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt principal amount (4)",
        "box": [
          65.99,
          399.39417223,
          162.36621000000002,
          405.71504178932787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.50 %",
        "box": [
          366.95001,
          399.2152442,
          387.35501000000005,
          404.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/30/2028",
        "box": [
          431.35001,
          399.2152442,
          463.24201000000005,
          404.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          399.2152442,
          477.98999,
          404.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110,000 ",
        "box": [
          522.77599,
          399.2152442,
          547.27599,
          404.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt principal amount (5)",
        "box": [
          65.99,
          409.14417223,
          162.36621000000002,
          415.46504178932787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.20 %",
        "box": [
          366.95001,
          408.9652442,
          387.35501000000005,
          414.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/30/2026",
        "box": [
          434.85001,
          408.9652442,
          463.24201000000005,
          414.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          408.9652442,
          477.98999,
          414.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,443 ",
        "box": [
          526.27599,
          408.9652442,
          547.27599,
          414.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt principal amount (6)",
        "box": [
          65.99,
          418.89417223,
          162.36621000000002,
          425.21504178932787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.375 %",
        "box": [
          363.45001,
          418.7152442,
          387.35501000000005,
          424.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/31/2027",
        "box": [
          434.85001,
          418.7152442,
          463.24201000000005,
          424.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          418.7152442,
          477.98999,
          424.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100,000 ",
        "box": [
          522.77599,
          418.7152442,
          547.27599,
          424.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt principal amount (7)",
        "box": [
          65.99,
          428.64417223,
          162.36621000000002,
          434.96504178932787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.00 %",
        "box": [
          366.95001,
          428.4652442,
          387.35501000000005,
          434.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/15/2026",
        "box": [
          431.35001,
          428.4652442,
          463.24201000000005,
          434.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          428.4652442,
          477.98999,
          434.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100,000 ",
        "box": [
          522.77599,
          428.4652442,
          547.27599,
          434.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt principal amount (8)",
        "box": [
          65.99,
          439.15418223,
          162.36621000000002,
          445.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  9.00 %",
        "box": [
          366.95001,
          439.7152442,
          387.35501000000005,
          445.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/15/2029",
        "box": [
          431.35001,
          439.7152442,
          463.24201000000005,
          445.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          439.7152442,
          477.98999,
          445.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,371 ",
        "box": [
          522.77599,
          439.7152442,
          547.27599,
          445.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized discount - corporate debt",
        "box": [
          65.99,
          449.4652442,
          174.02099999999993,
          455.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          449.4652442,
          477.98999,
          455.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,600) ",
        "box": [
          527.44499,
          449.4652442,
          549.60699,
          455.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized deferred financing costs - corporate debt",
        "box": [
          65.99,
          459.2152442,
          217.51899999999998,
          464.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          459.2152442,
          477.98999,
          464.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,492) ",
        "box": [
          527.44499,
          459.2152442,
          549.60699,
          464.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Junior subordinated notes principal amount (9)",
        "box": [
          65.99,
          469.14417223,
          192.49620000000002,
          475.46504178932787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.10%",
        "box": [
          342.47,
          468.9652442,
          385.48099,
          474.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/30/2035",
        "box": [
          434.85001,
          468.9652442,
          463.24201000000005,
          474.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          468.9652442,
          477.98999,
          474.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,000 ",
        "box": [
          526.27599,
          468.9652442,
          547.27599,
          474.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Junior subordinated notes principal amount (10)",
        "box": [
          65.99,
          478.89417223,
          194.76665000000003,
          485.21504178932787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.10%",
        "box": [
          342.47,
          478.7152442,
          385.48099,
          484.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/30/2035",
        "box": [
          434.85001,
          478.7152442,
          463.24201000000005,
          484.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          478.7152442,
          477.98999,
          484.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,250 ",
        "box": [
          526.27599,
          478.7152442,
          547.27599,
          484.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total corporate debt, net",
        "box": [
          65.99,
          488.4652442,
          140.59599999999998,
          494.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          488.4652442,
          481.48999,
          494.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "536,972 ",
        "box": [
          522.77599,
          488.4652442,
          547.27599,
          494.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total carrying amount of debt",
        "box": [
          65.99,
          498.2152442,
          156.56299999999993,
          503.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          498.2152442,
          481.48999,
          503.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,260,679 ",
        "box": [
          517.52599,
          498.2152442,
          547.27599,
          503.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)Interest on the senior secured notes is payable semiannually on April 20 and October 20 of each year.",
        "box": [
          63.36,
          511.07525419999996,
          356.42000000000013,
          516.8350617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)Interest on the senior secured notes is payable semiannually on March 1 and September 1 of each year.",
        "box": [
          63.36,
          519.4752242,
          360.2840000000001,
          525.2350317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)Interest on the term loan is payable quarterly on January 12, April 12, July 12 and October 12 of each year.",
        "box": [
          63.36,
          527.8752442,
          372.184,
          533.6350517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)Interest on the corporate debt is payable semiannually on June 30 and December 30 of each year.",
        "box": [
          63.36,
          536.2752042,
          344.149,
          542.0350117893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)Interest on the corporate debt is payable quarterly on January 30, April 30, July 30, and October 30 of each year.",
        "box": [
          63.36,
          544.6752342,
          387.44300000000015,
          550.4350417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)Interest on the corporate debt is payable semiannually on January 31 and July 31 of each year.",
        "box": [
          63.36,
          553.0752542,
          336.01500000000004,
          558.8350617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)Interest on the corporate debt is payable semiannually on May 15 and November 15 of each year; assumed as part of the Broadmark Merger (as defined above).",
        "box": [
          63.36,
          561.4752242,
          519.6170100000002,
          567.2350317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)Interest on the corporate debt is payable quarterly on March 15, June 15, September 15, and December 15 of each year.",
        "box": [
          63.36,
          569.8752442,
          406.51900000000006,
          575.6350517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9) Interest on the Junior subordinated notes I-A is payable quarterly on March 30, June 30, September 30, and December 30 of each year.",
        "box": [
          63.36,
          578.2752042,
          450.6050000000001,
          584.0350117893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10) Interest on the Junior subordinated notes I-B is payable quarterly on January 30, April 30, July 30, and October 30 of each year. ",
        "box": [
          63.36,
          586.6752342,
          436.44600000000014,
          592.4350417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 42,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The table below presents the contractual maturities for senior secured notes and corporate debt.",
        "box": [
          63.36,
          63.66888600000004,
          443.96999999999997,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          89.46521419999999,
          106.24,
          95.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          487.89001,
          89.46521419999999,
          534.33501,
          95.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          65.99,
          99.21521419999999,
          79.99,
          104.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          99.21521419999999,
          481.48999,
          104.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "517,443 ",
        "box": [
          522.77599,
          99.21521419999999,
          547.27599,
          104.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          65.99,
          108.96521419999999,
          79.99,
          114.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          108.96521419999999,
          477.98999,
          114.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100,000 ",
        "box": [
          522.77599,
          108.96521419999999,
          547.27599,
          114.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          65.99,
          118.71521419999999,
          79.99,
          124.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          118.71521419999999,
          477.98999,
          124.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "380,000 ",
        "box": [
          522.77599,
          118.71521419999999,
          547.27599,
          124.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          65.99,
          128.4652142,
          79.99,
          134.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          128.4652142,
          477.98999,
          134.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "244,621 ",
        "box": [
          522.77599,
          128.4652142,
          547.27599,
          134.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          65.99,
          138.2152142,
          79.99,
          143.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          138.2152142,
          477.98999,
          143.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          538.52599,
          138.2152142,
          543.77599,
          143.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          65.99,
          147.9652142,
          95.11,
          153.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          147.9652142,
          477.98999,
          153.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,250 ",
        "box": [
          526.27599,
          147.9652142,
          547.27599,
          153.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total contractual amounts",
        "box": [
          65.99,
          157.7152142,
          145.29299999999998,
          163.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          157.7152142,
          481.48999,
          163.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,278,314 ",
        "box": [
          517.35799,
          157.7152142,
          547.10799,
          163.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized deferred financing costs, discounts, and premiums, net",
        "box": [
          65.99,
          167.4652142,
          256.81000000000006,
          173.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          167.4652142,
          477.98999,
          173.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,635) ",
        "box": [
          523.94499,
          167.4652142,
          549.60699,
          173.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total carrying amount of debt",
        "box": [
          65.99,
          177.2152142,
          156.56299999999993,
          182.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          177.2152142,
          481.48999,
          182.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,260,679 ",
        "box": [
          517.35799,
          177.2152142,
          547.10799,
          182.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 12. Guaranteed Loan Financing",
        "box": [
          63.36,
          202.00890600000002,
          221.88000000000005,
          210.23720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Participations  or  other  partial  loan  sales  which  do  not  meet  the  definition  of  a  participating  interest  remain  as  an ",
        "box": [
          63.36,
          226.16888600000004,
          550.9999999999997,
          234.39718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment  in  the  consolidated  balance  sheets  and  the  portion  sold  is  recorded  as  guaranteed  loan  financing  in  the ",
        "box": [
          63.36,
          238.16888600000004,
          550.9999999999999,
          246.39718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities section of the consolidated balance sheets. For these partial loan sales, the interest earned on the entire loan ",
        "box": [
          63.36,
          250.168946,
          550.9899999999999,
          258.3972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance is recorded as interest income and the interest earned by the buyer in the partial loan sale is recorded within ",
        "box": [
          63.36,
          262.168946,
          550.9999999999995,
          270.3972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest expense in the accompanying consolidated statements of operations. Guaranteed loan financings are secured by ",
        "box": [
          63.36,
          274.16891599999997,
          551.0100000000001,
          282.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans of $500.9 million and $524.3 million as of March 31, 2026 and December 31, 2025, respectively.",
        "box": [
          63.36,
          286.16891599999997,
          476.3599899999999,
          294.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents guaranteed loan financing and the related interest rates and maturity dates.",
        "box": [
          63.36,
          310.16891599999997,
          462.5199999999998,
          318.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          343.4652442,
          106.24,
          349.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted Average ",
        "box": [
          276.81,
          336.4652442,
          330.43,
          342.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate",
        "box": [
          284.97,
          343.4652442,
          324.0160000000001,
          349.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Range of Interest ",
        "box": [
          349.14999,
          336.4652442,
          402.58099000000004,
          342.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rates",
        "box": [
          366.63,
          343.4652442,
          383.339,
          349.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Range of ",
        "box": [
          432.17001,
          336.4652442,
          460.54801,
          342.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturities (Years)",
        "box": [
          417.82001,
          343.4652442,
          473.18301000000014,
          349.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ending Balance",
        "box": [
          492.38,
          343.4652442,
          539.623,
          349.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          65.99,
          353.2152442,
          110.496,
          358.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.47 %",
        "box": [
          315.95001,
          353.2152442,
          336.35501000000005,
          358.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.45-12.25%",
        "box": [
          368.82001,
          353.2152442,
          404.98099,
          358.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026-2048",
        "box": [
          430.32001,
          353.2152442,
          460.64999,
          358.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          353.2152442,
          491.23999,
          358.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "501,736 ",
        "box": [
          522.77499,
          353.2152442,
          547.27499,
          358.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          65.99,
          362.9652442,
          120.975,
          368.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.97 %",
        "box": [
          315.95001,
          362.9652442,
          336.35501000000005,
          368.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.45-12.75%",
        "box": [
          368.82001,
          362.9652442,
          404.98099,
          368.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026-2048",
        "box": [
          430.32001,
          362.9652442,
          460.64999,
          368.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          362.9652442,
          491.23999,
          368.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "524,091 ",
        "box": [
          522.77499,
          362.9652442,
          547.27499,
          368.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the contractual maturities of guaranteed loan financing.",
        "box": [
          63.36,
          387.91891599999997,
          386.52000000000004,
          396.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          413.7152442,
          106.24,
          419.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          487.89001,
          413.7152442,
          534.33501,
          419.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          65.99,
          423.4652442,
          79.99,
          429.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          423.4652442,
          481.48999,
          429.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168 ",
        "box": [
          534.85799,
          423.4652442,
          547.10799,
          429.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          65.99,
          433.2152442,
          79.99,
          438.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          433.2152442,
          477.98999,
          438.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,319 ",
        "box": [
          529.60799,
          433.2152442,
          547.10799,
          438.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          65.99,
          442.9652442,
          79.99,
          448.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          442.9652442,
          477.98999,
          448.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,675 ",
        "box": [
          529.60799,
          442.9652442,
          547.10799,
          448.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          65.99,
          452.7152442,
          79.99,
          458.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          452.7152442,
          477.98999,
          458.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,236 ",
        "box": [
          529.60799,
          452.7152442,
          547.10799,
          458.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          65.99,
          462.4652442,
          79.99,
          468.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          462.4652442,
          477.98999,
          468.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,380 ",
        "box": [
          529.60799,
          462.4652442,
          547.10799,
          468.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          65.99,
          472.2152442,
          95.11,
          477.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          472.2152442,
          477.98999,
          477.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "480,958 ",
        "box": [
          522.60799,
          472.2152442,
          547.10799,
          477.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          65.99,
          481.9652442,
          81.92899999999999,
          487.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          481.9652442,
          481.48999,
          487.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "501,736 ",
        "box": [
          522.60799,
          481.9652442,
          547.10799,
          487.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 13. Variable Interest Entities and Securitization Activities",
        "box": [
          63.36,
          506.75890599999997,
          331.97999999999996,
          514.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the normal course of business, the Company enters into certain types of transactions with entities that are considered ",
        "box": [
          63.36,
          530.9188859999999,
          551.05999,
          539.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to be VIEs. The Company's primary involvement with VIEs has been related to its securitization transactions in which it ",
        "box": [
          63.36,
          542.918886,
          551.0499999999995,
          551.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transfers  assets  to  securitization  vehicles,  most  notably  trusts.  The  Company  primarily  securitizes  its  acquired  and ",
        "box": [
          63.36,
          554.918886,
          551.0800000000002,
          563.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "originated loans, which provides a source of funding and has enabled it to transfer a certain portion of economic risk on ",
        "box": [
          63.36,
          566.918886,
          550.9700000000001,
          575.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans  or  related  debt  securities  to  third  parties.  The  Company  also  transfers  originated  loans  to  securitization  trusts ",
        "box": [
          63.36,
          578.918886,
          551.1099999999998,
          587.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sponsored  by  third  parties.  Third-party  securitizations  are  securitization  entities  in  which  it  maintains  an  economic ",
        "box": [
          63.36,
          590.918886,
          551.0399999999997,
          599.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest but does not sponsor. The entity that has a controlling financial interest in a VIE is referred to as the primary ",
        "box": [
          63.36,
          602.918886,
          550.9399999999999,
          611.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "beneficiary and is required to consolidate the VIE. The majority of the VIE activity in which the Company is involved in ",
        "box": [
          63.36,
          614.918886,
          551.1100000000002,
          623.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are  consolidated within its financial statements. Refer to Note 3 - Summary of Significant Accounting Policies for a ",
        "box": [
          63.36,
          626.918886,
          551.0400000000004,
          635.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion of accounting policies applied to the consolidation of the VIE and transfer of the loans in connection with the ",
        "box": [
          63.36,
          638.918886,
          551.0900000000001,
          647.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitization.",
        "box": [
          63.36,
          650.918886,
          119.64999999999995,
          659.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated VIEs ",
        "box": [
          63.36,
          674.758906,
          143.30999999999995,
          682.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company consolidates variable interests held in an acquired joint venture investment for which it is the primary ",
        "box": [
          63.36,
          686.918886,
          551.1399999999998,
          695.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "beneficiary.  The  equity  held  by  the  remaining  owners  and  their  portions  of  net  income  (loss)  are  reflected  in ",
        "box": [
          63.36,
          698.918886,
          551.1099999999998,
          707.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stockholders' equity on the consolidated balance sheets as Non-controlling interests and in the consolidated statements of ",
        "box": [
          63.36,
          710.918886,
          551.1199999999999,
          719.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 43,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "operations as Net income attributable to noncontrolling interests, respectively. As of March 31, 2026 and December 31, ",
        "box": [
          63.36,
          63.66888600000004,
          551.1000000000001,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025, income and expenses on joint venture investments identified as consolidated VIEs were not material.",
        "box": [
          63.36,
          75.66888600000004,
          491.75,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents assets and liabilities of consolidated VIEs.",
        "box": [
          63.36,
          99.66888600000004,
          334.68,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          63.36,
          125.46521419999999,
          103.61,
          131.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          407.64001,
          125.46521419999999,
          454.08501,
          131.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          482.85001,
          125.46521419999999,
          539.38201,
          131.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets:",
        "box": [
          65.99,
          135.2152142,
          86.976,
          140.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          71.99,
          144.9652142,
          145.61599999999999,
          150.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          144.9652142,
          401.23999,
          150.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "803 ",
        "box": [
          454.77599,
          144.9652142,
          467.02599,
          150.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          144.9652142,
          481.48999,
          150.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 ",
        "box": [
          542.02599,
          144.9652142,
          547.27599,
          150.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash",
        "box": [
          71.99,
          154.7152142,
          114.52199999999998,
          160.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          154.7152142,
          397.73999,
          160.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,064 ",
        "box": [
          449.52599,
          154.7152142,
          467.02599,
          160.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          154.7152142,
          477.98999,
          160.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,944 ",
        "box": [
          529.77599,
          154.7152142,
          547.27599,
          160.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, net",
        "box": [
          71.99,
          164.4652142,
          101.13799999999999,
          170.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          164.4652142,
          397.73999,
          170.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "817,315 ",
        "box": [
          442.52599,
          164.4652142,
          467.02599,
          170.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          164.4652142,
          477.98999,
          170.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,694,079 ",
        "box": [
          517.52599,
          164.4652142,
          547.27599,
          170.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held for sale",
        "box": [
          71.99,
          174.2152142,
          127.178,
          179.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          174.2152142,
          397.73999,
          179.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          458.27599,
          174.2152142,
          463.52599,
          179.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          174.2152142,
          477.98999,
          179.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125,107 ",
        "box": [
          522.77599,
          174.2152142,
          547.27599,
          179.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred equity investment  (1)",
        "box": [
          71.99,
          183.40415223000002,
          156.70620000000002,
          189.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          183.9652142,
          397.73999,
          189.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,651 ",
        "box": [
          446.02599,
          183.9652142,
          467.02599,
          189.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          183.9652142,
          477.98999,
          189.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,887 ",
        "box": [
          526.27599,
          183.9652142,
          547.27599,
          189.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Receivable from third parties  (1)",
        "box": [
          71.99,
          193.15415223000002,
          160.76620000000003,
          199.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          193.7152142,
          397.73999,
          199.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,240 ",
        "box": [
          449.52599,
          193.7152142,
          467.02599,
          199.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          193.7152142,
          477.98999,
          199.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,346 ",
        "box": [
          529.77599,
          193.7152142,
          547.27599,
          199.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest  (1)",
        "box": [
          71.99,
          202.90415223000002,
          125.03620000000002,
          209.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          203.4652142,
          397.73999,
          209.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,514 ",
        "box": [
          446.02599,
          203.4652142,
          467.02599,
          209.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          203.4652142,
          477.98999,
          209.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,030 ",
        "box": [
          526.27599,
          203.4652142,
          547.27599,
          209.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned",
        "box": [
          71.99,
          213.2152142,
          122.87299999999998,
          218.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          213.2152142,
          397.73999,
          218.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,288 ",
        "box": [
          446.02599,
          213.2152142,
          467.02599,
          218.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          213.2152142,
          477.98999,
          218.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,288 ",
        "box": [
          526.27599,
          213.2152142,
          547.27599,
          218.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          65.99,
          222.9652142,
          100.77999999999999,
          228.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          222.9652142,
          401.23999,
          228.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "960,875 ",
        "box": [
          442.52599,
          222.9652142,
          467.02599,
          228.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          222.9652142,
          481.48999,
          228.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,978,684 ",
        "box": [
          517.52599,
          222.9652142,
          547.27599,
          228.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities:",
        "box": [
          65.99,
          232.7152142,
          98.25999999999998,
          238.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations of consolidated VIEs, net",
        "box": [
          71.99,
          242.4652142,
          222.98699999999997,
          248.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          242.4652142,
          397.73999,
          248.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "526,535 ",
        "box": [
          442.52599,
          242.4652142,
          467.02599,
          248.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          242.4652142,
          477.98999,
          248.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,174,785 ",
        "box": [
          517.52599,
          242.4652142,
          547.27599,
          248.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Due to third parties  (2)",
        "box": [
          71.99,
          251.65415223000002,
          133.21620000000001,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          252.2152142,
          397.73999,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,313 ",
        "box": [
          449.52599,
          252.2152142,
          467.02599,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          252.2152142,
          477.98999,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,517 ",
        "box": [
          529.77599,
          252.2152142,
          547.27599,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable and other accrued liabilities",
        "box": [
          71.99,
          261.9652142,
          201.17499999999995,
          267.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          261.9652142,
          397.73999,
          267.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4 ",
        "box": [
          461.77599,
          261.9652142,
          467.02599,
          267.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          261.9652142,
          477.98999,
          267.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          538.52599,
          261.9652142,
          543.77599,
          267.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities",
        "box": [
          65.99,
          271.7152142,
          110.90199999999997,
          277.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          271.7152142,
          401.23999,
          277.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "529,852 ",
        "box": [
          442.52599,
          271.7152142,
          467.02599,
          277.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          271.7152142,
          481.48999,
          277.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,177,302 ",
        "box": [
          517.52599,
          271.7152142,
          547.27599,
          277.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)Assets are included in Assets of consolidated VIEs on the consolidated balance sheets.",
        "box": [
          63.36,
          284.5752242,
          314.65800000000013,
          290.3350317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)Due to third parties held through consolidated VIEs are included in Accounts payable and other accrued liabilities on the consolidated balance sheets.",
        "box": [
          63.36,
          292.97522419999996,
          491.15600000000046,
          298.7350317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization-related VIEs",
        "box": [
          63.36,
          313.30889599999995,
          175.74999999999997,
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      {
        "text": "Company sponsored securitizations. ",
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      {
        "text": "In  a  securitization  transaction,  assets  are  transferred  to  a  trust,  which  generally ",
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      {
        "text": "meets the definition  of  a  VIE.  The  Company's  primary  securitization  activity  is  in  the  form  of  LMM  and  SBL  loan ",
        "box": [
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      {
        "text": "securitizations, conducted through securitization trusts, which are typically consolidated, as the company is the primary ",
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        "text": "beneficiary. ",
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      {
        "text": "As a result  of  the  consolidation,  the  securitization  is  viewed  as  a  loan  financing  to  enable  the  creation  of  the  senior ",
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      {
        "text": "security and ultimately, sale to a third-party investor. As such, the senior security is presented in the consolidated balance ",
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        "text": "sheets as securitized debt obligations of consolidated VIEs. The third-party beneficial interest holders in the VIE have no ",
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      {
        "text": "recourse against the Company, with the exception of an obligation to repurchase assets from the VIE in the event that ",
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      {
        "text": "certain  representations  and  warranties  in  relation  to  the  loans  sold  to  the  VIE  are  breached.  In  the  absence  of  such  a ",
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        "text": "breach, the Company has no obligation to provide any other explicit or implicit support to any VIE. ",
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      {
        "text": "The  securitization  trust  receives  principal  and  interest  on  the  underlying  loans  and  distributes  those  payments  to  the ",
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      {
        "text": "certificate holders. The assets and other instruments held by the securitization trust are restricted in that they can only be ",
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        "text": "used to fulfill the obligations of the securitization trust. The risks associated with the Company's involvement with the ",
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        "text": "VIE is limited to the risks and rights as a certificate holder of the securities retained by the Company. ",
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        "text": "The consolidation of securitization transactions includes the senior securities issued to third parties which are shown as ",
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        "text": "securitized debt obligations of consolidated VIEs in the consolidated balance sheets. ",
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        "text": "43",
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        "text": "The table below presents additional information on the Company's securitized debt obligations.",
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        "text": "March 31, 2026",
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        "text": "December 31, 2025",
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        "text": "(in thousands)",
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "hold  decision  making  powers  that  are  significant,  which  include  special  servicing  decisions.  As  a  result  of  this ",
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        "text": "assessment,  the  Company  does  not  consolidate  any  of  the  underlying  assets  and  liabilities  of  these  trusts  and  only ",
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      },
      {
        "text": "The Company does not consolidate variable interests held in an acquired joint venture investment accounted for as an ",
        "box": [
          63.36,
          424.16891599999997,
          551.0300000000002,
          432.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equity  method  investment  as  it  does  not  have  the  power  to  direct  the  activities  that  most  significantly  impact  their ",
        "box": [
          63.36,
          436.16891599999997,
          551.0099999999996,
          444.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic performance and therefore, the Company only accounts for its specific interest in them.",
        "box": [
          63.36,
          448.16891599999997,
          453.6999999999998,
          456.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below reflects variable interests in identified VIEs for which the Company is not the primary beneficiary.",
        "box": [
          63.36,
          472.16891599999997,
          524.43,
          480.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Amount",
        "box": [
          312.82001,
          497.9652442,
          366.66401,
          503.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum Exposure to Loss  (1)",
        "box": [
          435.14999,
          498.03418223,
          526.3261699999999,
          504.3550517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          507.7152142,
          106.24,
          513.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          281.26001,
          507.7152142,
          327.70501,
          513.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          346.72,
          507.7152142,
          403.252,
          513.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          422.26001,
          507.7152142,
          468.70501,
          513.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          487.72,
          507.7152142,
          544.2520000000001,
          513.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MBS  (2)",
        "box": [
          65.99,
          517.64420223,
          87.80619000000003,
          523.9650717893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.48999,
          517.4652142,
          279.73999,
          523.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,649 ",
        "box": [
          314.60699,
          517.4652142,
          335.60699,
          523.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          517.4652142,
          350.23999,
          523.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,161 ",
        "box": [
          385.10699,
          517.4652142,
          406.10699,
          523.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          517.4652142,
          420.73999,
          523.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,649 ",
        "box": [
          455.60699,
          517.4652142,
          476.60699,
          523.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          517.4652142,
          491.23999,
          523.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,161 ",
        "box": [
          526.10699,
          517.4652142,
          547.10699,
          523.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment in unconsolidated joint ventures",
        "box": [
          65.99,
          527.2152142,
          188.43399999999997,
          532.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          527.2152142,
          276.23999,
          532.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,251 ",
        "box": [
          311.27499,
          527.2152142,
          335.77499,
          532.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          527.2152142,
          346.73999,
          532.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161,424 ",
        "box": [
          381.77499,
          527.2152142,
          406.27499,
          532.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          527.2152142,
          417.23999,
          532.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,251 ",
        "box": [
          452.27499,
          527.2152142,
          476.77499,
          532.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          527.2152142,
          487.73999,
          532.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161,424 ",
        "box": [
          522.77499,
          527.2152142,
          547.27499,
          532.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets in unconsolidated VIEs",
        "box": [
          65.99,
          536.9652142,
          172.138,
          542.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.48999,
          536.9652142,
          279.73999,
          542.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "198,900 ",
        "box": [
          311.10699,
          536.9652142,
          335.60699,
          542.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          536.9652142,
          350.23999,
          542.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "192,585 ",
        "box": [
          381.60699,
          536.9652142,
          406.10699,
          542.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          536.9652142,
          420.73999,
          542.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "198,900 ",
        "box": [
          452.10699,
          536.9652142,
          476.60699,
          542.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          536.9652142,
          491.23999,
          542.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "192,585 ",
        "box": [
          522.60699,
          536.9652142,
          547.10699,
          542.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)Maximum exposure to loss is limited to the greater of the fair value or carrying value of the assets as of the consolidated balance sheet date.",
        "box": [
          63.36,
          549.8252542,
          463.6740000000004,
          555.5850617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)Retained interest in other third party sponsored securitizations.",
        "box": [
          63.36,
          558.2252242,
          247.89999,
          563.9850317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 14. Interest Income and Interest Expense",
        "box": [
          63.36,
          578.558896,
          260.72,
          586.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income and expense are recorded in the consolidated statements of operations and classified based on the nature ",
        "box": [
          63.36,
          602.718936,
          551.0000000000001,
          610.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the underlying asset or liability. ",
        "box": [
          63.36,
          614.718936,
          203.48000000000005,
          622.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the components of interest income and expense.",
        "box": [
          63.36,
          638.718936,
          357.17,
          646.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 45,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Three Months Ended March 31,",
        "box": [
          417.66,
          65.46521419999999,
          513.8399999999999,
          71.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          75.21521419999999,
          106.24,
          80.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          416.35999,
          75.21521419999999,
          430.35999,
          80.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          501.10999,
          75.21521419999999,
          515.1099899999999,
          80.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          65.99,
          84.96521419999999,
          112.42099999999999,
          90.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, net",
        "box": [
          71.99,
          94.71521419999999,
          103.09099999999998,
          100.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bridge",
        "box": [
          77.99,
          104.46521419999999,
          97.03699999999999,
          110.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          104.46521419999999,
          391.48999,
          110.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,228 ",
        "box": [
          440.77698999999996,
          104.46521419999999,
          461.77698999999996,
          110.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          104.46521419999999,
          476.23999,
          110.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96,197 ",
        "box": [
          525.52699,
          104.46521419999999,
          546.52699,
          110.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed rate",
        "box": [
          77.99,
          114.21521419999999,
          106.16499999999999,
          119.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          114.21521419999999,
          387.98999,
          119.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,027 ",
        "box": [
          444.27698999999996,
          114.21521419999999,
          461.77698999999996,
          119.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          114.21521419999999,
          472.73999,
          119.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,215 ",
        "box": [
          525.52699,
          114.21521419999999,
          546.52699,
          119.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Construction",
        "box": [
          77.99,
          123.96521419999999,
          114.14499999999998,
          129.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          123.96521419999999,
          387.98999,
          129.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,935 ",
        "box": [
          440.77698999999996,
          123.96521419999999,
          461.77698999999996,
          129.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          123.96521419999999,
          472.73999,
          129.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,543 ",
        "box": [
          529.02699,
          123.96521419999999,
          546.52699,
          129.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA - 7(a)",
        "box": [
          77.99,
          133.7152142,
          108.692,
          139.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          133.7152142,
          387.98999,
          139.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,900 ",
        "box": [
          440.77698999999996,
          133.7152142,
          461.77698999999996,
          139.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          133.7152142,
          472.73999,
          139.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,999 ",
        "box": [
          525.52699,
          133.7152142,
          546.52699,
          139.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "PPP  (1)",
        "box": [
          77.99,
          143.64414223000006,
          96.70620000000002,
          149.96501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          143.4652142,
          387.98999,
          149.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50 ",
        "box": [
          453.02698999999996,
          143.4652142,
          461.77698999999996,
          149.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          143.4652142,
          472.73999,
          149.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "446 ",
        "box": [
          534.27699,
          143.4652142,
          546.52699,
          149.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          77.99,
          153.2152142,
          93.922,
          158.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          153.2152142,
          387.98999,
          158.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,937 ",
        "box": [
          444.27698999999996,
          153.2152142,
          461.77698999999996,
          158.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          153.2152142,
          472.73999,
          158.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,291 ",
        "box": [
          529.02699,
          153.2152142,
          546.52699,
          158.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans, net  (2)",
        "box": [
          65.99,
          163.03415223000002,
          119.08619000000003,
          169.3550217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          162.9652142,
          391.48999,
          168.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71,077 ",
        "box": [
          440.77698999999996,
          162.9652142,
          461.77698999999996,
          168.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          162.9652142,
          476.23999,
          168.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "147,691 ",
        "box": [
          522.02699,
          162.9652142,
          546.52699,
          168.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held for sale",
        "box": [
          71.99,
          172.7152142,
          130.30699999999996,
          178.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bridge",
        "box": [
          77.99,
          183.9652142,
          97.03699999999999,
          189.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          183.9652142,
          387.98999,
          189.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,049 ",
        "box": [
          444.27698999999996,
          183.9652142,
          461.77698999999996,
          189.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          183.9652142,
          472.73999,
          189.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          537.77699,
          183.9652142,
          543.02699,
          189.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed rate",
        "box": [
          77.99,
          193.7152142,
          106.16499999999999,
          199.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          193.7152142,
          387.98999,
          199.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "411 ",
        "box": [
          449.52698999999996,
          193.7152142,
          461.77698999999996,
          199.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          193.7152142,
          472.73999,
          199.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26 ",
        "box": [
          537.77699,
          193.7152142,
          546.52699,
          199.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Construction",
        "box": [
          77.99,
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          114.14499999999998,
          210.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          204.9652142,
          387.98999,
          210.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          204.9652142,
          458.27698999999996,
          210.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
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          472.73999,
          210.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "327 ",
        "box": [
          534.27699,
          204.9652142,
          546.52699,
          210.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA - 7(a)",
        "box": [
          77.99,
          216.2152142,
          108.692,
          221.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          387.98999,
          221.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,408 ",
        "box": [
          444.27698999999996,
          216.2152142,
          461.77698999999996,
          221.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          472.73999,
          221.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,381 ",
        "box": [
          529.02699,
          216.2152142,
          546.52699,
          221.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          77.99,
          225.9652142,
          93.922,
          231.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          225.9652142,
          387.98999,
          231.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "257 ",
        "box": [
          449.52698999999996,
          225.9652142,
          461.77698999999996,
          231.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          472.73999,
          231.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "208 ",
        "box": [
          534.27699,
          225.9652142,
          546.52699,
          231.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans, held for sale  (2)",
        "box": [
          65.99,
          235.78415223000002,
          146.27620000000002,
          242.1050217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          235.7152142,
          391.48999,
          241.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,125 ",
        "box": [
          444.27698999999996,
          235.7152142,
          461.77698999999996,
          241.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          476.23999,
          241.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,942 ",
        "box": [
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          235.7152142,
          546.52699,
          241.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held at fair value",
        "box": [
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          246.9652142,
          144.50299999999996,
          252.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
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          93.922,
          263.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          387.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9 ",
        "box": [
          456.52698999999996,
          258.2152142,
          461.77698999999996,
          263.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          472.73999,
          263.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38 ",
        "box": [
          537.77699,
          258.2152142,
          546.52699,
          263.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans, held at fair value",
        "box": [
          65.99,
          269.4652142,
          153.47599999999997,
          275.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
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          391.48999,
          275.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9 ",
        "box": [
          456.52698999999996,
          269.4652142,
          461.77698999999996,
          275.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          269.4652142,
          476.23999,
          275.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38 ",
        "box": [
          537.77699,
          269.4652142,
          546.52699,
          275.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred equity investment  (2)",
        "box": [
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          279.28418223000006,
          156.90620000000004,
          285.6050517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
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          387.98999,
          284.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,253 ",
        "box": [
          444.27698999999996,
          279.21524420000003,
          461.77698999999996,
          284.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          472.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,302 ",
        "box": [
          529.02699,
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          546.52699,
          284.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MBS",
        "box": [
          65.99,
          288.9652442,
          81.14499999999998,
          294.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
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          387.98999,
          294.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,266 ",
        "box": [
          444.27698999999996,
          288.9652442,
          461.77698999999996,
          294.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          288.9652442,
          472.73999,
          294.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "994 ",
        "box": [
          534.27699,
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          546.52699,
          294.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total interest income",
        "box": [
          65.99,
          298.7152442,
          129.33299999999997,
          304.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          298.7152442,
          391.48999,
          304.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,730 ",
        "box": [
          440.77698999999996,
          298.7152442,
          461.77698999999996,
          304.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
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          476.23999,
          304.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "154,967 ",
        "box": [
          522.02699,
          298.7152442,
          546.52699,
          304.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          65.99,
          308.4652442,
          114.35999999999999,
          314.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured borrowings",
        "box": [
          77.99,
          318.2152442,
          134.151,
          323.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          318.2152442,
          387.98999,
          323.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(47,855) ",
        "box": [
          438.44599,
          318.2152442,
          464.10799000000003,
          323.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          318.2152442,
          472.73999,
          323.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,123) ",
        "box": [
          523.1959899999999,
          318.2152442,
          548.85799,
          323.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "PPPLF borrowings  (3)",
        "box": [
          77.99,
          328.14417223,
          138.48620000000003,
          334.46504178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          327.9652442,
          387.98999,
          333.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          327.9652442,
          458.27698999999996,
          333.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          327.9652442,
          472.73999,
          333.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14) ",
        "box": [
          535.4459899999999,
          327.9652442,
          548.85799,
          333.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations of consolidated VIEs",
        "box": [
          77.99,
          337.7152442,
          216.93999999999997,
          343.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          337.7152442,
          387.98999,
          343.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,526) ",
        "box": [
          438.44599,
          337.7152442,
          464.10799000000003,
          343.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          337.7152442,
          472.73999,
          343.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(60,680) ",
        "box": [
          523.1959899999999,
          337.7152442,
          548.85799,
          343.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Guaranteed loan financing",
        "box": [
          77.99,
          347.4652442,
          152.19699999999997,
          353.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          347.4652442,
          387.98999,
          353.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,823) ",
        "box": [
          441.94599,
          347.4652442,
          464.10799000000003,
          353.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          347.4652442,
          472.73999,
          353.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,930) ",
        "box": [
          523.1959899999999,
          347.4652442,
          548.85799,
          353.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes",
        "box": [
          77.99,
          357.2152442,
          135.887,
          362.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          357.2152442,
          387.98999,
          362.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,525) ",
        "box": [
          438.44599,
          357.2152442,
          464.10799000000003,
          362.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          357.2152442,
          472.73999,
          362.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,110) ",
        "box": [
          523.1959899999999,
          357.2152442,
          548.85799,
          362.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt",
        "box": [
          77.99,
          366.9652442,
          119.75899999999999,
          372.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          366.9652442,
          387.98999,
          372.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,105) ",
        "box": [
          438.44599,
          366.9652442,
          464.10799000000003,
          372.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          366.9652442,
          472.73999,
          372.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,609) ",
        "box": [
          523.1959899999999,
          366.9652442,
          548.85799,
          372.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total interest expense",
        "box": [
          65.99,
          376.7152442,
          131.272,
          382.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          376.7152442,
          391.48999,
          382.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(96,834) ",
        "box": [
          438.44599,
          376.7152442,
          464.10799000000003,
          382.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          376.7152442,
          476.23999,
          382.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(140,466) ",
        "box": [
          519.6959899999999,
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          548.85799,
          382.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income (loss) before provision for loan losses",
        "box": [
          65.99,
          386.4652442,
          235.43900000000002,
          392.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          386.4652442,
          391.48999,
          392.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,104) ",
        "box": [
          438.44599,
          386.4652442,
          464.10799000000003,
          392.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          386.4652442,
          476.23999,
          392.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,501 ",
        "box": [
          525.52699,
          386.4652442,
          546.52699,
          392.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)Included in Other assets on the consolidated balance sheets.",
        "box": [
          63.36,
          399.3252242,
          239.63900000000004,
          405.0850317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)Includes interest income on assets in consolidated VIEs.",
        "box": [
          63.36,
          407.72522419999996,
          229.762,
          413.4850317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)Included in Other liabilities on the consolidated balance sheets.",
        "box": [
          63.36,
          416.1252442,
          249.369,
          421.8850517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 15. Derivative Instruments",
        "box": [
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          436.458896,
          199.92000000000004,
          444.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company  is  exposed  to  changing  interest  rates  and  market  conditions,  which  affect  cash  flows  associated  with ",
        "box": [
          63.36,
          460.61889599999995,
          551.0500000000001,
          468.8471925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings. The Company uses derivative instruments to manage interest rate risk and conditions in the commercial ",
        "box": [
          63.36,
          472.61889599999995,
          551.1300000000001,
          480.8471925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mortgage market and, as such, views them as economic hedges. Interest rate swaps are used to mitigate the exposure to ",
        "box": [
          63.36,
          484.61889599999995,
          551.0699999999999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes in interest rates and involve the receipt of variable-rate interest amounts from a counterparty in exchange for ",
        "box": [
          63.36,
          496.61889599999995,
          551.0099999999998,
          504.8471925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "making payments based on a fixed interest rate over the life of the swap contract.",
        "box": [
          63.36,
          508.61889599999995,
          387.66999999999996,
          516.8471925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For derivative instruments where the Company has not elected hedge accounting, fair value adjustments are recorded in ",
        "box": [
          63.36,
          532.618896,
          550.9900000000002,
          540.8471925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earnings. The fair value adjustments for interest rate swaps, along with the related interest income, interest expense and ",
        "box": [
          63.36,
          544.618896,
          550.9900000000004,
          552.8471925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains  (losses)  on  termination  of  such  instruments,  are  reported  as  a  net  realized  gain  on  financial  instruments  in  the ",
        "box": [
          63.36,
          556.618896,
          551.1299999999998,
          564.8471925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations. ",
        "box": [
          63.36,
          568.618896,
          218.45000000000002,
          576.8471925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As described in Note 3, for qualifying cash flow hedges, the change in the fair value of derivatives is recorded in OCI ",
        "box": [
          63.36,
          592.618896,
          551.0899999999998,
          600.8471925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  not  recognized  in  the  consolidated  statements  of  operations.  Derivative  movements  impacting  earnings  are ",
        "box": [
          63.36,
          604.618896,
          551.1399999999999,
          612.8471925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized on a consistent basis with the classification of the hedged item, primarily interest expense. The ineffective ",
        "box": [
          63.36,
          616.618896,
          551.1299999999999,
          624.8471925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portions of the cash flow hedges are immediately recognized in earnings.",
        "box": [
          63.36,
          628.618896,
          355.51000000000005,
          636.8471925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 46,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The  table  below  presents  average  notional  derivative  amounts,  as  this  is  the  most  relevant  measure  of  volume,  and ",
        "box": [
          63.36,
          63.66888600000004,
          551.1399999999996,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivative assets and liabilities by type. Refer to Note 22 for further details on derivative assets and liabilities by product ",
        "box": [
          63.36,
          75.66888600000004,
          551.0799999999998,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "type.",
        "box": [
          63.36,
          87.66888600000004,
          83.05999999999999,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          332.26001,
          113.46521419999999,
          378.70501,
          119.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          457.72,
          113.46521419999999,
          514.252,
          119.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          131.4652142,
          106.24,
          137.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Primary Underlying Risk",
        "box": [
          207.74001,
          131.4652142,
          283.93501,
          137.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional ",
        "box": [
          299.16,
          124.46521419999999,
          326.57900000000006,
          130.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          299.73999,
          131.4652142,
          324.23999,
          137.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative ",
        "box": [
          339.95001,
          124.46521419999999,
          372.78001000000006,
          130.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset",
        "box": [
          347.51999,
          131.4652142,
          363.45199,
          137.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative ",
        "box": [
          383.45001,
          124.46521419999999,
          416.28001000000006,
          130.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liability",
        "box": [
          386.16,
          131.4652142,
          411.8290000000001,
          137.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional ",
        "box": [
          429.66,
          124.46521419999999,
          457.07900000000006,
          130.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          430.23999,
          131.4652142,
          454.73999,
          137.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative ",
        "box": [
          470.45001,
          124.46521419999999,
          503.28001000000006,
          130.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset",
        "box": [
          478.01999,
          131.4652142,
          493.95199,
          137.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative ",
        "box": [
          513.95001,
          124.46521419999999,
          546.7800100000001,
          130.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liability",
        "box": [
          516.65997,
          131.4652142,
          542.3289700000003,
          137.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Swaps - not designated as hedges",
        "box": [
          65.99,
          141.95520420000003,
          196.74300000000002,
          147.71501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate risk",
        "box": [
          207.74001,
          141.2152142,
          253.19800999999998,
          146.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          295.48999,
          141.2152142,
          300.73999,
          146.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,300 ",
        "box": [
          308.77599,
          141.2152142,
          329.77599,
          146.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          338.98999,
          141.2152142,
          344.23999,
          146.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,343 ",
        "box": [
          355.77599,
          141.2152142,
          373.27599,
          146.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.48999,
          141.2152142,
          387.73999,
          146.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          408.02599,
          141.2152142,
          413.27599,
          146.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          425.98999,
          141.2152142,
          431.23999,
          146.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,300 ",
        "box": [
          439.27599,
          141.2152142,
          460.27599,
          146.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          469.48999,
          141.2152142,
          474.73999,
          146.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,085 ",
        "box": [
          486.27599,
          141.2152142,
          503.77599,
          146.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          512.98999,
          141.2152142,
          518.23999,
          146.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          538.5259900000001,
          141.2152142,
          543.7759900000001,
          146.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Swaps - designated as hedges",
        "box": [
          65.99,
          151.70520420000003,
          186.04700000000003,
          157.46501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate risk",
        "box": [
          207.74001,
          150.9652142,
          253.19800999999998,
          156.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          295.48999,
          150.9652142,
          297.23999,
          156.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "391,693 ",
        "box": [
          305.27599,
          150.9652142,
          329.77599,
          156.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          338.98999,
          150.9652142,
          340.73999,
          156.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,309 ",
        "box": [
          352.27599,
          150.9652142,
          373.27599,
          156.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          382.48999,
          150.9652142,
          384.23999,
          156.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(23) ",
        "box": [
          405.69498999999996,
          150.9652142,
          419.10699,
          156.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.98999,
          150.9652142,
          427.73999,
          156.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "391,693 ",
        "box": [
          435.77599,
          150.9652142,
          460.27599,
          156.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          469.48999,
          150.9652142,
          471.23999,
          156.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,322 ",
        "box": [
          482.77599,
          150.9652142,
          503.77599,
          156.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          512.98999,
          150.9652142,
          514.73999,
          156.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(224) ",
        "box": [
          532.6949900000001,
          150.9652142,
          549.6069900000001,
          156.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FX forwards",
        "box": [
          65.99,
          160.7152142,
          101.557,
          166.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign exchange rate risk",
        "box": [
          207.74001,
          160.7152142,
          282.14301000000006,
          166.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          295.48999,
          160.7152142,
          297.23999,
          166.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,731 ",
        "box": [
          308.77599,
          160.7152142,
          329.77599,
          166.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          338.98999,
          160.7152142,
          340.73999,
          166.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "340 ",
        "box": [
          361.02599,
          160.7152142,
          373.27599,
          166.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          382.48999,
          160.7152142,
          384.23999,
          166.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(925) ",
        "box": [
          402.19498999999996,
          160.7152142,
          419.10699,
          166.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.98999,
          160.7152142,
          427.73999,
          166.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,731 ",
        "box": [
          439.27599,
          160.7152142,
          460.27599,
          166.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          469.48999,
          160.7152142,
          471.23999,
          166.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "340 ",
        "box": [
          491.52599,
          160.7152142,
          503.77599,
          166.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          512.98999,
          160.7152142,
          514.73999,
          166.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,208) ",
        "box": [
          527.4449900000001,
          160.7152142,
          549.6069900000001,
          166.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          65.99,
          170.4652142,
          81.92899999999999,
          176.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          295.48999,
          170.4652142,
          300.73999,
          176.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "438,724 ",
        "box": [
          305.27599,
          170.4652142,
          329.77599,
          176.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          338.98999,
          170.4652142,
          344.23999,
          176.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,992 ",
        "box": [
          352.27599,
          170.4652142,
          373.27599,
          176.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.48999,
          170.4652142,
          387.73999,
          176.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(948) ",
        "box": [
          402.19498999999996,
          170.4652142,
          419.10699,
          176.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          425.98999,
          170.4652142,
          431.23999,
          176.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "438,724 ",
        "box": [
          435.77599,
          170.4652142,
          460.27599,
          176.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          469.48999,
          170.4652142,
          474.73999,
          176.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,747 ",
        "box": [
          482.77599,
          170.4652142,
          503.77599,
          176.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          512.98999,
          170.4652142,
          518.23999,
          176.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,432) ",
        "box": [
          527.4449900000001,
          170.4652142,
          549.6069900000001,
          176.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents gains and losses on derivatives.",
        "box": [
          63.36,
          195.41888600000004,
          291.1599999999999,
          203.64718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          228.7152142,
          106.24,
          234.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Realized ",
        "box": [
          411.92999,
          221.7152142,
          451.55699,
          227.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (Loss)",
        "box": [
          413.47,
          228.7152142,
          448.2740000000001,
          234.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Unrealized ",
        "box": [
          488.69,
          221.7152142,
          535.3100000000001,
          227.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (Loss)",
        "box": [
          493.72,
          228.7152142,
          528.524,
          234.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31, 2026",
        "box": [
          65.99,
          238.78521420000004,
          177.91999999999996,
          244.54502178932785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate swaps",
        "box": [
          65.99,
          248.2152142,
          118.04899999999999,
          253.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          248.2152142,
          401.23999,
          253.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(82) ",
        "box": [
          455.94498999999996,
          248.2152142,
          469.35699,
          253.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          248.2152142,
          481.48999,
          253.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,520 ",
        "box": [
          529.77599,
          248.2152142,
          547.27599,
          253.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          65.99,
          257.9652142,
          81.92899999999999,
          263.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          257.9652142,
          401.23999,
          263.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(82) ",
        "box": [
          455.94498999999996,
          257.9652142,
          469.35699,
          263.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          257.9652142,
          481.48999,
          263.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,520 ",
        "box": [
          529.77599,
          257.9652142,
          547.27599,
          263.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31, 2025",
        "box": [
          65.99,
          268.0352742,
          177.91999999999996,
          273.7950817893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate swaps",
        "box": [
          65.99,
          277.46524420000003,
          118.04899999999999,
          283.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          277.46524420000003,
          401.23999,
          283.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,946 ",
        "box": [
          449.52599,
          277.46524420000003,
          467.02599,
          283.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          277.46524420000003,
          481.48999,
          283.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(515) ",
        "box": [
          532.69499,
          277.46524420000003,
          549.60699,
          283.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          65.99,
          287.2152442,
          81.92899999999999,
          292.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          287.2152442,
          401.23999,
          292.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,946 ",
        "box": [
          449.52599,
          287.2152442,
          467.02599,
          292.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          287.2152442,
          481.48999,
          292.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(515) ",
        "box": [
          532.69499,
          287.2152442,
          549.60699,
          292.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the table above:",
        "box": [
          63.36,
          312.16891599999997,
          137.42999999999998,
          320.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
          324.16891599999997,
          84.86,
          332.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gains (losses) on interest rate swaps and FX forwards are recorded in net unrealized gain (loss) on financial ",
        "box": [
          99.36,
          324.16891599999997,
          551.12,
          332.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments or net realized gain (loss) on financial instruments in the consolidated statements of operations.",
        "box": [
          99.36,
          336.16891599999997,
          529.1199999999998,
          344.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
          348.16891599999997,
          84.86,
          356.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For qualifying hedges of interest rate risk on interest rate swaps, the effective portion relating to the unrealized ",
        "box": [
          99.36,
          348.16891599999997,
          551.0400000000003,
          356.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gain (loss) on derivatives are recorded in AOCI.",
        "box": [
          99.36,
          360.16891599999997,
          291.9300000000001,
          368.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below summarizes the gains and losses on derivatives which have qualified for hedge accounting.",
        "box": [
          63.36,
          384.16891599999997,
          493.95999999999987,
          392.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          420.4652442,
          106.24,
          426.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives - effective portion ",
        "box": [
          206.31,
          413.4652442,
          296.449,
          419.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reclassified from AOCI to income",
        "box": [
          200.19,
          420.4652442,
          300.85,
          426.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives - effective portion ",
        "box": [
          326.31,
          413.4652442,
          416.4490000000002,
          419.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded in OCI",
        "box": [
          345.82001,
          420.4652442,
          395.17001000000005,
          426.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total change in OCI for period",
        "box": [
          443.95999,
          420.4652442,
          537.0599900000002,
          426.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate swaps",
        "box": [
          65.99,
          430.2152442,
          122.71799999999999,
          435.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31, 2026",
        "box": [
          65.99,
          439.9652442,
          177.91999999999996,
          445.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          195.74001,
          439.9652442,
          200.99001,
          445.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(218) ",
        "box": [
          291.94801,
          439.9652442,
          308.86001000000005,
          445.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          439.9652442,
          320.98999,
          445.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(112) ",
        "box": [
          411.94799,
          439.9652442,
          428.85999000000004,
          445.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          435.73999,
          439.9652442,
          440.98999,
          445.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106 ",
        "box": [
          534.27899,
          439.9652442,
          546.52899,
          445.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31, 2025",
        "box": [
          65.99,
          449.7152442,
          177.91999999999996,
          455.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          195.74001,
          449.7152442,
          200.99001,
          455.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(252) ",
        "box": [
          291.94801,
          449.7152442,
          308.86001000000005,
          455.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          449.7152442,
          320.98999,
          455.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,196) ",
        "box": [
          406.69799,
          449.7152442,
          428.85999000000004,
          455.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          435.73999,
          449.7152442,
          440.98999,
          455.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,944) ",
        "box": [
          526.69799,
          449.7152442,
          548.85999,
          455.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the table above:",
        "box": [
          63.36,
          474.66891599999997,
          137.42999999999998,
          482.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
          486.66891599999997,
          84.86,
          494.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forecasted transactions on interest rates consists of benchmark interest rate hedges of SOFR indexed floating-",
        "box": [
          99.36,
          486.66891599999997,
          548.64002,
          494.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate liabilities. ",
        "box": [
          99.36,
          498.66891599999997,
          158.96,
          506.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
          510.668886,
          84.86,
          518.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hedge  ineffectiveness  is  the  amount  by  which  the  cumulative  gain  or  loss  on  the  designated  derivative ",
        "box": [
          99.36,
          510.668886,
          551.1400000000002,
          518.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instrument  exceeds  the  present  value  of  the  cumulative  expected  change  in  cash  flows  on  the  hedged  item ",
        "box": [
          99.36,
          522.6688859999999,
          551.1300000000001,
          530.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "attributable to the hedged risk.",
        "box": [
          99.36,
          534.6688859999999,
          221.15000000000006,
          542.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
          546.668886,
          84.86,
          554.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts recorded in OCI for the period represents after tax amounts.",
        "box": [
          99.36,
          546.668886,
          377.68,
          554.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 16. Real Estate Owned",
        "box": [
          63.36,
          570.508906,
          182.44000000000003,
          578.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 47,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The table below presents details on the real estate owned portfolio.",
        "box": [
          63.36,
          75.66888600000004,
          330.51001,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          101.46521419999999,
          106.24,
          107.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          407.64001,
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          454.08501,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          482.85001,
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          539.38201,
          107.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REO, held for sale:",
        "box": [
          65.99,
          111.21521419999999,
          123.51599999999998,
          116.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed use",
        "box": [
          71.99,
          120.96521419999999,
          101.341,
          126.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          120.96521419999999,
          401.23999,
          126.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,240 ",
        "box": [
          449.52599,
          120.96521419999999,
          467.02599,
          126.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          120.96521419999999,
          481.48999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "19,709 ",
        "box": [
          526.27599,
          120.96521419999999,
          547.27599,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multi-family",
        "box": [
          71.99,
          130.7152142,
          108.15199999999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          395.98999,
          130.7152142,
          397.73999,
          136.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "86,724 ",
        "box": [
          446.02599,
          130.7152142,
          467.02599,
          136.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          476.23999,
          130.7152142,
          477.98999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "79,141 ",
        "box": [
          526.27599,
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          547.27599,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Lodging",
        "box": [
          71.99,
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          95.713,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          395.98999,
          140.4652142,
          397.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,094 ",
        "box": [
          446.02599,
          140.4652142,
          467.02599,
          146.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          140.4652142,
          477.98999,
          146.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "8,730 ",
        "box": [
          529.77599,
          140.4652142,
          547.27599,
          146.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Residential",
        "box": [
          71.99,
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          103.46199999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          150.2152142,
          397.73999,
          155.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "147,985 ",
        "box": [
          442.52599,
          150.2152142,
          467.02599,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          476.23999,
          150.2152142,
          477.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,659 ",
        "box": [
          522.77599,
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          547.27599,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Office",
        "box": [
          71.99,
          159.9652142,
          89.861,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          159.9652142,
          397.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,797 ",
        "box": [
          449.52599,
          159.9652142,
          467.02599,
          165.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          159.9652142,
          477.98999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "9,686 ",
        "box": [
          529.77599,
          159.9652142,
          547.27599,
          165.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          71.99,
          169.7152142,
          88.69199999999998,
          175.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          169.7152142,
          397.73999,
          175.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,880 ",
        "box": [
          449.52599,
          169.7152142,
          467.02599,
          175.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          169.7152142,
          477.98999,
          175.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,880 ",
        "box": [
          529.77599,
          169.7152142,
          547.27599,
          175.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Land",
        "box": [
          71.99,
          179.4652142,
          86.368,
          185.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          179.4652142,
          397.73999,
          185.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71,411 ",
        "box": [
          446.02599,
          179.4652142,
          467.02599,
          185.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          179.4652142,
          477.98999,
          185.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70,152 ",
        "box": [
          526.27599,
          179.4652142,
          547.27599,
          185.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          71.99,
          189.95520420000003,
          87.922,
          195.71501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          189.2152142,
          397.73999,
          194.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "544 ",
        "box": [
          454.77599,
          189.2152142,
          467.02599,
          194.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          189.2152142,
          477.98999,
          194.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187 ",
        "box": [
          535.02599,
          189.2152142,
          547.27599,
          194.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total REO, held for sale",
        "box": [
          65.99,
          199.5952142,
          138.88099999999997,
          205.3550217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          198.9652142,
          401.23999,
          204.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "351,675 ",
        "box": [
          442.52599,
          198.9652142,
          467.02599,
          204.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          198.9652142,
          481.48999,
          204.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "360,144 ",
        "box": [
          522.77599,
          198.9652142,
          547.27599,
          204.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REO, held for use:",
        "box": [
          65.99,
          210.2152142,
          121.96199999999997,
          215.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Land",
        "box": [
          71.99,
          219.9652142,
          86.368,
          225.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          219.9652142,
          397.73999,
          225.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,469 ",
        "box": [
          446.02599,
          219.9652142,
          467.02599,
          225.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          219.9652142,
          477.98999,
          225.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,469 ",
        "box": [
          526.27599,
          219.9652142,
          547.27599,
          225.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Building and improvements, net",
        "box": [
          71.99,
          229.7152142,
          162.17799999999997,
          235.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          229.7152142,
          397.73999,
          235.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "224,253 ",
        "box": [
          442.52599,
          229.7152142,
          467.02599,
          235.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          229.7152142,
          477.98999,
          235.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "225,355 ",
        "box": [
          522.77599,
          229.7152142,
          547.27599,
          235.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Furniture, fixtures and equipment, net",
        "box": [
          71.99,
          240.9652142,
          178.10299999999998,
          246.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          240.9652142,
          397.73999,
          246.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,818 ",
        "box": [
          446.02599,
          240.9652142,
          467.02599,
          246.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          240.9652142,
          477.98999,
          246.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,257 ",
        "box": [
          526.27599,
          240.9652142,
          547.27599,
          246.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total REO, held for use",
        "box": [
          65.99,
          252.2152142,
          137.327,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          252.2152142,
          401.23999,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "258,540 ",
        "box": [
          442.52599,
          252.2152142,
          467.02599,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          252.2152142,
          481.48999,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "260,081 ",
        "box": [
          522.77599,
          252.2152142,
          547.27599,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total real estate owned",
        "box": [
          65.99,
          261.9652142,
          135.35299999999998,
          267.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          261.9652142,
          401.23999,
          267.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "610,215 ",
        "box": [
          442.52599,
          261.9652142,
          467.02599,
          267.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          261.9652142,
          481.48999,
          267.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "620,225 ",
        "box": [
          522.77599,
          261.9652142,
          547.27599,
          267.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the table above: ",
        "box": [
          63.36,
          286.91891599999997,
          139.92,
          295.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
          298.91891599999997,
          84.86,
          307.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation expense related to REO, held for use was $1.6 million for the three months ended March 31, 2026. ",
        "box": [
          99.36,
          298.91891599999997,
          551.01001,
          307.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated depreciation related to REO, held for use was $4.4 million as of March 31, 2026. There was no ",
        "box": [
          99.36,
          310.91891599999997,
          551.01001,
          319.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "such depreciation expense or accumulated depreciation as of or for the three months ended March 31, 2025.",
        "box": [
          99.36,
          322.91891599999997,
          530.53998,
          331.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
          334.91891599999997,
          84.86,
          343.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other REO excludes $15.3 million as of both March 31, 2026 and December 31, 2025, of real estate owned, ",
        "box": [
          99.36,
          334.91891599999997,
          551.0799900000001,
          343.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held for sale within consolidated VIEs.",
        "box": [
          99.36,
          346.91891599999997,
          255.30000000000007,
          355.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 17. Agreements and Transactions with Related Parties",
        "box": [
          63.36,
          370.75890599999997,
          317.6,
          378.9872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management Agreement",
        "box": [
          63.36,
          394.75890599999997,
          165.22,
          402.9872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company  has  entered  into  a  management  agreement  with  its  Manager  (the  'Management  Agreement'),  which ",
        "box": [
          63.36,
          406.91891599999997,
          551.02,
          415.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "describes  the  services  to  be  provided  to  the  Company  by  its  Manager  and  compensation  for  such  services.  The ",
        "box": [
          63.36,
          418.91891599999997,
          551.0400000000002,
          427.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's Manager is responsible  for  managing  the  Company's  day-to-day  operations,  subject  to  the  direction  and ",
        "box": [
          63.36,
          430.91891599999997,
          551.12,
          439.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "oversight of the Board.",
        "box": [
          63.36,
          442.91891599999997,
          155.5,
          451.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management  fee. ",
        "box": [
          63.36,
          466.91891599999997,
          139.97,
          475.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pursuant  to  the  terms  of  the  Management  Agreement,  the  Manager  is  paid  a  management  fee ",
        "box": [
          142.48001,
          466.91891599999997,
          551.0400100000002,
          475.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculated and payable quarterly in arrears equal to 1.5% per annum of the Company's stockholders' equity (as defined ",
        "box": [
          63.36,
          478.91891599999997,
          551.02998,
          487.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in  the  Management  Agreement)  up  to  $500  million  and  1.00%  per  annum  of  stockholders'  equity  in  excess  of ",
        "box": [
          63.36,
          490.91891599999997,
          551.09001,
          499.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$500 million.",
        "box": [
          63.36,
          502.91891599999997,
          117.21,
          511.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the management fee payable to the Manager.",
        "box": [
          63.36,
          526.9188859999999,
          344.91,
          535.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          372.66,
          552.7152142,
          468.84,
          558.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          348.48001,
          562.4652142,
          362.48001,
          568.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          478.98001,
          562.4652142,
          492.98001,
          568.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fee - total",
        "box": [
          65.99,
          572.2152142,
          131.06199999999998,
          577.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          295.48999,
          572.2152142,
          300.73999,
          577.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.1 million",
        "box": [
          386.07698999999997,
          572.2152142,
          417.3809900000001,
          577.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          425.98999,
          572.2152142,
          431.23999,
          577.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.6 million",
        "box": [
          516.57699,
          572.2152142,
          547.8809900000001,
          577.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fee - amount unpaid",
        "box": [
          65.99,
          581.9652142,
          160.41299999999998,
          587.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          295.48999,
          581.9652142,
          300.73999,
          587.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.8 million",
        "box": [
          386.07698999999997,
          581.9652142,
          417.3809900000001,
          587.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          425.98999,
          581.9652142,
          431.23999,
          587.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.6 million",
        "box": [
          516.57699,
          581.9652142,
          547.8809900000001,
          587.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Incentive distribution. ",
        "box": [
          63.36,
          606.918886,
          157.20999999999998,
          615.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Manager is entitled to an incentive distribution in an amount equal to the product of (i) 15% ",
        "box": [
          157.54001,
          606.918886,
          551.04999,
          615.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and (ii) the excess of (a) core earnings as defined in the partnership agreement (IFCE) on a rolling four-quarter basis ",
        "box": [
          63.36,
          618.918886,
          551.10002,
          627.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over (b) an amount equal to 8.00% per annum multiplied by the weighted average of the issue price per share of the ",
        "box": [
          63.36,
          630.918886,
          551.0199999999999,
          639.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock or OP units multiplied by the weighted average number of shares of common stock outstanding, provided ",
        "box": [
          63.36,
          642.918886,
          551.1399999999998,
          651.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that  IFCE  over  the  prior  twelve  calendar  quarters  is  greater  than  zero.  For  purposes  of  determining  the  incentive ",
        "box": [
          63.36,
          654.918886,
          550.9999800000002,
          663.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distribution payable to the Manager, incentive fee core earnings ('IFCE') is defined under the partnership agreement of ",
        "box": [
          63.36,
          666.918886,
          551.1400000000002,
          675.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  operating  partnership  as  GAAP  net  income  (loss)  of  the  Operating  Partnership  excluding  non-cash  equity ",
        "box": [
          63.36,
          678.918886,
          551.0899999999999,
          687.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation expense, the expenses incurred in connection with the Operating Partnership's formation or continuation, ",
        "box": [
          63.36,
          690.918886,
          551.0299999999999,
          699.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the incentive distribution, real estate depreciation and amortization (to the extent that the Company forecloses on any ",
        "box": [
          63.36,
          702.918886,
          551.11,
          711.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties  underlying  its  assets)  and  any  unrealized  gains,  losses,  or  other  non-cash  items  recorded  in  the  period, ",
        "box": [
          63.36,
          714.918886,
          551.0999999999999,
          723.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 48,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "regardless of whether such items are included in other comprehensive income or loss, or in net income. The amount will ",
        "box": [
          63.36,
          63.66888600000004,
          551.07,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "be  adjusted  to  exclude  one-time  events  pursuant  to  changes  in  GAAP  and  certain  other  non-cash  charges  after ",
        "box": [
          63.36,
          75.66888600000004,
          551.0300000000001,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussions  between  the  Manager  and  the  Company's  independent  directors  and  after  approval  by  a  majority  of  the ",
        "box": [
          63.36,
          87.66888600000004,
          551.1100000000001,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "independent directors. ",
        "box": [
          63.36,
          99.66888600000004,
          154.64,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the Incentive fee payable to the Manager.",
        "box": [
          63.36,
          123.66888600000004,
          331.04,
          131.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          372.66,
          149.4652142,
          468.84,
          155.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          348.48001,
          159.2152142,
          362.48001,
          164.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          478.98001,
          159.2152142,
          492.98001,
          164.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Incentive fee distribution - total",
        "box": [
          65.99,
          168.9652142,
          154.60299999999998,
          174.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          295.48999,
          168.9652142,
          300.73999,
          174.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          404.35398999999995,
          168.9652142,
          409.60398999999995,
          174.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          425.98999,
          168.9652142,
          431.23999,
          174.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          538.52899,
          168.9652142,
          543.77899,
          174.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Incentive fee distribution - amount unpaid",
        "box": [
          65.99,
          178.7152142,
          183.95399999999998,
          184.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          295.48999,
          178.7152142,
          300.73999,
          184.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          404.35398999999995,
          178.7152142,
          409.60398999999995,
          184.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          425.98999,
          178.7152142,
          431.23999,
          184.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          538.52899,
          178.7152142,
          543.77899,
          184.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Management  Agreement  may  be  terminated  upon  the  affirmative  vote  of  at  least  two-thirds  of  the  Company's ",
        "box": [
          63.36,
          203.66888600000004,
          550.9999999999995,
          211.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "independent directors or the holders of a majority of the outstanding common stock (excluding shares held by employees ",
        "box": [
          63.36,
          215.66888600000004,
          551.0599999999997,
          223.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and affiliates of the Manager), based upon (1) unsatisfactory performance by the Manager that is materially detrimental ",
        "box": [
          63.36,
          227.66888600000004,
          551.13,
          235.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  the  Company  or  (2)  a  determination  that  the  management  fee  payable  to  the  Manager  is  not  fair,  subject  to  the ",
        "box": [
          63.36,
          239.66888600000004,
          550.9599999999999,
          247.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager's  right  to  prevent  such  a  termination  based  on  unfair  fees  by  accepting  a  mutually  acceptable  reduction  of ",
        "box": [
          63.36,
          251.668946,
          551.0500000000001,
          259.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management  fees  agreed  to  by  at  least  two-thirds  of  the  Company's  independent  directors.  The  Manager  must  be ",
        "box": [
          63.36,
          263.668946,
          551.1199999999998,
          271.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provided with written notice of any such termination at least 180 days prior to the expiration of the then existing term. ",
        "box": [
          63.36,
          275.66891599999997,
          551.03003,
          283.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additionally, upon such a termination by the Company without cause (or upon termination by the Manager due to the ",
        "box": [
          63.36,
          287.66891599999997,
          550.99,
          295.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's material breach), the management agreement provides that the Company will pay the Manager a termination ",
        "box": [
          63.36,
          299.66891599999997,
          550.9999999999999,
          307.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fee  equal  to  three  times  the  average  annual  base  management  fee  earned  by  the  Manager  during  the  prior  24  month ",
        "box": [
          63.36,
          311.66891599999997,
          551.02002,
          319.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period  immediately  preceding  the  date  of  termination,  calculated  as  of  the  end  of  the  most  recently  completed  fiscal ",
        "box": [
          63.36,
          323.66891599999997,
          551.0900000000003,
          331.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quarter prior to the date of termination, except upon an internalization. Additionally, if the management agreement is ",
        "box": [
          63.36,
          335.66891599999997,
          551.0500000000002,
          343.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "terminated under circumstances in which the Company is obligated to make a termination payment to the Manager, the ",
        "box": [
          63.36,
          347.66891599999997,
          551.1000000000003,
          355.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operating partnership shall repurchase, concurrently with such termination, the Class A special unit for an amount equal ",
        "box": [
          63.36,
          359.66891599999997,
          551.0500000000001,
          367.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to three times the average annual amount of the incentive distribution paid or payable in respect of the Class A special ",
        "box": [
          63.36,
          371.66891599999997,
          551.0199999999998,
          379.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unit during the 24 month period immediately preceding such termination, calculated as of the end of the most recently ",
        "box": [
          63.36,
          383.66891599999997,
          551.1100000000002,
          391.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "completed fiscal quarter before the date of termination.",
        "box": [
          63.36,
          395.66891599999997,
          283.5900000000001,
          403.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  current  term  of  the  Management  Agreement  will  expire  on  October  31,  2025  and  is  automatically  renewed  for ",
        "box": [
          63.36,
          419.66891599999997,
          551.0100000000003,
          427.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "successive one-year terms on each anniversary thereafter; provided, however, that either the Company or the Manager ",
        "box": [
          63.36,
          431.66891599999997,
          551.0700200000002,
          439.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may terminate the Management Agreement annually upon 180 days prior notice. Under certain limited circumstances ",
        "box": [
          63.36,
          443.66891599999997,
          551.0700100000001,
          451.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "described above, the Company and the operating partnership are required to make certain payments to the Manager upon ",
        "box": [
          63.36,
          455.66891599999997,
          551.0500000000002,
          463.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "termination.",
        "box": [
          63.36,
          467.66891599999997,
          111.89999999999996,
          475.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expense reimbursement",
        "box": [
          63.36,
          491.67889599999995,
          163.02999999999997,
          499.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ".",
        "box": [
          163.02,
          491.67889599999995,
          165.52,
          499.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " In addition to the management fees and incentive distribution described above, the Company is ",
        "box": [
          165.52,
          491.67889599999995,
          551.0499999999996,
          499.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "also responsible for reimbursing the Manager for certain expenses paid by the Manager on behalf of the Company and ",
        "box": [
          63.36,
          503.66891599999997,
          551.1200000000001,
          511.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for certain services provided by the Manager to the Company. Expenses incurred by the Manager and reimbursed by the ",
        "box": [
          63.36,
          515.6688859999999,
          551.0600000000002,
          523.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company  are  typically  included  in  salaries  and  benefits  or  general  and  administrative  expense  in  the  consolidated ",
        "box": [
          63.36,
          527.6688859999999,
          551.0800000000002,
          535.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements of operations.",
        "box": [
          63.36,
          539.668886,
          162.96,
          547.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents reimbursable expenses payable to the Manager.",
        "box": [
          63.36,
          563.668886,
          355.21,
          571.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          372.66,
          589.4652142,
          468.84,
          595.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          348.48001,
          599.2152142,
          362.48001,
          604.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          478.98001,
          599.2152142,
          492.98001,
          604.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reimbursable expenses payable to Manager - total",
        "box": [
          65.99,
          608.9652142,
          207.41799999999995,
          614.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          295.48999,
          608.9652142,
          300.73999,
          614.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.6 million",
        "box": [
          386.07698999999997,
          608.9652142,
          417.3809900000001,
          614.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          425.98999,
          608.9652142,
          431.23999,
          614.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.9 million",
        "box": [
          516.57699,
          608.9652142,
          547.8809900000001,
          614.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reimbursable expenses payable to Manager - amount unpaid",
        "box": [
          65.99,
          618.7152142,
          236.76899999999995,
          624.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          295.48999,
          618.7152142,
          300.73999,
          624.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.4 million",
        "box": [
          386.07698999999997,
          618.7152142,
          417.3809900000001,
          624.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          425.98999,
          618.7152142,
          431.23999,
          624.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.3 million",
        "box": [
          516.57699,
          618.7152142,
          547.8809900000001,
          624.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Co-Investment with Manager",
        "box": [
          63.36,
          643.508906,
          184.38,
          651.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On July 15, 2022, the Company closed on a $125.0 million commitment to invest into a parallel vehicle, Waterfall Atlas ",
        "box": [
          63.36,
          655.668886,
          551.07999,
          663.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Anchor Feeder, LLC (the 'Fund'), a fund managed by the Manager, in exchange for interests in the Fund. In exchange ",
        "box": [
          63.36,
          667.668886,
          551.08,
          675.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for  the  Company's commitment, the Company is entitled to 15% of any carried interest distributions received by the ",
        "box": [
          63.36,
          679.668886,
          551.1199999999999,
          687.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "general partner of the Fund such that over the life of the Fund, the Company receives an internal rate of return of 1.5% ",
        "box": [
          63.36,
          691.668886,
          551.0,
          699.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over the internal rate of return of the Fund. The Fund focuses on commercial real estate equity through the acquisition of ",
        "box": [
          63.36,
          703.668886,
          550.9599999999997,
          711.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 49,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "distressed  and  value-add  real  estate  across  property  types  with  local  operating  partners.  As  of  March  31,  2026,  the ",
        "box": [
          63.36,
          63.66888600000004,
          551.0499900000001,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company has contributed $95.8 million of cash into the Fund for a remaining commitment of $29.2 million.",
        "box": [
          63.36,
          75.66888600000004,
          496.02002,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Referrals with Clients of the Manager",
        "box": [
          63.36,
          99.50890600000002,
          243.78000000000003,
          107.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In February and March of 2026 the Company sourced three loan opportunities that were referred to and funded by clients ",
        "box": [
          63.36,
          111.66888600000004,
          551.0300099999997,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  the  Manager.  These  opportunities  were  for  loans  with  a  total  UPB  of  approximately  $171.7  million,  of  which ",
        "box": [
          63.36,
          123.66888600000004,
          551.0599800000001,
          131.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$23.5 million was the refinance of one of the Company's existing loans. ",
        "box": [
          63.36,
          135.66888600000004,
          354.18999999999994,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company received a fee of 0.6% of UPB in exchange for these referrals.",
        "box": [
          63.36,
          159.66888600000004,
          371.0600099999999,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 18. Other Assets and Other Liabilities",
        "box": [
          63.36,
          183.50890600000002,
          247.37000000000006,
          191.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the composition of other assets and other liabilities.",
        "box": [
          63.36,
          207.66888600000004,
          371.30999999999983,
          215.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          233.4652142,
          106.24,
          239.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          407.64001,
          233.4652142,
          454.08501,
          239.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          482.85001,
          233.4652142,
          539.38201,
          239.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets:",
        "box": [
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        "box": [
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          447.9652442,
          144.636,
          453.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          447.9652442,
          397.73999,
          453.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "718 ",
        "box": [
          454.77599,
          447.9652442,
          467.02599,
          453.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          447.9652442,
          477.98999,
          453.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,697 ",
        "box": [
          529.77599,
          447.9652442,
          547.27599,
          453.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease payable",
        "box": [
          71.99,
          457.7152442,
          111.79899999999999,
          463.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          457.7152442,
          397.73999,
          463.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,246 ",
        "box": [
          449.52599,
          457.7152442,
          467.02599,
          463.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          457.7152442,
          477.98999,
          463.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,565 ",
        "box": [
          529.77599,
          457.7152442,
          547.27599,
          463.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities of consolidated VIEs",
        "box": [
          71.99,
          468.9652442,
          161.19799999999998,
          474.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          468.9652442,
          397.73999,
          474.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,317 ",
        "box": [
          449.52599,
          468.9652442,
          467.02599,
          474.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          468.9652442,
          477.98999,
          474.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,517 ",
        "box": [
          529.77599,
          468.9652442,
          547.27599,
          474.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          71.99,
          478.7152442,
          87.922,
          484.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          478.7152442,
          397.73999,
          484.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,736 ",
        "box": [
          446.02599,
          478.7152442,
          467.02599,
          484.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          478.7152442,
          477.98999,
          484.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,832 ",
        "box": [
          526.27599,
          478.7152442,
          547.27599,
          484.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total accounts payable and other accrued liabilities",
        "box": [
          65.99,
          488.4652442,
          219.91999999999993,
          494.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          488.4652442,
          401.23999,
          494.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161,201 ",
        "box": [
          442.35799,
          488.4652442,
          466.85799,
          494.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          488.4652442,
          481.48999,
          494.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,636 ",
        "box": [
          522.60799,
          488.4652442,
          547.10799,
          494.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goodwill",
        "box": [
          63.36,
          513.258906,
          100.55999999999999,
          521.4872025561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the carrying value of goodwill by reportable segment.",
        "box": [
          63.36,
          525.4188859999999,
          380.21,
          533.6471825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          551.2152142,
          106.24,
          556.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          407.64001,
          551.2152142,
          454.08501,
          556.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          482.85001,
          551.2152142,
          539.38201,
          556.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Commercial Real Estate",
        "box": [
          65.99,
          560.9652142,
          152.45399999999995,
          566.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
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          401.23999,
          566.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,324 ",
        "box": [
          446.10999,
          560.9652142,
          467.10999,
          566.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
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          481.48999,
          566.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,324 ",
        "box": [
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          547.3599899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small Business Lending",
        "box": [
          65.99,
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          134.02299999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
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          397.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,177 ",
        "box": [
          446.02599,
          570.7152142,
          467.02599,
          576.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          477.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,177 ",
        "box": [
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          547.27599,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          65.99,
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          81.92899999999999,
          586.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
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          401.23999,
          586.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,501 ",
        "box": [
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          467.10999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,501 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "49",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 50,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Intangible assets",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The table below presents information on intangible assets.",
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        "from_ocr": false,
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      {
        "text": "(in thousands)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Gross Carrying Amount",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Accumulated Amortization",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net Carrying Value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Amortized intangible assets:",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Internally developed software",
        "box": [
          71.99,
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          155.53499999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          275.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,204 ",
        "box": [
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          356.60898999999995,
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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": "12,604 ",
        "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": "14,600 ",
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        "from_ocr": false,
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      {
        "text": "Customer relationships",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "11,968 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,434 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,534 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Broker network",
        "box": [
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          116.097,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,250 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          365.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,750 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          462.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,500 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trade name",
        "box": [
          71.99,
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          105.205,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.73999,
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          272.48999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,500 ",
        "box": [
          339.27698999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          365.98999,
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          367.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "208 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          462.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,292 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Above market leases",
        "box": [
          71.99,
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          130.265,
          191.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.73999,
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          272.48999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,008 ",
        "box": [
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          356.77698999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          365.98999,
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          367.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "139 ",
        "box": [
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          452.02698999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          462.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,869 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          71.99,
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          87.922,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.73999,
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          272.48999,
          203.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,566 ",
        "box": [
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          356.77698999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          367.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,204 ",
        "box": [
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          452.02698999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          462.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,362 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized intangible assets:",
        "box": [
          65.99,
          208.7152142,
          158.117,
          214.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trademark",
        "box": [
          71.99,
          219.9652142,
          102.678,
          225.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.73999,
          219.9652142,
          272.48999,
          225.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "262 ",
        "box": [
          344.52698999999996,
          219.9652142,
          356.77698999999996,
          225.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          365.98999,
          219.9652142,
          367.73999,
          225.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          443.27698999999996,
          219.9652142,
          448.52698999999996,
          225.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.23999,
          219.9652142,
          462.98999,
          225.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "262 ",
        "box": [
          535.02699,
          219.9652142,
          547.27699,
          225.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA license",
        "box": [
          71.99,
          231.2152142,
          106.77299999999998,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.73999,
          231.2152142,
          272.48999,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,000 ",
        "box": [
          339.27698999999996,
          231.2152142,
          356.77698999999996,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          365.98999,
          231.2152142,
          367.73999,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          443.27698999999996,
          231.2152142,
          448.52698999999996,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.23999,
          231.2152142,
          462.98999,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,000 ",
        "box": [
          529.77699,
          231.2152142,
          547.27699,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total intangible assets",
        "box": [
          65.99,
          242.4652142,
          132.47599999999997,
          248.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.73999,
          242.4652142,
          275.98999,
          248.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,758 ",
        "box": [
          335.77698999999996,
          242.4652142,
          356.77698999999996,
          248.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          365.98999,
          242.4652142,
          371.23999,
          248.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,339 ",
        "box": [
          431.02698999999996,
          242.4652142,
          452.02698999999996,
          248.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          461.23999,
          242.4652142,
          466.48999,
          248.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,419 ",
        "box": [
          526.27699,
          242.4652142,
          547.27699,
          248.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortized intangible liabilities:",
        "box": [
          65.99,
          253.7152142,
          160.84699999999995,
          259.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Below market leases",
        "box": [
          71.99,
          264.9652142,
          129.873,
          270.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.73999,
          264.9652142,
          275.98999,
          270.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(426) ",
        "box": [
          342.19599,
          264.9652142,
          359.10799000000003,
          270.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          365.98999,
          264.9652142,
          371.23999,
          270.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22) ",
        "box": [
          440.94599,
          264.9652142,
          454.35799000000003,
          270.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          461.23999,
          264.9652142,
          466.48999,
          270.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(404) ",
        "box": [
          532.6959899999999,
          264.9652142,
          549.60799,
          270.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total intangible liabilities",
        "box": [
          65.99,
          276.21524420000003,
          142.59799999999996,
          281.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.73999,
          276.21524420000003,
          275.98999,
          281.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(426) ",
        "box": [
          342.19599,
          276.21524420000003,
          359.10799000000003,
          281.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          365.98999,
          276.21524420000003,
          371.23999,
          281.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22) ",
        "box": [
          440.94599,
          276.21524420000003,
          454.35799000000003,
          281.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          461.23999,
          276.21524420000003,
          466.48999,
          281.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(404) ",
        "box": [
          532.6959899999999,
          276.21524420000003,
          549.60799,
          281.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          65.99,
          287.4652442,
          122.52199999999999,
          293.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortized intangible assets:",
        "box": [
          65.99,
          298.7152442,
          150.725,
          304.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Internally developed software",
        "box": [
          71.99,
          309.9652442,
          155.53499999999997,
          315.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.73999,
          309.9652442,
          275.98999,
          315.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,120 ",
        "box": [
          335.60898999999995,
          309.9652442,
          356.60898999999995,
          315.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          365.98999,
          309.9652442,
          371.23999,
          315.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,520 ",
        "box": [
          430.85898999999995,
          309.9652442,
          451.85898999999995,
          315.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          461.23999,
          309.9652442,
          466.48999,
          315.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,600 ",
        "box": [
          526.10899,
          309.9652442,
          547.10899,
          315.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Customer relationships",
        "box": [
          71.99,
          321.2152442,
          136.712,
          326.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.73999,
          321.2152442,
          272.48999,
          326.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,299 ",
        "box": [
          335.77698999999996,
          321.2152442,
          356.77698999999996,
          326.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          365.98999,
          321.2152442,
          367.73999,
          326.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,236 ",
        "box": [
          434.52698999999996,
          321.2152442,
          452.02698999999996,
          326.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.23999,
          321.2152442,
          462.98999,
          326.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,063 ",
        "box": [
          529.60899,
          321.2152442,
          547.10899,
          326.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Broker network",
        "box": [
          71.99,
          332.4652442,
          116.097,
          338.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.73999,
          332.4652442,
          272.48999,
          338.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,000 ",
        "box": [
          339.27698999999996,
          332.4652442,
          356.77698999999996,
          338.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          365.98999,
          332.4652442,
          367.73999,
          338.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,500 ",
        "box": [
          434.52698999999996,
          332.4652442,
          452.02698999999996,
          338.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.23999,
          332.4652442,
          462.98999,
          338.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,500 ",
        "box": [
          529.60899,
          332.4652442,
          547.10899,
          338.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Above market leases",
        "box": [
          71.99,
          343.7152442,
          130.265,
          349.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.73999,
          343.7152442,
          272.48999,
          349.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,958 ",
        "box": [
          339.27698999999996,
          343.7152442,
          356.77698999999996,
          349.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          365.98999,
          343.7152442,
          367.73999,
          349.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89 ",
        "box": [
          443.27698999999996,
          343.7152442,
          452.02698999999996,
          349.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.23999,
          343.7152442,
          462.98999,
          349.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,869 ",
        "box": [
          529.60899,
          343.7152442,
          547.10899,
          349.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          71.99,
          354.9652442,
          87.922,
          360.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.73999,
          354.9652442,
          272.48999,
          360.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,536 ",
        "box": [
          339.27698999999996,
          354.9652442,
          356.77698999999996,
          360.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          365.98999,
          354.9652442,
          367.73999,
          360.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,158 ",
        "box": [
          434.52698999999996,
          354.9652442,
          452.02698999999996,
          360.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.23999,
          354.9652442,
          462.98999,
          360.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,378 ",
        "box": [
          529.60899,
          354.9652442,
          547.10899,
          360.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized intangible assets:",
        "box": [
          65.99,
          366.2152442,
          158.117,
          371.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trade name",
        "box": [
          71.99,
          377.4652442,
          105.205,
          383.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.73999,
          377.4652442,
          272.48999,
          383.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,500 ",
        "box": [
          339.27698999999996,
          377.4652442,
          356.77698999999996,
          383.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          365.98999,
          377.4652442,
          367.73999,
          383.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          443.27698999999996,
          377.4652442,
          448.52698999999996,
          383.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.23999,
          377.4652442,
          462.98999,
          383.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,500 ",
        "box": [
          529.60899,
          377.4652442,
          547.10899,
          383.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trademark",
        "box": [
          71.99,
          388.7152442,
          102.678,
          394.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.73999,
          388.7152442,
          272.48999,
          394.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "262 ",
        "box": [
          344.52698999999996,
          388.7152442,
          356.77698999999996,
          394.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          365.98999,
          388.7152442,
          367.73999,
          394.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          443.27698999999996,
          388.7152442,
          448.52698999999996,
          394.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.23999,
          388.7152442,
          462.98999,
          394.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "262 ",
        "box": [
          534.85899,
          388.7152442,
          547.10899,
          394.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA license",
        "box": [
          71.99,
          399.9652442,
          106.77299999999998,
          405.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.73999,
          399.9652442,
          272.48999,
          405.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,000 ",
        "box": [
          339.27698999999996,
          399.9652442,
          356.77698999999996,
          405.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          365.98999,
          399.9652442,
          367.73999,
          405.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          443.27698999999996,
          399.9652442,
          448.52698999999996,
          405.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.23999,
          399.9652442,
          462.98999,
          405.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,000 ",
        "box": [
          529.60899,
          399.9652442,
          547.10899,
          405.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total intangible assets",
        "box": [
          65.99,
          411.2152442,
          132.47599999999997,
          416.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.73999,
          411.2152442,
          275.98999,
          416.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,675 ",
        "box": [
          335.77698999999996,
          411.2152442,
          356.77698999999996,
          416.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          365.98999,
          411.2152442,
          371.23999,
          416.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,503 ",
        "box": [
          431.02698999999996,
          411.2152442,
          452.02698999999996,
          416.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          461.23999,
          411.2152442,
          466.48999,
          416.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,172 ",
        "box": [
          526.27699,
          411.2152442,
          547.27699,
          416.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortized intangible liabilities:",
        "box": [
          65.99,
          422.4652442,
          160.84699999999995,
          428.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Below market leases",
        "box": [
          71.99,
          433.7152442,
          129.873,
          439.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.73999,
          433.7152442,
          275.98999,
          439.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(418) ",
        "box": [
          342.19599,
          433.7152442,
          359.10799000000003,
          439.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          365.98999,
          433.7152442,
          371.23999,
          439.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14) ",
        "box": [
          440.94599,
          433.7152442,
          454.35799000000003,
          439.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          461.23999,
          433.7152442,
          466.48999,
          439.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(404) ",
        "box": [
          532.6959899999999,
          433.7152442,
          549.60799,
          439.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total intangible liabilities",
        "box": [
          65.99,
          444.9652442,
          142.59799999999996,
          450.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.73999,
          444.9652442,
          275.98999,
          450.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(418) ",
        "box": [
          342.19599,
          444.9652442,
          359.10799000000003,
          450.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          365.98999,
          444.9652442,
          371.23999,
          450.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14) ",
        "box": [
          440.94599,
          444.9652442,
          454.35799000000003,
          450.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          461.23999,
          444.9652442,
          466.48999,
          450.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(404) ",
        "box": [
          532.6959899999999,
          444.9652442,
          549.60799,
          450.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The amortization expense related to intangible assets was $1.8 million for the three months ended March 31, 2026 and ",
        "box": [
          63.36,
          469.91891599999997,
          551.10001,
          478.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.6 million for the three months ended March 31, 2025, respectively. Such amounts are recorded as other operating ",
        "box": [
          63.36,
          481.91891599999997,
          551.1100200000002,
          490.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses in the consolidated statements of operations.",
        "box": [
          63.36,
          493.91891599999997,
          279.48999,
          502.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents amortization expense related to finite-lived intangible assets for the subsequent five years.",
        "box": [
          63.36,
          517.9188859999999,
          525.5199999999998,
          526.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          543.7152142,
          106.24,
          549.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          487.89001,
          543.7152142,
          534.33501,
          549.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          65.99,
          553.4652142,
          79.99,
          559.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          553.4652142,
          481.48999,
          559.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,449 ",
        "box": [
          529.60799,
          553.4652142,
          547.10799,
          559.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          65.99,
          563.2152142,
          79.99,
          568.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          563.2152142,
          477.98999,
          568.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,128 ",
        "box": [
          529.77599,
          563.2152142,
          547.27599,
          568.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          65.99,
          572.9652142,
          79.99,
          578.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          572.9652142,
          477.98999,
          578.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,102 ",
        "box": [
          529.77599,
          572.9652142,
          547.27599,
          578.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          65.99,
          582.7152142,
          79.99,
          588.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          582.7152142,
          477.98999,
          588.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,898 ",
        "box": [
          529.77599,
          582.7152142,
          547.27599,
          588.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          65.99,
          592.4652142,
          79.99,
          598.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          592.4652142,
          477.98999,
          598.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,475 ",
        "box": [
          529.77599,
          592.4652142,
          547.27599,
          598.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          65.99,
          602.2152142,
          95.11,
          607.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          602.2152142,
          477.98999,
          607.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,701 ",
        "box": [
          526.27599,
          602.2152142,
          547.27599,
          607.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          65.99,
          611.9652142,
          81.92899999999999,
          617.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          611.9652142,
          481.48999,
          617.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,753 ",
        "box": [
          526.27599,
          611.9652142,
          547.27599,
          617.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 19. Other Income and Operating Expenses",
        "box": [
          63.36,
          636.758906,
          267.39000000000004,
          644.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 51,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The table below presents the composition of other income and operating expenses.",
        "box": [
          63.36,
          75.66888600000004,
          393.53999999999996,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          418.03,
          101.46521419999999,
          514.2099999999999,
          107.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          111.21521419999999,
          106.24,
          116.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          416.35999,
          111.21521419999999,
          430.35999,
          116.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          501.48001,
          111.21521419999999,
          515.48001,
          116.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income:",
        "box": [
          65.99,
          120.96521419999999,
          109.31299999999999,
          126.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination income",
        "box": [
          71.99,
          130.7152142,
          126.61099999999999,
          136.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          130.7152142,
          391.48999,
          136.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,676 ",
        "box": [
          444.27698999999996,
          130.7152142,
          461.77698999999996,
          136.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          130.7152142,
          476.23999,
          136.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,012 ",
        "box": [
          529.77599,
          130.7152142,
          547.27599,
          136.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel income",
        "box": [
          71.99,
          141.9652142,
          109.88799999999999,
          147.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          141.9652142,
          387.98999,
          147.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,439 ",
        "box": [
          444.27698999999996,
          141.9652142,
          461.77698999999996,
          147.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          141.9652142,
          472.73999,
          147.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          538.52599,
          141.9652142,
          543.77599,
          147.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in repair and denial reserve",
        "box": [
          71.99,
          151.7152142,
          171.24999999999997,
          157.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          151.7152142,
          387.98999,
          157.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(354) ",
        "box": [
          447.19599,
          151.7152142,
          464.10799000000003,
          157.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          151.7152142,
          472.73999,
          157.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(823) ",
        "box": [
          532.69499,
          151.7152142,
          549.60699,
          157.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          71.99,
          161.4652142,
          87.922,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          161.4652142,
          387.98999,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,304 ",
        "box": [
          444.27698999999996,
          161.4652142,
          461.77698999999996,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          161.4652142,
          472.73999,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,401 ",
        "box": [
          529.77599,
          161.4652142,
          547.27599,
          167.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total other income",
        "box": [
          65.99,
          171.2152142,
          122.73199999999999,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          171.2152142,
          391.48999,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,065 ",
        "box": [
          440.77698999999996,
          171.2152142,
          461.77698999999996,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          171.2152142,
          476.23999,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,590 ",
        "box": [
          526.27599,
          171.2152142,
          547.27599,
          176.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other operating expenses:",
        "box": [
          65.99,
          180.9652142,
          144.48799999999997,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination costs",
        "box": [
          71.99,
          190.7152142,
          120.00299999999999,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          190.7152142,
          387.98999,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,189 ",
        "box": [
          444.27698999999996,
          190.7152142,
          461.77698999999996,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          190.7152142,
          472.73999,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,456 ",
        "box": [
          529.77599,
          190.7152142,
          547.27599,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel expense",
        "box": [
          71.99,
          201.9652142,
          111.82,
          207.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          201.9652142,
          387.98999,
          207.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,371 ",
        "box": [
          444.27698999999996,
          201.9652142,
          461.77698999999996,
          207.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          201.9652142,
          472.73999,
          207.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          538.52599,
          201.9652142,
          543.77599,
          207.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Technology expense",
        "box": [
          71.99,
          211.7152142,
          129.69799999999998,
          217.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          211.7152142,
          387.98999,
          217.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,021 ",
        "box": [
          444.27698999999996,
          211.7152142,
          461.77698999999996,
          217.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          211.7152142,
          472.73999,
          217.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,885 ",
        "box": [
          529.77599,
          211.7152142,
          547.27599,
          217.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rent and property tax expense",
        "box": [
          71.99,
          221.4652142,
          157.089,
          227.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          221.4652142,
          387.98999,
          227.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,110 ",
        "box": [
          444.27698999999996,
          221.4652142,
          461.77698999999996,
          227.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          221.4652142,
          472.73999,
          227.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,354 ",
        "box": [
          529.77599,
          221.4652142,
          547.27599,
          227.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization expense",
        "box": [
          71.99,
          231.2152142,
          181.36499999999998,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          231.2152142,
          387.98999,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,461 ",
        "box": [
          444.27698999999996,
          231.2152142,
          461.77698999999996,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          231.2152142,
          472.73999,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,645 ",
        "box": [
          529.77599,
          231.2152142,
          547.27599,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recruiting, training and travel expense",
        "box": [
          71.99,
          240.9652142,
          180.60199999999998,
          246.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          240.9652142,
          387.98999,
          246.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,211 ",
        "box": [
          444.27698999999996,
          240.9652142,
          461.77698999999996,
          246.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          240.9652142,
          472.73999,
          246.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "780 ",
        "box": [
          535.02599,
          240.9652142,
          547.27599,
          246.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Marketing expense",
        "box": [
          71.99,
          250.7152142,
          125.42099999999999,
          256.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          250.7152142,
          387.98999,
          256.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "288 ",
        "box": [
          449.52698999999996,
          250.7152142,
          461.77698999999996,
          256.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          250.7152142,
          472.73999,
          256.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "363 ",
        "box": [
          535.02599,
          250.7152142,
          547.27599,
          256.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          71.99,
          260.4652142,
          87.922,
          266.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          260.4652142,
          387.98999,
          266.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,363 ",
        "box": [
          444.27698999999996,
          260.4652142,
          461.77698999999996,
          266.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          260.4652142,
          472.73999,
          266.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,640 ",
        "box": [
          529.77599,
          260.4652142,
          547.27599,
          266.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total other operating expenses",
        "box": [
          65.99,
          270.2152142,
          157.89999999999998,
          275.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          270.2152142,
          391.48999,
          275.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,014 ",
        "box": [
          440.77698999999996,
          270.2152142,
          461.77698999999996,
          275.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          270.2152142,
          476.23999,
          275.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,123 ",
        "box": [
          526.27599,
          270.2152142,
          547.27599,
          275.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 20. Redeemable Preferred Stock and Stockholders' Equity",
        "box": [
          63.36,
          295.00890599999997,
          334.8000000000001,
          303.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock dividends",
        "box": [
          63.36,
          319.00890599999997,
          166.06,
          327.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents dividends declared by the Board on common stock during the last twelve months.",
        "box": [
          63.36,
          331.16891599999997,
          491.51999999999987,
          339.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Declaration Date",
        "box": [
          65.99,
          356.9652442,
          116.705,
          362.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Record Date",
        "box": [
          188.24001,
          356.9652442,
          225.73201,
          362.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment Date",
        "box": [
          310.48999,
          356.9652442,
          352.66499,
          362.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend per Share",
        "box": [
          432.73999,
          356.9652442,
          491.04999,
          362.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 3, 2025",
        "box": [
          65.99,
          366.7152442,
          106.996,
          372.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2025",
        "box": [
          188.24001,
          366.7152442,
          232.74601,
          372.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 30, 2025",
        "box": [
          310.48999,
          366.7152442,
          351.51699,
          372.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          432.73999,
          366.7152442,
          437.98999,
          372.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.125 ",
        "box": [
          528.3599899999999,
          366.7152442,
          545.8599899999999,
          372.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 13, 2025",
        "box": [
          65.99,
          376.4652442,
          105.064,
          382.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025",
        "box": [
          188.24001,
          376.4652442,
          227.31401000000002,
          382.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 31, 2025",
        "box": [
          310.48999,
          376.4652442,
          348.40899,
          382.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          432.73999,
          376.4652442,
          437.98999,
          382.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.125 ",
        "box": [
          528.3599899999999,
          376.4652442,
          545.8599899999999,
          382.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 15, 2025",
        "box": [
          65.99,
          386.2152442,
          122.15799999999999,
          391.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 30, 2025",
        "box": [
          188.24001,
          386.2152442,
          244.40801,
          391.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 31, 2025",
        "box": [
          310.48999,
          386.2152442,
          359.27299,
          391.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          432.73999,
          386.2152442,
          437.98999,
          391.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.125 ",
        "box": [
          528.3599899999999,
          386.2152442,
          545.8599899999999,
          391.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 15, 2025",
        "box": [
          65.99,
          395.9652442,
          120.975,
          401.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          188.24001,
          395.9652442,
          243.22501,
          401.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 30, 2025",
        "box": [
          310.48999,
          395.9652442,
          358.49599,
          401.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          432.73999,
          395.9652442,
          437.98999,
          401.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.010 ",
        "box": [
          528.3599899999999,
          395.9652442,
          545.8599899999999,
          401.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 13, 2026",
        "box": [
          65.99,
          405.7152442,
          110.496,
          411.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          188.24001,
          405.7152442,
          232.74601,
          411.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 30, 2026",
        "box": [
          310.48999,
          405.7152442,
          351.51699,
          411.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          432.73999,
          405.7152442,
          437.98999,
          411.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.010 ",
        "box": [
          528.3599899999999,
          405.7152442,
          545.8599899999999,
          411.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stock incentive plans",
        "box": [
          63.36,
          430.50890599999997,
          150.48999999999995,
          438.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company currently maintains the 2023 Equity Incentive Plan which authorizes the Compensation Committee of the ",
        "box": [
          63.36,
          442.66891599999997,
          551.0400000000001,
          450.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Board to approve grants of equity-based awards to the Company's officers and directors, and employees of the Manager ",
        "box": [
          63.36,
          454.66891599999997,
          551.06,
          462.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  its  affiliates.  On  August  22,  2023,  the  Company's  stockholders  approved  the  2023  Equity  Incentive  Plan  which ",
        "box": [
          63.36,
          466.66891599999997,
          551.0799999999999,
          474.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provides for grants of equity-based awards up to 5.5 million shares of the Company's common stock. The Company ",
        "box": [
          63.36,
          478.66891599999997,
          551.0999800000001,
          486.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currently settles stock-based incentive awards with newly issued shares. The fair value of the RSUs and RSAs granted, ",
        "box": [
          63.36,
          490.66891599999997,
          551.0300000000001,
          498.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which is generally determined based upon the stock price on the grant date, is recorded as compensation expense on a ",
        "box": [
          63.36,
          502.66891599999997,
          551.0499999999998,
          510.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "straight-line basis over the vesting periods for the awards, with an offsetting increase in stockholders' equity. ",
        "box": [
          63.36,
          514.6688859999999,
          501.7699999999998,
          522.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In 2026, 2025, and 2024, the Company granted 2,185,687, 1,210,374, and 774,097, respectively, of time-based RSAs ",
        "box": [
          63.36,
          538.668886,
          551.0499999999998,
          546.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the 2023 Equity Incentive Plan to certain key employees. These awards generally vest ratably in equal annual ",
        "box": [
          63.36,
          550.668886,
          551.0600000000002,
          558.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "installments  over  a  three-year  period  based  solely  on  continued  employment  or  service.  In  2026,  the  Company  also ",
        "box": [
          63.36,
          562.668886,
          551.1200000000001,
          570.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "granted  2,550,000  time-based  RSUs  (the  'Employee  RSUs')  under  the  2023  Equity  Incentive  Plan  to  certain  key ",
        "box": [
          63.36,
          574.668886,
          551.05,
          582.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "employees. The Employee RSUs will vest, in full, on December 31, 2028, based solely upon continued employment or ",
        "box": [
          63.36,
          586.668886,
          551.0400199999999,
          594.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "service.  The  Employee  RSUs  will  be  settled  in  cash  or  in  shares  of  the  Company's  common  stock,  dependent  upon ",
        "box": [
          63.36,
          598.668886,
          551.1199999999999,
          606.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "whether  the  Company's  stockholders  approve  an  amendment  to  the  2023  Equity  Incentive  Plan  (the  '2023  EIP ",
        "box": [
          63.36,
          610.668886,
          551.03,
          618.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amendment') to increase the pool of shares available for grant at the Company's 2026 annual meeting of stockholders. ",
        "box": [
          63.36,
          622.668886,
          551.0900000000001,
          630.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "If  the  2023 EIP Amendment (i) is approved, then the Employee RSUs will be settled in shares of Company common ",
        "box": [
          63.36,
          634.668886,
          551.0999999999997,
          642.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock, but if it (ii) is not approved, the Employee RSUs will be settled in cash based upon the value per share of common ",
        "box": [
          63.36,
          646.668886,
          551.0399999999997,
          654.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock on the applicable vesting date. The Company also granted in 2026, 2025 and 2024 291,260, 89,285, and 126,930, ",
        "box": [
          63.36,
          658.6688859999999,
          551.02002,
          666.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively,  time-based  RSAs  and  RSUs  to  non-employee  directors  of  the  Company,  which  vest  ratably  in  equal ",
        "box": [
          63.36,
          670.668886,
          551.1299999999999,
          678.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "installments quarterly over a one-year period. Directors may elect to receive time-based RSAs or time-based RSUs that ",
        "box": [
          63.36,
          682.668886,
          551.05999,
          690.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have a deferred settlement date of their choosing. Dividends or dividend equivalents are currently paid on all time-based ",
        "box": [
          63.36,
          694.668886,
          550.9999800000002,
          702.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RSAs and Employee RSUs, and dividend equivalents are paid on deferred RSU awards during their deferral period. ",
        "box": [
          63.36,
          706.668886,
          528.7299999999999,
          714.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 52,
    "width": 612.0,
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    "cells": [
      {
        "text": "The table below summarizes RSU and RSA activity, excluding performance-based equity awards. See below for further ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "details on performance-based equity awards.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Restricted Stock Units/Awards",
        "box": [
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          476.94299000000007,
          106.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(in thousands, except share data)",
        "box": [
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          123.71521419999999,
          159.083,
          129.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Number of ",
        "box": [
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          368.59201,
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        "confidence": 1.0
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      {
        "text": "shares",
        "box": [
          341.09,
          123.71521419999999,
          360.13,
          129.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Grant date fair value",
        "box": [
          399.29001,
          123.71521419999999,
          462.4580100000001,
          129.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average ",
        "box": [
          483.92001,
          109.71521419999999,
          536.5670100000001,
          115.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "grant date fair value ",
        "box": [
          480.51001,
          116.71521419999999,
          543.4750100000002,
          122.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(per share)",
        "box": [
          494.70001,
          123.71521419999999,
          527.5230100000001,
          129.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding, December 31, 2025",
        "box": [
          65.99,
          133.4652142,
          158.64999,
          139.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          133.4652142,
          317.48999,
          139.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,553,572 ",
        "box": [
          357.10999,
          133.4652142,
          386.85999,
          139.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          133.4652142,
          401.23999,
          139.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,940 ",
        "box": [
          446.02599,
          133.4652142,
          467.02599,
          139.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          133.4652142,
          481.48999,
          139.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.69 ",
        "box": [
          533.27599,
          133.4652142,
          547.27599,
          139.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Granted",
        "box": [
          65.99,
          143.2152142,
          88.523,
          148.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          143.2152142,
          317.48999,
          148.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,476,947 ",
        "box": [
          357.10999,
          143.2152142,
          386.85999,
          148.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          143.2152142,
          397.73999,
          148.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,103 ",
        "box": [
          449.52599,
          143.2152142,
          467.02599,
          148.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          143.2152142,
          477.98999,
          148.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.06 ",
        "box": [
          533.27599,
          143.2152142,
          547.27599,
          148.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Vested",
        "box": [
          65.99,
          152.9652142,
          85.41499999999999,
          158.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          152.9652142,
          317.48999,
          158.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(605,926) ",
        "box": [
          359.94498999999996,
          152.9652142,
          389.10699,
          158.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          152.9652142,
          397.73999,
          158.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,614) ",
        "box": [
          447.19498999999996,
          152.9652142,
          469.35699,
          158.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          152.9652142,
          477.98999,
          158.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.61 ",
        "box": [
          533.27599,
          152.9652142,
          547.27599,
          158.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forfeited",
        "box": [
          65.99,
          162.7152142,
          91.63799999999999,
          168.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          162.7152142,
          317.48999,
          168.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,628) ",
        "box": [
          363.44498999999996,
          162.7152142,
          389.10699,
          168.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          162.7152142,
          397.73999,
          168.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(75) ",
        "box": [
          455.94498999999996,
          162.7152142,
          469.35699,
          168.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          162.7152142,
          477.98999,
          168.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.51 ",
        "box": [
          533.27599,
          162.7152142,
          547.27599,
          168.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding, March 31, 2026",
        "box": [
          65.99,
          172.4652142,
          153.25,
          178.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          172.4652142,
          317.48999,
          178.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,407,965 ",
        "box": [
          357.10999,
          172.4652142,
          386.85999,
          178.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          172.4652142,
          401.23999,
          178.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,354 ",
        "box": [
          446.02599,
          172.4652142,
          467.02599,
          178.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          172.4652142,
          481.48999,
          178.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.63 ",
        "box": [
          533.27599,
          172.4652142,
          547.27599,
          178.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company recognized $1.6 million for the three months ended March 31, 2026 and $1.8 million for the three months ",
        "box": [
          63.36,
          197.41888600000004,
          551.06,
          205.64718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended March 31, 2025 of non-cash compensation expense related to its stock-based incentive plan in the consolidated ",
        "box": [
          63.36,
          209.41888600000004,
          551.0500000000001,
          217.64718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements of operations. As of March 31, 2026 and December 31, 2025, approximately $12.4 million and $11.9 million, ",
        "box": [
          63.36,
          221.41888600000004,
          550.98999,
          229.64718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively,  of  non-cash  compensation  expense  related  to  unvested  awards  had  not  yet  been  charged  to  net  income. ",
        "box": [
          63.36,
          233.41888600000004,
          551.1100000000001,
          241.64718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These costs are expected to be amortized into compensation expense ratably over the course of the remaining vesting ",
        "box": [
          63.36,
          245.41888600000004,
          551.0399999999998,
          253.64718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "periods. ",
        "box": [
          63.36,
          257.418946,
          97.78,
          265.6472425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Performance-based equity awards under the 2023 Equity Incentive Plan",
        "box": [
          63.36,
          293.25890599999997,
          360.33,
          301.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026  performance-based  RSUs. ",
        "box": [
          63.36,
          305.41891599999997,
          202.02999999999997,
          313.6472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  March  of  2026,  the  Company  granted,  to  certain  key  employees,  7,650,000 ",
        "box": [
          205.00999,
          305.41891599999997,
          551.13,
          313.6472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance-based RSUs at a grant date fair value of $0.25 per performance-based RSU, based on an option pricing ",
        "box": [
          63.36,
          316.91891599999997,
          551.03997,
          325.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "model. These performance-based RSUs were designed based on total stockholder return, and will vest if the Company's ",
        "box": [
          63.36,
          328.41891599999997,
          551.0199999999998,
          336.6472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock equals or exceeds certain milestones during the performance period commencing on March 1, 2026 and ",
        "box": [
          63.36,
          339.91891599999997,
          551.1,
          348.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ending December 31, 2028. The performance-based RSUs may vest in up to ten, approximately equal parts, provided ",
        "box": [
          63.36,
          351.41891599999997,
          550.98998,
          359.6472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that the 30-day volume weighted average price of the Company's common stock equals or exceeds ten, approximately ",
        "box": [
          63.36,
          362.91891599999997,
          551.0799999999999,
          371.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equally  spaced  milestones  between  specified  points,  and  further  conditioned  upon  the  key  employee's  continued ",
        "box": [
          63.36,
          374.41891599999997,
          551.0600300000001,
          382.6472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "employment (with certain exceptions) with the Company or our Manager, as applicable. The actual number of shares that ",
        "box": [
          63.36,
          385.91891599999997,
          551.1000000000001,
          394.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the key employees receive at the end of the performance period may range from 0% to 100% of the total award. The ",
        "box": [
          63.36,
          397.41891599999997,
          551.0200100000001,
          405.6472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance-based RSUs will be settled in cash or in shares of the Company's common stock, dependent upon whether ",
        "box": [
          63.36,
          408.91891599999997,
          551.0699999999998,
          417.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Company's stockholders approve the 2023 EIP Amendment at the Company's 2026 annual meeting of stockholders. ",
        "box": [
          63.36,
          420.41891599999997,
          551.0400000000002,
          428.6472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "If  the  2023  EIP Amendment (i) is approved, then the performance-based RSUs will be settled in shares of Company ",
        "box": [
          63.36,
          431.91891599999997,
          551.0000000000002,
          440.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock, but if it (ii) is not approved, the performance-based RSUs will be settled in cash based upon the value per ",
        "box": [
          63.36,
          443.41891599999997,
          551.0400000000001,
          451.6472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share of common stock on the applicable vesting date. The fair value of the performance-based RSUs is recorded as ",
        "box": [
          63.36,
          454.91891599999997,
          551.0600000000003,
          463.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation expense over the performance period and will cliff vest at the end of the three-year performance period, ",
        "box": [
          63.36,
          466.41891599999997,
          551.1200100000001,
          474.6472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with  an  offsetting  increase  in  stockholders'  equity.  Dividend  equivalents  are  accrued  by  the  Company  during  the ",
        "box": [
          63.36,
          477.91891599999997,
          551.01,
          486.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance period and paid to the holder if and when the performance-based RSUs vest.",
        "box": [
          63.36,
          489.41891599999997,
          421.86000000000007,
          497.6472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025  performance-based  RSUs.",
        "box": [
          63.36,
          512.9188859999999,
          201.32999999999998,
          521.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  In  February  2025,  the  Company  granted,  to  certain  key  employees,  238,096 ",
        "box": [
          201.33,
          512.9188859999999,
          551.02002,
          521.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance-based RSUs at a grant date fair value of $6.72 per performance-based RSU. The performance-based RSUs ",
        "box": [
          63.36,
          524.9188859999999,
          551.0400199999998,
          533.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are  allocated  50%  to  awards  that  may  be  earned  based  on  achievement  of  performance  goals  related  to  distributable ",
        "box": [
          63.36,
          536.918886,
          551.1400100000002,
          545.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "return on equity ('ROE') for the three-year forward-looking period ending December 31, 2027 and 50% to awards that ",
        "box": [
          63.36,
          548.918886,
          551.1100100000001,
          557.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may be earned based on achievement of performance goals related to relative TSR for such three-year forward-looking ",
        "box": [
          63.36,
          560.918886,
          551.13001,
          569.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance period relative to the performance of a designated peer group. Subject to the distributable ROE metric and ",
        "box": [
          63.36,
          572.918886,
          551.0100000000006,
          581.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relative TSR achieved during the performance period, the actual number of shares that the key employees receive at the ",
        "box": [
          63.36,
          584.918886,
          551.0099999999998,
          593.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "end of the performance period may range from 0% to 200% of the target award. The fair value of the performance-based ",
        "box": [
          63.36,
          596.918886,
          550.96,
          605.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RSUs is recorded as compensation expense over the performance period and will cliff vest at the end of the three-year ",
        "box": [
          63.36,
          608.918886,
          551.08002,
          617.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance  period,  with  an  offsetting  increase  in  stockholders'  equity.  Dividend  equivalents  are  accrued  by  the ",
        "box": [
          63.36,
          620.918886,
          551.02,
          629.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company during the performance period and paid to the holder if and when the performance-based RSUs vest.",
        "box": [
          63.36,
          632.918886,
          506.52000000000004,
          641.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024  performance-based  RSUs.",
        "box": [
          63.36,
          656.918886,
          201.33,
          665.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  In  February  2024,  the  Company  granted,  to  certain  key  employees,  132,450 ",
        "box": [
          201.33,
          656.918886,
          551.02002,
          665.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance-based RSUs at a grant date fair value of $9.06 per performance-based RSU. The performance-based RSUs ",
        "box": [
          63.36,
          668.918886,
          551.0400199999998,
          677.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are allocated 50% to awards that may be earned based on achievement of performance goals related to distributable ROE ",
        "box": [
          63.36,
          680.918886,
          551.0900099999999,
          689.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for the three-year forward-looking period ending December 31, 2026 and 50% to awards that may be earned based on ",
        "box": [
          63.36,
          692.918886,
          551.0000100000002,
          701.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "achievement  of  performance  goals  related  to  relative  TSR  for  such  three-year  forward-looking  performance  period ",
        "box": [
          63.36,
          704.918886,
          551.05001,
          713.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relative  to  the  performance  of  a  designated  peer  group.  Subject  to  the  distributable  ROE  metric  and  relative  TSR ",
        "box": [
          63.36,
          716.918886,
          551.1300000000001,
          725.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 53,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "achieved during the performance period, the actual number of shares that the key employees receive at the end of the ",
        "box": [
          63.36,
          63.66888600000004,
          551.0699999999999,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance period may range from 0% to 200% of the target award. The fair value of the performance-based RSUs is ",
        "box": [
          63.36,
          75.66888600000004,
          550.9600199999994,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded  as  compensation  expense  over  the  performance  period  and  will  cliff  vest  at  the  end  of  the  three-year ",
        "box": [
          63.36,
          87.66888600000004,
          551.07001,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance  period,  with  an  offsetting  increase  in  stockholders'  equity.  Dividend  equivalents  are  accrued  by  the ",
        "box": [
          63.36,
          99.66888600000004,
          551.02,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company during the performance period and paid to the holder if and when the performance-based RSUs vest.",
        "box": [
          63.36,
          111.66888600000004,
          506.52000000000004,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Performance-based equity awards under the 2013 Equity Incentive Plan",
        "box": [
          63.36,
          135.50890600000002,
          360.33,
          143.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2023 performance-based RSUs.",
        "box": [
          63.36,
          147.66888600000004,
          195.20999999999998,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " In June 2023, the Company granted, to certain key employees, 222,552 performance-",
        "box": [
          195.21001,
          147.66888600000004,
          548.6099800000002,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based RSUs at a grant date fair value of $10.11 per performance-based RSU, which could have been earned based on the ",
        "box": [
          63.36,
          159.16888600000004,
          551.02,
          167.39718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "achievement of performance goals by the end of 2024 in relation to the Broadmark Merger. The awards were allocated ",
        "box": [
          63.36,
          170.66888600000004,
          550.99,
          178.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30% to awards that may be earned based on cost savings in 2024 as a percentage of the pre-merger Broadmark expense ",
        "box": [
          63.36,
          182.16888600000004,
          551.1099999999999,
          190.39718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "run rate, 15% to awards that could have been earned based on the volume of Broadmark product originated from the ",
        "box": [
          63.36,
          193.66888600000004,
          551.0600099999999,
          201.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "time of the merger through the end of 2024, 30% to awards that could have been earned based on the generation of ",
        "box": [
          63.36,
          205.16888600000004,
          551.0800000000002,
          213.39718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incremental liquidity from asset level financing, portfolio run-off, sales or corporate re-levering through the end of 2024, ",
        "box": [
          63.36,
          216.66888600000004,
          551.0199999999996,
          224.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  25%  to  awards  that  could  have  been  earned  based  on  distributable  ROE  for  2024.  Subject  to  the  level  of ",
        "box": [
          63.36,
          228.16888600000004,
          550.9999999999999,
          236.39718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "achievement of these goals during the performance period, the actual number of shares that the key employees could ",
        "box": [
          63.36,
          239.66888600000004,
          550.9900000000001,
          247.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have received ranged from 0% to 200% of the target award. The fair value of the performance-based RSUs granted was ",
        "box": [
          63.36,
          251.168946,
          551.0400000000003,
          259.3972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded as compensation expense over the performance period and vested 2/3rds on December 31, 2024, and 1/3rd on ",
        "box": [
          63.36,
          262.668946,
          551.13,
          270.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, with an offsetting increase in stockholders' equity. Awards earned on December 31, 2024 based on ",
        "box": [
          63.36,
          274.16891599999997,
          551.1100000000001,
          282.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "achievement of the applicable performance metrics but vesting on December 31, 2025 were converted into RSAs that ",
        "box": [
          63.36,
          285.66891599999997,
          551.0800000000003,
          293.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were eligible to vest on December 31, 2025 based on the key employee's continued employment or service through that ",
        "box": [
          63.36,
          297.16891599999997,
          550.9999999999998,
          305.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "date. Dividend equivalents were accrued by the Company during the performance period and paid to the holder if and ",
        "box": [
          63.36,
          308.66891599999997,
          551.1000000000001,
          316.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "when the performance-based RSUs vested. Following the conclusion of the performance period on December 31, 2024, ",
        "box": [
          63.36,
          320.16891599999997,
          551.0299999999999,
          328.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Board determined that the cost savings, product origination volumes and incremental liquidity generation goals were ",
        "box": [
          63.36,
          331.66891599999997,
          550.9999999999998,
          339.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "achieved at maximum payout and the distributable ROE goal was not achieved. As such, on February 3, 2025, the Board ",
        "box": [
          63.36,
          343.16891599999997,
          551.09,
          351.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "approved the settlement of 333,828 performance-based RSUs. The fair value of the performance-based RSUs granted ",
        "box": [
          63.36,
          354.66891599999997,
          551.0200100000002,
          362.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was recorded as compensation expense over the performance period with an offsetting increase in stockholders' equity. ",
        "box": [
          63.36,
          366.16891599999997,
          543.0799999999997,
          374.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In February 2023, the Company granted, to certain key employees, 92,451 performance-based RSUs at a grant date fair ",
        "box": [
          63.36,
          389.66891599999997,
          551.0600000000003,
          397.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value of $12.98 per performance-based RSU. The performance-based RSUs were allocated 50% to awards that could ",
        "box": [
          63.36,
          400.86889599999995,
          551.0100000000001,
          409.0971925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have been earned based on achievement of performance goals related to distributable ROE for the three-year forward-",
        "box": [
          63.36,
          412.06890599999997,
          548.5599900000003,
          420.2972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "looking period ending December 31, 2025 and 50% to awards that could have been earned based on achievement of ",
        "box": [
          63.36,
          423.268916,
          550.9700100000001,
          431.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance  goals  related  to  relative  TSR  for  such  three-year  forward-looking  performance  period  relative  to  the ",
        "box": [
          63.36,
          434.46890599999995,
          551.0900199999998,
          442.6972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance of a designated peer group. Subject to the distributable ROE metric and relative TSR achieved during the ",
        "box": [
          63.36,
          445.66891599999997,
          551.0499999999998,
          453.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance period, the actual number of shares that the key employees received at the end of the performance period ",
        "box": [
          63.36,
          456.86889599999995,
          551.0600000000003,
          465.0971925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "could have ranged from 0% to 200% of the target award. The fair value of the performance-based RSUs was recorded as ",
        "box": [
          63.36,
          468.06890599999997,
          550.9900000000001,
          476.2972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation expense over the performance period and vested at the end of the three-year performance period, with an ",
        "box": [
          63.36,
          479.268916,
          550.9899800000001,
          487.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offsetting increase in stockholders' equity. Dividend equivalents were accrued by the Company during the performance ",
        "box": [
          63.36,
          490.46890599999995,
          551.0599900000001,
          498.6972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period  and  paid  to  the  holder  if  and  when  the  performance-based  RSUs  vested.  Following  the  conclusion  of  the ",
        "box": [
          63.36,
          501.66891599999997,
          551.0499999999998,
          509.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance period on December 31, 2025, the Board determined that the distributable ROE and relative TSR goals ",
        "box": [
          63.36,
          512.868896,
          551.11,
          521.0971925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were not achieved and were therefore forfeited. ",
        "box": [
          63.36,
          524.068906,
          255.31000000000017,
          532.2972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2022  performance-based  RSUs.",
        "box": [
          63.36,
          547.268916,
          202.02999999999997,
          555.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          202.03,
          547.268916,
          204.53,
          555.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In ",
        "box": [
          208.76,
          547.268916,
          219.59,
          555.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February  2022,  the ",
        "box": [
          223.82001,
          547.268916,
          310.55999,
          555.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company  granted,  to  certain  key  employees,  84,566 ",
        "box": [
          314.78999000000005,
          547.268916,
          551.07001,
          555.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance-based RSUs at a grant date fair value of $14.19 per performance-based RSU. During April 2024, 8,809 ",
        "box": [
          63.36,
          558.768916,
          551.04999,
          566.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance-based RSUs were forfeited. The performance-based RSUs were allocated 50% to awards that could have ",
        "box": [
          63.36,
          570.268916,
          551.0799900000001,
          578.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "been earned based on achievement of performance goals related to distributable ROE for the three-year forward-looking ",
        "box": [
          63.36,
          581.768916,
          551.1400199999999,
          589.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period ending December 31, 2024 and 50% to awards that could have been earned based on achievement of performance ",
        "box": [
          63.36,
          593.268916,
          551.11001,
          601.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "goals related to relative TSR for such three-year forward-looking performance period relative to the performance of a ",
        "box": [
          63.36,
          604.768916,
          551.0900200000001,
          612.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "designated peer group. Subject to the distributable ROE metric and relative TSR achieved during the vesting period, the ",
        "box": [
          63.36,
          616.268916,
          551.1200000000003,
          624.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "actual number of shares that the key employees received at the end of the performance period could have ranged from ",
        "box": [
          63.36,
          627.768916,
          551.0800000000002,
          635.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0% to 200% of the target award. The fair value of the performance-based RSUs was recorded as compensation expense ",
        "box": [
          63.36,
          639.268916,
          551.1200000000003,
          647.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over the performance period and vested at the end of a three-year performance period, with an offsetting increase in ",
        "box": [
          63.36,
          650.768916,
          551.00002,
          658.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stockholders' equity. Dividend equivalents were accrued by the Company during the performance period and paid to the ",
        "box": [
          63.36,
          662.268916,
          551.1200000000001,
          670.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "holder  if  and  when  the  performance-based  RSUs  vested.  Following  the  conclusion  of  the  performance  period  on ",
        "box": [
          63.36,
          673.768916,
          551.05003,
          681.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2024, the Board determined that the distributable ROE threshold goal was achieved and the relative TSR ",
        "box": [
          63.36,
          685.268916,
          550.9799999999998,
          693.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "threshold goal was achieved. As such, on February 22, 2025, the Board approved the settlement of 57,029 performance-",
        "box": [
          63.36,
          696.768916,
          548.5700200000002,
          704.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based RSUs. The fair value of the performance-based RSUs granted was recorded as compensation expense over the ",
        "box": [
          63.36,
          708.268916,
          551.0000000000003,
          716.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance period with an offsetting increase in stockholders' equity. ",
        "box": [
          63.36,
          719.768916,
          349.14,
          727.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 54,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Preferred Stock ",
        "box": [
          63.36,
          75.50890600000002,
          130.50999999999996,
          83.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  the  event  of  a  liquidation  or  dissolution  of  the  Company,  any  outstanding  preferred  stock  ranks  senior  to  the ",
        "box": [
          63.36,
          87.66888600000004,
          551.1399999999998,
          95.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding common stock with respect to payment of dividends and the distribution of assets.",
        "box": [
          63.36,
          99.66888600000004,
          440.7799999999998,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company classifies Series C Cumulative Convertible Preferred Stock, or Series C Preferred Stock, on the balance ",
        "box": [
          63.36,
          123.66888600000004,
          551.1099999999999,
          131.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sheets  using  the  guidance  in  ASC  480",
        "box": [
          63.36,
          135.66888600000004,
          227.32001,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          227.32001,
          135.4540425,
          230.74000999999998,
          145.024355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          230.73001,
          135.66888600000004,
          240.73001,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          240.73001,
          135.4540425,
          244.15000999999998,
          145.024355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S99.  The  Series  C  Preferred  Stock  contains  certain  fundamental  change ",
        "box": [
          244.14001,
          135.66888600000004,
          551.02985,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provisions that allow the holder to redeem the preferred stock for cash only if certain events occur, such as a change in ",
        "box": [
          63.36,
          147.66888600000004,
          551.0800000000003,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "control. As of March 31, 2026, the conversion rate was 1.8400 shares of common stock per $25 principal amount of the ",
        "box": [
          63.36,
          159.66888600000004,
          550.95,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Series C Preferred Stock, which is equivalent to a conversion price of approximately $13.59 per share of common stock. ",
        "box": [
          63.36,
          171.66888600000004,
          551.09,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As redemption under these circumstances is not solely within the Company's control, the Series C Preferred Stock has ",
        "box": [
          63.36,
          183.66888600000004,
          551.1399999999998,
          191.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "been classified as temporary equity. The Company has analyzed whether the conversion features should be bifurcated ",
        "box": [
          63.36,
          195.66888600000004,
          551.1000000000004,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the guidance in ASC 815 and has determined that bifurcation is not necessary.",
        "box": [
          63.36,
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          401.32999999999987,
          215.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents details on preferred equity by series.",
        "box": [
          63.36,
          231.66888600000004,
          310.83,
          239.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferential Cash Dividends",
        "box": [
          345.97,
          265.7152142,
          430.3130000000001,
          271.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value ",
        "box": [
          495.20001,
          258.7152142,
          543.7870100000001,
          264.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          497.32001,
          265.7152142,
          539.9150100000002,
          271.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Series",
        "box": [
          84.43,
          283.7152442,
          102.294,
          289.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares Issued and Outstanding ",
        "box": [
          126.31,
          276.71524420000003,
          221.202,
          282.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          151.57001,
          283.7152442,
          194.16500999999997,
          289.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Par Value",
        "box": [
          242.56,
          283.7152442,
          272.688,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liquidation ",
        "box": [
          305.17001,
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          342.31901000000005,
          282.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preference",
        "box": [
          306.76001,
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          338.97401,
          289.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate per Annum",
        "box": [
          363.04999,
          283.7152442,
          413.19098999999994,
          289.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Annual Dividend ",
        "box": [
          427.79999,
          276.71524420000003,
          480.69899,
          282.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(per share)",
        "box": [
          436.95001,
          283.7152442,
          469.77301000000006,
          289.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
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          541.83501,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "C",
        "box": [
          65.99,
          293.4652442,
          70.65899999999999,
          299.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          125.99,
          293.4652442,
          127.74,
          299.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335 ",
        "box": [
          208.779,
          293.4652442,
          221.029,
          299.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          230.24001,
          293.4652442,
          231.99001,
          299.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.0001 ",
        "box": [
          265.27501,
          293.4652442,
          286.27501,
          299.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          295.48999,
          293.4652442,
          300.73999,
          299.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25.00 ",
        "box": [
          334.10898999999995,
          293.4652442,
          351.60898999999995,
          299.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.25  %",
        "box": [
          397.03,
          293.4652442,
          415.111,
          299.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          425.98999,
          293.4652442,
          431.23999,
          299.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.56 ",
        "box": [
          468.02499,
          293.4652442,
          482.02499,
          299.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          491.23999,
          293.4652442,
          496.48999,
          299.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,361 ",
        "box": [
          529.85899,
          293.4652442,
          547.35899,
          299.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "E",
        "box": [
          65.99,
          303.2152442,
          70.267,
          308.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          125.99,
          303.2152442,
          127.74,
          308.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,600 ",
        "box": [
          203.529,
          303.2152442,
          221.029,
          308.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          230.24001,
          303.2152442,
          231.99001,
          308.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.0001 ",
        "box": [
          265.27501,
          303.2152442,
          286.27501,
          308.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          295.48999,
          303.2152442,
          300.73999,
          308.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25.00 ",
        "box": [
          334.10898999999995,
          303.2152442,
          351.60898999999995,
          308.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.50  %",
        "box": [
          397.03,
          303.2152442,
          415.111,
          308.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          425.98999,
          303.2152442,
          431.23999,
          308.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.63 ",
        "box": [
          468.02499,
          303.2152442,
          482.02499,
          308.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          491.23999,
          303.2152442,
          496.48999,
          308.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,378 ",
        "box": [
          522.85899,
          303.2152442,
          547.35899,
          308.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " In the table above,",
        "box": [
          63.36,
          328.16891599999997,
          139.64999999999998,
          336.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
          340.16891599999997,
          84.86,
          348.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shareholders  are  entitled  to  receive  dividends,  when  and  as  authorized  by  the  Board,  out  of  funds  legally ",
        "box": [
          99.36,
          340.16891599999997,
          551.0000000000002,
          348.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "available for the payment of dividends. Dividends for Series C Preferred Stock are payable quarterly on the ",
        "box": [
          99.36,
          352.16891599999997,
          551.09,
          360.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15th day of January, April, July and October of each year or if not a business day, the next succeeding business ",
        "box": [
          99.36,
          364.16891599999997,
          551.1200000000002,
          372.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "day.  Dividends  for  Series  E  preferred  stock  are  payable  quarterly  on  or  about  the  last  day  of  each  January, ",
        "box": [
          99.36,
          376.16891599999997,
          551.0100000000002,
          384.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April,  July  and  October  of  each  year.  Any  dividend  payable  on  the  preferred  stock  for  any  partial  dividend ",
        "box": [
          99.36,
          388.16891599999997,
          551.0399999999997,
          396.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be ",
        "box": [
          99.36,
          400.16891599999997,
          551.1199999999998,
          408.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payable in arrears to holders of record as they appear on the Company's records at the close of business on the ",
        "box": [
          99.36,
          412.16891599999997,
          551.0499999999997,
          420.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "last  day  of  each  of  March,  June,  September  and  December,  as  the  case  may  be,  immediately  preceding  the ",
        "box": [
          99.36,
          424.16891599999997,
          551.0100000000003,
          432.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable dividend payment date.",
        "box": [
          99.36,
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          236.3900000000001,
          444.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
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          84.86,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company declared dividends of $0.1 million and $1.9 million on its Series C Preferred Stock and Series E ",
        "box": [
          99.36,
          460.16891599999997,
          551.0599800000002,
          468.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred  Stock,  respectively,  during  the  three  months  ended  March  31,  2026.  The  dividends  were  paid  on ",
        "box": [
          99.36,
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          551.0700200000001,
          480.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 15, 2026 for Series C Preferred Stock and on April 30, 2026 for Series E Preferred Stock to the holders of ",
        "box": [
          99.36,
          484.16891599999997,
          550.97001,
          492.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "record as of the close of business on March 31, 2026.",
        "box": [
          99.36,
          496.16891599999997,
          312.53,
          504.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
          520.1688859999999,
          84.86,
          528.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company may, at its option, redeem the Series E Preferred Stock, in whole or in part, at any time and from ",
        "box": [
          99.36,
          520.1688859999999,
          550.9800000000001,
          528.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, ",
        "box": [
          99.36,
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          551.0800300000003,
          540.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "plus accrued and unpaid dividends, if any, to the redemption date. Series E Preferred Stock is not redeemable ",
        "box": [
          99.36,
          544.168886,
          550.9900000000002,
          552.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prior to June 10, 2026, except under certain conditions.",
        "box": [
          99.36,
          556.168886,
          319.98999999999995,
          564.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Private Warrants",
        "box": [
          63.36,
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          588.2372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  part  of  the  Broadmark  Merger,  the  Company  assumed  private  placement  warrants  that  represented  the  right  to ",
        "box": [
          63.36,
          592.168886,
          551.01,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchase shares of Broadmark common stock, par value $0.001 per share. As of March 31, 2026, there were 5.2 million ",
        "box": [
          63.36,
          604.168886,
          551.03998,
          612.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "private placement warrants outstanding, each representing the right to purchase 0.47233 shares of common stock. The ",
        "box": [
          63.36,
          616.168886,
          551.05998,
          624.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company has outstanding warrants to purchase approximately 2.5 million shares of common stock at a price of $24.34 ",
        "box": [
          63.36,
          628.168886,
          551.04999,
          636.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per  whole  share.  Settlement  of  outstanding  warrants  will  be  in  shares  of  common  stock,  unless  the  Company  elects ",
        "box": [
          63.36,
          640.168886,
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          648.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(solely in the Company's discretion) to settle warrants the Company has called for redemption in cash, and subject to ",
        "box": [
          63.36,
          652.168886,
          551.0299999999999,
          660.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "customary  adjustment  in  the  event  of  business  combinations  and  certain  tender  offers.  The  liability  for  the  private ",
        "box": [
          63.36,
          664.168886,
          550.9900000000002,
          672.3971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "placement  warrants  was  less  than  $0.1  million  as  of  March  31,  2026  and  is  included  in  accounts  payable  and  other ",
        "box": [
          63.36,
          676.168886,
          551.01001,
          684.3971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accrued liabilities in the consolidated balance sheets.",
        "box": [
          63.36,
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          274.40999999999997,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 55,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Equity ATM Program",
        "box": [
          63.36,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On  July  9,  2021,  the  Company,  the  operating  partnership  and  the  Manager  entered  into  an  Equity  Distribution ",
        "box": [
          63.36,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement, as amended on March 8, 2022 (the 'Equity Distribution Agreement'), with JMP Securities LLC (the 'Sales ",
        "box": [
          63.36,
          87.66888600000004,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agent'), pursuant to which the Company may sell, from time to time, shares of the Company's common stock, par value ",
        "box": [
          63.36,
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          551.0700000000002,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.0001 per share, having an aggregate offering price of up to $150 million, through the Sales Agent either as agent or ",
        "box": [
          63.36,
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          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal (the 'Equity ATM Program'). The Company made no such sales through the Equity ATM Program during the ",
        "box": [
          63.36,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three  months  ended  March  31,  2026  or  March  31,  2025.  As  of  March  31,  2026,  shares  representing  approximately ",
        "box": [
          63.36,
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          551.06998,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$78.4 million remain available for sale under the Equity ATM Program.",
        "box": [
          63.36,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 21. Earnings per Share of Common Stock",
        "box": [
          63.36,
          171.50890600000002,
          263.2600000000001,
          179.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below provides information on the basic and diluted EPS computations, including the number of shares of ",
        "box": [
          63.36,
          195.66888600000004,
          551.09,
          203.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock used for purposes of these computations. ",
        "box": [
          63.36,
          207.66888600000004,
          290.11999999999995,
          215.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          417.66,
          221.4652142,
          513.8399999999999,
          227.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands, except for share and per share amounts)",
        "box": [
          65.99,
          231.2152142,
          220.90000000000006,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          416.35999,
          231.2152142,
          430.35999,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          501.10999,
          231.2152142,
          515.1099899999999,
          236.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic Earnings",
        "box": [
          65.99,
          240.9652142,
          110.88799999999996,
          246.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) from continuing operations",
        "box": [
          65.99,
          250.7152142,
          193.684,
          256.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          250.7152142,
          391.48999,
          256.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(200,087) ",
        "box": [
          434.94599,
          250.7152142,
          464.10799000000003,
          256.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          250.7152142,
          476.23999,
          256.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,410 ",
        "box": [
          525.52699,
          250.7152142,
          546.52699,
          256.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Income attributable to non-controlling interest",
        "box": [
          65.99,
          260.4652142,
          211.93999999999994,
          266.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          260.4652142,
          387.98999,
          266.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,642 ",
        "box": [
          444.27698999999996,
          260.4652142,
          461.77698999999996,
          266.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          260.4652142,
          472.73999,
          266.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,460 ",
        "box": [
          529.02699,
          260.4652142,
          546.52699,
          266.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Income attributable to participating shares",
        "box": [
          65.99,
          270.2152142,
          200.64199999999997,
          275.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          270.2152142,
          387.98999,
          275.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,059 ",
        "box": [
          444.27698999999996,
          270.2152142,
          461.77698999999996,
          275.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          270.2152142,
          472.73999,
          275.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,228 ",
        "box": [
          529.02699,
          270.2152142,
          546.52699,
          275.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic earnings - continuing operations",
        "box": [
          65.99,
          279.96524420000003,
          180.28599999999994,
          285.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          279.96524420000003,
          391.48999,
          285.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(203,788) ",
        "box": [
          434.94599,
          279.96524420000003,
          464.10799000000003,
          285.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          279.96524420000003,
          476.23999,
          285.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77,722 ",
        "box": [
          525.52699,
          279.96524420000003,
          546.52699,
          285.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic earnings - discontinued operations",
        "box": [
          65.99,
          289.7152442,
          186.50199999999992,
          295.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          289.7152442,
          391.48999,
          295.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          289.7152442,
          458.27698999999996,
          295.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          289.7152442,
          476.23999,
          295.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(445) ",
        "box": [
          531.9459899999999,
          289.7152442,
          548.85799,
          295.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted Earnings",
        "box": [
          65.99,
          309.2152442,
          117.11799999999997,
          314.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) from continuing operations",
        "box": [
          65.99,
          318.9652442,
          193.684,
          324.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          318.9652442,
          387.98999,
          324.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(200,087) ",
        "box": [
          434.94599,
          318.9652442,
          464.10799000000003,
          324.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          318.9652442,
          472.73999,
          324.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,410 ",
        "box": [
          525.52699,
          318.9652442,
          546.52699,
          324.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Income attributable to non-controlling interest",
        "box": [
          65.99,
          328.7152442,
          211.93999999999994,
          334.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          328.7152442,
          387.98999,
          334.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,642 ",
        "box": [
          444.27698999999996,
          328.7152442,
          461.77698999999996,
          334.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          328.7152442,
          472.73999,
          334.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,460 ",
        "box": [
          529.02699,
          328.7152442,
          546.52699,
          334.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Income attributable to participating shares",
        "box": [
          65.99,
          338.4652442,
          200.64199999999997,
          344.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          338.4652442,
          387.98999,
          344.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,059 ",
        "box": [
          444.27698999999996,
          338.4652442,
          461.77698999999996,
          344.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          338.4652442,
          472.73999,
          344.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,228 ",
        "box": [
          529.02699,
          338.4652442,
          546.52699,
          344.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Add: Expenses attributable to dilutive instruments",
        "box": [
          65.99,
          348.2152442,
          206.522,
          353.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          348.2152442,
          387.98999,
          353.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131 ",
        "box": [
          449.52698999999996,
          348.2152442,
          461.77698999999996,
          353.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.98999,
          348.2152442,
          472.73999,
          353.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131 ",
        "box": [
          534.27699,
          348.2152442,
          546.52699,
          353.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted earnings - continuing operations",
        "box": [
          65.99,
          357.9652442,
          186.51599999999993,
          363.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          357.9652442,
          391.48999,
          363.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(203,657) ",
        "box": [
          434.94599,
          357.9652442,
          464.10799000000003,
          363.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          357.9652442,
          476.23999,
          363.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77,853 ",
        "box": [
          525.52699,
          357.9652442,
          546.52699,
          363.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted earnings - discontinued operations",
        "box": [
          65.99,
          367.7152442,
          192.73199999999994,
          373.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          367.7152442,
          391.48999,
          373.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.02698999999996,
          367.7152442,
          458.27698999999996,
          373.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          367.7152442,
          476.23999,
          373.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(445) ",
        "box": [
          531.9459899999999,
          367.7152442,
          548.85799,
          373.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Shares",
        "box": [
          65.99,
          387.2152442,
          120.40099999999998,
          392.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic - Average shares outstanding",
        "box": [
          65.99,
          396.9652442,
          165.852,
          402.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          396.9652442,
          387.98999,
          402.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "163,674,011 ",
        "box": [
          425.02698999999996,
          396.9652442,
          461.77698999999996,
          402.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "165,166,276",
        "box": [
          510.23001,
          396.9652442,
          545.23001,
          402.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effect of dilutive securities - Unvested participating shares",
        "box": [
          65.99,
          406.7152442,
          231.72899999999998,
          412.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          406.7152442,
          387.98999,
          412.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,976,138 ",
        "box": [
          432.02698999999996,
          406.7152442,
          461.77698999999996,
          412.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,557,243",
        "box": [
          517.22998,
          406.7152442,
          545.22998,
          412.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted - Average shares outstanding",
        "box": [
          65.99,
          416.4652442,
          177.94799999999998,
          422.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          416.4652442,
          387.98999,
          422.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,650,149 ",
        "box": [
          425.02698999999996,
          416.4652442,
          461.77698999999996,
          422.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,723,519",
        "box": [
          510.23001,
          416.4652442,
          545.23001,
          422.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EPS Attributable to RC Common Stockholders:",
        "box": [
          65.99,
          435.9652442,
          209.63699999999992,
          441.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic - continuing operations",
        "box": [
          65.99,
          445.7152442,
          148.19099999999997,
          451.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          445.7152442,
          391.48999,
          451.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1.25) ",
        "box": [
          445.44599,
          445.7152442,
          464.10799000000003,
          451.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          445.7152442,
          476.23999,
          451.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          532.52699,
          445.7152442,
          546.52699,
          451.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic - discontinued operations",
        "box": [
          65.99,
          455.4652442,
          154.01499999999996,
          461.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          455.4652442,
          391.48999,
          461.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00 ",
        "box": [
          447.77698999999996,
          455.4652442,
          461.77698999999996,
          461.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          455.4652442,
          476.23999,
          461.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00 ",
        "box": [
          532.52699,
          455.4652442,
          546.52699,
          461.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic - total",
        "box": [
          65.99,
          465.2152442,
          101.36099999999999,
          470.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          465.2152442,
          391.48999,
          470.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1.25) ",
        "box": [
          445.44599,
          465.2152442,
          464.10799000000003,
          470.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          465.2152442,
          476.23999,
          470.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          532.52699,
          465.2152442,
          546.52699,
          470.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted - continuing operations",
        "box": [
          65.99,
          484.7152442,
          153.65099999999998,
          490.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          484.7152442,
          391.48999,
          490.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1.25) ",
        "box": [
          445.44599,
          484.7152442,
          464.10799000000003,
          490.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          484.7152442,
          476.23999,
          490.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.46 ",
        "box": [
          532.52699,
          484.7152442,
          546.52699,
          490.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted - discontinued operations",
        "box": [
          65.99,
          494.4652442,
          159.475,
          500.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          494.4652442,
          391.48999,
          500.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00 ",
        "box": [
          447.77698999999996,
          494.4652442,
          461.77698999999996,
          500.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          494.4652442,
          476.23999,
          500.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00 ",
        "box": [
          532.52699,
          494.4652442,
          546.52699,
          500.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted - total",
        "box": [
          65.99,
          504.2152442,
          107.591,
          509.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          504.2152442,
          391.48999,
          509.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1.25) ",
        "box": [
          445.44599,
          504.2152442,
          464.10799000000003,
          509.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          504.2152442,
          476.23999,
          509.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.46 ",
        "box": [
          532.52699,
          504.2152442,
          546.52699,
          509.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the table above, participating unvested RSAs and unvested RSUs, granted to non-employee directors of the Company, ",
        "box": [
          63.36,
          529.1688859999999,
          551.0599999999998,
          537.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-",
        "box": [
          63.36,
          541.168886,
          548.4899999999999,
          549.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "class method used above.",
        "box": [
          63.36,
          553.168886,
          164.92,
          561.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain investors own OP units in the operating partnership. An OP unit and a share of common stock of the Company ",
        "box": [
          63.36,
          577.168886,
          550.9700000000001,
          585.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have substantially the same economic characteristics in as much as they effectively share equally in the net income or ",
        "box": [
          63.36,
          589.168886,
          551.0400000000002,
          597.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss of the operating partnership. OP unit holders have the right to redeem their OP units, subject to certain restrictions. ",
        "box": [
          63.36,
          601.168886,
          551.1099999999997,
          609.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The redemption is required to be satisfied in shares of common stock or cash at the Company's option, calculated as ",
        "box": [
          63.36,
          613.168886,
          551.0399999999998,
          621.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "follows: one share of the Company's common stock, or cash equal to the fair value of a share of the Company's common ",
        "box": [
          63.36,
          625.168886,
          551.0099999999995,
          633.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock at the time of redemption, for each OP unit. When an OP unit holder redeems an OP unit, non-controlling interests ",
        "box": [
          63.36,
          637.168886,
          551.11,
          645.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in  the  operating  partnership  is  reduced  and  the  Company's  equity  is  increased.  As  of  both  March  31,  2026  and ",
        "box": [
          63.36,
          649.168886,
          551.0200000000001,
          657.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, the non-controlling interest OP unit holders owned 320,005 OP units.",
        "box": [
          63.36,
          661.1688859999999,
          424.75998999999996,
          669.3971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 22. Offsetting Assets and Liabilities",
        "box": [
          63.36,
          685.008906,
          236.57000000000005,
          693.2372025561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 56,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty ",
        "box": [
          63.36,
          75.66888600000004,
          551.0899999999999,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk, the Company may enter into an International Swaps and Derivatives Association ('ISDA') Master Agreement with ",
        "box": [
          63.36,
          87.66888600000004,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "multiple  derivative  counterparties.  An  ISDA  Master  Agreement,  published  by  ISDA,  is  a  bilateral  trading  agreement ",
        "box": [
          63.36,
          99.66888600000004,
          551.01,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "between  two  parties  that  allow  both  parties  to  enter  into  over-the-counter  ('OTC'),  derivative  contracts.  The  ISDA ",
        "box": [
          63.36,
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          551.0900000000001,
          119.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Master  Agreement  contains  a  Schedule  to  the  Master  Agreement  and  a  Credit  Support  Annex,  which  governs  the ",
        "box": [
          63.36,
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          551.0700000000004,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maintenance, reporting, collateral management and default process (netting provisions in the event of a default and/or a ",
        "box": [
          63.36,
          135.66888600000004,
          551.01,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "termination event). Under an ISDA Master Agreement, the Company may, under certain circumstances, offset with the ",
        "box": [
          63.36,
          147.66888600000004,
          551.1299999999999,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and ",
        "box": [
          63.36,
          159.66888600000004,
          551.1099999999998,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in ",
        "box": [
          63.36,
          171.66888600000004,
          551.14,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  event  of  default,  including  the  bankruptcy  or  insolvency  of  the  counterparty.  However,  bankruptcy  or  insolvency ",
        "box": [
          63.36,
          183.66888600000004,
          551.0000000000001,
          191.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "laws  of  a  particular  jurisdiction  may  impose  restrictions  on  or  prohibitions  against  the  right  of  offset  in  bankruptcy, ",
        "box": [
          63.36,
          195.66888600000004,
          551.09,
          203.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative ",
        "box": [
          63.36,
          207.66888600000004,
          551.09,
          215.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contracts  prior  to  maturity  in  the  event  the  Company's  stockholders'  equity  declines  by  a  stated  percentage  or  the ",
        "box": [
          63.36,
          219.66888600000004,
          551.0,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company  fails  to  meet  the  terms  of  its  ISDA  Master  Agreements,  which  would  cause  the  Company  to  accelerate ",
        "box": [
          63.36,
          231.66888600000004,
          551.0600000000004,
          239.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payment of any net liability owed to the counterparty. As of March 31, 2026 and December 31, 2025, the Company was ",
        "box": [
          63.36,
          243.66888600000004,
          550.9700000000001,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in good standing on all of its ISDA Master Agreements or similar arrangements with its counterparties.",
        "box": [
          63.36,
          255.668946,
          475.69999999999976,
          263.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For derivatives traded under an ISDA Master Agreement, the collateral requirements are listed under the Credit Support ",
        "box": [
          63.36,
          279.66891599999997,
          550.9899999999997,
          287.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Annex,  which  is  the  sum  of  the  mark  to  market  for  each  derivative  contract,  the  independent  amount  due  to  the ",
        "box": [
          63.36,
          291.66891599999997,
          551.1300000000003,
          299.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivative counterparty and any thresholds, if any. Collateral may be in the form of cash or any eligible securities, as ",
        "box": [
          63.36,
          303.66891599999997,
          551.1399999999998,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defined in the respective ISDA agreements. Cash collateral pledged to and by the Company with the counterparty, if any, ",
        "box": [
          63.36,
          315.66891599999997,
          551.0999999999997,
          323.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is reported separately in the consolidated balance sheets as restricted cash. All margin call amounts must be made before ",
        "box": [
          63.36,
          327.66891599999997,
          551.1200000000001,
          335.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the notification time and must exceed a minimum transfer amount threshold before a transfer is required. All margin ",
        "box": [
          63.36,
          339.66891599999997,
          551.0699999999998,
          347.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calls must be responded to and completed by the close of business on the same day of the margin call, unless otherwise ",
        "box": [
          63.36,
          351.66891599999997,
          551.0400000000001,
          359.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "specified.  Any  margin  calls  after  the  notification  time  must  be  completed  by  the  next  business  day.  Typically,  the ",
        "box": [
          63.36,
          363.66891599999997,
          551.0900000000003,
          371.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company  and  its  counterparties  are  not  permitted  to  sell,  rehypothecate  or  use  the  collateral  posted.  To  the  extent ",
        "box": [
          63.36,
          375.66891599999997,
          551.1200000000001,
          383.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amounts due to the Company from its counterparties are not fully collateralized, the Company bears exposure and the ",
        "box": [
          63.36,
          387.66891599999997,
          550.9899999999998,
          395.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk of loss from a defaulting counterparty. The Company attempts to mitigate counterparty risk by establishing ISDA ",
        "box": [
          63.36,
          399.66891599999997,
          551.0699999999999,
          407.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements  with  only  high-grade  counterparties  that  have  the  financial  health  to ",
        "box": [
          63.36,
          411.66891599999997,
          424.66999999999996,
          419.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "honor  their  obligations  and ",
        "box": [
          428.65,
          411.66891599999997,
          551.05,
          419.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "diversification by entering into agreements with multiple counterparties.",
        "box": [
          63.36,
          423.66891599999997,
          352.4199999999999,
          431.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company discloses the impact of offsetting of assets and liabilities represented in the consolidated balance sheets to ",
        "box": [
          63.36,
          447.66891599999997,
          551.09,
          455.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "enable users of the consolidated financial statements to evaluate the effect or potential effect of netting arrangements on ",
        "box": [
          63.36,
          459.66891599999997,
          551.0,
          467.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments ",
        "box": [
          63.36,
          471.66891599999997,
          550.9999999999998,
          479.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  derivative  instruments  that  are  either  subject  to  enforceable  master  netting  arrangements  or  ISDA  Master ",
        "box": [
          63.36,
          483.66891599999997,
          551.0799999999999,
          491.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreements or meet the following right of setoff criteria: (a) the amounts owed by the Company to another party are ",
        "box": [
          63.36,
          495.66891599999997,
          551.09,
          503.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determinable, (b) the Company has the right to set off the amounts owed with the amounts owed by the counterparty, (c) ",
        "box": [
          63.36,
          507.668886,
          550.9800000000002,
          515.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Company intends to offset, and (d) the Company's right of offset is enforceable at law. As of March 31, 2026 and ",
        "box": [
          63.36,
          519.6688859999999,
          550.96999,
          527.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, the Company has elected to offset assets and liabilities associated with its OTC derivative contracts ",
        "box": [
          63.36,
          531.6688859999999,
          551.03998,
          539.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the consolidated balances sheets. ",
        "box": [
          63.36,
          543.668886,
          207.60999999999999,
          551.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 57,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The  table  below  presents  the  gross  fair  value  of  derivative  contracts  by  product  type,  Paycheck  Protection  Program ",
        "box": [
          63.36,
          75.66888600000004,
          551.1299999999999,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liquidity Facility borrowings and secured borrowings, the amount of netting reflected in the consolidated balance sheets, ",
        "box": [
          63.36,
          87.66888600000004,
          551.0299999999997,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as well as the amount not offset in the consolidated balance sheets as they do not meet the enforceable credit support ",
        "box": [
          63.36,
          99.66888600000004,
          551.1299999999998,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "criteria for netting under U.S. GAAP. ",
        "box": [
          63.36,
          111.66888600000004,
          216.27999999999994,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          65.99,
          180.9652142,
          112.43499999999999,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          71.99,
          190.7152142,
          90.645,
          196.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FX forwards",
        "box": [
          77.99,
          200.83520420000002,
          113.557,
          206.59501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          223.49001,
          200.83520420000002,
          228.74001,
          206.59501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "340 ",
        "box": [
          257.52401000000003,
          200.83520420000002,
          269.77401000000003,
          206.59501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          278.98999,
          200.4652142,
          284.23999,
          206.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          316.52398999999997,
          200.4652142,
          321.77398999999997,
          206.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.48999,
          200.4652142,
          339.73999,
          206.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "340 ",
        "box": [
          368.52398999999997,
          200.4652142,
          380.77398999999997,
          206.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,798,950 ",
        "box": [
          240.02401,
          385.7152442,
          269.77401,
          391.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          278.98999,
          385.7152442,
          284.23999,
          391.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          316.52398999999997,
          385.7152442,
          321.77398999999997,
          391.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.48999,
          385.7152442,
          339.73999,
          391.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,798,950 ",
        "box": [
          351.02398999999997,
          385.7152442,
          380.77398999999997,
          391.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          389.98999,
          385.7152442,
          395.23999,
          391.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,797,518 ",
        "box": [
          406.52398999999997,
          385.7152442,
          436.27398999999997,
          391.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.48999,
          385.7152442,
          450.73999,
          391.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          483.02398999999997,
          385.7152442,
          488.27398999999997,
          391.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          500.98999,
          385.7152442,
          506.23999,
          391.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,432 ",
        "box": [
          529.77399,
          385.7152442,
          547.27399,
          391.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross amounts not offset in the Consolidated ",
        "box": [
          400.95001,
          139.56524420000005,
          536.8410100000003,
          145.32505178932786
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance Sheets (1)",
        "box": [
          443.10001,
          147.40415223000002,
          492.86621,
          153.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          171.2152142,
          106.24,
          176.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross amounts ",
        "box": [
          223.53999,
          157.2152142,
          270.20199,
          162.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of Assets / ",
        "box": [
          231.03,
          164.2152142,
          262.71200000000005,
          169.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          231.03,
          171.2152142,
          260.969,
          176.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross amounts ",
        "box": [
          279.04001,
          164.2152142,
          325.7020100000001,
          169.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offset",
        "box": [
          293.32999,
          171.2152142,
          309.6469900000001,
          176.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance in ",
        "box": [
          341.35001,
          157.2152142,
          374.39001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated ",
        "box": [
          337.35999,
          164.2152142,
          378.38699,
          169.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance Sheets",
        "box": [
          334.75,
          171.2152142,
          379.242,
          176.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial ",
        "box": [
          398.5,
          164.2152142,
          428.25000000000006,
          169.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Instruments",
        "box": [
          394.22,
          171.2152142,
          430.7600000000001,
          176.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash ",
        "box": [
          460.39999,
          150.2152142,
          477.31899,
          155.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral ",
        "box": [
          453.03,
          157.2152142,
          484.70500000000004,
          162.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Received / ",
        "box": [
          452.75,
          164.2152142,
          484.992,
          169.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Paid",
        "box": [
          461.17999,
          171.2152142,
          474.79499,
          176.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Amount",
        "box": [
          505.12,
          171.2152142,
          541.8560000000001,
          176.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, there is ",
        "box": [
          63.36,
          398.5752242,
          550.733000000001,
          404.3350317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excess  cash  collateral  or  financial  assets  the  Company  has  pledged  to  a  counterparty  that  exceed  the  financial  liabilities  subject  to  a  master  netting  repurchase ",
        "box": [
          72.36,
          406.97522419999996,
          550.5720000000006,
          412.7350317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to the Company that exceeds the Company's ",
        "box": [
          72.36,
          415.3752442,
          550.4740000000006,
          421.1350517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corresponding  financial  assets.  In  each  case,  any  of  these  excess  amounts  are  excluded  from  the  table  although  they  are  separately  reported  in  the  Company's ",
        "box": [
          72.36,
          423.7752342,
          550.3550000000005,
          429.5350417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets as assets or liabilities, respectively.",
        "box": [
          72.36,
          432.1752342,
          249.73300000000003,
          437.9350417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 23. Financial Instruments with Off-Balance Sheet Risk, Credit Risk, and Certain Other Risks",
        "box": [
          63.36,
          452.50890599999997,
          483.63000000000017,
          460.7372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the normal course of business, the Company enters into transactions that expose us to various types of risk, both on ",
        "box": [
          63.36,
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          484.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and off-balance sheet. Such risks are associated with financial instruments and markets in which the Company invests. ",
        "box": [
          63.36,
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          551.1099999999997,
          496.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These financial instruments expose us to varying degrees of market risk, credit risk, interest rate risk, liquidity risk, off-",
        "box": [
          63.36,
          500.66891599999997,
          548.5299999999999,
          508.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheet risk and prepayment risk.",
        "box": [
          63.36,
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          220.94,
          520.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Market Risk ",
        "box": [
          63.36,
          536.668886,
          117.04999999999998,
          544.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          117.44,
          537.9931048000001,
          121.44,
          544.5757420449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          125.44,
          536.668886,
          127.94,
          544.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Market risk is the potential adverse changes in the values of the financial instrument due to unfavorable ",
        "box": [
          128.33,
          536.668886,
          550.9999999999999,
          544.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes in the level or volatility of interest rates, foreign currency exchange rates, or market values of the underlying ",
        "box": [
          63.36,
          548.668886,
          551.07002,
          556.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial  instruments.  The  Company  attempts  to  mitigate  its  exposure  to  market  risk  by  entering  into  offsetting ",
        "box": [
          63.36,
          560.668886,
          551.1199999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions, which may include purchase or sale of interest-bearing securities and equity securities.",
        "box": [
          63.36,
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          462.2799999999998,
          580.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Risk ",
        "box": [
          63.36,
          596.668886,
          112.71999999999997,
          604.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          113.24001,
          597.9931048000001,
          119.24001,
          604.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company is subject to credit risk in connection with its investments in LMM loans and LMM MBS ",
        "box": [
          123.76,
          596.668886,
          551.0999999999996,
          604.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and other target assets it may acquire in the future. The credit risk related to these investments pertains to the ability and ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "willingness of the borrowers to pay, which is assessed before credit is granted or renewed and periodically reviewed ",
        "box": [
          63.36,
          620.668886,
          551.0800000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "throughout  the  loan  or  security  term.  The  Company  believes  that  loan  credit  quality  is  primarily  determined  by  the ",
        "box": [
          63.36,
          632.668886,
          551.1399999999996,
          640.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowers'  credit  profiles  and  loan  characteristics  and  seeks  to  mitigate  this  risk  by  seeking  to  acquire  assets  at ",
        "box": [
          63.36,
          644.668886,
          551.0200000000002,
          652.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "appropriate prices given anticipated and unanticipated losses and by deploying a value-driven approach to underwriting ",
        "box": [
          63.36,
          656.668886,
          551.1100000000001,
          664.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and diligence, consistent with its historical investment strategy, with a focus on projected cash flows and potential risks ",
        "box": [
          63.36,
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          676.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  cash  flow.  The  Company  further  mitigates  its  risk  of  potential  losses  while  managing  and  servicing  loans  by ",
        "box": [
          63.36,
          680.668886,
          551.0099999999996,
          688.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performing various workout and loss mitigation strategies with delinquent borrowers. Nevertheless, unanticipated credit ",
        "box": [
          63.36,
          692.668886,
          551.0400000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses could occur, which may adversely impact operating results.",
        "box": [
          63.36,
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          327.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 58,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The Company is also subject to credit risk with respect to the counterparties to derivative contracts. If a counterparty ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "fails  to  perform  its  obligation  under  a  derivative  contract  due  to  financial  difficulties,  the  Company  may  experience ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significant delays in obtaining any recovery under the derivative contract in a dissolution, assignment for the benefit of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "creditors,  liquidation,  winding-up,  bankruptcy,  or  other  analogous  proceeding.  In  the  event  of  the  insolvency  of  a ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "counterparty to a derivative transaction, the derivative transaction would typically be terminated at its fair market value. ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "If the Company is owed this fair market value in the termination of the derivative transaction and its claim is unsecured, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "it will be treated as a general creditor of such counterparty and will not have any claim with respect to the underlying ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "security.  The  Company  may  obtain  only  a  limited  recovery  or  may  obtain  no  recovery  in  such  circumstances.  In ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "addition, the business failure of a counterparty with whom it enters a hedging transaction will most likely result in its ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "default, which may result in the loss of potential future value and the loss of our hedge and force the Company to cover ",
        "box": [
          63.36,
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          179.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "its commitments, if any, at the then current market price.",
        "box": [
          63.36,
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          290.2700000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Counterparty credit risk is the risk that counterparties may fail to fulfill their obligations, including their inability to post ",
        "box": [
          63.36,
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          215.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "additional collateral in circumstances where their pledged collateral value becomes inadequate. The Company attempts ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  manage  its  exposure  to  counterparty  risk  through  diversification,  use  of  financial  instruments  and  monitoring  the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "creditworthiness of counterparties.",
        "box": [
          63.36,
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          201.80000000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company finances the acquisition of a significant portion of its loans and investments with repurchase agreements ",
        "box": [
          63.36,
          267.668946,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and borrowings under credit facilities and other financing agreements. In connection with these financing arrangements, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  Company  pledges  its  loans,  securities  and  cash  as  collateral  to  secure  the  borrowings.  The  amount  of  collateral ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pledged will typically exceed the amount of the borrowings (i.e., the haircut) such that the borrowings will be over-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateralized. As a result, the Company is exposed to the counterparty if, during the term of the repurchase agreement ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing,  a  lender  should  default  on  its  obligation  and  the  Company  is  not  able  to  recover  its  pledged  assets.  The ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount  of  this  exposure  is  the  difference  between  the  amount  loaned  to  the  Company  plus  interest  due  to  the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "counterparty  and  the  fair  value  of  the  collateral  pledged  by  the  Company  to  the  lender  including  accrued  interest ",
        "box": [
          63.36,
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          550.9799999999999,
          359.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable on such collateral.",
        "box": [
          63.36,
          363.66891599999997,
          179.83000000000004,
          371.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company is exposed to changing interest rates and market conditions, which affects  cash  flows  associated  with ",
        "box": [
          63.36,
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          551.1,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings. The Company enters into derivative instruments, such as interest rate swaps, to mitigate these risks. Interest ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate swaps are used to mitigate the exposure to changes in interest rates and involve the receipt of variable-rate interest ",
        "box": [
          63.36,
          411.66891599999997,
          551.1199999999998,
          419.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amounts from a counterparty in exchange for making payments based on a fixed interest rate over the life of the swap ",
        "box": [
          63.36,
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          551.0699999999998,
          431.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contract.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain subsidiaries have entered into OTC interest rate swap agreements to hedge risks associated with movements in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rates. Because certain interest rate swaps were not cleared through a central counterparty, the Company remains ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exposed  to  the  counterparty's  ability  to  perform  its  obligations  under  each  such  swap  and  cannot  look  to  the ",
        "box": [
          63.36,
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          551.0300000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "creditworthiness of a central counterparty for performance. As a result, if an OTC swap counterparty cannot perform ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under  the  terms  of  an  interest  rate  swap,  the  Company's  subsidiary  would  not  receive  payments  due  under  that ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreement, the Company may lose any unrealized gain associated with the interest rate swap and the hedged liability ",
        "box": [
          63.36,
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          550.9799999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "would cease to be hedged by the interest rate swap. While the Company would seek to terminate the relevant OTC swap ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transaction and may have a claim against the defaulting counterparty for any losses, including unrealized gains, there is ",
        "box": [
          63.36,
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          551.08,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "no assurance that the Company would be able to recover such amounts or to replace the relevant swap on economically ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "viable terms or at all. In such case, the Company could be forced to cover its unhedged liabilities at the then current ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market  price.  The  Company  may  also  be  at  risk  for  any  pledged  collateral  to  secure  its  obligations  under  the  OTC ",
        "box": [
          63.36,
          579.668886,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rate swap if the counterparty becomes insolvent or files for bankruptcy. Therefore, upon a default by an interest ",
        "box": [
          63.36,
          591.668886,
          551.0000000000002,
          599.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate swap agreement counterparty, the interest rate swap would no longer mitigate the impact of changes in interest rates ",
        "box": [
          63.36,
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          551.1100000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as intended.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liquidity Risk -",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Liquidity risk arises from investments and the general financing of the Company's investing activities. ",
        "box": [
          134.17,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "It  includes the risk of not being able to fund acquisition and origination activities at settlement dates and/or liquidate ",
        "box": [
          63.36,
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          550.9799999999999,
          659.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "positions  in  a  timely  manner  at  reasonable  prices,  in  addition  to  potential  increases  in  collateral  requirements  during ",
        "box": [
          63.36,
          663.6688859999999,
          551.0899999999997,
          671.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "times of heightened market volatility. It also includes risk stemming from PIK interest loans and loan modifications the ",
        "box": [
          63.36,
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          551.07,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company  may  grant  to  borrowers  which  are  intended  to  minimize  its  economic  loss  and  to  avoid  foreclosure  or ",
        "box": [
          63.36,
          687.668886,
          550.9999999999998,
          695.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repossession  of  collateral.  Such  modifications  may  include  interest  rate  reductions,  principal  forgiveness,  term ",
        "box": [
          63.36,
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          551.0999999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extensions, and other-than-insignificant payment delay, which may impact the Company's ability to meet potential cash ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 59,
    "width": 612.0,
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    "cells": [
      {
        "text": "requirements and make it more reliant on financing strategies. Additionally, if the Company was forced to dispose of an ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "illiquid  investment  at  an  inopportune  time,  it  might  be  forced  to  do  so  at  a  substantial  discount  to  the  market  value, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "resulting in a realized loss. The Company attempts to mitigate its liquidity risk by regularly monitoring the liquidity of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "its investments in LMM loans, MBS and other financial instruments. Factors such as expected exit strategy for, the bid to ",
        "box": [
          63.36,
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          551.0899999999996,
          107.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offer spread of, and the number of broker dealers making an active market in a particular strategy and the availability of ",
        "box": [
          63.36,
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          550.96,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "long-term funding, are considered in analyzing liquidity risk. To reduce any perceived disparity between the liquidity ",
        "box": [
          63.36,
          123.66888600000004,
          551.0799999999998,
          131.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and the terms of the debt instruments in which the Company invests, it attempts to minimize its reliance on short-term ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing  arrangements.  While  the  Company  may  finance  certain  investments  in  security  positions  using  traditional ",
        "box": [
          63.36,
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          551.0399999999998,
          155.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "margin  arrangements  and  reverse  repurchase  agreements,  other  financial  instruments  such  as  collateralized  debt ",
        "box": [
          63.36,
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          551.05,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations, and other longer term financing vehicles may be utilized to provide it with sources of long-term financing.",
        "box": [
          63.36,
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          538.0999999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Off-Balance Sheet Risk ",
        "box": [
          63.36,
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          164.18999999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- The Company has undrawn commitments on outstanding loans. Refer to Note 24 for further ",
        "box": [
          164.79001,
          195.66888600000004,
          551.0900100000002,
          203.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information.",
        "box": [
          63.36,
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          113.02999999999997,
          215.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest  Rate  Risk ",
        "box": [
          63.36,
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          143.27,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          145.07001,
          231.66888600000004,
          150.07001,
          239.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Interest  rates  are  highly  sensitive  to  many  factors,  including  governmental  monetary  and  tax ",
        "box": [
          155.07001,
          231.66888600000004,
          551.13,
          239.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "policies,  domestic  and  international  economic  and  political  considerations  and  other  factors  beyond  the  Company's ",
        "box": [
          63.36,
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          551.1099999999999,
          251.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "control.",
        "box": [
          63.36,
          255.668946,
          94.15999999999998,
          263.8972425561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company's  operating  results  will  depend,  in  part,  on  differences  between  the  income  from  its  investments  and ",
        "box": [
          63.36,
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          551.11,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing costs. Generally, debt financing is based on a floating rate of interest calculated on a fixed spread over the ",
        "box": [
          63.36,
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          551.0899999999998,
          299.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relevant index, subject to a floor, as determined by the particular financing arrangement. In the event of a significant ",
        "box": [
          63.36,
          303.66891599999997,
          551.0600000000003,
          311.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rising  interest  rate  environment  and/or  economic  downturn,  defaults  could  increase  and  result  in  credit  losses  to  us, ",
        "box": [
          63.36,
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          551.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which could materially and adversely affect the Company's business, financial condition, liquidity, results of operations ",
        "box": [
          63.36,
          327.66891599999997,
          551.0399999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and prospects. Furthermore, such defaults could have an adverse effect on the spread between the Company's interest-",
        "box": [
          63.36,
          339.66891599999997,
          548.5400000000003,
          347.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earning assets and interest-bearing liabilities.",
        "box": [
          63.36,
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          243.37000000000012,
          359.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additionally,  non-performing  LMM  loans  are  not  as  interest  rate  sensitive  as  performing  loans,  as  earnings  on  non-",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performing ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans ",
        "box": [
          116.14999999999998,
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          139.73999999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are ",
        "box": [
          145.07,
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          159.76000000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "often ",
        "box": [
          165.09000000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generated ",
        "box": [
          193.45000000000007,
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          234.77000000000012,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from ",
        "box": [
          240.10000000000014,
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          262.03000000000014,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "restructuring ",
        "box": [
          267.3600000000001,
          387.66891599999997,
          320.91,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the ",
        "box": [
          326.24,
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          340.94,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets ",
        "box": [
          346.27,
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          372.06999999999994,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through ",
        "box": [
          377.3999999999999,
          387.66891599999997,
          410.9999999999999,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss ",
        "box": [
          416.32999999999987,
          387.66891599999997,
          434.3799999999998,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mitigation ",
        "box": [
          439.7099999999998,
          387.66891599999997,
          483.2599999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "strategies ",
        "box": [
          488.5899999999997,
          387.66891599999997,
          528.7999999999996,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and ",
        "box": [
          534.1299999999997,
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          551.0599999999997,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "opportunistically disposing of them. Because non-performing LMM loans are short-term assets, the discount rates used ",
        "box": [
          63.36,
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          407.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for  valuation  are  based  on  short-term  market  interest  rates,  which  may  not  move  in  tandem  with  long-term  market ",
        "box": [
          63.36,
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          551.1299999999997,
          419.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rates.",
        "box": [
          63.36,
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          116.59999999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          63.36,
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          65.86,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prepayment Risk -",
        "box": [
          63.36,
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          141.53999999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " As the Company receives prepayments of principal on its assets, any premiums paid on such assets ",
        "box": [
          146.54001,
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          551.08,
          455.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are  amortized  against  interest  income.  In  general,  an  increase  in  prepayment  rates  accelerates  the  amortization  of ",
        "box": [
          63.36,
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          551.0699999999998,
          467.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchase premiums, thereby reducing the interest income earned on the assets. Conversely, discounts on such assets are ",
        "box": [
          63.36,
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          551.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accreted into interest income. In general, an increase in prepayment rates accelerates the accretion of purchase discounts, ",
        "box": [
          63.36,
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          551.1299999999998,
          491.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thereby increasing the interest income earned on the assets.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 24. Commitments, Contingencies and Indemnifications",
        "box": [
          63.36,
          519.508906,
          319.60999999999996,
          527.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Litigation",
        "box": [
          63.36,
          543.508906,
          103.86999999999998,
          551.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company may be subject to litigation and administrative proceedings arising in the ordinary course of business and ",
        "box": [
          63.36,
          555.668886,
          551.0100000000001,
          563.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as  such,  has  entered  into  agreements  which  provide  for  indemnifications  against  losses,  costs,  claims,  and  liabilities ",
        "box": [
          63.36,
          567.168886,
          551.0899999999996,
          575.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "arising from the performance of individual obligations under such agreements. Such indemnification obligations may not ",
        "box": [
          63.36,
          578.668886,
          551.0399999999998,
          586.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "be subject to maximum loss clauses.",
        "box": [
          63.36,
          590.168886,
          208.75,
          598.3971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "While the outcome of any particular litigation, administrative proceeding or indemnification claim cannot be predicted ",
        "box": [
          63.36,
          613.668886,
          551.1100000000001,
          621.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with certainty, management believes that the aggregate amount of such liabilities, if any, in excess of amounts covered ",
        "box": [
          63.36,
          625.668886,
          551.1099999999998,
          633.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by  insurance,  will  not  have  a  material  adverse  effect  on  the  Company's  financial  condition  or  results  of  operations. ",
        "box": [
          63.36,
          637.668886,
          550.99,
          645.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management  is  not  aware  of  any  other  contingencies  that  would  require  accrual  or  disclosure  in  the  consolidated ",
        "box": [
          63.36,
          649.668886,
          551.0599999999998,
          657.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements.",
        "box": [
          63.36,
          661.6688859999999,
          145.43999999999994,
          669.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 60,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Unfunded Loan Commitments",
        "box": [
          63.36,
          63.508906000000025,
          188.84000000000003,
          71.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents unfunded loan commitments.",
        "box": [
          63.36,
          75.66888600000004,
          282.28000000000003,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          101.46521419999999,
          106.24,
          107.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          407.64001,
          101.46521419999999,
          454.08501,
          107.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          482.85001,
          101.46521419999999,
          539.38201,
          107.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, net",
        "box": [
          65.99,
          111.21521419999999,
          95.13799999999999,
          116.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          111.21521419999999,
          401.23999,
          116.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "399,373 ",
        "box": [
          442.60999,
          111.21521419999999,
          467.10999,
          116.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          111.21521419999999,
          481.48999,
          116.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "438,030 ",
        "box": [
          522.8599899999999,
          111.21521419999999,
          547.3599899999999,
          116.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held for sale",
        "box": [
          65.99,
          120.96521419999999,
          121.178,
          126.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          120.96521419999999,
          401.23999,
          126.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,412 ",
        "box": [
          446.10999,
          120.96521419999999,
          467.10999,
          126.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          120.96521419999999,
          481.48999,
          126.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,327 ",
        "box": [
          526.3599899999999,
          120.96521419999999,
          547.3599899999999,
          126.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 25. Income Taxes",
        "box": [
          63.36,
          145.75890600000002,
          159.96,
          153.98720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company  is  a  REIT  pursuant  to  Internal  Revenue  Code  Section  856.  Qualification  as  a  REIT  depends  on  the ",
        "box": [
          63.36,
          169.91888600000004,
          550.98,
          178.14718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's  ability  to  meet  various  requirements  imposed  by  the  Internal  Revenue  Code,  which  relate  to  its ",
        "box": [
          63.36,
          181.91888600000004,
          551.0300000000002,
          190.14718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "organizational structure, diversity of stock ownership and certain requirements with regard to the nature of its assets and ",
        "box": [
          63.36,
          193.91888600000004,
          550.9899999999997,
          202.14718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the sources of its income. As a REIT, the Company generally must distribute annually dividends equal to at least 90% of ",
        "box": [
          63.36,
          205.91888600000004,
          551.11003,
          214.14718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "its net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income ",
        "box": [
          63.36,
          217.91888600000004,
          551.1200000000001,
          226.14718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tax not to apply to earnings that are distributed. To the extent the Company satisfies this distribution requirement but ",
        "box": [
          63.36,
          229.91888600000004,
          550.99,
          238.14718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distributes less than 100% of its net taxable income, it will be subject to U.S. federal income tax on its undistributed ",
        "box": [
          63.36,
          241.91888600000004,
          551.0999999999998,
          250.14718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxable income. In addition, the Company will be subject to a 4% nondeductible excise tax if the actual amount paid to ",
        "box": [
          63.36,
          253.918946,
          551.0199999999998,
          262.1472425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stockholders  in  a  calendar  year  is  less  than  a  minimum  amount  specified  under  U.S.  federal  tax  laws.  Even  if  the ",
        "box": [
          63.36,
          265.918946,
          551.0399999999998,
          274.1472425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company qualifies as a REIT, it may be subject to certain U.S. federal income and excise taxes and state and local taxes ",
        "box": [
          63.36,
          277.91891599999997,
          551.1400000000002,
          286.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on its income and assets. If the Company fails to maintain its qualification as a REIT for any taxable year, it may be ",
        "box": [
          63.36,
          289.91891599999997,
          550.94,
          298.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subject to material penalties as well as federal, state and local income tax on its taxable income at regular corporate rates ",
        "box": [
          63.36,
          301.91891599999997,
          551.0000000000002,
          310.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  it  would  not  be  able  to  qualify  as  a  REIT  for  the  subsequent  four  taxable  years.  As  of  March  31,  2026  and ",
        "box": [
          63.36,
          313.91891599999997,
          550.9899900000001,
          322.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, the Company was in compliance with all REIT requirements.",
        "box": [
          63.36,
          325.91891599999997,
          391.86999,
          334.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain  subsidiaries  have  elected  to  be  treated  as  taxable  REIT  subsidiaries  ('TRSs').  TRSs  permit  the  Company  to ",
        "box": [
          63.36,
          349.91891599999997,
          551.11,
          358.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participate in certain activities that would not be qualifying income if earned directly by the parent REIT, as long as ",
        "box": [
          63.36,
          361.91891599999997,
          550.98,
          370.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these  activities  meet  specific  criteria,  are  conducted  within  the  parameters  of  certain  limitations  established  by  the ",
        "box": [
          63.36,
          373.91891599999997,
          551.1399999999996,
          382.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Internal Revenue Code and are conducted in entities which elect to be treated as taxable subsidiaries under the Internal ",
        "box": [
          63.36,
          385.91891599999997,
          550.9900000000002,
          394.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue Code. To the extent these criteria are met, the Company will continue to maintain its qualification as a REIT. ",
        "box": [
          63.36,
          397.91891599999997,
          551.05,
          406.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company's  TRSs  engage  in  various  real  estate  -  related  operations,  including  originating  and  securitizing ",
        "box": [
          63.36,
          409.91891599999997,
          551.11,
          418.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial mortgage loans and investments in real property. Such TRSs are not consolidated for federal income tax ",
        "box": [
          63.36,
          421.91891599999997,
          551.0399999999998,
          430.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purposes but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred ",
        "box": [
          63.36,
          433.91891599999997,
          551.0300000000003,
          442.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs.",
        "box": [
          63.36,
          445.91891599999997,
          536.7199999999998,
          454.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company  recognizes  deferred  tax  assets  and  liabilities  for  the  future  tax  consequences  arising  from  differences ",
        "box": [
          63.36,
          469.91891599999997,
          551.1,
          478.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "between the carrying amounts of existing assets and liabilities under GAAP and their respective tax bases. The Company ",
        "box": [
          63.36,
          481.91891599999997,
          551.0999999999998,
          490.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "evaluates its  deferred  tax  assets  for  recoverability  using  a  consistent  approach  which  considers  the  relative  impact  of ",
        "box": [
          63.36,
          493.91891599999997,
          551.1099999999999,
          502.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "negative and positive evidence, including historical profitability and projections of future taxable income.",
        "box": [
          63.36,
          505.918886,
          485.5899999999998,
          514.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The provisions of ASC 740 require that carrying amounts of deferred tax assets be reduced by a valuation allowance if, ",
        "box": [
          63.36,
          529.9188859999999,
          551.11,
          538.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based on the available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be ",
        "box": [
          63.36,
          541.918886,
          550.9199999999998,
          550.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "realized. ",
        "box": [
          63.36,
          553.918886,
          99.95,
          562.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company's  framework  for  assessing  the  recoverability  of  deferred  tax  assets  requires  it  to  weigh  all  available ",
        "box": [
          63.36,
          577.918886,
          551.0799999999998,
          586.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "evidence,  including  the  sustainability  of  profitability  required  to  realize  the  deferred  tax  assets,  the  cumulative  net ",
        "box": [
          63.36,
          589.918886,
          551.09,
          598.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income  or  loss  in  its  consolidated  statements  of  operations  in  recent  years,  the  future  reversals  of  existing  taxable ",
        "box": [
          63.36,
          601.918886,
          551.0100000000002,
          610.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "temporary differences, and the carryforward periods for any carryforwards of net operating losses.",
        "box": [
          63.36,
          613.918886,
          456.26999999999987,
          622.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 26. Segment Reporting",
        "box": [
          63.36,
          637.758906,
          183.28000000000006,
          645.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company structures its segments based on a number of contributing factors, including customer base and nature of ",
        "box": [
          63.36,
          661.9188859999999,
          551.0899999999999,
          670.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan program types, and reports its results of operations through the following two operating and reportable business ",
        "box": [
          63.36,
          673.918886,
          551.02001,
          682.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "segments: i) LMM Commercial Real Estate and ii) Small Business Lending, which is in accordance with how the Chief ",
        "box": [
          63.36,
          685.918886,
          551.0899899999997,
          694.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating Decision Maker ('CODM'), the Chief Executive Officer and Chief Investment Officer, evaluates financial ",
        "box": [
          63.36,
          697.918886,
          551.1,
          706.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information  for  making  decisions  regarding  business  operations  and  assessing  Company  performance.  The  CODM's ",
        "box": [
          63.36,
          709.918886,
          551.0499999999998,
          718.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 61,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "financial considerations include an analysis of net interest income before provision for loan losses, provision for loan ",
        "box": [
          63.36,
          63.66888600000004,
          551.0799999999999,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses  and  non-interest  income  and  expenses.  In  addition,  the  CODM's  analysis  includes  an  evaluation  of  segment ",
        "box": [
          63.36,
          75.66888600000004,
          551.0500000000002,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance with income (loss) before unallocated expenses and provision for (benefit from) income taxes being the ",
        "box": [
          63.36,
          87.66888600000004,
          551.11998,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primary performance measure used for each reportable business segment. ",
        "box": [
          63.36,
          99.66888600000004,
          359.66998,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Commercial Real Estate",
        "box": [
          63.36,
          123.50890600000002,
          189.62000000000003,
          131.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company  originates  LMM  loans  across  the  full  life-cycle  of  an  LMM  property  including  construction,  bridge, ",
        "box": [
          63.36,
          135.66888600000004,
          550.9999999999999,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stabilized and agency channels. As part of this segment, the Company services Freddie Mac multi-family loan products. ",
        "box": [
          63.36,
          147.66888600000004,
          551.0199999999998,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM originations  include  construction  and  permanent  financing  activities  for  the  preservation  and  construction  of ",
        "box": [
          63.36,
          159.66888600000004,
          551.0199999999999,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "affordable housing, primarily utilizing tax-exempt bonds. This segment also reflects the impact of LMM securitization ",
        "box": [
          63.36,
          171.66888600000004,
          551.07,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "activities. The Company acquires performing and non-performing LMM loans and intends to continue to acquire these ",
        "box": [
          63.36,
          183.66888600000004,
          551.0,
          191.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans as part of the Company's business strategy.",
        "box": [
          63.36,
          195.66888600000004,
          260.4,
          203.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small Business Lending",
        "box": [
          63.36,
          219.50890600000002,
          163.30000000000004,
          227.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company  acquires,  originates  and  services  loans  guaranteed  by  the  SBA  under  the  SBA  Section  7(a)  Program, ",
        "box": [
          63.36,
          231.66888600000004,
          551.0600100000001,
          239.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "originates  and  services  small  business  loans  and  services  government  guaranteed  loans  focused  on  the  USDA.  This ",
        "box": [
          63.36,
          243.66888600000004,
          551.14001,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "segment also reflects the impact of SBA securitization activities.",
        "box": [
          63.36,
          255.668946,
          321.58,
          263.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Results of business segments and all other. ",
        "box": [
          63.36,
          279.66891599999997,
          243.39999,
          287.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The tables below present operating and reportable business segments, along ",
        "box": [
          243.61,
          279.66891599999997,
          550.9899999999997,
          287.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with  remaining  unallocated  amounts  primarily  including  interest  expense  relating  to  senior  secured  notes,  allocated ",
        "box": [
          63.36,
          291.66891599999997,
          551.03,
          299.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "employee  compensation  from  the  Manager,  management  and  incentive  fees  paid  to  the  Manager  and  other  general ",
        "box": [
          63.36,
          303.66891599999997,
          551.1400000000003,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corporate  overhead  expenses.  Unallocated  assets  were  $498.8  million  and  $382.8  million  as  of  March  31,  2026  and ",
        "box": [
          63.36,
          315.66891599999997,
          550.99998,
          323.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2025, respectively.",
        "box": [
          63.36,
          327.66891599999997,
          182.69,
          335.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31, 2026",
        "box": [
          389.53,
          353.4652442,
          501.4599999999999,
          359.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          373.7152442,
          106.24,
          379.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Commercial ",
        "box": [
          346.73001,
          366.7152442,
          405.00501,
          372.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate",
        "box": [
          357.98999,
          373.7152442,
          391.99599,
          379.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small Business ",
        "box": [
          423.23999,
          366.7152442,
          469.5169900000001,
          372.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          433.04999,
          373.7152442,
          457.93498999999997,
          379.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          508.01999,
          373.7152442,
          523.9589900000001,
          379.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          71.99,
          383.4652442,
          115.32,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          383.4652442,
          350.23999,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,893 ",
        "box": [
          385.27499,
          383.4652442,
          406.27499,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          383.4652442,
          420.73999,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,837 ",
        "box": [
          455.77499,
          383.4652442,
          476.77499,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          383.4652442,
          491.23999,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,730 ",
        "box": [
          526.27499,
          383.4652442,
          547.27499,
          389.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          71.99,
          393.2152442,
          117.252,
          398.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          393.2152442,
          346.73999,
          398.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(80,672) ",
        "box": [
          382.94399,
          393.2152442,
          408.60599,
          398.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          393.2152442,
          417.23999,
          398.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,162) ",
        "box": [
          453.44399,
          393.2152442,
          479.10599,
          398.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          393.2152442,
          487.73999,
          398.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(96,834) ",
        "box": [
          523.94399,
          393.2152442,
          549.60599,
          398.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income before provision for loan losses",
        "box": [
          65.99,
          402.9652442,
          218.135,
          408.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          402.9652442,
          350.23999,
          408.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,779) ",
        "box": [
          382.94399,
          402.9652442,
          408.60599,
          408.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          402.9652442,
          420.73999,
          408.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,675 ",
        "box": [
          459.27499,
          402.9652442,
          476.77499,
          408.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          402.9652442,
          491.23999,
          408.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,104) ",
        "box": [
          523.94399,
          402.9652442,
          549.60599,
          408.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision for loan losses",
        "box": [
          71.99,
          412.7152442,
          141.00300000000004,
          418.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          412.7152442,
          346.73999,
          418.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(66,523) ",
        "box": [
          382.94399,
          412.7152442,
          408.60599,
          418.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          412.7152442,
          417.23999,
          418.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,384) ",
        "box": [
          456.94399,
          412.7152442,
          479.10599,
          418.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          412.7152442,
          487.73999,
          418.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(70,907) ",
        "box": [
          523.94399,
          412.7152442,
          549.60599,
          418.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income after provision for loan losses",
        "box": [
          65.99,
          422.4652442,
          213.47299999999998,
          428.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          422.4652442,
          350.23999,
          428.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(88,302) ",
        "box": [
          382.94399,
          422.4652442,
          408.60599,
          428.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          422.4652442,
          420.73999,
          428.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,291 ",
        "box": [
          459.27499,
          422.4652442,
          476.77499,
          428.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          422.4652442,
          491.23999,
          428.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(86,011) ",
        "box": [
          523.94399,
          422.4652442,
          549.60599,
          428.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-interest income",
        "box": [
          65.99,
          432.2152442,
          126.42099999999999,
          437.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net realized gain (loss) on financial instruments and real estate owned",
        "box": [
          71.99,
          441.9652442,
          268.60599999999994,
          447.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          441.9652442,
          346.73999,
          447.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(68,242) ",
        "box": [
          382.94399,
          441.9652442,
          408.60599,
          447.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          441.9652442,
          417.23999,
          447.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,157 ",
        "box": [
          459.27499,
          441.9652442,
          476.77499,
          447.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          441.9652442,
          487.73999,
          447.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(60,085) ",
        "box": [
          523.94399,
          441.9652442,
          549.60599,
          447.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net unrealized gain (loss) on financial instruments",
        "box": [
          71.99,
          451.7152442,
          213.45299999999997,
          457.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          451.7152442,
          346.73999,
          457.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,796) ",
        "box": [
          386.44399,
          451.7152442,
          408.60599,
          457.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          451.7152442,
          417.23999,
          457.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,876 ",
        "box": [
          459.27499,
          451.7152442,
          476.77499,
          457.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          451.7152442,
          487.73999,
          457.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,920) ",
        "box": [
          527.44399,
          451.7152442,
          549.60599,
          457.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation allowance, loans held for sale",
        "box": [
          71.99,
          461.4652442,
          184.29099999999997,
          467.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          461.4652442,
          346.73999,
          467.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,557) ",
        "box": [
          386.44399,
          461.4652442,
          408.60599,
          467.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          461.4652442,
          417.23999,
          467.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          468.02499,
          461.4652442,
          473.27499,
          467.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          461.4652442,
          487.73999,
          467.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,557) ",
        "box": [
          527.44399,
          461.4652442,
          549.60599,
          467.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing income, net",
        "box": [
          71.99,
          471.2152442,
          133.19799999999998,
          476.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          471.2152442,
          346.73999,
          476.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,597 ",
        "box": [
          388.77499,
          471.2152442,
          406.27499,
          476.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          471.2152442,
          417.23999,
          476.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,824 ",
        "box": [
          459.27499,
          471.2152442,
          476.77499,
          476.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          471.2152442,
          487.73999,
          476.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,421 ",
        "box": [
          529.77499,
          471.2152442,
          547.27499,
          476.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income on unconsolidated joint ventures",
        "box": [
          71.99,
          480.9652442,
          185.873,
          486.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          480.9652442,
          346.73999,
          486.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,054 ",
        "box": [
          388.77499,
          480.9652442,
          406.27499,
          486.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          480.9652442,
          417.23999,
          486.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 ",
        "box": [
          471.52499,
          480.9652442,
          476.77499,
          486.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          480.9652442,
          487.73999,
          486.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,059 ",
        "box": [
          529.77499,
          480.9652442,
          547.27499,
          486.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income",
        "box": [
          71.99,
          490.7152442,
          110.273,
          496.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          490.7152442,
          346.73999,
          496.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,940 ",
        "box": [
          385.27499,
          490.7152442,
          406.27499,
          496.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          490.7152442,
          417.23999,
          496.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,191 ",
        "box": [
          459.27499,
          490.7152442,
          476.77499,
          496.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          490.7152442,
          487.73999,
          496.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,131 ",
        "box": [
          526.27499,
          490.7152442,
          547.27499,
          496.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total non-interest income (loss)",
        "box": [
          77.99,
          500.4652442,
          172.24499999999995,
          506.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          500.4652442,
          350.23999,
          506.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(68,004) ",
        "box": [
          382.94399,
          500.4652442,
          408.60599,
          506.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          500.4652442,
          420.73999,
          506.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,053 ",
        "box": [
          455.77499,
          500.4652442,
          476.77499,
          506.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          500.4652442,
          491.23999,
          506.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(48,951) ",
        "box": [
          523.94399,
          500.4652442,
          549.60599,
          506.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-interest expense",
        "box": [
          65.99,
          510.2152142,
          128.35999999999999,
          515.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Employee compensation and benefits",
        "box": [
          71.99,
          519.9652142,
          176.72399999999996,
          525.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          519.9652142,
          346.73999,
          525.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,649) ",
        "box": [
          386.44399,
          519.9652142,
          408.60599,
          525.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          519.9652142,
          417.23999,
          525.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,323) ",
        "box": [
          453.44399,
          519.9652142,
          479.10599,
          525.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          519.9652142,
          487.73999,
          525.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22,972) ",
        "box": [
          523.94399,
          519.9652142,
          549.60599,
          525.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allocated employee compensation and benefits from related party",
        "box": [
          71.99,
          529.7152142,
          256.7549999999999,
          535.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          529.7152142,
          346.73999,
          535.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(360) ",
        "box": [
          391.69399,
          529.7152142,
          408.60599,
          535.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          529.7152142,
          417.23999,
          535.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          468.02499,
          529.7152142,
          473.27499,
          535.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          529.7152142,
          487.73999,
          535.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(360) ",
        "box": [
          532.69399,
          529.7152142,
          549.60599,
          535.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Professional fees",
        "box": [
          71.99,
          539.4652142,
          119.58999999999999,
          545.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          539.4652142,
          346.73999,
          545.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,476) ",
        "box": [
          386.44399,
          539.4652142,
          408.60599,
          545.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          539.4652142,
          417.23999,
          545.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,476) ",
        "box": [
          456.94399,
          539.4652142,
          479.10599,
          545.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          539.4652142,
          487.73999,
          545.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,952) ",
        "box": [
          527.44399,
          539.4652142,
          549.60599,
          545.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan servicing expense",
        "box": [
          71.99,
          549.2152142,
          138.049,
          554.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          549.2152142,
          346.73999,
          554.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,573) ",
        "box": [
          382.94399,
          549.2152142,
          408.60599,
          554.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          549.2152142,
          417.23999,
          554.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,101) ",
        "box": [
          456.94399,
          549.2152142,
          479.10599,
          554.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          549.2152142,
          487.73999,
          554.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,674) ",
        "box": [
          523.94399,
          549.2152142,
          549.60599,
          554.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impairment on real estate",
        "box": [
          71.99,
          558.9652142,
          143.292,
          564.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          558.9652142,
          346.73999,
          564.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "469 ",
        "box": [
          394.02499,
          558.9652142,
          406.27499,
          564.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          558.9652142,
          417.23999,
          564.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          468.02499,
          558.9652142,
          473.27499,
          564.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          558.9652142,
          487.73999,
          564.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "469 ",
        "box": [
          535.02499,
          558.9652142,
          547.27499,
          564.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other operating expenses",
        "box": [
          71.99,
          568.7152142,
          143.096,
          574.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          568.7152142,
          346.73999,
          574.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,350) ",
        "box": [
          382.94399,
          568.7152142,
          408.60599,
          574.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          568.7152142,
          417.23999,
          574.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,312) ",
        "box": [
          456.94399,
          568.7152142,
          479.10599,
          574.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          568.7152142,
          487.73999,
          574.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,662) ",
        "box": [
          523.94399,
          568.7152142,
          549.60599,
          574.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total non-interest expense",
        "box": [
          77.99,
          578.4652142,
          156.88699999999997,
          584.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          578.4652142,
          350.23999,
          584.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(40,939) ",
        "box": [
          382.94399,
          578.4652142,
          408.60599,
          584.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          578.4652142,
          420.73999,
          584.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,212) ",
        "box": [
          453.44399,
          578.4652142,
          479.10599,
          584.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          578.4652142,
          491.23999,
          584.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(70,151) ",
        "box": [
          523.94399,
          578.4652142,
          549.60599,
          584.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) before unallocated expenses and provision for income taxes",
        "box": [
          65.99,
          588.2152142,
          283.844,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          588.2152142,
          350.23999,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(197,245) ",
        "box": [
          379.44399,
          588.2152142,
          408.60599,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          588.2152142,
          420.73999,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,868) ",
        "box": [
          456.94399,
          588.2152142,
          479.10599,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          588.2152142,
          491.23999,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(205,113) ",
        "box": [
          520.44399,
          588.2152142,
          549.60599,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unallocated corporate income (expenses)",
        "box": [
          65.99,
          597.9652142,
          188.19599999999994,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Employee compensation and benefits",
        "box": [
          71.99,
          607.7152142,
          176.72399999999996,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          607.7152142,
          487.73999,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,116) ",
        "box": [
          527.44399,
          607.7152142,
          549.60599,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Professional fees",
        "box": [
          71.99,
          617.4652142,
          119.58999999999999,
          623.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          617.4652142,
          487.73999,
          623.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,703) ",
        "box": [
          527.44399,
          617.4652142,
          549.60599,
          623.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees - related party",
        "box": [
          71.99,
          627.2152142,
          163.66899999999995,
          632.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          627.2152142,
          487.73999,
          632.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,076) ",
        "box": [
          527.44399,
          627.2152142,
          549.60599,
          632.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transaction related expenses",
        "box": [
          71.99,
          636.9652142,
          152.791,
          642.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          636.9652142,
          487.73999,
          642.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(335) ",
        "box": [
          532.69399,
          636.9652142,
          549.60599,
          642.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other operating expenses - net",
        "box": [
          71.99,
          646.7152142,
          157.474,
          652.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          646.7152142,
          487.73999,
          652.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,418) ",
        "box": [
          527.44399,
          646.7152142,
          549.60599,
          652.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total unallocated corporate expenses",
        "box": [
          65.99,
          656.4652142,
          176.93999999999997,
          662.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          656.4652142,
          491.23999,
          662.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,648) ",
        "box": [
          523.94399,
          656.4652142,
          549.60599,
          662.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss before provision for income taxes",
        "box": [
          65.99,
          666.2152142,
          180.83199999999994,
          671.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          666.2152142,
          491.23999,
          671.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(216,761) ",
        "box": [
          520.44399,
          666.2152142,
          549.60599,
          671.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          65.99,
          675.9652142,
          100.77999999999999,
          681.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          675.9652142,
          350.23999,
          681.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,522,372 ",
        "box": [
          376.52499,
          675.9652142,
          406.27499,
          681.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          675.9652142,
          420.73999,
          681.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,293,092 ",
        "box": [
          447.02499,
          675.9652142,
          476.77499,
          681.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          675.9652142,
          491.23999,
          681.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,815,464 ",
        "box": [
          517.52499,
          675.9652142,
          547.27499,
          681.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "61",
        "box": [
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 62,
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    "cells": [
      {
        "text": "Three Months Ended March 31, 2025",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(in thousands)",
        "box": [
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        "text": "LMM Commercial ",
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        "text": "Real Estate",
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        "text": "Small Business ",
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        "text": "Lending",
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      {
        "text": "Total",
        "box": [
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      {
        "text": "Interest income",
        "box": [
          71.99,
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          115.32,
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        "from_ocr": false,
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      },
      {
        "text": "$ ",
        "box": [
          344.98999,
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          350.23999,
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        "from_ocr": false,
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      {
        "text": "124,973 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "29,994 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "text": "154,967 ",
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        "text": "Interest expense",
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      {
        "text": " ",
        "box": [
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          346.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(120,354) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          417.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,112) ",
        "box": [
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          479.10599,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          487.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(140,466) ",
        "box": [
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          549.60599,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income before recovery of (provision for) loan losses",
        "box": [
          65.99,
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          258.1329999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
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          350.23999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,619 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "9,882 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          491.23999,
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      {
        "text": "14,501 ",
        "box": [
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          547.27499,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Recovery of (provision for) loan losses",
        "box": [
          71.99,
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          181.4,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          346.73999,
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      {
        "text": "117,941 ",
        "box": [
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          406.27499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          417.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,373) ",
        "box": [
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          479.10599,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          487.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "109,568 ",
        "box": [
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          547.27499,
          130.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net interest income after recovery of (provision for) loan losses",
        "box": [
          65.99,
          134.4652142,
          253.47099999999995,
          140.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
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          350.23999,
          140.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122,560 ",
        "box": [
          381.77499,
          134.4652142,
          406.27499,
          140.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
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          420.73999,
          140.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,509 ",
        "box": [
          459.27499,
          134.4652142,
          476.77499,
          140.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
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          491.23999,
          140.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "124,069 ",
        "box": [
          522.77499,
          134.4652142,
          547.27499,
          140.2250217893278
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        "confidence": 1.0
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      {
        "text": "Non-interest income",
        "box": [
          65.99,
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          126.42099999999999,
          149.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net realized gain (loss) on financial instruments and real estate owned",
        "box": [
          71.99,
          153.9652142,
          268.60599999999994,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
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          346.73999,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,600) ",
        "box": [
          382.94399,
          153.9652142,
          408.60599,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
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          417.23999,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,269 ",
        "box": [
          455.77499,
          153.9652142,
          476.77499,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          487.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,669 ",
        "box": [
          526.27499,
          153.9652142,
          547.27499,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net unrealized gain (loss) on financial instruments",
        "box": [
          71.99,
          163.7152142,
          213.45299999999997,
          169.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
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          346.73999,
          169.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(604) ",
        "box": [
          391.69399,
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          408.60599,
          169.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
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          417.23999,
          169.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,146) ",
        "box": [
          456.94399,
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          479.10599,
          169.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          487.73999,
          169.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,750) ",
        "box": [
          527.44399,
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          549.60599,
          169.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation allowance, loans held for sale",
        "box": [
          71.99,
          173.4652142,
          184.29099999999997,
          179.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
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          346.73999,
          179.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(99,718) ",
        "box": [
          382.94399,
          173.4652142,
          408.60599,
          179.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
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          417.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          468.02499,
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          473.27499,
          179.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
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          487.73999,
          179.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(99,718) ",
        "box": [
          523.94399,
          173.4652142,
          549.60599,
          179.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing income, net",
        "box": [
          71.99,
          183.2152142,
          133.19799999999998,
          188.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          183.2152142,
          346.73999,
          188.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,415 ",
        "box": [
          388.77499,
          183.2152142,
          406.27499,
          188.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
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          417.23999,
          188.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,041 ",
        "box": [
          459.27499,
          183.2152142,
          476.77499,
          188.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
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          487.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,456 ",
        "box": [
          529.77499,
          183.2152142,
          547.27499,
          188.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) on unconsolidated joint ventures",
        "box": [
          71.99,
          192.9652142,
          203.177,
          198.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          192.9652142,
          346.73999,
          198.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,005) ",
        "box": [
          386.44399,
          192.9652142,
          408.60599,
          198.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          192.9652142,
          417.23999,
          198.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23 ",
        "box": [
          468.02499,
          192.9652142,
          476.77499,
          198.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          192.9652142,
          487.73999,
          198.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,982) ",
        "box": [
          527.44399,
          192.9652142,
          549.60599,
          198.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income",
        "box": [
          71.99,
          202.7152142,
          110.273,
          208.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          202.7152142,
          346.73999,
          208.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,037 ",
        "box": [
          388.77499,
          202.7152142,
          406.27499,
          208.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
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          417.23999,
          208.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,262 ",
        "box": [
          459.27499,
          202.7152142,
          476.77499,
          208.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
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          487.73999,
          208.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,299 ",
        "box": [
          526.27499,
          202.7152142,
          547.27499,
          208.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total non-interest income (loss)",
        "box": [
          77.99,
          212.4652142,
          172.24499999999995,
          218.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          212.4652142,
          350.23999,
          218.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(114,475) ",
        "box": [
          379.44399,
          212.4652142,
          408.60599,
          218.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          212.4652142,
          420.73999,
          218.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,449 ",
        "box": [
          455.77499,
          212.4652142,
          476.77499,
          218.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          212.4652142,
          491.23999,
          218.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(78,026) ",
        "box": [
          523.94399,
          212.4652142,
          549.60599,
          218.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-interest expense",
        "box": [
          65.99,
          222.2152142,
          128.35999999999999,
          227.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Employee compensation and benefits",
        "box": [
          71.99,
          231.9652142,
          176.72399999999996,
          237.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          231.9652142,
          346.73999,
          237.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,871) ",
        "box": [
          386.44399,
          231.9652142,
          408.60599,
          237.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          231.9652142,
          417.23999,
          237.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,304) ",
        "box": [
          453.44399,
          231.9652142,
          479.10599,
          237.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          231.9652142,
          487.73999,
          237.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,175) ",
        "box": [
          523.94399,
          231.9652142,
          549.60599,
          237.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allocated employee compensation and benefits from related party",
        "box": [
          71.99,
          241.7152142,
          256.7549999999999,
          247.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          241.7152142,
          346.73999,
          247.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(328) ",
        "box": [
          391.69399,
          241.7152142,
          408.60599,
          247.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          241.7152142,
          417.23999,
          247.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          468.02499,
          241.7152142,
          473.27499,
          247.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          241.7152142,
          487.73999,
          247.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(328) ",
        "box": [
          532.69399,
          241.7152142,
          549.60599,
          247.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Professional fees",
        "box": [
          71.99,
          251.4652142,
          119.58999999999999,
          257.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          251.4652142,
          346.73999,
          257.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(818) ",
        "box": [
          391.69399,
          251.4652142,
          408.60599,
          257.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          251.4652142,
          417.23999,
          257.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,905) ",
        "box": [
          456.94399,
          251.4652142,
          479.10599,
          257.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          251.4652142,
          487.73999,
          257.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,723) ",
        "box": [
          527.44399,
          251.4652142,
          549.60599,
          257.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan servicing expense",
        "box": [
          71.99,
          261.2152142,
          138.049,
          266.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          261.2152142,
          346.73999,
          266.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,064) ",
        "box": [
          382.94399,
          261.2152142,
          408.60599,
          266.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          261.2152142,
          417.23999,
          266.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(780) ",
        "box": [
          462.19399,
          261.2152142,
          479.10599,
          266.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          261.2152142,
          487.73999,
          266.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,844) ",
        "box": [
          523.94399,
          261.2152142,
          549.60599,
          266.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impairment on real estate",
        "box": [
          71.99,
          270.9652142,
          143.292,
          276.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          270.9652142,
          346.73999,
          276.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,346) ",
        "box": [
          386.44399,
          270.9652142,
          408.60599,
          276.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          270.9652142,
          417.23999,
          276.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          468.02499,
          270.9652142,
          473.27499,
          276.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          270.9652142,
          487.73999,
          276.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,346) ",
        "box": [
          527.44399,
          270.9652142,
          549.60599,
          276.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other operating expenses",
        "box": [
          71.99,
          280.7152442,
          143.096,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          280.7152442,
          346.73999,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,336) ",
        "box": [
          386.44399,
          280.7152442,
          408.60599,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          280.7152442,
          417.23999,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,071) ",
        "box": [
          453.44399,
          280.7152442,
          479.10599,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          280.7152442,
          487.73999,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,407) ",
        "box": [
          523.94399,
          280.7152442,
          549.60599,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total non-interest expense",
        "box": [
          77.99,
          290.4652442,
          156.88699999999997,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          290.4652442,
          350.23999,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27,763) ",
        "box": [
          382.94399,
          290.4652442,
          408.60599,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          290.4652442,
          420.73999,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(30,060) ",
        "box": [
          453.44399,
          290.4652442,
          479.10599,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          290.4652442,
          491.23999,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(57,823) ",
        "box": [
          523.94399,
          290.4652442,
          549.60599,
          296.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) before unallocated expenses and provision for income taxes",
        "box": [
          65.99,
          300.2152442,
          283.844,
          305.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          300.2152442,
          350.23999,
          305.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,678) ",
        "box": [
          382.94399,
          300.2152442,
          408.60599,
          305.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          300.2152442,
          420.73999,
          305.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,898 ",
        "box": [
          459.27499,
          300.2152442,
          476.77499,
          305.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          300.2152442,
          491.23999,
          305.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,780) ",
        "box": [
          523.94399,
          300.2152442,
          549.60599,
          305.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unallocated corporate income (expenses)",
        "box": [
          65.99,
          309.9652442,
          188.19599999999994,
          315.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on bargain purchase",
        "box": [
          71.99,
          319.7152442,
          143.684,
          325.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          319.7152442,
          487.73999,
          325.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102,471 ",
        "box": [
          522.77499,
          319.7152442,
          547.27499,
          325.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Employee compensation and benefits",
        "box": [
          71.99,
          329.4652442,
          176.72399999999996,
          335.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          329.4652442,
          487.73999,
          335.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,027) ",
        "box": [
          527.44399,
          329.4652442,
          549.60599,
          335.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Professional fees",
        "box": [
          71.99,
          339.2152442,
          119.58999999999999,
          344.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          339.2152442,
          487.73999,
          344.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,765) ",
        "box": [
          527.44399,
          339.2152442,
          549.60599,
          344.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees - related party",
        "box": [
          71.99,
          348.9652442,
          163.66899999999995,
          354.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          348.9652442,
          487.73999,
          354.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,577) ",
        "box": [
          527.44399,
          348.9652442,
          549.60599,
          354.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transaction related expenses",
        "box": [
          71.99,
          358.7152442,
          152.791,
          364.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          358.7152442,
          487.73999,
          364.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,694) ",
        "box": [
          527.44399,
          358.7152442,
          549.60599,
          364.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other operating expenses - net",
        "box": [
          71.99,
          368.4652442,
          157.474,
          374.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.98999,
          368.4652442,
          487.73999,
          374.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(425) ",
        "box": [
          532.69399,
          368.4652442,
          549.60599,
          374.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total unallocated corporate income",
        "box": [
          65.99,
          378.2152442,
          172.28499999999994,
          383.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          378.2152442,
          491.23999,
          383.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,983 ",
        "box": [
          526.27499,
          378.2152442,
          547.27499,
          383.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income before provision for income taxes",
        "box": [
          65.99,
          387.9652442,
          189.37199999999996,
          393.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          387.9652442,
          491.23999,
          393.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77,203 ",
        "box": [
          526.27499,
          387.9652442,
          547.27499,
          393.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          65.99,
          397.7152442,
          100.77999999999999,
          403.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          397.7152442,
          350.23999,
          403.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,897,270 ",
        "box": [
          376.52499,
          397.7152442,
          406.27499,
          403.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          397.7152442,
          420.73999,
          403.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,510,635 ",
        "box": [
          447.02499,
          397.7152442,
          476.77499,
          403.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.98999,
          397.7152442,
          491.23999,
          403.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,407,905 ",
        "box": [
          517.52499,
          397.7152442,
          547.27499,
          403.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 27. Subsequent Events",
        "box": [
          63.36,
          434.50890599999997,
          181.65000000000003,
          442.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In April of 2026, the Company redeemed all of its outstanding 6.20% Senior Notes due 2026.",
        "box": [
          63.36,
          458.66891599999997,
          437.50998999999996,
          466.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 63,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations",
        "box": [
          63.36,
          63.508906000000025,
          475.66999999999985,
          71.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forward-Looking Statements ",
        "box": [
          63.36,
          87.50890600000002,
          192.17000000000004,
          95.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Except  where  the  context  suggests  otherwise,  the  terms  'Company,'  'we,'  'us'  and  'our'  refer  to  Ready  Capital ",
        "box": [
          63.36,
          111.66888600000004,
          551.05,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporation  and  its  subsidiaries.  We  make  forward-looking  statements  in  this  Quarterly  Report  on  Form  10-Q  (the ",
        "box": [
          63.36,
          123.66888600000004,
          551.0399700000002,
          131.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'Form  10-Q')  within  the  meaning  of  the  Private  Securities  Litigation  Reform  Act  of  1995  and  Section  27A  of  the ",
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      {
        "text": "Securities Act of 1933, as amended (the 'Securities Act'), and Section 21E of the Securities Exchange Act of 1934, as ",
        "box": [
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      {
        "text": "amended (the 'Exchange Act'). We intend such statements to be covered by the safe harbor provisions for forward-",
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      {
        "text": "looking statements contained therein. Forward-looking statements contained in this Form 10-Q reflect our current views ",
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      {
        "text": "about future events and are inherently subject to substantial risks and uncertainties, many of which are difficult to predict ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "and beyond our control, that may cause our actual results to materially differ. These forward-looking statements include ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "information  about  possible  or  assumed  future  results  of  our  operations,  financial  condition,  liquidity,  plans  and ",
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        "confidence": 1.0
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      {
        "text": "objectives. When we use the words 'believe,' 'expect,' 'anticipate,' 'estimate,' 'plan,' 'continue,' 'intend,' 'should,' ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "'could,'  'would,'  'may,'  'potential'  or  other  comparable  terminology,  we  intend  to  identify  forward-looking ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "statements,  although  not  all  forward-looking  statements  may  contain  such  words.  Statements  regarding  the  following ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "subjects, among others, may be forward-looking, and the occurrence of events impacting these subjects, or otherwise ",
        "box": [
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      {
        "text": "impacting  our  business,  may  cause  our  financial  condition,  liquidity  and  consolidated  results  of  operations  to  vary ",
        "box": [
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      {
        "text": "materially from those expressed in, or implied by, any such forward-looking statements:",
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      {
        "text": "\u2022",
        "box": [
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        "text": "our investment objectives and business strategy;",
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        "confidence": 1.0
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        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "our expected leverage;",
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        "text": "\u2022",
        "box": [
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        "text": "our expected investments;",
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        "text": "\u2022",
        "box": [
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      {
        "text": "estimates or statements relating to, and our ability to make, future distributions;",
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        "text": "\u2022",
        "box": [
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        "text": "projected capital and operating expenditures;",
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        "text": "\u2022",
        "box": [
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        "text": "our ability to use our liquidity and capital resources, including cash on hand, anticipated net payments from the ",
        "box": [
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      {
        "text": "loan portfolio, debt financings and proceeds from the potential disposition of assets, to provide liquidity to fund ",
        "box": [
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      {
        "text": "ongoing obligations and address upcoming debt maturities;",
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        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "our  ability  to  utilize  liquidity  and  capital  resources,  together  with  our  access  to  the  capital  markets  and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "potentially other balance-sheet actions, such as adjustments to our dividend rate, to meet our liquidity needs;",
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        "text": "\u2022",
        "box": [
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        "text": "availability of qualified personnel;",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u2022",
        "box": [
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        "text": "prepayment rates; ",
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        "text": "\u2022",
        "box": [
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        "text": "projected default rates;",
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        "text": "\u2022",
        "box": [
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        "from_ocr": false,
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        "text": "increased rates of default and/or decreased recovery rates on our investments;",
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        "text": "\u2022",
        "box": [
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        "text": "changes in interest rates, interest rate spreads, the yield curve or prepayment rates;",
        "box": [
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        "text": "\u2022",
        "box": [
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        "text": "our potential entry into certain hedging arrangements related to the delivery of shares of common stock upon ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "vesting  of  certain  performance-based  equity  awards  and  restricted  stock  awards  and  the  risk  that  such ",
        "box": [
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      {
        "text": "arrangements may not have the desired impact and may expose us to additional risks, including the failure of ",
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      {
        "text": "the counterparty to perform under the contracts; ",
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        "text": "\u2022",
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        "text": "the impact of inflation on our business;",
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        "text": "\u2022",
        "box": [
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        "from_ocr": false,
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      {
        "text": "tariffs imposed or threatened to be imposed by the current presidential administration;",
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        "text": "63",
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        "text": "\u2022",
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        "text": "changes in prepayments or acceleration of the disposition of our assets;",
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        "text": "\u2022",
        "box": [
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        "from_ocr": false,
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      {
        "text": "risks  associated  with  achieving  expected  synergies,  cost  savings  and  other  benefits  from  recent  acquisitions, ",
        "box": [
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      {
        "text": "including the acquisition of United Development Funding IV ('UDF IV');",
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        "text": "\u2022",
        "box": [
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      {
        "text": "risks associated with the completed divestiture of our Residential Mortgage Banking segment;",
        "box": [
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        "text": "\u2022",
        "box": [
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        "from_ocr": false,
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        "text": "market, industry and economic trends;",
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        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "our ability to compete in the marketplace;",
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        "from_ocr": false,
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        "text": "\u2022",
        "box": [
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        "from_ocr": false,
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      {
        "text": "the availability of attractive risk-adjusted investment opportunities in lower-to-middle-market commercial real ",
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        "confidence": 1.0
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      {
        "text": "estate  loans  ('LMM'),  loans  guaranteed  by  the  U.S.  Small  Business  Administration  (the  'SBA')  under  its ",
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        "confidence": 1.0
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      {
        "text": "Section 7(a) loan program (the 'SBA Section 7(a) Program'), mortgage backed securities ('MBS'), residential ",
        "box": [
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      {
        "text": "mortgage loans and other real estate-related investments that satisfy our investment objectives and strategies; ",
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
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      {
        "text": "general volatility of the capital markets;",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "changes in our investment objectives and business strategy;",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
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        "text": "the availability, terms and deployment of capital;",
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        "confidence": 1.0
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        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the availability of suitable investment opportunities;",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "market developments and actions recently taken and which may be taken by the U.S. Government, including ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "pursuant to policies of the U.S. administration, the U.S. Department of the Treasury ('Treasury') and the Board ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal National ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mortgage Association  ('Fannie  Mae'),  the  Federal  Home  Loan  Mortgage  Corporation  ('Freddie  Mac'),  the ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Government  National  Mortgage  Association  ('Ginnie  Mae'),  Federal  Housing  Administration  ('FHA') ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mortgagee,  USDA,  U.S.  Department  of  Veterans  Affairs  ('VA')  and  the  U.S.  Securities  and  Exchange ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Commission ('SEC');",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "our ability to obtain a license for the Freddie Mac Conventional Small program, which is replacing the Freddie ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mac Small Balance Loan program that expired on April 30, 2026;",
        "box": [
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      {
        "text": "\u2022",
        "box": [
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          84.86,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "applicable regulatory changes; ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "changes in our assets, interest rates or the general economy;",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "mortgage loan modification programs and future legislative actions;",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "our  ability  to  maintain  our  qualification  as  a  real  estate  investment  trust  ('REIT')  and  limitations  on  our ",
        "box": [
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      {
        "text": "business as a result of our qualifications as a REIT;",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  ability  to  maintain  our  exemption  from  qualification  under  the  Investment  Company  Act  of  1940,  as ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "amended (the '1940 Act');",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
          81.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "factors  described  in  our  Annual  Report  on  Form  10-K,  including  those  set  forth  under  the  captions  'Risk ",
        "box": [
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      {
        "text": "Factors' and 'Business';",
        "box": [
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "our dependence on our external advisor, Waterfall Asset Management, LLC ('Waterfall' or the 'Manager'), ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and our ability to find a suitable replacement if we or Waterfall were to terminate the management agreement ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "we have entered into with Waterfall (the 'management agreement');",
        "box": [
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      {
        "text": "64",
        "box": [
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  },
  {
    "page_no": 65,
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    "cells": [
      {
        "text": "\u2022",
        "box": [
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        "confidence": 1.0
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      {
        "text": "the degree and nature of our competition, including competition for LMM loans, MBS, residential mortgage ",
        "box": [
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      {
        "text": "loans,  construction  loans  and  other  real  estate-related  investments  that  satisfy  our  investment  objectives  and ",
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      {
        "text": "strategies;",
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "geopolitical  events  such  as  acts  of  terrorism,  war  or  other  military  conflict,  and  the  related  impact  on ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "macroeconomic conditions; and",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the impact of future pandemics and epidemics on our borrowers, the real estate industry and global markets, and ",
        "box": [
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      {
        "text": "on our business and operations, financial condition, results of operations, liquidity and capital resources.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Although  we  believe  that  the  expectations  reflected  in  the  forward-looking  statements  are  reasonable,  we  cannot ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "guarantee  future  results,  levels  of  activity,  performance  or  achievements,  and  we  caution  readers  not  to  place  undue ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "reliance on any forward-looking statements. These forward-looking statements apply only as of the date of this Form 10-",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Q. We are not obligated, and do not intend, to update or revise any forward-looking statements, whether as a result of ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "new information, future events or otherwise, except to the extent required by law. Refer to Item 1A. 'Risk Factors' and ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Item  7.  'Management's  Discussion  and  Analysis  of  Financial  Condition  and  Results  of  Operations'  of  our  Annual ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Report on Form 10-K for the fiscal year ended December 31, 2025 (our 'Form 10-K').",
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      {
        "text": "Introduction",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Management's Discussion and Analysis of  Financial  Condition  and  Results  of  Operations  ('MD&A')  is  intended  to ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "provide  a  reader  of  our  interim  consolidated  financial  statements  with  a  narrative  from  the  perspective  of  our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "management  on  our  financial  condition,  results  of  operations,  liquidity  and  certain  other  factors  that  may  affect  our ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "future results. Our MD&A is presented in five main sections:",
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        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Overview",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Results of Operations",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Liquidity and Capital Resources",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
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          84.86,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contractual Obligations and Off-Balance Sheet Arrangements ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Critical Accounting Estimates",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The following discussion should be read in conjunction with our unaudited interim consolidated financial statements and ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "accompanying Notes included in Part I, Item 1, 'Financial Statements,' of this Form 10-Q and with Items 6, 7, 8, and 9A ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of  our  Form  10-K.  Refer  to  'Forward-Looking  Statements'  in  this  Form  10-Q  and  in  our  Form  10-K  and  'Critical ",
        "box": [
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      {
        "text": "Accounting Estimates' in our Form 10-K for certain other factors that may cause actual results to differ, materially, from ",
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      {
        "text": "those anticipated in the forward-looking statements included in this Form 10-Q.",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Overview",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our Business",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We are a multi-strategy real estate finance company that originates, acquires, finances, and services LMM loans, SBA ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "loans, construction loans and, to a lesser extent, MBS collateralized primarily by LMM loans, or other real estate-related ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "investments. Our loans generally range in original principal amounts up to $40 million and are used by businesses to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "purchase real estate used in their operations or by investors seeking to acquire multi-family, office, retail, mixed use or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "warehouse properties. Our objective is to provide attractive risk-adjusted returns to our stockholders. In order to achieve ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "this  objective,  we  intend  to  grow  our  investment  portfolio  and  believe  that  the  breadth  of  our  full-service  real  estate ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "finance platform will allow us to adapt to market conditions and deploy capital in our asset classes and segments with the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "most attractive risk-adjusted returns.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We completed the disposition of our Residential Mortgage Banking segment effective on June 30, 2025. In connection ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with  this  sale,  we  classified  our  Residential  Mortgage  Banking  segment  as  a  discontinued  operation.  For  all  periods ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "presented, the operating results for these operations have been removed from continuing operations. Our MD&A has ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "been adjusted to exclude discontinued operations unless otherwise noted. We report our activities in the following two ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operating segments:",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "65",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 66,
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    "cells": [
      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "LMM Commercial Real Estate.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "  We originate LMM loans across the full life-cycle of an LMM property ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "including  construction,  bridge,  stabilized  and  agency  loan  origination  channels  through  our  subsidiary, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "ReadyCap  Commercial,  LLC.  These  originated  loans  are  generally  held-for-investment  or  placed  into ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "securitization structures. As part of this segment, we service Freddie Mac multi-family loan products. We ",
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      {
        "text": "provide construction and permanent financing for the preservation and construction of affordable housing, ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily  utilizing  tax-exempt  bonds  through  Ready  Capital  Affordable,  a  subsidiary.  In  addition,  we ",
        "box": [
          114.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquire LMM loans as part of our business strategy. We hold performing LMM loans to term and seek to ",
        "box": [
          114.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maximize the value of the non-performing LMM loans acquired by us through borrower-based resolution ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "strategies.  We  typically  acquire  non-performing  loans  at  a  discount  to  their  unpaid  principal  balance ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "('UPB') when we believe that resolution of the loans will provide attractive risk-adjusted returns. ",
        "box": [
          114.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          96.36,
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          99.86,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small Business Lending.",
        "box": [
          114.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " We acquire, originate and service owner-occupied loans guaranteed by the SBA ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "under the SBA Section 7(a) Program through our subsidiary, ReadyCap Lending, LLC. We hold an SBA ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "license as one of only 16 non-bank Small Business Lending Companies and have been granted preferred ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lender status by the SBA. These originated loans are either held-for-investment, placed into securitization ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "structures,  or  sold.  In  addition,  we  originate  and  service  small  business  loans  through  our  subsidiary ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "iBusiness Funding LLC and we service USDA loans through our subsidiary, ReadyCap Commercial.",
        "box": [
          114.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  are  organized  and  conduct  our  operations  to  qualify  as  a  REIT  under  the  Internal  Revenue  Code  of  1986,  as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "amended.  To  qualify  as  a  REIT,  we  are  required  to  annually  distribute  substantially  all  of  our  net  taxable  income, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "excluding capital gain, to stockholders. To the extent that we do not distribute all of our net capital gain, or distribute at ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "least  90%,  but  less  than  100%,  of  our  REIT  taxable  income,  as  adjusted,  we  will  be  required  to  pay  U.S.  federal ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corporate  income  tax  on  the  undistributed  income.  We  are  organized  in  a  traditional  umbrella  partnership  REIT ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(UpREIT) format pursuant to which we serve as the general partner of, and conduct substantially all of our business ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "through, Sutherland Partners, LP (our 'operating partnership'). We also intend to operate our business in a manner that ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "will permit us to be excluded from registration as an investment company under the 1940 Act.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For additional information on our business, refer to Part I, Item 1, 'Business' in our Form 10-K.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisitions",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "United Development Funding IV.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  On  March 13, 2025, pursuant to the terms of the Agreement and Plan of Merger, ",
        "box": [
          205.3,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "dated as of November 29, 2024, by and among the Company, UDF IV, and RC Merger Sub IV, LLC, a wholly owned ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiary  of  the  Company  ('RC  Merger  Sub  IV'),  the  Company  acquired  UDF  IV,  a  real  estate  investment  trust ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "providing capital solutions to residential real estate developers and regional homebuilders, (the 'UDF IV Merger'). At ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the effective time of the UDF IV Merger (the 'Effective Time'), each outstanding common share of beneficial interest, ",
        "box": [
          63.36,
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          550.9799999999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "par value $0.01 per share, of UDF IV ('UDF IV Common Shares'), excluding any UDF IV Common Shares held by ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UDF IV, the Company, RC Merger Sub IV or their subsidiaries, was automatically cancelled and retired and converted ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "into  the  right  to  receive  (i)  0.416  shares  of  Company  common  stock,  (ii)  0.416  contingent  value  rights  ('CVRs') ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "representing the potential right to receive additional shares of Company common stock after the end of each of (1) the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period beginning on October 1, 2024, and ending on December 31, 2025 and (2) the three subsequent calendar years, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based, in part, upon cash proceeds received by the Company and its subsidiaries in respect of a portfolio of five UDF IV ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "loans and (iii) cash consideration in lieu of any fractional shares of Company common stock. Refer to Notes 1 and 5, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "included in Part I, Item 1, 'Financial Statements,' of this Form 10-Q, for more information about the UDF IV Merger ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and the assets acquired and liabilities assumed as a result of the UDF IV Merger.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Factors Impacting Operating Results",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We expect that our results of operations will be affected by a number of factors and will primarily depend on the level of ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest income from our assets, the market and fair value of our assets and the supply of, and demand for, LMM loans, ",
        "box": [
          63.36,
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          550.9400000000002,
          633.7972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA loans, construction loans, MBS and other assets we may acquire in the future, demand for housing, population ",
        "box": [
          63.36,
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          551.1099999999997,
          645.2972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "trends,  construction  costs,  the  availability  of  alternative  real  estate  financing  from  other  lenders,  changes  in  credit ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "spreads, and the financing and other costs associated with our business. These factors may have an impact on our ability ",
        "box": [
          63.36,
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          551.0999999999998,
          668.2972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to originate new loans or the performance of our existing loan portfolio. Our net investment income, which includes the ",
        "box": [
          63.36,
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          551.0699999999998,
          679.7972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization of purchase premiums and accretion of purchase discounts, varies primarily as a result of changes in market ",
        "box": [
          63.36,
          683.068906,
          551.0699999999998,
          691.2972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rates, the rate at which our distressed assets are liquidated and the prepayment speed of our performing assets. ",
        "box": [
          63.36,
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          550.9999999999999,
          702.7972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest  rates  and  prepayment  speeds  vary  according  to  the  type  of  investment,  conditions  in  the  financial  markets, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "competition and other factors, none of which can be predicted with any certainty. Our operating results may also be ",
        "box": [
          63.36,
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          551.1199999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66",
        "box": [
          301.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 67,
    "width": 612.0,
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    "cells": [
      {
        "text": "impacted by changes in our provision for loan losses. Increases in the provision for loan loss are primarily driven by a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deterioration in the contractual performance of a loan. Macroeconomic factors including interest rates and inflation, as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "well as supply absorption and cap rate movements, may contribute to a deterioration in a loan's contractual performance. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In certain circumstances, the Company may choose to modify a loan which had experienced financial difficulty due to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  factors  previously  described.  Our  operating  results  may  also  be  impacted  by  our  available  borrowing  capacity, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conditions in the financial markets, credit losses in excess of initial estimates or unanticipated credit events experienced ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by borrowers whose loans are held directly by us or are included in our MBS. Difficult market conditions as well as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "inflation, energy costs, geopolitical issues, health epidemics and outbreaks of contagious diseases, unemployment and ",
        "box": [
          63.36,
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          152.39718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the availability and cost of credit are factors which could also impact our operating results. ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For additional information about certain risks we face, including market risk, credit risk, interest rate risk, liquidity risk, ",
        "box": [
          63.36,
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          187.39718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "off-balance sheet risk and prepayment risk, refer to Note 23, included in Part I, Item 1, 'Financial Statements,' and Part ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I, Item 3, 'Quantitative and Qualitative Disclosures About Market Risk,' of this Form 10-Q, as well as Part I, Item 1A, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'Risk Factors' in our Form 10-K.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in Market Interest Rates.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  We own and expect to acquire or originate fixed rate and floating rate loans with ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maturities  ranging  from  two  to  30  years.  Our  loans  typically  have  amortization  periods  of  15  to  30  years  or  balloon ",
        "box": [
          63.36,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payments due in two to 10 years. Fixed rate loans bear interest that is fixed for the term of the loan and we typically ",
        "box": [
          63.36,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "utilize derivative financial and hedging instruments in an effort to hedge the interest rate risk associated with such fixed ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate loans. As of March 31, 2026, all fixed rate loans are match funded in securitization. Floating rate loans generally ",
        "box": [
          63.36,
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          551.0000100000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have an adjustable interest rate equal to the sum of a fixed spread plus an index rate, such as the Secured Overnight ",
        "box": [
          63.36,
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          550.97999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Rate ('SOFR'), which typically resets monthly. As of March 31, 2026, approximately 80% of the loans in our ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio were floating rate loans, and 20% were fixed rate loans, based on carrying value.",
        "box": [
          63.36,
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          423.7800099999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current  market  conditions.",
        "box": [
          63.36,
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          181.19,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  During  the  first  quarter,  macroeconomic  concerns  persisted  including  global  market ",
        "box": [
          181.19,
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          551.13999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "volatility,  uncertainty  about  trade  policies,  geopolitical  tensions,  inflationary  pressures  and  interest  rates.  The  U.S. ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Federal Reserve did not decrease interest rates in the quarter and there is uncertainty regarding if and when decreases ",
        "box": [
          63.36,
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          551.02002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "will  occur.  Although  the  full  impact  of  these  changes  remains  uncertain  and  difficult  to  predict,  concerns  and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "uncertainties about the economic outlook may adversely impact our financial condition, results of operations and cash ",
        "box": [
          63.36,
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          551.0099999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "flows.",
        "box": [
          63.36,
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          88.07,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Results of Operations",
        "box": [
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          155.52,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Key Financial Measures and Indicators",
        "box": [
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          227.13999999999993,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share, dividends declared per share, distributable earnings, return on equity, and net book value per share. As further ",
        "box": [
          63.36,
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          551.0200200000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "described below, distributable earnings is a measure that is not prepared in accordance with GAAP. We use distributable ",
        "box": [
          63.36,
          491.16891599999997,
          551.0500000000004,
          499.3972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earnings to evaluate our performance and determine dividends, excluding the effects of certain transactions and GAAP ",
        "box": [
          63.36,
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          551.0299999999999,
          511.3972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjustments that we believe are not necessarily indicative of our current loan activity and operations. Refer to '-Non-",
        "box": [
          63.36,
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          543.5000000000002,
          523.3971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP Financial Measures' below for a reconciliation of net income to distributable earnings.",
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          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 68,
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    "cells": [
      {
        "text": "The table below sets forth certain information on our operating results.",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
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          513.8399999999999,
          104.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in thousands, except share data)",
        "box": [
          65.99,
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          164.333,
          113.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2026",
        "box": [
          416.35999,
          108.21521419999999,
          430.35999,
          113.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
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          108.21521419999999,
          515.1099899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income (loss) from continuing operations",
        "box": [
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          194.069,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          117.96521419999999,
          391.48999,
          123.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(200,087) ",
        "box": [
          429.11499,
          117.96521419999999,
          458.27699,
          123.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          117.96521419999999,
          476.23999,
          123.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,410 ",
        "box": [
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          117.96521419999999,
          540.6959899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings per common share from continuing operations - basic",
        "box": [
          65.99,
          127.71521419999999,
          242.45299999999997,
          133.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          127.71521419999999,
          391.48999,
          133.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1.25) ",
        "box": [
          439.61499,
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          458.27699,
          133.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
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          476.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          526.6959899999999,
          127.71521419999999,
          540.6959899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings per common share from continuing operations - diluted",
        "box": [
          65.99,
          137.4652142,
          247.51399999999995,
          143.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          137.4652142,
          391.48999,
          143.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1.25) ",
        "box": [
          439.61499,
          137.4652142,
          458.27699,
          143.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
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          476.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.46 ",
        "box": [
          526.6959899999999,
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          540.6959899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings before realized losses",
        "box": [
          65.99,
          147.2152142,
          189.93899999999996,
          152.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
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          391.48999,
          152.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(49,208) ",
        "box": [
          432.61499,
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          458.27699,
          152.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          147.2152142,
          476.23999,
          152.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,140 ",
        "box": [
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          540.6959899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings before realized losses per common share - basic",
        "box": [
          65.99,
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          263.57899999999995,
          162.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          156.9652142,
          391.48999,
          162.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.33) ",
        "box": [
          439.61499,
          156.9652142,
          458.27699,
          162.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          156.9652142,
          476.23999,
          162.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00 ",
        "box": [
          526.6959899999999,
          156.9652142,
          540.6959899999999,
          162.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings before realized losses per common share - diluted",
        "box": [
          65.99,
          166.7152142,
          268.64,
          172.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          166.7152142,
          391.48999,
          172.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.33) ",
        "box": [
          439.61499,
          166.7152142,
          458.27699,
          172.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          166.7152142,
          476.23999,
          172.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00 ",
        "box": [
          526.6959899999999,
          166.7152142,
          540.6959899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings",
        "box": [
          65.99,
          176.4652142,
          127.98199999999999,
          182.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          176.4652142,
          391.48999,
          182.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(159,834) ",
        "box": [
          429.11499,
          176.4652142,
          458.27699,
          182.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
          176.4652142,
          476.23999,
          182.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,384) ",
        "box": [
          517.36499,
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          543.0269900000001,
          182.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings per common share - basic",
        "box": [
          65.99,
          186.2152142,
          201.62199999999996,
          191.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          186.2152142,
          391.48999,
          191.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1.00) ",
        "box": [
          439.61499,
          186.2152142,
          458.27699,
          191.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
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          476.23999,
          191.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.09) ",
        "box": [
          524.36499,
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          543.0269900000001,
          191.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings per common share - diluted",
        "box": [
          65.99,
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          206.68299999999994,
          201.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1.00) ",
        "box": [
          439.61499,
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          458.27699,
          201.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          476.23999,
          201.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.09) ",
        "box": [
          524.36499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared per common share",
        "box": [
          65.99,
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          173.62899999999996,
          211.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
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          391.48999,
          211.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.01 ",
        "box": [
          441.94599,
          205.7152142,
          455.94599,
          211.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.98999,
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          476.23999,
          211.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.125 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend yield  (1)",
        "box": [
          65.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2.5 %",
        "box": [
          445.45001,
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          462.35501000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  9.8 %",
        "box": [
          530.20001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Return on equity from continuing operations",
        "box": [
          65.99,
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          190.968,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (59.0)  %",
        "box": [
          439.62,
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          462.36300000000006,
          230.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  18.4 %",
        "box": [
          526.70001,
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          547.10501,
          230.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable return on equity before realized losses",
        "box": [
          65.99,
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          240.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (15.0)  %",
        "box": [
          439.62,
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          462.36300000000006,
          240.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (0.9)  %",
        "box": [
          527.87,
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          547.113,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable return on equity",
        "box": [
          65.99,
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          148.98199999999997,
          250.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (47.3)  %",
        "box": [
          439.62,
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          462.36300000000006,
          250.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (3.1)  %",
        "box": [
          527.87,
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          547.113,
          250.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value per common share",
        "box": [
          65.99,
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          151.48799999999997,
          260.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          254.4652142,
          391.48999,
          260.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.43 ",
        "box": [
          441.94599,
          254.4652142,
          455.94599,
          260.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          476.23999,
          260.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.61 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)Dividend yield is based on the respective period end closing share price.",
        "box": [
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          274.821,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Loan Pipeline ",
        "box": [
          63.36,
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          143.01999999999998,
          295.8872025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have a large and active pipeline of potential acquisition and origination opportunities that are in various stages of our ",
        "box": [
          63.36,
          299.81890599999997,
          551.1299999999998,
          308.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment process. We refer to assets as being part of our acquisition or origination pipeline if (i) an asset or portfolio ",
        "box": [
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          320.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "opportunity has been presented to us and we have determined, after a preliminary analysis, that the assets fit within our ",
        "box": [
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          332.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment strategy and exhibit the appropriate risk/reward characteristics (ii)  in  the  case  of  acquired  loans,  we  have ",
        "box": [
          63.36,
          335.81890599999997,
          551.0600000000001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "executed a non-disclosure agreement or an exclusivity agreement and commenced the due diligence process or we have ",
        "box": [
          63.36,
          347.81890599999997,
          551.0000000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "executed more definitive documentation, such as a letter of intent ('LOI'); and (iii) in the case of originated loans, we ",
        "box": [
          63.36,
          359.81890599999997,
          551.0199999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have issued an LOI, and the borrower has paid a deposit.",
        "box": [
          63.36,
          371.81890599999997,
          290.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We operate in a competitive market for investment opportunities and competition may limit our ability to originate or ",
        "box": [
          63.36,
          395.81890599999997,
          551.0,
          404.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquire the potential investments in the pipeline. The consummation of any of the potential loans in the pipeline depends ",
        "box": [
          63.36,
          407.81890599999997,
          551.0199999999998,
          416.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "upon, among other things, one or more of the following: available capital and liquidity, our Manager's allocation policy, ",
        "box": [
          63.36,
          419.81890599999997,
          551.02,
          428.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "satisfactory completion of our due diligence investigation and investment process, approval of our Manager's Investment ",
        "box": [
          63.36,
          431.81890599999997,
          551.0199999999996,
          440.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Committee, market conditions, our agreement with the seller on the terms and structure of such potential loan, and the ",
        "box": [
          63.36,
          443.81890599999997,
          551.1,
          452.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "execution and delivery of satisfactory transaction documentation. Historically, we have acquired less than a majority of ",
        "box": [
          63.36,
          455.81890599999997,
          551.14,
          464.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  assets  in  our  pipeline  at  any  one  time  and  there  can  be  no  assurance  the  assets  currently  in  our  pipeline  will  be ",
        "box": [
          63.36,
          467.81890599999997,
          550.97,
          476.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquired or originated by us in the future.",
        "box": [
          63.36,
          479.81890599999997,
          229.30000000000004,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents information on our investment portfolio originations (based on fully committed amounts).",
        "box": [
          63.36,
          503.81890599999997,
          524.8299999999997,
          512.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          418.03,
          531.1152342,
          514.2099999999999,
          536.875041789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          540.8652342,
          106.24,
          546.625041789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          417.10999,
          540.8652342,
          431.10999,
          546.625041789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          501.10999,
          540.8652342,
          515.1099899999999,
          546.625041789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan originations:",
        "box": [
          65.99,
          550.6152342,
          121.40199999999997,
          556.375041789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM loans",
        "box": [
          71.99,
          560.3652342,
          105.23299999999999,
          566.125041789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          560.3652342,
          391.48999,
          566.125041789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "287,581 ",
        "box": [
          438.60699,
          560.3652342,
          463.10699,
          566.125041789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.23999,
          560.3652342,
          475.48999,
          566.125041789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78,657 ",
        "box": [
          526.10699,
          560.3652342,
          547.10699,
          566.125041789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBL loans",
        "box": [
          71.99,
          570.1152342,
          101.34099999999998,
          575.875041789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          386.23999,
          570.1152342,
          387.98999,
          575.875041789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "176,749 ",
        "box": [
          438.60699,
          570.1152342,
          463.10699,
          575.875041789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          470.23999,
          570.1152342,
          471.98999,
          575.875041789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "387,388 ",
        "box": [
          522.60699,
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          547.10699,
          575.875041789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loan investment activity",
        "box": [
          65.99,
          579.8652342,
          154.81999999999994,
          585.625041789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          386.23999,
          579.8652342,
          391.48999,
          585.625041789328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "464,330 ",
        "box": [
          438.60699,
          579.8652342,
          463.10699,
          585.625041789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          470.23999,
          579.8652342,
          475.48999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "466,045 ",
        "box": [
          522.60699,
          579.8652342,
          547.10699,
          585.625041789328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68",
        "box": [
          301.0,
          756.228886,
          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 69,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Balance Sheet Analysis and Metrics",
        "box": [
          63.36,
          63.508906000000025,
          211.56,
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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": "(in thousands)",
        "box": [
          65.99,
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          106.24,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          281.26001,
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          327.70501,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "December 31, 2025",
        "box": [
          346.72,
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          403.252,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ Change",
        "box": [
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          459.58601,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "% Change",
        "box": [
          500.14001,
          90.96521419999999,
          528.33601,
          96.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          65.99,
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          84.645,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          71.99,
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          145.61599999999999,
          119.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.48999,
          113.46521419999999,
          279.73999,
          119.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "200,430 ",
        "box": [
          311.10699,
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          335.60699,
          119.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
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          350.23999,
          119.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "207,841 ",
        "box": [
          381.60699,
          113.46521419999999,
          406.10699,
          119.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
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          420.73999,
          119.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,411) ",
        "box": [
          454.44498999999996,
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          476.60699,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (3.6) %",
        "box": [
          527.45001,
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          547.8690100000001,
          119.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash",
        "box": [
          71.99,
          124.71521419999999,
          114.52199999999998,
          130.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
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          276.23999,
          130.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,906 ",
        "box": [
          314.77499,
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          335.77499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          124.71521419999999,
          346.73999,
          130.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,746 ",
        "box": [
          385.27499,
          124.71521419999999,
          406.27499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
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          417.23999,
          130.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(840) ",
        "box": [
          462.19399,
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          479.10599,
          130.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (2.1) ",
        "box": [
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          542.61201,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, net (including $462 and $737 held at fair value)",
        "box": [
          71.99,
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          226.29099999999994,
          141.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          135.9652142,
          276.23999,
          141.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,350,560 ",
        "box": [
          306.02499,
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          335.77499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
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          346.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,500,298 ",
        "box": [
          376.52499,
          135.9652142,
          406.27499,
          141.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          135.9652142,
          417.23999,
          141.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(149,738) ",
        "box": [
          449.94399,
          135.9652142,
          479.10599,
          141.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (4.3) ",
        "box": [
          527.45001,
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          542.61201,
          141.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held for sale (including $87,198 and $73,094 held at fair value ",
        "box": [
          71.99,
          146.9652142,
          269.24299999999994,
          152.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and net of valuation allowance of $74,315 and $67,612)",
        "box": [
          71.99,
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          228.62199999999996,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          153.9652142,
          276.23999,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "360,228 ",
        "box": [
          311.27499,
          153.9652142,
          335.77499,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          153.9652142,
          346.73999,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "585,820 ",
        "box": [
          381.77499,
          153.9652142,
          406.27499,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          153.9652142,
          417.23999,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(225,592) ",
        "box": [
          449.94399,
          153.9652142,
          479.10599,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (38.5) ",
        "box": [
          523.95001,
          153.9652142,
          542.61201,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage-backed securities",
        "box": [
          71.99,
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          149.49399999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          165.2152142,
          276.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,649 ",
        "box": [
          314.77499,
          165.2152142,
          335.77499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          165.2152142,
          346.73999,
          170.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,501 ",
        "box": [
          385.27499,
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          406.27499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          165.2152142,
          417.23999,
          170.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,852) ",
        "box": [
          456.94399,
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          479.10599,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (8.3) ",
        "box": [
          527.45001,
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          542.61201,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment in unconsolidated joint ventures (including $5,517 and ",
        "box": [
          71.99,
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          259.55499999999995,
          181.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$5,737 held at fair value)",
        "box": [
          71.99,
          183.2152142,
          142.522,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
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          276.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,251 ",
        "box": [
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          335.77499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
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          346.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161,424 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          417.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,827 ",
        "box": [
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          476.77499,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  3.6 ",
        "box": [
          529.78003,
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        "text": " ",
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          276.23999,
          200.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,104 ",
        "box": [
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          194.4652142,
          335.77499,
          200.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          346.73999,
          200.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,740 ",
        "box": [
          388.77499,
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          406.27499,
          200.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          417.23999,
          200.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,636) ",
        "box": [
          456.94399,
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          479.10599,
          200.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (39.1) ",
        "box": [
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          542.61201,
          200.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
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        "text": "Servicing rights",
        "box": [
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          116.50299999999999,
          211.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          276.23999,
          211.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,687 ",
        "box": [
          311.27499,
          205.7152142,
          335.77499,
          211.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          205.7152142,
          346.73999,
          211.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126,279 ",
        "box": [
          381.77499,
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          406.27499,
          211.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          417.23999,
          211.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,592) ",
        "box": [
          456.94399,
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          479.10599,
          211.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (2.1) ",
        "box": [
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          542.61201,
          211.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned",
        "box": [
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          122.87299999999998,
          222.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          276.23999,
          222.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "610,215 ",
        "box": [
          311.27499,
          216.9652142,
          335.77499,
          222.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          216.9652142,
          346.73999,
          222.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "620,225 ",
        "box": [
          381.77499,
          216.9652142,
          406.27499,
          222.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          417.23999,
          222.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,010) ",
        "box": [
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          479.10599,
          222.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (1.6) ",
        "box": [
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          542.61201,
          222.7250217893278
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        "from_ocr": false,
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      },
      {
        "text": "Other assets",
        "box": [
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          105.98899999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          276.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "466,383 ",
        "box": [
          311.27499,
          228.2152142,
          335.77499,
          233.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          228.2152142,
          346.73999,
          233.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "508,238 ",
        "box": [
          381.77499,
          228.2152142,
          406.27499,
          233.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
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          417.23999,
          233.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,855) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (8.2) ",
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          542.61201,
          233.9750217893278
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        "from_ocr": false,
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      },
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        "box": [
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          151.08999999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          276.23999,
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        "from_ocr": false,
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      },
      {
        "text": "960,875 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
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        "box": [
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      },
      {
        "text": "1,978,684 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "(1,017,809) ",
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        "from_ocr": false,
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      },
      {
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          542.61201,
          245.2250217893278
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      },
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          102.33399999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          279.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,314,288 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          350.23999,
          256.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,769,796 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,455,508) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (18.7)  %",
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          544.36201,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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          95.92899999999997,
          267.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured borrowings",
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          128.151,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,321,443 ",
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          278.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          346.73999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,788,926 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          417.23999,
          278.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(467,483) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (16.8) ",
        "box": [
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          542.61201,
          278.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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          222.98699999999997,
          290.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "526,535 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,174,785 ",
        "box": [
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          406.27499,
          290.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(648,250) ",
        "box": [
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          479.10599,
          290.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (55.2) ",
        "box": [
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          284.4652442,
          542.61201,
          290.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net",
        "box": [
          71.99,
          295.7152442,
          141.934,
          301.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          276.23999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "723,707 ",
        "box": [
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          295.7152442,
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          301.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          346.73999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "722,729 ",
        "box": [
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          406.27499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "978 ",
        "box": [
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          476.77499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.1 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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        "box": [
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          125.80599999999998,
          312.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "536,972 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
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        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "652,487 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(115,515) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (17.7) ",
        "box": [
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          542.61201,
          312.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Guaranteed loan financing",
        "box": [
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          146.19699999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "501,736 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "524,091 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22,355) ",
        "box": [
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          479.10599,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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          542.61201,
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        "from_ocr": false,
        "confidence": 1.0
      },
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        "text": "Contingent consideration",
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          142.53599999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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          276.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,441 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
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        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,698 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  9.3 ",
        "box": [
          529.78003,
          329.4652442,
          540.28003,
          335.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative instruments",
        "box": [
          71.99,
          340.7152442,
          135.928,
          346.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          340.7152442,
          276.23999,
          346.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "948 ",
        "box": [
          323.52499,
          340.7152442,
          335.77499,
          346.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          340.7152442,
          346.73999,
          346.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,432 ",
        "box": [
          388.77499,
          340.7152442,
          406.27499,
          346.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          340.7152442,
          417.23999,
          346.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(484) ",
        "box": [
          462.19399,
          340.7152442,
          479.10599,
          346.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (33.8) ",
        "box": [
          523.95001,
          340.7152442,
          542.61201,
          346.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends payable",
        "box": [
          71.99,
          351.9652442,
          124.26599999999999,
          357.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
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          276.23999,
          357.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,685 ",
        "box": [
          318.27499,
          351.9652442,
          335.77499,
          357.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          351.9652442,
          346.73999,
          357.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,633 ",
        "box": [
          388.77499,
          351.9652442,
          406.27499,
          357.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          351.9652442,
          417.23999,
          357.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52 ",
        "box": [
          468.02499,
          351.9652442,
          476.77499,
          357.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1.4 ",
        "box": [
          529.78003,
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          540.28003,
          357.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan participations sold",
        "box": [
          71.99,
          363.2152442,
          139.624,
          368.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          363.2152442,
          276.23999,
          368.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,616 ",
        "box": [
          314.77499,
          363.2152442,
          335.77499,
          368.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
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          346.73999,
          368.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,616 ",
        "box": [
          385.27499,
          363.2152442,
          406.27499,
          368.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          363.2152442,
          417.23999,
          368.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          468.02499,
          363.2152442,
          473.27499,
          368.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - ",
        "box": [
          531.53003,
          363.2152442,
          536.78003,
          368.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Due to third parties",
        "box": [
          71.99,
          374.4652442,
          126.21199999999999,
          380.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          374.4652442,
          276.23999,
          380.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,304 ",
        "box": [
          314.77499,
          374.4652442,
          335.77499,
          380.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
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          346.73999,
          380.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,135 ",
        "box": [
          388.77499,
          374.4652442,
          406.27499,
          380.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
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          417.23999,
          380.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,169 ",
        "box": [
          459.27499,
          374.4652442,
          476.77499,
          380.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  292.5 ",
        "box": [
          522.78003,
          374.4652442,
          540.28003,
          380.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable and other accrued liabilities",
        "box": [
          71.99,
          385.7152442,
          201.17499999999995,
          391.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          385.7152442,
          276.23999,
          391.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161,201 ",
        "box": [
          311.27499,
          385.7152442,
          335.77499,
          391.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          385.7152442,
          346.73999,
          391.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,636 ",
        "box": [
          381.77499,
          385.7152442,
          406.27499,
          391.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          385.7152442,
          417.23999,
          391.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,435) ",
        "box": [
          453.44399,
          385.7152442,
          479.10599,
          391.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (6.1) ",
        "box": [
          527.45001,
          385.7152442,
          542.61201,
          391.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          65.99,
          396.9652442,
          113.61799999999997,
          402.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.48999,
          396.9652442,
          279.73999,
          402.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,865,588 ",
        "box": [
          305.85699,
          396.9652442,
          335.60699,
          402.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          396.9652442,
          350.23999,
          402.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,118,168 ",
        "box": [
          376.35699,
          396.9652442,
          406.10699,
          402.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          396.9652442,
          420.73999,
          402.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,252,580) ",
        "box": [
          444.69399,
          396.9652442,
          479.10599,
          402.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (20.5)  %",
        "box": [
          523.95001,
          396.9652442,
          544.36201,
          402.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred stock Series C, liquidation preference $25.00 per share",
        "box": [
          65.99,
          408.2152442,
          247.05899999999994,
          413.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          408.2152442,
          276.23999,
          413.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,361 ",
        "box": [
          318.27499,
          408.2152442,
          335.77499,
          413.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          408.2152442,
          346.73999,
          413.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,361 ",
        "box": [
          388.77499,
          408.2152442,
          406.27499,
          413.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          408.2152442,
          417.23999,
          413.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          468.02499,
          408.2152442,
          473.27499,
          413.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - ",
        "box": [
          531.53003,
          408.2152442,
          536.78003,
          413.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments & contingencies",
        "box": [
          65.99,
          430.7152442,
          157.718,
          436.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' Equity",
        "box": [
          65.99,
          453.2152442,
          129.16499999999996,
          458.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred stock Series E, liquidation preference $25.00 per share",
        "box": [
          71.99,
          464.4652442,
          252.67399999999992,
          470.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          464.4652442,
          276.23999,
          470.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,378 ",
        "box": [
          311.27499,
          464.4652442,
          335.77499,
          470.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          464.4652442,
          346.73999,
          470.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,378 ",
        "box": [
          381.77499,
          464.4652442,
          406.27499,
          470.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          464.4652442,
          417.23999,
          470.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          468.02499,
          464.4652442,
          473.27499,
          470.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - ",
        "box": [
          531.53003,
          464.4652442,
          536.78003,
          470.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock, $0.0001 par value, 500,000,000 shares authorized, ",
        "box": [
          71.99,
          475.2152442,
          260.89899999999994,
          480.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "165,255,559 and 163,010,012 shares issued and outstanding, ",
        "box": [
          71.99,
          482.2152442,
          243.82600000000005,
          487.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively",
        "box": [
          71.99,
          489.2152442,
          105.78599999999999,
          494.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          489.2152442,
          276.23999,
          494.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17 ",
        "box": [
          327.02499,
          489.2152442,
          335.77499,
          494.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          489.2152442,
          346.73999,
          494.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17 ",
        "box": [
          397.52499,
          489.2152442,
          406.27499,
          494.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          489.2152442,
          417.23999,
          494.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          468.02499,
          489.2152442,
          473.27499,
          494.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - ",
        "box": [
          531.53003,
          489.2152442,
          536.78003,
          494.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional paid-in capital",
        "box": [
          71.99,
          500.4652442,
          143.89399999999998,
          506.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          500.4652442,
          276.23999,
          506.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,265,534 ",
        "box": [
          306.02499,
          500.4652442,
          335.77499,
          506.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          346.73999,
          506.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,264,355 ",
        "box": [
          376.52499,
          500.4652442,
          406.27499,
          506.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
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          417.23999,
          506.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,179 ",
        "box": [
          459.27499,
          500.4652442,
          476.77499,
          506.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.1 ",
        "box": [
          529.78003,
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          540.28003,
          506.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retained deficit",
        "box": [
          71.99,
          511.7152142,
          116.46799999999998,
          517.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          276.23999,
          517.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,012,927) ",
        "box": [
          303.69399,
          511.7152142,
          338.10599,
          517.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          346.73999,
          517.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(807,522) ",
        "box": [
          379.44399,
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          408.60599,
          517.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
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          417.23999,
          517.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(205,405) ",
        "box": [
          449.94399,
          511.7152142,
          479.10599,
          517.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  25.4 ",
        "box": [
          526.28003,
          511.7152142,
          540.28003,
          517.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated other comprehensive loss",
        "box": [
          71.99,
          522.9652142,
          182.156,
          528.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          276.23999,
          528.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24,476) ",
        "box": [
          312.44399,
          522.9652142,
          338.10599,
          528.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          522.9652142,
          346.73999,
          528.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24,196) ",
        "box": [
          382.94399,
          522.9652142,
          408.60599,
          528.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          522.9652142,
          417.23999,
          528.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(280) ",
        "box": [
          462.19399,
          522.9652142,
          479.10599,
          528.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1.2 ",
        "box": [
          529.78003,
          522.9652142,
          540.28003,
          528.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Ready Capital Corporation equity",
        "box": [
          83.99,
          534.2152142,
          195.13599999999994,
          539.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          534.2152142,
          276.23999,
          539.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,339,526 ",
        "box": [
          306.02499,
          534.2152142,
          335.77499,
          539.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          534.2152142,
          346.73999,
          539.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,544,032 ",
        "box": [
          376.52499,
          534.2152142,
          406.27499,
          539.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          534.2152142,
          417.23999,
          539.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(204,506) ",
        "box": [
          449.94399,
          534.2152142,
          479.10599,
          539.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (13.2) ",
        "box": [
          523.95001,
          534.2152142,
          542.61201,
          539.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests",
        "box": [
          83.99,
          545.4652142,
          154.15800000000002,
          551.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.48999,
          545.4652142,
          276.23999,
          551.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100,813 ",
        "box": [
          311.27499,
          545.4652142,
          335.77499,
          551.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.98999,
          545.4652142,
          346.73999,
          551.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,235 ",
        "box": [
          385.27499,
          545.4652142,
          406.27499,
          551.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.48999,
          545.4652142,
          417.23999,
          551.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,578 ",
        "box": [
          459.27499,
          545.4652142,
          476.77499,
          551.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1.6 ",
        "box": [
          529.78003,
          545.4652142,
          540.28003,
          551.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Stockholders' Equity",
        "box": [
          65.99,
          556.7152142,
          146.85399999999996,
          562.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.48999,
          556.7152142,
          279.73999,
          562.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,440,339 ",
        "box": [
          305.85699,
          556.7152142,
          335.60699,
          562.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          556.7152142,
          350.23999,
          562.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,643,267 ",
        "box": [
          376.35699,
          556.7152142,
          406.10699,
          562.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          556.7152142,
          420.73999,
          562.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(202,928) ",
        "box": [
          449.94399,
          556.7152142,
          479.10599,
          562.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (12.3)  %",
        "box": [
          523.95001,
          556.7152142,
          544.36201,
          562.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities, Redeemable Preferred Stock, and Stockholders' ",
        "box": [
          65.99,
          567.7152142,
          262.4449999999999,
          573.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          65.99,
          574.7152142,
          86.21299999999998,
          580.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.48999,
          574.7152142,
          279.73999,
          580.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,314,288 ",
        "box": [
          305.85699,
          574.7152142,
          335.60699,
          580.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.98999,
          574.7152142,
          350.23999,
          580.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,769,796 ",
        "box": [
          376.35699,
          574.7152142,
          406.10699,
          580.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.48999,
          574.7152142,
          420.73999,
          580.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,455,508) ",
        "box": [
          444.69399,
          574.7152142,
          479.10599,
          580.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (18.7)  %",
        "box": [
          523.95001,
          574.7152142,
          544.36201,
          580.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, total assets in our consolidated balance sheet were $6.3 billion, a decrease of $1.5 billion from ",
        "box": [
          63.36,
          599.7388960000001,
          551.04998,
          607.9671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, primarily reflecting a decrease in Assets of consolidated VIEs, Loans, held for sale and Loans, net. ",
        "box": [
          63.36,
          611.7388960000001,
          551.04,
          619.9671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets of consolidated VIEs decreased $1.0 billion, primarily due to the collapse of RCMF 2021-FL7, RCMF 2023-",
        "box": [
          63.36,
          623.7388960000001,
          548.55998,
          631.9671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FL11 and RCMF 2023-FL12 and paydowns on securitized loans. Loans, held for sale decreased $0.2 billion, primarily ",
        "box": [
          63.36,
          635.7388960000001,
          550.99998,
          643.9671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due to loans sold, partially offset by loans transferred from Loans, net. Loans, net decreased $0.1 billion, primarily due ",
        "box": [
          63.36,
          647.7388960000001,
          550.9900200000001,
          655.9671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  loan  sales  and  loans  transferred  from  Loans,  net  to  Loans,  held  for  sale,  partially  offset  by  the  collapse  of  RCMF ",
        "box": [
          63.36,
          659.738896,
          550.9899999999998,
          667.9671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021-FL7, RCMF 2023-FL11 and RCMF 2023-FL12.",
        "box": [
          63.36,
          671.738896,
          280.8,
          679.9671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, total liabilities in our consolidated balance sheet were $4.9 billion, a decrease of $1.3 billion from ",
        "box": [
          63.36,
          695.738896,
          551.0900200000001,
          703.9671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December  31,  2025,  primarily  reflecting  a  decrease  in  Securitized  debt  obligations  of  consolidated  VIEs,  net  and  ",
        "box": [
          63.36,
          707.738896,
          553.5599899999997,
          715.9671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured borrowings. Securitized debt obligations of consolidated VIEs, net decreased $0.6 billion due to the collapse of ",
        "box": [
          63.36,
          719.738896,
          551.13998,
          727.9671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 70,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "RCMF 2021-FL7, RCMF 2023-FL11 and RCMF 2023-FL12. Secured borrowings decreased $0.5 billion due to payoffs, ",
        "box": [
          63.36,
          63.66888600000004,
          551.0200100000001,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partially offset by the collapse of RCMF 2021-FL7, RCMF 2023-FL11 and RCMF 2023-FL12.",
        "box": [
          63.36,
          75.66888600000004,
          445.3400000000001,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, total stockholders' equity was $1.4 billion, a decrease of $0.2 billion from December 31, 2025, ",
        "box": [
          63.36,
          99.66888600000004,
          550.96002,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily due to net losses.",
        "box": [
          63.36,
          111.66888600000004,
          171.29999999999995,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Selected Balance Sheet Information by Business Segment.",
        "box": [
          63.36,
          135.66888600000004,
          305.04,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " The table below presents certain selected balance sheet data ",
        "box": [
          305.03998,
          135.66888600000004,
          551.01,
          143.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by business segments, with the remaining amounts reflected in ",
        "box": [
          63.36,
          147.678896,
          316.42,
          155.90719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unallocated -Corporate",
        "box": [
          316.41998,
          147.678896,
          414.95998,
          155.90719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ". ",
        "box": [
          414.95001,
          147.678896,
          419.95001,
          155.90719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          181.7152142,
          106.24,
          187.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Commercial ",
        "box": [
          322.35999,
          174.7152142,
          380.63499,
          180.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate",
        "box": [
          333.62,
          181.7152142,
          367.62600000000003,
          187.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small Business ",
        "box": [
          408.60999,
          174.7152142,
          454.8869900000001,
          180.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          418.42001,
          181.7152142,
          443.30501,
          187.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          503.14001,
          181.7152142,
          519.07901,
          187.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          65.99,
          191.4652142,
          112.43499999999999,
          197.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          65.99,
          201.2152142,
          84.645,
          206.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, net",
        "box": [
          71.99,
          210.9652142,
          101.13799999999999,
          216.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          210.9652142,
          320.98999,
          216.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,111,107 ",
        "box": [
          356.85799,
          210.9652142,
          386.60799,
          216.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          210.9652142,
          401.23999,
          216.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,056,768 ",
        "box": [
          437.10799,
          210.9652142,
          466.85799,
          216.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          210.9652142,
          481.48999,
          216.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,167,875 ",
        "box": [
          517.35799,
          210.9652142,
          547.10799,
          216.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held for sale",
        "box": [
          71.99,
          220.7152142,
          127.178,
          226.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          220.7152142,
          317.48999,
          226.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "281,520 ",
        "box": [
          362.27599,
          220.7152142,
          386.77599,
          226.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          220.7152142,
          397.73999,
          226.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78,708 ",
        "box": [
          446.02599,
          220.7152142,
          467.02599,
          226.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          220.7152142,
          477.98999,
          226.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "360,228 ",
        "box": [
          522.77599,
          220.7152142,
          547.27599,
          226.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MBS",
        "box": [
          71.99,
          230.4652142,
          86.76699999999998,
          236.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          230.4652142,
          317.48999,
          236.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,649 ",
        "box": [
          365.77599,
          230.4652142,
          386.77599,
          236.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          230.4652142,
          397.73999,
          236.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          458.27599,
          230.4652142,
          463.52599,
          236.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          230.4652142,
          477.98999,
          236.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,649 ",
        "box": [
          526.27599,
          230.4652142,
          547.27599,
          236.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment in unconsolidated joint ventures",
        "box": [
          71.99,
          240.2152142,
          194.43399999999997,
          245.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          240.2152142,
          317.48999,
          245.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "166,950 ",
        "box": [
          362.27599,
          240.2152142,
          386.77599,
          245.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          240.2152142,
          397.73999,
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        "text": "501,736 ",
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        "text": "Statement of Operations Analysis and Metrics ",
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        "text": "Three Months Ended March 31,",
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        "text": "(73,237) ",
        "box": [
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          546.6089900000001,
          152.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          65.99,
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          114.35999999999999,
          164.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM commercial real estate",
        "box": [
          71.99,
          169.7152142,
          153.386,
          175.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.23999,
          169.7152142,
          318.98999,
          175.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(80,672) ",
        "box": [
          365.69399,
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          391.35599,
          175.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          169.7152142,
          397.73999,
          175.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(120,354) ",
        "box": [
          440.94399,
          169.7152142,
          470.10599,
          175.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.73999,
          169.7152142,
          476.48999,
          175.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,682 ",
        "box": [
          525.60899,
          169.7152142,
          546.60899,
          175.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small business lending",
        "box": [
          71.99,
          180.9652142,
          136.52999999999997,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.23999,
          180.9652142,
          318.98999,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,162) ",
        "box": [
          365.69399,
          180.9652142,
          391.35599,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          180.9652142,
          397.73999,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,112) ",
        "box": [
          444.44399,
          180.9652142,
          470.10599,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.73999,
          180.9652142,
          476.48999,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,950 ",
        "box": [
          529.02499,
          180.9652142,
          546.52499,
          186.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total interest expense",
        "box": [
          65.99,
          192.2152142,
          131.272,
          197.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          317.23999,
          192.2152142,
          322.48999,
          197.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(96,834) ",
        "box": [
          365.69399,
          192.2152142,
          391.35599,
          197.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          192.2152142,
          401.23999,
          197.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(140,466) ",
        "box": [
          440.94399,
          192.2152142,
          470.10599,
          197.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          474.73999,
          192.2152142,
          479.98999,
          197.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,632 ",
        "box": [
          525.60899,
          192.2152142,
          546.60899,
          197.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income before (provision for) recovery of loan losses",
        "box": [
          65.99,
          203.4652142,
          258.1329999999999,
          209.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          317.23999,
          203.4652142,
          322.48999,
          209.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,104) ",
        "box": [
          363.44698999999997,
          203.4652142,
          389.10899,
          209.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          203.4652142,
          401.23999,
          209.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,501 ",
        "box": [
          446.85898999999995,
          203.4652142,
          467.85898999999995,
          209.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          474.73999,
          203.4652142,
          479.98999,
          209.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,605) ",
        "box": [
          520.94699,
          203.4652142,
          546.6089900000001,
          209.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Provision for) recovery of loan losses",
        "box": [
          65.99,
          214.7152142,
          178.109,
          220.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM commercial real estate",
        "box": [
          71.99,
          225.9652142,
          153.386,
          231.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.23999,
          225.9652142,
          318.98999,
          231.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(66,523) ",
        "box": [
          365.69399,
          225.9652142,
          391.35599,
          231.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          225.9652142,
          397.73999,
          231.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "117,941 ",
        "box": [
          443.27499,
          225.9652142,
          467.77499,
          231.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          476.48999,
          231.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(184,464) ",
        "box": [
          519.69399,
          225.9652142,
          548.85599,
          231.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small business lending",
        "box": [
          71.99,
          237.2152142,
          136.52999999999997,
          242.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.23999,
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          318.98999,
          242.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,384) ",
        "box": [
          369.19399,
          237.2152142,
          391.35599,
          242.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          397.73999,
          242.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,373) ",
        "box": [
          447.94399,
          237.2152142,
          470.10599,
          242.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.73999,
          237.2152142,
          476.48999,
          242.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,989 ",
        "box": [
          529.02499,
          237.2152142,
          546.52499,
          242.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total (provision for) recovery of loan losses",
        "box": [
          65.99,
          248.4652142,
          195.41299999999998,
          254.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          317.23999,
          248.4652142,
          322.48999,
          254.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(70,907) ",
        "box": [
          363.44698999999997,
          248.4652142,
          389.10899,
          254.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          248.4652142,
          401.23999,
          254.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "109,568 ",
        "box": [
          443.35898999999995,
          248.4652142,
          467.85898999999995,
          254.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          474.73999,
          248.4652142,
          479.98999,
          254.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(180,475) ",
        "box": [
          517.44699,
          248.4652142,
          546.6089900000001,
          254.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income (loss) after (provision for) recovery of loan losses",
        "box": [
          65.99,
          259.7152142,
          270.775,
          265.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          317.23999,
          259.7152142,
          322.48999,
          265.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(86,011) ",
        "box": [
          363.44698999999997,
          259.7152142,
          389.10899,
          265.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          259.7152142,
          401.23999,
          265.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "124,069 ",
        "box": [
          443.35898999999995,
          259.7152142,
          467.85898999999995,
          265.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          474.73999,
          259.7152142,
          479.98999,
          265.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(210,080) ",
        "box": [
          517.44699,
          259.7152142,
          546.6089900000001,
          265.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-interest income (loss)",
        "box": [
          65.99,
          270.9652142,
          143.718,
          276.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM commercial real estate",
        "box": [
          71.99,
          282.2152442,
          153.386,
          287.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.23999,
          282.2152442,
          318.98999,
          287.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(68,004) ",
        "box": [
          365.69399,
          282.2152442,
          391.35599,
          287.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          282.2152442,
          397.73999,
          287.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(114,475) ",
        "box": [
          440.94399,
          282.2152442,
          470.10599,
          287.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.73999,
          282.2152442,
          476.48999,
          287.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,471 ",
        "box": [
          525.52499,
          282.2152442,
          546.52499,
          287.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small business lending",
        "box": [
          71.99,
          293.4652442,
          136.52999999999997,
          299.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.23999,
          293.4652442,
          318.98999,
          299.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,053 ",
        "box": [
          368.02499,
          293.4652442,
          389.02499,
          299.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          293.4652442,
          397.73999,
          299.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,449 ",
        "box": [
          446.77499,
          293.4652442,
          467.77499,
          299.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.73999,
          293.4652442,
          476.48999,
          299.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,396) ",
        "box": [
          523.19399,
          293.4652442,
          548.85599,
          299.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unallocated corporate income",
        "box": [
          71.99,
          304.7152442,
          156.29799999999997,
          310.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.23999,
          304.7152442,
          318.98999,
          310.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "934 ",
        "box": [
          376.77499,
          304.7152442,
          389.02499,
          310.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          304.7152442,
          397.73999,
          310.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103,762 ",
        "box": [
          443.27499,
          304.7152442,
          467.77499,
          310.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.73999,
          304.7152442,
          476.48999,
          310.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(102,828) ",
        "box": [
          519.69399,
          304.7152442,
          548.85599,
          310.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total non-interest income (loss)",
        "box": [
          65.99,
          315.9652442,
          160.24499999999995,
          321.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          317.23999,
          315.9652442,
          322.48999,
          321.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(48,017) ",
        "box": [
          363.44698999999997,
          315.9652442,
          389.10899,
          321.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          315.9652442,
          401.23999,
          321.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,736 ",
        "box": [
          446.85898999999995,
          315.9652442,
          467.85898999999995,
          321.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          474.73999,
          315.9652442,
          479.98999,
          321.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(73,753) ",
        "box": [
          520.94699,
          315.9652442,
          546.6089900000001,
          321.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-interest expense",
        "box": [
          65.99,
          327.2152442,
          128.35999999999999,
          332.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM commercial real estate",
        "box": [
          71.99,
          338.4652442,
          153.386,
          344.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.23999,
          338.4652442,
          318.98999,
          344.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(40,939) ",
        "box": [
          365.69399,
          338.4652442,
          391.35599,
          344.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          338.4652442,
          397.73999,
          344.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27,763) ",
        "box": [
          444.44399,
          338.4652442,
          470.10599,
          344.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.73999,
          338.4652442,
          476.48999,
          344.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,176) ",
        "box": [
          523.19399,
          338.4652442,
          548.85599,
          344.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small business lending",
        "box": [
          71.99,
          349.7152442,
          136.52999999999997,
          355.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.23999,
          349.7152442,
          318.98999,
          355.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,212) ",
        "box": [
          365.69399,
          349.7152442,
          391.35599,
          355.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          349.7152442,
          397.73999,
          355.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(30,060) ",
        "box": [
          444.44399,
          349.7152442,
          470.10599,
          355.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.73999,
          349.7152442,
          476.48999,
          355.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "848 ",
        "box": [
          534.27499,
          349.7152442,
          546.52499,
          355.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unallocated corporate expenses",
        "box": [
          71.99,
          360.9652442,
          160.946,
          366.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.23999,
          360.9652442,
          318.98999,
          366.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,582) ",
        "box": [
          365.69399,
          360.9652442,
          391.35599,
          366.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          360.9652442,
          397.73999,
          366.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,779) ",
        "box": [
          444.44399,
          360.9652442,
          470.10599,
          366.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.73999,
          360.9652442,
          476.48999,
          366.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,197 ",
        "box": [
          529.02499,
          360.9652442,
          546.52499,
          366.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total non-interest expense",
        "box": [
          65.99,
          372.2152442,
          144.887,
          377.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          317.23999,
          372.2152442,
          322.48999,
          377.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(82,733) ",
        "box": [
          365.69399,
          372.2152442,
          391.35599,
          377.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          372.2152442,
          401.23999,
          377.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(72,602) ",
        "box": [
          444.44399,
          372.2152442,
          470.10599,
          377.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          474.73999,
          372.2152442,
          479.98999,
          377.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,131) ",
        "box": [
          520.94699,
          372.2152442,
          546.6089900000001,
          377.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) before provision for income taxes",
        "box": [
          65.99,
          383.4652442,
          218.13499999999996,
          389.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM commercial real estate",
        "box": [
          71.99,
          394.7152442,
          153.386,
          400.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.23999,
          394.7152442,
          318.98999,
          400.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(197,245) ",
        "box": [
          362.19399,
          394.7152442,
          391.35599,
          400.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          394.7152442,
          397.73999,
          400.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,678) ",
        "box": [
          444.44399,
          394.7152442,
          470.10599,
          400.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.73999,
          394.7152442,
          476.48999,
          400.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(177,567) ",
        "box": [
          519.69399,
          394.7152442,
          548.85599,
          400.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small business lending",
        "box": [
          71.99,
          405.9652442,
          136.52999999999997,
          411.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.23999,
          405.9652442,
          318.98999,
          411.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,868) ",
        "box": [
          369.19399,
          405.9652442,
          391.35599,
          411.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          405.9652442,
          397.73999,
          411.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,898 ",
        "box": [
          450.27499,
          405.9652442,
          467.77499,
          411.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.73999,
          405.9652442,
          476.48999,
          411.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,766) ",
        "box": [
          523.19399,
          405.9652442,
          548.85599,
          411.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unallocated corporate expenses",
        "box": [
          71.99,
          417.2152442,
          160.946,
          422.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          317.23999,
          417.2152442,
          318.98999,
          422.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,648) ",
        "box": [
          365.69399,
          417.2152442,
          391.35599,
          422.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          417.2152442,
          397.73999,
          422.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,983 ",
        "box": [
          446.77499,
          417.2152442,
          467.77499,
          422.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.73999,
          417.2152442,
          476.48999,
          422.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(100,631) ",
        "box": [
          519.69399,
          417.2152442,
          548.85599,
          422.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net income (loss) before provision for income taxes",
        "box": [
          65.99,
          428.4652442,
          234.66199999999995,
          434.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          317.23999,
          428.4652442,
          322.48999,
          434.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(216,761) ",
        "box": [
          362.19399,
          428.4652442,
          391.35599,
          434.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          428.4652442,
          401.23999,
          434.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77,203 ",
        "box": [
          446.77499,
          428.4652442,
          467.77499,
          434.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          474.73999,
          428.4652442,
          479.98999,
          434.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(293,964) ",
        "box": [
          519.69399,
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          548.85599,
          434.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 72,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Results of Operations - Supplemental Information. ",
        "box": [
          63.36,
          63.66888600000004,
          278.79999999999995,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized and unrealized gains (losses) on financial instruments are ",
        "box": [
          279.19,
          63.66888600000004,
          551.1099999999999,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded  in  the  consolidated  statements  of  operations  and  classified  based  on  the  nature  of  the  underlying  asset  or ",
        "box": [
          63.36,
          75.66888600000004,
          551.1100000000001,
          83.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liability.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The table below presents the components of realized and unrealized gains (losses) on financial instruments.",
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          111.66888600000004,
          492.5499999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          342.66,
          138.9652142,
          438.84,
          144.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          148.7152142,
          106.24,
          154.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          343.60999,
          148.7152142,
          357.60999,
          154.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          423.85999,
          148.7152142,
          437.85999,
          154.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ Change",
        "box": [
          497.01999,
          148.7152142,
          525.2159899999999,
          154.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized gain (loss) on financial instruments",
        "box": [
          65.99,
          158.4652142,
          197.9819999999999,
          164.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Creation of mortgage servicing rights",
        "box": [
          77.99,
          168.2152142,
          182.92699999999996,
          173.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA - 7(a)",
        "box": [
          83.99,
          177.9652142,
          114.692,
          183.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          177.9652142,
          320.98999,
          183.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,412 ",
        "box": [
          369.27599,
          177.9652142,
          386.77599,
          183.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          177.9652142,
          401.23999,
          183.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,859 ",
        "box": [
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          177.9652142,
          467.02599,
          183.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          177.9652142,
          481.48999,
          183.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,447) ",
        "box": [
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          549.60699,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multi-family",
        "box": [
          83.99,
          187.7152142,
          120.15199999999999,
          193.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          187.7152142,
          317.48999,
          193.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,673 ",
        "box": [
          369.27599,
          187.7152142,
          386.77599,
          193.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          187.7152142,
          397.73999,
          193.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "515 ",
        "box": [
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          467.02599,
          193.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          187.7152142,
          477.98999,
          193.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,158 ",
        "box": [
          529.77599,
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          547.27599,
          193.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USDA",
        "box": [
          83.99,
          197.4652142,
          103.044,
          203.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          197.4652142,
          317.48999,
          203.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "470 ",
        "box": [
          374.52599,
          197.4652142,
          386.77599,
          203.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          197.4652142,
          397.73999,
          203.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "750 ",
        "box": [
          454.77599,
          197.4652142,
          467.02599,
          203.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          197.4652142,
          477.98999,
          203.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(280) ",
        "box": [
          532.69499,
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          549.60699,
          203.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small business loans",
        "box": [
          83.99,
          207.2152142,
          142.307,
          212.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          207.2152142,
          317.48999,
          212.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "440 ",
        "box": [
          374.52599,
          207.2152142,
          386.77599,
          212.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          207.2152142,
          397.73999,
          212.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "544 ",
        "box": [
          454.77599,
          207.2152142,
          467.02599,
          212.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          207.2152142,
          477.98999,
          212.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(104) ",
        "box": [
          532.69499,
          207.2152142,
          549.60699,
          212.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Creation of mortgage servicing rights",
        "box": [
          77.99,
          216.9652142,
          207.60199999999995,
          222.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          216.9652142,
          320.98999,
          222.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,995 ",
        "box": [
          369.27599,
          216.9652142,
          386.77599,
          222.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          216.9652142,
          401.23999,
          222.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,668 ",
        "box": [
          449.52599,
          216.9652142,
          467.02599,
          222.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          216.9652142,
          481.48999,
          222.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,673) ",
        "box": [
          527.44499,
          216.9652142,
          549.60699,
          222.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans ",
        "box": [
          77.99,
          226.7152142,
          96.841,
          232.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA - 7(a)",
        "box": [
          83.99,
          236.4652142,
          114.692,
          242.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          236.4652142,
          317.48999,
          242.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,164 ",
        "box": [
          369.27599,
          236.4652142,
          386.77599,
          242.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          236.4652142,
          397.73999,
          242.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,937 ",
        "box": [
          446.02599,
          236.4652142,
          467.02599,
          242.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          236.4652142,
          477.98999,
          242.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,773) ",
        "box": [
          523.94499,
          236.4652142,
          549.60699,
          242.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multi-family",
        "box": [
          83.99,
          246.2152142,
          120.15199999999999,
          251.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          246.2152142,
          317.48999,
          251.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "164 ",
        "box": [
          374.52599,
          246.2152142,
          386.77599,
          251.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          246.2152142,
          397.73999,
          251.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413 ",
        "box": [
          454.77599,
          246.2152142,
          467.02599,
          251.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          246.2152142,
          477.98999,
          251.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(249) ",
        "box": [
          532.69499,
          246.2152142,
          549.60699,
          251.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USDA",
        "box": [
          83.99,
          255.9652142,
          103.044,
          261.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          255.9652142,
          317.48999,
          261.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "671 ",
        "box": [
          374.52599,
          255.9652142,
          386.77599,
          261.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          255.9652142,
          397.73999,
          261.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "179 ",
        "box": [
          454.77599,
          255.9652142,
          467.02599,
          261.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          255.9652142,
          477.98999,
          261.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "492 ",
        "box": [
          535.02599,
          255.9652142,
          547.27599,
          261.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans ",
        "box": [
          71.99,
          265.7152142,
          106.98999999999998,
          271.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          265.7152142,
          320.98999,
          271.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,999 ",
        "box": [
          369.27599,
          265.7152142,
          386.77599,
          271.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          265.7152142,
          401.23999,
          271.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,529 ",
        "box": [
          446.02599,
          265.7152142,
          467.02599,
          271.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          265.7152142,
          481.48999,
          271.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,530) ",
        "box": [
          523.94499,
          265.7152142,
          549.60699,
          271.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on sale business",
        "box": [
          71.99,
          275.46524420000003,
          135.57799999999997,
          281.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA - 7(a)",
        "box": [
          77.99,
          285.2152442,
          109.091,
          290.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          285.2152442,
          317.48999,
          290.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,576 ",
        "box": [
          369.27599,
          285.2152442,
          386.77599,
          290.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          285.2152442,
          397.73999,
          290.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,796 ",
        "box": [
          446.02599,
          285.2152442,
          467.02599,
          290.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          285.2152442,
          477.98999,
          290.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,220) ",
        "box": [
          523.94499,
          285.2152442,
          549.60699,
          290.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multi-family",
        "box": [
          77.99,
          294.9652442,
          116.091,
          300.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
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          317.48999,
          300.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,837 ",
        "box": [
          369.27599,
          294.9652442,
          386.77599,
          300.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          294.9652442,
          397.73999,
          300.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "928 ",
        "box": [
          454.77599,
          294.9652442,
          467.02599,
          300.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          294.9652442,
          477.98999,
          300.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "909 ",
        "box": [
          535.02599,
          294.9652442,
          547.27599,
          300.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USDA",
        "box": [
          77.99,
          304.7152442,
          97.044,
          310.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          304.7152442,
          317.48999,
          310.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,141 ",
        "box": [
          369.27599,
          304.7152442,
          386.77599,
          310.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          304.7152442,
          397.73999,
          310.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "929 ",
        "box": [
          454.77599,
          304.7152442,
          467.02599,
          310.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          304.7152442,
          477.98999,
          310.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "212 ",
        "box": [
          535.02599,
          304.7152442,
          547.27599,
          310.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small business loans",
        "box": [
          77.99,
          314.4652442,
          139.058,
          320.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          314.4652442,
          317.48999,
          320.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "440 ",
        "box": [
          374.52599,
          314.4652442,
          386.77599,
          320.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          314.4652442,
          397.73999,
          320.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "544 ",
        "box": [
          454.77599,
          314.4652442,
          467.02599,
          320.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          314.4652442,
          477.98999,
          320.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(104) ",
        "box": [
          532.69499,
          314.4652442,
          549.60699,
          320.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total gain on sale business",
        "box": [
          71.99,
          324.2152442,
          151.321,
          329.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          324.2152442,
          320.98999,
          329.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,994 ",
        "box": [
          369.27599,
          324.2152442,
          386.77599,
          329.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          324.2152442,
          401.23999,
          329.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,197 ",
        "box": [
          446.02599,
          324.2152442,
          467.02599,
          329.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          324.2152442,
          481.48999,
          329.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,203) ",
        "box": [
          523.94499,
          324.2152442,
          549.60699,
          329.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held for sale",
        "box": [
          71.99,
          333.9652442,
          127.178,
          339.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bridge",
        "box": [
          77.99,
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          97.03699999999999,
          349.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          343.7152442,
          317.48999,
          349.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(23,131) ",
        "box": [
          363.44498999999996,
          343.7152442,
          389.10699,
          349.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          343.7152442,
          397.73999,
          349.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,885) ",
        "box": [
          443.69498999999996,
          343.7152442,
          469.35699,
          349.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          343.7152442,
          477.98999,
          349.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,246) ",
        "box": [
          527.44499,
          343.7152442,
          549.60699,
          349.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Construction",
        "box": [
          77.99,
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          114.14499999999998,
          359.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
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          317.48999,
          359.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          378.02599,
          353.4652442,
          383.27599,
          359.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          353.4652442,
          397.73999,
          359.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19) ",
        "box": [
          455.94498999999996,
          353.4652442,
          469.35699,
          359.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          353.4652442,
          477.98999,
          359.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19 ",
        "box": [
          538.52599,
          353.4652442,
          547.27599,
          359.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          77.99,
          363.2152442,
          93.922,
          368.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          363.2152442,
          317.48999,
          368.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,481) ",
        "box": [
          366.94498999999996,
          363.2152442,
          389.10699,
          368.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          363.2152442,
          397.73999,
          368.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          458.27599,
          363.2152442,
          463.52599,
          368.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          363.2152442,
          477.98999,
          368.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,481) ",
        "box": [
          527.44499,
          363.2152442,
          549.60699,
          368.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans, held for sale",
        "box": [
          71.99,
          372.9652442,
          145.28,
          378.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          372.9652442,
          320.98999,
          378.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,612) ",
        "box": [
          363.44498999999996,
          372.9652442,
          389.10699,
          378.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          372.9652442,
          401.23999,
          378.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,904) ",
        "box": [
          443.69498999999996,
          372.9652442,
          469.35699,
          378.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          372.9652442,
          481.48999,
          378.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,708) ",
        "box": [
          527.44499,
          372.9652442,
          549.60699,
          378.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, net",
        "box": [
          71.99,
          382.7152442,
          101.13799999999999,
          388.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bridge",
        "box": [
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          97.03699999999999,
          398.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          317.48999,
          398.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(47,730) ",
        "box": [
          363.44498999999996,
          392.4652442,
          389.10699,
          398.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          392.4652442,
          397.73999,
          398.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(393) ",
        "box": [
          452.44498999999996,
          392.4652442,
          469.35699,
          398.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          392.4652442,
          477.98999,
          398.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(47,337) ",
        "box": [
          523.94499,
          392.4652442,
          549.60699,
          398.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed rate",
        "box": [
          77.99,
          402.2152442,
          106.16499999999999,
          407.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
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          317.48999,
          407.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "135 ",
        "box": [
          374.52599,
          402.2152442,
          386.77599,
          407.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          402.2152442,
          397.73999,
          407.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13) ",
        "box": [
          455.94498999999996,
          402.2152442,
          469.35699,
          407.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          402.2152442,
          477.98999,
          407.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "148 ",
        "box": [
          535.02599,
          402.2152442,
          547.27599,
          407.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Construction",
        "box": [
          77.99,
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          114.14499999999998,
          417.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
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          317.48999,
          417.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,074) ",
        "box": [
          366.94498999999996,
          411.9652442,
          389.10699,
          417.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          411.9652442,
          397.73999,
          417.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(145) ",
        "box": [
          452.44498999999996,
          411.9652442,
          469.35699,
          417.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          411.9652442,
          477.98999,
          417.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(929) ",
        "box": [
          532.69499,
          411.9652442,
          549.60699,
          417.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          77.99,
          421.7152442,
          93.922,
          427.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          421.7152442,
          317.48999,
          427.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3) ",
        "box": [
          379.19498999999996,
          421.7152442,
          389.10699,
          427.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          421.7152442,
          397.73999,
          427.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(70) ",
        "box": [
          455.94498999999996,
          421.7152442,
          469.35699,
          427.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          421.7152442,
          477.98999,
          427.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67 ",
        "box": [
          538.52599,
          421.7152442,
          547.27599,
          427.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans, net",
        "box": [
          71.99,
          431.4652442,
          118.06399999999998,
          437.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          431.4652442,
          320.98999,
          437.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(48,672) ",
        "box": [
          363.44498999999996,
          431.4652442,
          389.10699,
          437.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          431.4652442,
          401.23999,
          437.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(621) ",
        "box": [
          452.44498999999996,
          431.4652442,
          469.35699,
          437.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          431.4652442,
          481.48999,
          437.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(48,051) ",
        "box": [
          523.94499,
          431.4652442,
          549.60699,
          437.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net realized gain (loss) on derivatives, at fair value",
        "box": [
          71.99,
          441.2152442,
          222.99399999999997,
          446.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          441.2152442,
          320.98999,
          446.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(82) ",
        "box": [
          375.69498999999996,
          441.2152442,
          389.10699,
          446.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          441.2152442,
          401.23999,
          446.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,946 ",
        "box": [
          449.52599,
          441.2152442,
          467.02599,
          446.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          441.2152442,
          481.48999,
          446.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,028) ",
        "box": [
          527.44499,
          441.2152442,
          549.60699,
          446.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net realized gain (loss) - all other",
        "box": [
          71.99,
          450.9652442,
          170.71099999999998,
          456.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          450.9652442,
          320.98999,
          456.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,287 ",
        "box": [
          369.27599,
          450.9652442,
          386.77599,
          456.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
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          401.23999,
          456.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51 ",
        "box": [
          458.27599,
          450.9652442,
          467.02599,
          456.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
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          481.48999,
          456.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,236 ",
        "box": [
          529.77599,
          450.9652442,
          547.27599,
          456.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net realized gain (loss) on financial instruments",
        "box": [
          65.99,
          460.7152442,
          208.26499999999993,
          466.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          460.7152442,
          320.98999,
          466.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(60,085) ",
        "box": [
          363.44498999999996,
          460.7152442,
          389.10699,
          466.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          460.7152442,
          401.23999,
          466.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,669 ",
        "box": [
          446.02599,
          460.7152442,
          467.02599,
          466.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          460.7152442,
          481.48999,
          466.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(70,754) ",
        "box": [
          523.94499,
          460.7152442,
          549.60699,
          466.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized gain (loss) on financial instruments",
        "box": [
          65.99,
          470.4652442,
          204.9749999999999,
          476.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held for sale",
        "box": [
          71.99,
          480.2152442,
          127.178,
          485.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed rate",
        "box": [
          77.99,
          489.9652442,
          106.16499999999999,
          495.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          489.9652442,
          317.48999,
          495.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          378.02599,
          489.9652442,
          383.27599,
          495.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
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          397.73999,
          495.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10 ",
        "box": [
          458.27599,
          489.9652442,
          467.02599,
          495.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          489.9652442,
          477.98999,
          495.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10) ",
        "box": [
          536.19499,
          489.9652442,
          549.60699,
          495.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Freddie Mac",
        "box": [
          77.99,
          499.7152442,
          113.54299999999999,
          505.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          499.7152442,
          317.48999,
          505.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(54) ",
        "box": [
          375.69498999999996,
          499.7152442,
          389.10699,
          505.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          499.7152442,
          397.73999,
          505.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(309) ",
        "box": [
          452.44498999999996,
          499.7152442,
          469.35699,
          505.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          499.7152442,
          477.98999,
          505.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "255 ",
        "box": [
          535.02599,
          499.7152442,
          547.27599,
          505.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA - 7(a)",
        "box": [
          77.99,
          509.4652142,
          108.692,
          515.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          509.4652142,
          317.48999,
          515.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,360 ",
        "box": [
          369.27599,
          509.4652142,
          386.77599,
          515.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          509.4652142,
          397.73999,
          515.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,169) ",
        "box": [
          447.19498999999996,
          509.4652142,
          469.35699,
          515.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          509.4652142,
          477.98999,
          515.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,529 ",
        "box": [
          529.77599,
          509.4652142,
          547.27599,
          515.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          77.99,
          519.2152142,
          93.922,
          524.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          519.2152142,
          317.48999,
          524.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "405 ",
        "box": [
          374.52599,
          519.2152142,
          386.77599,
          524.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.98999,
          519.2152142,
          397.73999,
          524.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          458.27599,
          519.2152142,
          463.52599,
          524.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          519.2152142,
          477.98999,
          524.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "405 ",
        "box": [
          535.02599,
          519.2152142,
          547.27599,
          524.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Loans, held for sale",
        "box": [
          71.99,
          528.9652142,
          147.99599999999998,
          534.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          528.9652142,
          320.98999,
          534.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,711 ",
        "box": [
          369.27599,
          528.9652142,
          386.77599,
          534.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          528.9652142,
          401.23999,
          534.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,468) ",
        "box": [
          447.19498999999996,
          528.9652142,
          469.35699,
          534.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          528.9652142,
          481.48999,
          534.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,179 ",
        "box": [
          529.77599,
          528.9652142,
          547.27599,
          534.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net unrealized gain (loss) on preferred equity, at fair value",
        "box": [
          71.99,
          540.2152142,
          247.2699999999999,
          545.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          540.2152142,
          320.98999,
          545.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,236) ",
        "box": [
          366.94498999999996,
          540.2152142,
          389.10699,
          545.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          540.2152142,
          401.23999,
          545.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          458.27599,
          540.2152142,
          463.52599,
          545.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          540.2152142,
          481.48999,
          545.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,236) ",
        "box": [
          527.44499,
          540.2152142,
          549.60699,
          545.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net unrealized gain (loss) on derivatives, at fair value",
        "box": [
          71.99,
          551.4652142,
          230.77799999999993,
          557.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          551.4652142,
          320.98999,
          557.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,520 ",
        "box": [
          369.27599,
          551.4652142,
          386.77599,
          557.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          551.4652142,
          401.23999,
          557.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(515) ",
        "box": [
          452.44498999999996,
          551.4652142,
          469.35699,
          557.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          551.4652142,
          481.48999,
          557.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,035 ",
        "box": [
          529.77599,
          551.4652142,
          547.27599,
          557.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net unrealized gain (loss) - all other",
        "box": [
          71.99,
          561.2152142,
          178.49499999999995,
          566.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          561.2152142,
          320.98999,
          566.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,915) ",
        "box": [
          366.94498999999996,
          561.2152142,
          389.10699,
          566.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          561.2152142,
          401.23999,
          566.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "233 ",
        "box": [
          454.77599,
          561.2152142,
          467.02599,
          566.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          561.2152142,
          481.48999,
          566.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,148) ",
        "box": [
          527.44499,
          561.2152142,
          549.60699,
          566.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net unrealized gain (loss) on financial instruments",
        "box": [
          65.99,
          570.9652142,
          216.04899999999992,
          576.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          570.9652142,
          320.98999,
          576.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,920) ",
        "box": [
          366.94498999999996,
          570.9652142,
          389.10699,
          576.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.98999,
          570.9652142,
          401.23999,
          576.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,750) ",
        "box": [
          447.19498999999996,
          570.9652142,
          469.35699,
          576.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          570.9652142,
          481.48999,
          576.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,170) ",
        "box": [
          527.44499,
          570.9652142,
          549.60699,
          576.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Commercial Real Estate Segment Results.",
        "box": [
          63.36,
          595.758906,
          262.6000000000001,
          603.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1 2026 versus Q1 2025. ",
        "box": [
          63.36,
          619.918886,
          173.73001,
          628.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest  income of $58.9 million represented a decrease of $66.1 million, primarily due to  ",
        "box": [
          174.94,
          619.918886,
          553.5900300000001,
          628.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decreased loan balances primarily driven by loan sales and an increased balance of loans on non-accrual status driven by ",
        "box": [
          63.36,
          631.418886,
          551.0900000000001,
          639.6471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a higher probability that principal and interest will not be collected under the original contractual terms. Interest expense ",
        "box": [
          63.36,
          642.918886,
          550.9899800000002,
          651.1471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of $80.7 million represented a decrease of $39.7 million, driven by decreased loan balances and interest rates. Provision ",
        "box": [
          63.36,
          654.418886,
          550.97997,
          662.6471825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for  loan  losses  of  $66.5  million  represented  an  increase  of  $184.5  million,  due  to  changes  in  the  forecasted ",
        "box": [
          63.36,
          665.918886,
          551.0200200000002,
          674.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "macroeconomic  inputs  for  reserve  modeling  and  an  increase  in  asset  specific  reserves,  partially  offset  by  loans ",
        "box": [
          63.36,
          677.418886,
          551.0599999999998,
          685.6471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transferred from Loans, net to Loans, held for sale. Non-interest loss of $68.0 million represented a decrease of $46.5 ",
        "box": [
          63.36,
          688.918886,
          551.10999,
          697.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, primarily due to a decrease in the transfer of Loans, net to Loans, held for sale and the recovery of the valuation ",
        "box": [
          63.36,
          700.418886,
          551.0600099999998,
          708.6471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allowance from loans sold, partially offset by net realized losses on financial instruments and real estate owned driven by ",
        "box": [
          63.36,
          711.918886,
          551.0799999999996,
          720.1471825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 73,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "loan sales. Non-interest expense of $40.9 million represented an increase of $13.2 million, due to an increase in other ",
        "box": [
          63.36,
          63.66888600000004,
          550.9700200000001,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operating expenses primarily driven by hotel expenses.",
        "box": [
          63.36,
          75.16888600000004,
          283.4000000000001,
          83.39718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Small Business Lending Segment Results.",
        "box": [
          63.36,
          98.50890600000002,
          236.29000000000008,
          106.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1 2026 versus Q1 2025. ",
        "box": [
          63.36,
          122.66888600000004,
          174.85001,
          130.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest  income  of  $22.8  million  represented  a  decrease  of  $7.2  million,  primarily  due  to ",
        "box": [
          176.34,
          122.66888600000004,
          551.12998,
          130.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decreased  loan  balances  and  interest  rates.  Interest  expense  of  $16.2  million  represented  a  decrease  of  $4.0  million, ",
        "box": [
          63.36,
          134.16888600000004,
          551.09003,
          142.39718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "driven by decreased loan balances and interest rates. Provision for loan losses of $4.4 million represented a decrease of ",
        "box": [
          63.36,
          145.66888600000004,
          551.13001,
          153.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$4.0 million, due to changes in the forecasted macroeconomic inputs for reserve modeling, partially offset by an increase ",
        "box": [
          63.36,
          157.16888600000004,
          551.08,
          165.39718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in specific loan reserves. Non-interest income of $19.1 million represented a decrease of $17.4 million, primarily due to ",
        "box": [
          63.36,
          168.66888600000004,
          551.14,
          176.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a  decrease  in  net  realized  gains  on  financial  instruments.  Non-interest  expense  of  $29.2  million  was  essentially ",
        "box": [
          63.36,
          180.16888600000004,
          551.1000200000001,
          188.39718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unchanged from the prior year period.",
        "box": [
          63.36,
          191.66888600000004,
          215.4300000000001,
          199.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unallocated - Corporate.",
        "box": [
          63.36,
          215.00890600000002,
          165.77999999999997,
          223.23720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1 2026 versus Q1 2025.",
        "box": [
          63.36,
          240.558896,
          167.23001,
          248.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Non-interest income of $0.9 million represented a decrease of $102.8 million due to a gain on ",
        "box": [
          167.23001,
          239.23467719999996,
          550.9600200000001,
          249.1086330674192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "bargain purchase recognized from the UDF IV Merger in the prior year period, primarily driven by a discount in UDF ",
        "box": [
          63.36,
          252.96887600000002,
          551.1099999999996,
          261.19717255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "IV's market valuation due to factors such as the illiquid nature of UDF IV's shares, and a change in our stock price ",
        "box": [
          63.36,
          264.468876,
          551.13,
          272.69717255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "between the date of the agreement and the closing date of the UDF IV Merger. Non-interest expense of $12.6 million ",
        "box": [
          63.36,
          275.96890599999995,
          551.03003,
          284.1972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "represented a decrease of $2.2 million, primarily due to decreased transaction related expenses.",
        "box": [
          63.36,
          287.46890599999995,
          443.66999999999996,
          295.6972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-GAAP financial measures",
        "box": [
          63.36,
          324.60891599999997,
          192.16,
          332.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We believe that providing investors with distributable earnings, formerly referred to as core earnings, gives investors ",
        "box": [
          63.36,
          336.768916,
          551.0799999999999,
          344.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "greater  transparency  into  the  information  used  by  management  in  our  financial  and  operational  decision-making, ",
        "box": [
          63.36,
          348.768916,
          551.0899999999998,
          356.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including the determination of dividends.",
        "box": [
          63.36,
          360.768916,
          228.46000000000006,
          368.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We calculate distributable earnings as GAAP net income (loss) excluding the following: ",
        "box": [
          63.36,
          384.768916,
          419.0399999999998,
          392.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "i)",
        "box": [
          99.36,
          408.768916,
          105.46,
          416.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any unrealized gains or losses on certain MBS not retained by us as part of our loan origination businesses",
        "box": [
          117.36,
          408.768916,
          542.4999999999999,
          416.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ii)",
        "box": [
          99.36,
          420.768916,
          108.22999999999999,
          428.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any realized gains or losses on sales of certain MBS",
        "box": [
          117.36,
          420.768916,
          325.18,
          428.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "iii)",
        "box": [
          99.36,
          432.768916,
          110.99999999999999,
          440.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any unrealized gains or losses on Residential MSRs from discontinued operations",
        "box": [
          117.36,
          432.768916,
          443.6999999999998,
          440.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "iv)",
        "box": [
          99.36,
          444.768916,
          110.46,
          452.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any unrealized change in current expected credit loss reserve and valuation allowances",
        "box": [
          117.36,
          444.768916,
          463.81,
          452.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "v)",
        "box": [
          99.36,
          456.768916,
          107.69,
          464.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any unrealized gains or losses on de-designated cash flow hedges",
        "box": [
          117.36,
          456.768916,
          378.47,
          464.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "vi)",
        "box": [
          99.36,
          468.768916,
          110.46,
          476.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any unrealized gains or losses on foreign exchange hedges",
        "box": [
          117.36,
          468.768916,
          351.00000000000006,
          476.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "vii)",
        "box": [
          99.36,
          480.768916,
          113.22999999999999,
          488.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any unrealized gains or losses on certain unconsolidated joint ventures",
        "box": [
          117.36,
          480.768916,
          398.9799999999999,
          488.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "viii) any non-cash compensation expense related to stock-based incentive plan",
        "box": [
          99.36,
          492.768916,
          411.43999999999994,
          500.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ix)",
        "box": [
          99.36,
          504.768916,
          110.46,
          512.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any unrealized gains or losses on preferred equity, at fair value",
        "box": [
          117.36,
          504.768916,
          368.44999999999993,
          512.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "x)",
        "box": [
          99.36,
          516.768916,
          107.69,
          524.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any unrealized gain or losses or other non-cash items related to real estate owned",
        "box": [
          117.36,
          516.768916,
          441.10999999999996,
          524.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "xi)",
        "box": [
          99.36,
          528.768916,
          110.46,
          536.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "one-time  non-recurring  gains  or  losses,  such  as  gains  or  losses  on  discontinued  operations,  bargain ",
        "box": [
          117.36,
          528.768916,
          551.11,
          536.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchase gains, or merger related expenses",
        "box": [
          117.36,
          540.768916,
          288.8100000000001,
          548.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In calculating distributable earnings, net income (in accordance with GAAP) is adjusted to exclude unrealized gains and ",
        "box": [
          63.36,
          564.768916,
          551.0400000000001,
          572.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses on MBS acquired by us in the secondary market but is not adjusted to exclude unrealized gains and losses on ",
        "box": [
          63.36,
          576.768916,
          551.03,
          584.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MBS  retained  by  us  as  part  of  our  loan  origination  businesses,  where  we  transfer  originated  loans  into  an  MBS ",
        "box": [
          63.36,
          588.768916,
          550.98,
          596.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitization  and  retain  an  interest  in  the  securitization.  In  calculating  distributable  earnings,  we  do  not  adjust  net ",
        "box": [
          63.36,
          600.768916,
          551.0199999999996,
          608.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income (in accordance with GAAP) to take into account unrealized gains and losses on MBS retained by us as part of ",
        "box": [
          63.36,
          612.768916,
          551.0999999999999,
          620.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  loan  origination  businesses  because  we  consider  the  unrealized  gains  and  losses  that  are  generated  in  the  loan ",
        "box": [
          63.36,
          624.768916,
          551.0,
          632.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination  and  securitization  process  to  be  a  fundamental  part  of  this  business  and  an  indicator  of  the  ongoing ",
        "box": [
          63.36,
          636.768916,
          551.14,
          644.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance and credit quality of our historical loan originations. In calculating distributable earnings, net income (in ",
        "box": [
          63.36,
          648.768916,
          551.0999999999999,
          656.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accordance with GAAP) is adjusted to exclude realized gains and losses on certain MBS securities due to a variety of ",
        "box": [
          63.36,
          660.768916,
          550.9699999999997,
          668.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reasons which may include collateral type, duration, and size.",
        "box": [
          63.36,
          672.768916,
          309.4300000000001,
          680.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  addition,  in  calculating  distributable  earnings,  net  income  (in  accordance  with  GAAP)  is  adjusted  to  exclude ",
        "box": [
          63.36,
          696.768916,
          551.03,
          704.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unrealized gains or losses on residential MSRs, held at fair value from discontinued operations. Servicing rights relating ",
        "box": [
          63.36,
          708.768916,
          550.9999999999997,
          716.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 74,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "to  our  small  business  commercial  business  are  accounted  for  under  ASC  860,  Transfer  and  Servicing.  In  calculating ",
        "box": [
          63.36,
          63.66888600000004,
          551.0899999999999,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distributable  earnings,  we  do  not  exclude  realized  gains  or  losses  on  commercial  MSRs,  as  servicing  income  is  a ",
        "box": [
          63.36,
          75.66888600000004,
          551.1,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fundamental part of our business and an indicator of the ongoing performance.",
        "box": [
          63.36,
          87.66888600000004,
          377.4899999999999,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Furthermore, we believe it is useful to present distributable earnings before realized losses on certain investments, such ",
        "box": [
          63.36,
          111.66888600000004,
          551.1299999999999,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as charge-offs and losses realized on sales of real estate owned assets and LMM loans, to reflect our direct operating ",
        "box": [
          63.36,
          123.66888600000004,
          550.9599999999997,
          131.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "results.  We  utilize  distributable  earnings  before  realized  losses  as  an  additional  performance  metric  to  consider  when ",
        "box": [
          63.36,
          135.66888600000004,
          551.0400000000001,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assessing  our  ability  to  declare  and  pay  dividends.  Distributable  earnings  and  distributable  earnings  before  realized ",
        "box": [
          63.36,
          147.66888600000004,
          551.0600000000003,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses are non-U.S. GAAP financial measures and because these non-U.S. GAAP measures are incomplete measures of ",
        "box": [
          63.36,
          159.66888600000004,
          551.0200000000006,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  financial  performance  and  involve  differences  from  net  income  computed  in  accordance  with  U.S.  GAAP,  they ",
        "box": [
          63.36,
          171.66888600000004,
          551.04,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "should be considered along with, but not as alternatives to, our net income as measures of our financial performance. In ",
        "box": [
          63.36,
          183.66888600000004,
          551.0699999999998,
          191.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "addition,  because  not  all  companies  use  identical  calculations,  our  presentations  of  distributable  earnings  and ",
        "box": [
          63.36,
          195.66888600000004,
          551.0499999999997,
          203.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distributable  earnings  before  realized  losses  may  not  be  comparable  to  other  similarly-titled  measures  of  other ",
        "box": [
          63.36,
          207.66888600000004,
          551.0599999999997,
          215.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "companies.",
        "box": [
          63.36,
          219.66888600000004,
          108.57999999999997,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To qualify as a REIT, we must distribute to our stockholders each calendar year dividends equal to at least 90% of our ",
        "box": [
          63.36,
          243.66888600000004,
          551.0499999999998,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REIT  taxable  income  (including  certain  items  of  non-cash  income),  determined  without  regard  to  the  deduction  for ",
        "box": [
          63.36,
          255.668946,
          551.0900000000004,
          263.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dividends paid and excluding net capital gain. There are certain items, including net income generated from the creation ",
        "box": [
          63.36,
          267.668946,
          551.08,
          275.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of MSRs, that are included in distributable earnings but are not included in the calculation of the current year's taxable ",
        "box": [
          63.36,
          279.66891599999997,
          551.09,
          287.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income.  These  differences  may  result  in  certain  items  that  are  recognized  in  the  current  period's  calculation  of ",
        "box": [
          63.36,
          291.66891599999997,
          551.0099999999999,
          299.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distributable  earnings  not  being  included  in  taxable  income,  and  thus  not  subject  to  the  REIT  dividend  distribution ",
        "box": [
          63.36,
          303.66891599999997,
          551.0199999999998,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "requirement, until future years.",
        "box": [
          63.36,
          315.66891599999997,
          187.37000000000003,
          323.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents a reconciliation of net income to distributable earnings before realized losses and distributable ",
        "box": [
          63.36,
          339.66891599999997,
          551.1399999999998,
          347.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earnings.",
        "box": [
          63.36,
          351.66891599999997,
          99.70999999999998,
          359.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          368.25,
          378.7152442,
          431.98499999999996,
          384.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31,",
        "box": [
          384.76001,
          385.7152442,
          415.45501,
          391.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          395.4652442,
          106.24,
          401.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          356.35999,
          395.4652442,
          370.35999,
          401.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          429.85999,
          395.4652442,
          443.85999,
          401.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ Change",
        "box": [
          498.51999,
          395.4652442,
          526.71599,
          401.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss)",
        "box": [
          65.99,
          405.2152442,
          116.901,
          410.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          330.73999,
          405.2152442,
          335.98999,
          410.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(200,087) ",
        "box": [
          370.44399,
          405.2152442,
          399.60599,
          410.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.23999,
          405.2152442,
          409.48999,
          410.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,965 ",
        "box": [
          449.77499,
          405.2152442,
          470.77499,
          410.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          479.98999,
          405.2152442,
          485.23999,
          410.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(282,052) ",
        "box": [
          519.69399,
          405.2152442,
          548.85599,
          410.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reconciling items:",
        "box": [
          65.99,
          414.9652442,
          120.98199999999999,
          420.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized (gain) loss on MSR - discontinued operations",
        "box": [
          71.99,
          426.2152442,
          231.54100000000003,
          431.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          426.2152442,
          332.48999,
          431.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.52499,
          426.2152442,
          393.77499,
          431.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          426.2152442,
          405.98999,
          431.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,952 ",
        "box": [
          453.27499,
          426.2152442,
          470.77499,
          431.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          426.2152442,
          481.73999,
          431.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,952) ",
        "box": [
          526.69399,
          426.2152442,
          548.85599,
          431.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized (gain) loss on joint ventures",
        "box": [
          71.99,
          435.9652442,
          182.562,
          441.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          435.9652442,
          332.48999,
          441.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,137) ",
        "box": [
          377.44399,
          435.9652442,
          399.60599,
          441.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          435.9652442,
          405.98999,
          441.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,639 ",
        "box": [
          453.27499,
          435.9652442,
          470.77499,
          441.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          435.9652442,
          481.73999,
          441.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,776) ",
        "box": [
          526.69399,
          435.9652442,
          548.85599,
          441.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase (decrease) in CECL reserve",
        "box": [
          71.99,
          445.7152442,
          174.51899999999998,
          451.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          445.7152442,
          332.48999,
          451.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,673 ",
        "box": [
          376.27499,
          445.7152442,
          397.27499,
          451.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          445.7152442,
          405.98999,
          451.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(112,127) ",
        "box": [
          443.94399,
          445.7152442,
          473.10599,
          451.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          445.7152442,
          481.73999,
          451.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "138,800 ",
        "box": [
          522.02499,
          445.7152442,
          546.52499,
          451.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase (decrease) in valuation allowance",
        "box": [
          71.99,
          455.4652442,
          190.843,
          461.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          455.4652442,
          332.48999,
          461.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,557 ",
        "box": [
          379.77499,
          455.4652442,
          397.27499,
          461.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          455.4652442,
          405.98999,
          461.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,718 ",
        "box": [
          449.77499,
          455.4652442,
          470.77499,
          461.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          455.4652442,
          481.73999,
          461.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(93,161) ",
        "box": [
          523.19399,
          455.4652442,
          548.85599,
          461.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-recurring REO impairment",
        "box": [
          71.99,
          465.2152442,
          161.772,
          470.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          465.2152442,
          332.48999,
          470.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(469) ",
        "box": [
          382.69399,
          465.2152442,
          399.60599,
          470.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          465.2152442,
          405.98999,
          470.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,346 ",
        "box": [
          453.27499,
          465.2152442,
          470.77499,
          470.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          465.2152442,
          481.73999,
          470.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,815) ",
        "box": [
          526.69399,
          465.2152442,
          548.85599,
          470.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization on real estate owned",
        "box": [
          71.99,
          476.4652442,
          216.13399999999996,
          482.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          476.4652442,
          332.48999,
          482.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,576 ",
        "box": [
          379.77499,
          476.4652442,
          397.27499,
          482.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          476.4652442,
          405.98999,
          482.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          462.02499,
          476.4652442,
          467.27499,
          482.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          476.4652442,
          481.73999,
          482.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,576 ",
        "box": [
          529.02499,
          476.4652442,
          546.52499,
          482.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash compensation",
        "box": [
          71.99,
          486.2152442,
          139.414,
          491.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          486.2152442,
          332.48999,
          491.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,629 ",
        "box": [
          379.77499,
          486.2152442,
          397.27499,
          491.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          486.2152442,
          405.98999,
          491.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,785 ",
        "box": [
          453.27499,
          486.2152442,
          470.77499,
          491.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          486.2152442,
          481.73999,
          491.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(156) ",
        "box": [
          531.94399,
          486.2152442,
          548.85599,
          491.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized (gain) loss on preferred equity, at fair value",
        "box": [
          71.99,
          497.4652442,
          226.05299999999994,
          503.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          497.4652442,
          332.48999,
          503.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,236 ",
        "box": [
          379.77499,
          497.4652442,
          397.27499,
          503.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          497.4652442,
          405.98999,
          503.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          462.02499,
          497.4652442,
          467.27499,
          503.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          497.4652442,
          481.73999,
          503.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,236 ",
        "box": [
          529.02499,
          497.4652442,
          546.52499,
          503.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Merger transaction costs and other non-recurring expenses",
        "box": [
          71.99,
          508.7152142,
          235.96499999999997,
          514.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          508.7152142,
          332.48999,
          514.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "654 ",
        "box": [
          385.02499,
          508.7152142,
          397.27499,
          514.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          508.7152142,
          405.98999,
          514.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,993 ",
        "box": [
          453.27499,
          508.7152142,
          470.77499,
          514.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          508.7152142,
          481.73999,
          514.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,339) ",
        "box": [
          526.69399,
          508.7152142,
          548.85599,
          514.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bargain purchase (gain) loss",
        "box": [
          71.99,
          519.9652142,
          151.839,
          525.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          519.9652142,
          332.48999,
          525.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.52499,
          519.9652142,
          393.77499,
          525.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          519.9652142,
          405.98999,
          525.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(102,471) ",
        "box": [
          443.94399,
          519.9652142,
          473.10599,
          525.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          519.9652142,
          481.73999,
          525.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102,471 ",
        "box": [
          522.02499,
          519.9652142,
          546.52499,
          525.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized losses on sale of investments",
        "box": [
          71.99,
          531.2152142,
          179.04799999999997,
          536.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          531.2152142,
          332.48999,
          536.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "119,520 ",
        "box": [
          372.77499,
          531.2152142,
          397.27499,
          536.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          531.2152142,
          405.98999,
          536.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,084 ",
        "box": [
          449.77499,
          531.2152142,
          470.77499,
          536.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          531.2152142,
          481.73999,
          536.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,436 ",
        "box": [
          525.52499,
          531.2152142,
          546.52499,
          536.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total reconciling items",
        "box": [
          65.99,
          540.9652142,
          134.38699999999997,
          546.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          330.73999,
          540.9652142,
          335.98999,
          546.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "162,239 ",
        "box": [
          372.77499,
          540.9652142,
          397.27499,
          546.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.23999,
          540.9652142,
          409.48999,
          546.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(73,081) ",
        "box": [
          447.44399,
          540.9652142,
          473.10599,
          546.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          479.98999,
          540.9652142,
          485.23999,
          546.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,320 ",
        "box": [
          522.02499,
          540.9652142,
          546.52499,
          546.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax adjustments",
        "box": [
          65.99,
          550.7152142,
          132.448,
          556.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          550.7152142,
          332.48999,
          556.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,360) ",
        "box": [
          373.94399,
          550.7152142,
          399.60599,
          556.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          550.7152142,
          405.98999,
          556.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,744) ",
        "box": [
          450.94399,
          550.7152142,
          473.10599,
          556.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          550.7152142,
          481.73999,
          556.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,616) ",
        "box": [
          526.69399,
          550.7152142,
          548.85599,
          556.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings (loss) before realized losses",
        "box": [
          65.99,
          561.9652142,
          215.034,
          567.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          330.73999,
          561.9652142,
          335.98999,
          567.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(49,208) ",
        "box": [
          373.94399,
          561.9652142,
          399.60599,
          567.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.23999,
          561.9652142,
          409.48999,
          567.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,140 ",
        "box": [
          453.27499,
          561.9652142,
          470.77499,
          567.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          479.98999,
          561.9652142,
          485.23999,
          567.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(53,348) ",
        "box": [
          523.19399,
          561.9652142,
          548.85599,
          567.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized losses on sale of investments, net of tax",
        "box": [
          71.99,
          573.2152142,
          208.97299999999996,
          578.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          573.2152142,
          332.48999,
          578.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(110,626) ",
        "box": [
          370.44399,
          573.2152142,
          399.60599,
          578.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          573.2152142,
          405.98999,
          578.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,524) ",
        "box": [
          447.44399,
          573.2152142,
          473.10599,
          578.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          573.2152142,
          481.73999,
          578.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(95,102) ",
        "box": [
          523.19399,
          573.2152142,
          548.85599,
          578.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings (loss)",
        "box": [
          65.99,
          582.9652142,
          150.35399999999998,
          588.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          330.73999,
          582.9652142,
          335.98999,
          588.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(159,834) ",
        "box": [
          370.44399,
          582.9652142,
          399.60599,
          588.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.23999,
          582.9652142,
          409.48999,
          588.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,384) ",
        "box": [
          447.44399,
          582.9652142,
          473.10599,
          588.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          479.98999,
          582.9652142,
          485.23999,
          588.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(148,450) ",
        "box": [
          519.69399,
          582.9652142,
          548.85599,
          588.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Distributable earnings attributable to non-controlling interests",
        "box": [
          65.99,
          594.2152142,
          255.67599999999993,
          599.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          594.2152142,
          332.48999,
          599.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,725 ",
        "box": [
          379.77499,
          594.2152142,
          397.27499,
          599.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          594.2152142,
          405.98999,
          599.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,985 ",
        "box": [
          453.27499,
          594.2152142,
          470.77499,
          599.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          594.2152142,
          481.73999,
          599.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(260) ",
        "box": [
          531.94399,
          594.2152142,
          548.85599,
          599.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Income attributable to participating shares",
        "box": [
          65.99,
          605.4652142,
          200.64199999999997,
          611.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.73999,
          605.4652142,
          332.48999,
          611.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,059 ",
        "box": [
          379.77499,
          605.4652142,
          397.27499,
          611.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.23999,
          605.4652142,
          405.98999,
          611.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,228 ",
        "box": [
          453.27499,
          605.4652142,
          470.77499,
          611.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.98999,
          605.4652142,
          481.73999,
          611.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(169) ",
        "box": [
          531.94399,
          605.4652142,
          548.85599,
          611.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings (loss) attributable to common stockholders",
        "box": [
          65.99,
          616.7152142,
          262.3049999999999,
          622.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          330.73999,
          616.7152142,
          335.98999,
          622.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(163,618) ",
        "box": [
          370.44399,
          616.7152142,
          399.60599,
          622.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.23999,
          616.7152142,
          409.48999,
          622.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,597) ",
        "box": [
          447.44399,
          616.7152142,
          473.10599,
          622.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          479.98999,
          616.7152142,
          485.23999,
          622.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(148,021) ",
        "box": [
          519.69399,
          616.7152142,
          548.85599,
          622.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings (loss) before realized losses on investments, net of tax per ",
        "box": [
          65.99,
          627.7152142,
          306.37700000000007,
          633.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common share - basic",
        "box": [
          65.99,
          634.7152142,
          130.712,
          640.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          330.73999,
          634.7152142,
          335.98999,
          640.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.33) ",
        "box": [
          380.94399,
          634.7152142,
          399.60599,
          640.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.23999,
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        "text": "0.00 ",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "(0.33) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Distributable earnings (loss) before realized losses on investments, net of tax per ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "common share - diluted",
        "box": [
          65.99,
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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": "(0.33) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "0.00 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(0.33) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Distributable earnings (loss) per common share - basic",
        "box": [
          65.99,
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          228.66999999999996,
          669.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1.00) ",
        "box": [
          380.94399,
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          399.60599,
          669.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          409.48999,
          669.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.09) ",
        "box": [
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          473.10599,
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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": "(0.91) ",
        "box": [
          530.19399,
          663.9652142,
          548.85599,
          669.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings (loss) per common share - diluted",
        "box": [
          65.99,
          675.2152142,
          234.50099999999992,
          680.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          335.98999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1.00) ",
        "box": [
          380.94399,
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          399.60599,
          680.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          409.48999,
          680.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.09) ",
        "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": "(0.91) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1  2026  versus  Q1  2025. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated  net  loss  of  $200.1  million  for  the  three  months  ended  March  31,  2026 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "represented an increase of $282.1 million from the three months ended March 31, 2025, primarily due to provision for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "74",
        "box": [
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    ]
  },
  {
    "page_no": 75,
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      {
        "text": "loan losses due to changes in the forecasted macroeconomic inputs for reserve modeling and an increase in asset specific ",
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        "confidence": 1.0
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      {
        "text": "reserves, partially offset by a decrease in the provision for loan losses related to loans transferred from Loans, net to ",
        "box": [
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      {
        "text": "Loans, held for sale, a gain on bargain purchase recognized from the UDF IV Merger in the prior year period, primarily ",
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        "text": "driven by a discount in UDF IV's market valuation due to factors such as the illiquid nature of UDF IV's shares, and a ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "change in our stock price between the date of the agreement and the closing date of the UDF IV Merger and net realized ",
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        "confidence": 1.0
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      {
        "text": "losses on financial instruments and real estate owned driven by loan sales, partially offset by decrease in the valuation ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "allowance related to the transfer of Loans, net to Loans, held for sale driven by loan sales. Consolidated distributable ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "losses  before  realized  losses  of  $49.2  million  for  the  three  months  ended  March  31,  2026  represented  an  increase  of ",
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        "confidence": 1.0
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      {
        "text": "$53.3 million from the three months ended March 31, 2025. The increase in the distributable earnings reconciling items ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "is primarily due to an increase in the provision for loan losses, a gain on bargain purchase recognized from the UDF IV ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Merger in the prior year period and realized losses on sale of investments, partially offset by a decrease in the valuation ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "allowance related to the transfer of Loans, net to Loans, held for sale. Consolidated distributable losses of $159.8 million ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "for  the  three  months  ended  March  31,  2026  represented  an  increase  of  $148.5  million  from  the  three  months  ended ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "March 31, 2025 due to certain charge-offs and losses realized on sales of real estate owned assets and LMM loans.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Incentive distribution payable to our Manager",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Under the partnership agreement of our operating partnership, our Manager, the holder of the Class A special unit in our ",
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        "confidence": 1.0
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      {
        "text": "operating partnership, is entitled to receive an incentive distribution, distributed quarterly in arrears in an amount, not ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "less than zero, equal to the difference between (i) the product of (A) 15% and (B) the difference between (x) IFCE (as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "described below) of our operating partnership, on a rolling four-quarter basis and before the incentive distribution for the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "current quarter, and (y) the product of (1) the weighted average of the issue price per share of common stock or operating ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partnership unit ('OP unit') (without double counting) in all of our offerings multiplied by the weighted average number ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  shares  of  common  stock  outstanding  (including  any  restricted  shares  of  common  stock  and  any  other  shares  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "common stock underlying awards granted under our 2013 Equity Incentive Plan, our 2023 Equity Incentive Plan and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Broadmark's 2019 Stock Incentive Plan (the 'Broadmark Equity Plan'), and OP units (without double counting) in such ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "quarter and (2) 8%, and (ii) the sum of any incentive distribution paid to our Manager with respect to the first three ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quarters of such previous four quarters; provided, however, that no incentive distribution is payable with respect to any ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "calendar quarter unless cumulative IFCE is greater than zero for the most recently completed 12 calendar quarters.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The incentive distribution  shall  be  calculated  within  30  days  after  the  end  of  each  quarter  and  such  calculation  shall ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "promptly be delivered to our Company. We are obligated to pay the incentive distribution 50% in cash and 50% in either ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "common stock or OP units, as determined in our discretion, within five business days after delivery to our Company of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  written  statement  from  the  holder  of  the  Class  A  special  unit  setting  forth  the  computation  of  the  incentive ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "distribution for such quarter. Subject to certain exceptions, our Manager may not sell or otherwise dispose of any portion ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the incentive distribution issued to it in common stock or OP units until after the three-year anniversary of the date ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that such shares of common stock or OP units were issued to our Manager. The price of shares of our common stock for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purposes of determining the number of shares payable as part of the incentive distribution is the closing price of such ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares on the last trading day prior to the approval by our Board of the incentive distribution.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For purposes of determining the incentive distribution payable to our Manager, incentive fee core earnings ('IFCE') is ",
        "box": [
          63.36,
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          535.2972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defined  under  the  partnership  agreement  of  the  operating  partnership  as  GAAP  net  income  (loss)  of  the  operating ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partnership excluding non-cash equity compensation expense, the expenses incurred in connection with the operating ",
        "box": [
          63.36,
          551.068906,
          551.0300000000001,
          559.2972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partnership's formation or continuation, the incentive distribution, real estate depreciation and amortization (to the extent ",
        "box": [
          63.36,
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          551.06,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that  we  forecloses  on  any  properties  underlying  our  assets)  and  any  unrealized  gains,  losses,  or  other  non-cash  items ",
        "box": [
          63.36,
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          551.01,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded in the period, regardless of whether such items are included in other comprehensive income or loss, or in net ",
        "box": [
          63.36,
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          595.2972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income. The amount will be adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-",
        "box": [
          63.36,
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          607.2972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash charges after discussions between our Manager and our independent directors and after approval by a majority of ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the independent directors.",
        "box": [
          63.36,
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          166.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liquidity and Capital Resources",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liquidity is a measure of our ability to turn non-cash assets into cash and to meet potential cash requirements. We use ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significant  cash  to  purchase  LMM  loans  and  other  target  assets,  originate  new  LMM  loans,  pay  dividends,  repay ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal and interest on our borrowings, fund our operations and meet other general business needs. Certain of our loans ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pay  PIK  interest  rather  than  cash  interest  payments  and  from  time  to  time,  we  may  grant  concessions  to  borrowers ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "experiencing significant financial difficulties in the form of modified terms such as interest rate reductions and other ",
        "box": [
          63.36,
          719.068906,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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  },
  {
    "page_no": 76,
    "width": 612.0,
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    "cells": [
      {
        "text": "terms  described  elsewhere  in  this  Form  10-Q.  These  factors  may  increase  our  reliance  on  our  primary  sources  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liquidity,  including  our  existing  cash  balances,  borrowings,  including  securitizations,  re-securitizations,  repurchase ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements,  warehouse  facilities,  bank  credit  facilities  and  other  financing  agreements  (including  term  loans  and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revolving  facilities),  the  net  proceeds  of  offerings  of  equity  and  secured  and  unsecured  debt  securities,  and  net  cash ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provided by operating and investing activities.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  believe  that  our  sources  of  liquidity  will  provide  sufficient  liquidity  to  fund  ongoing  obligations  and  address ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "upcoming debt maturities, including the approximately $450.0 million of debt maturing in 2026. We had approximately ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$200.0 million of unrestricted cash and approximately $700.0 million of unencumbered assets as of March 31, 2026. We ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "expect approximately $450 million in net liquidity from portfolio maturities and pending asset resolutions over the next ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12 months, and may also sell additional assets. We expect the combination of these items to de-lever the balance sheet, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which may impact book value depending on the size, timing and pricing of such actions. We expect to utilize these ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "resources, together with our access to the capital markets, to meet our liquidity needs.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are continuing to monitor the impact of shifts in interest rates, credit spreads and inflation on the Company, the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowers underlying our real estate-related assets, the tenants in the properties we own, our financing sources, and the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economy as a whole. Because the severity, magnitude and duration of these economic events remain uncertain, rapidly ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changing  and  difficult  to  predict,  the  impact  on  our  operations  and  liquidity  also  remains  uncertain  and  difficult  to ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "predict.",
        "box": [
          63.36,
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          93.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flow ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31, 2026.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Cash and cash equivalents as of March 31, 2026, decreased by $8.3 million to ",
        "box": [
          225.00999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$241.2 million from December 31, 2025, primarily due to net cash used for financing activities, partially offset by net ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash  provided  by  investing  and  operating  activities.  The  net  cash  used  for  financing  activities  primarily  reflected ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayments of securitized debt obligations of consolidated VIEs and net repayments of secured borrowings. The net cash ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provided by investing activities primarily reflected proceeds from disposition and principal payments of loans, partially ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offset by net cash used for loan originations. The net cash provided by operating activities primarily reflected the sale of ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, held for sale, realized losses on financial instruments and provision for loan losses, partially offset by net losses. ",
        "box": [
          63.36,
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          543.67999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31, 2025. ",
        "box": [
          63.36,
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          226.50999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents as of March 31, 2025, increased by $65.6 million to ",
        "box": [
          227.03999,
          420.16891599999997,
          551.1400299999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$248.4  million  from  December  31,  2024,  primarily  due  to  net  cash  provided  by  investing  and  operating  activities, ",
        "box": [
          63.36,
          432.16891599999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partially offset by net cash used for financing activities. The net cash provided by investing activities primarily reflected ",
        "box": [
          63.36,
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          551.0899999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds from disposition and principal payments of loans, partially offset by net cash used for loan originations. The net ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash provided by operating activities reflected a valuation allowance related to the transfer of Loans, net to Loans held ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for  sale,  the  sale  of  Loans,  held  for  sale,  and  net  income,  partially  offset  by  a  recovery  of  loan  losses  related  to  the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transfer of Loans, net to Loans, held for sale and a bargain purchase gain in connection with the UDF IV Merger, which ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was primarily driven by a discount in UDF IV's market valuation due to factors such as the illiquid nature of UDF IV's ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares and a change in our stock price between the date of the agreement and the closing date of the merger. The net cash ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "used for financing activities primarily reflected repayments of securitized debt obligations of consolidated VIEs, partially ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offset by net proceeds from secured borrowings. ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Strategy and Leverage",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  addition  to  raising  capital  through  offerings  of  our  public  equity  and  debt  securities,  we  finance  our  investment ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio through securitization and secured borrowings. We generally seek to match-fund our investments to minimize ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the differences in the terms of our investments and our liabilities. Our secured borrowings have various recourse levels ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including  full  recourse,  partial  recourse  and  non-recourse,  as  well  as  varied  mark-to-market  provisions  including  full ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mark-to-market,  credit  mark  only  and  non-mark-to-market.  Securitizations  allow  us  to  match  fund  loans  pledged  as ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral  on  a  long-term,  non-recourse  basis.  Securitization  structures  typically  consist  of  trusts  with  principal  and ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest collections allocated to senior debt and losses on liquidated loans to equity and subordinate tranches, and provide ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt equal to 50% to 90% of the cost basis of the assets.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We also finance originated SBL with secured borrowings until the loans are sold, generally within 30 days.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 77,
    "width": 612.0,
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    "cells": [
      {
        "text": "As of March 31, 2026, we had a total leverage ratio of 3.0x and recourse leverage ratio of 1.8x. Our operating segments ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have different levels of recourse debt according to the differentiated nature of each segment. Our LMM Commercial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real  Estate  and  Small  Business  Lending  segments  have  recourse  leverage  ratios  of  0.7x  and  0.2x,  respectively.  The ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "remaining recourse leverage ratio is from our corporate debt offerings.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Borrowings",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit  Facilities  and  Other  Financing  Agreements.",
        "box": [
          63.36,
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          281.81,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  We utilize  credit  facilities  and  other  financing  arrangements  to ",
        "box": [
          281.81,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "finance  our  business.  The  financings  are  collateralized  by  the  underlying  mortgages,  assets,  related  documents,  and ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments, and typically contain index-based financing rate and terms, haircut and collateral posting provisions which ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depend on the types of collateral and the counterparties involved. These agreements often contain customary negative ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "covenants  and  financial  covenants,  including  maintenance  of  minimum  liquidity,  minimum  tangible  net  worth, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maximum debt to net worth ratio and current ratio and limitations on capital expenditures, indebtedness, distributions, ",
        "box": [
          63.36,
          207.66888600000004,
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          215.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions with affiliates and maintenance of positive net income.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents certain characteristics of our credit facilities and other financing arrangements.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pledged Assets",
        "box": [
          373.19,
          270.9652142,
          417.30400000000003,
          276.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value at",
        "box": [
          465.54001,
          270.9652142,
          519.9580100000001,
          276.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lenders  (1)",
        "box": [
          65.99,
          281.65418223,
          96.87915000000004,
          287.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset Class",
        "box": [
          104.24,
          282.2152442,
          137.86800000000002,
          287.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Maturity  (2)",
        "box": [
          185.24001,
          281.65418223,
          245.68621000000002,
          287.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pricing  (3)",
        "box": [
          269.23999,
          281.65418223,
          298.02618,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facility Size",
        "box": [
          323.23999,
          282.2152442,
          359.5839900000001,
          287.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          371.82999,
          282.2152442,
          418.67399,
          287.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          435.76001,
          282.2152442,
          482.20501,
          287.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          498.97,
          282.2152442,
          555.5020000000001,
          287.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          65.99,
          300.2152442,
          69.49,
          305.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SBA loans",
        "box": [
          104.24,
          300.2152442,
          134.368,
          305.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2026 to June 2027",
        "box": [
          185.24001,
          300.2152442,
          253.28701,
          305.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.55%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Prime - 0.82%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "$ ",
        "box": [
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          328.48999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "335,000 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          376.48999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "382,817 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          429.73999,
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          434.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "301,025 ",
        "box": [
          464.85899,
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          489.35899,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          503.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "307,522 ",
        "box": [
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          556.85399,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1",
        "box": [
          65.99,
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          69.49,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "LMM loans - USD",
        "box": [
          104.24,
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          157.314,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2026",
        "box": [
          185.24001,
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          213.81401000000002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "SOFR + 1.35%",
        "box": [
          269.23999,
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          312.25098,
          317.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          311.4652442,
          324.98999,
          317.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,000 ",
        "box": [
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          361.85898999999995,
          317.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          371.23999,
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          372.98999,
          317.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,490 ",
        "box": [
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          420.35899,
          317.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          431.48999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,277 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          500.48999,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "16,425 ",
        "box": [
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          557.02899,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1",
        "box": [
          65.99,
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          69.49,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "LMM loans - Non-USD  (4)",
        "box": [
          104.24,
          328.90418223,
          178.70620000000002,
          335.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2027",
        "box": [
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          222.74601,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "EURIBOR + ",
        "box": [
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          307.35999,
          328.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.00%",
        "box": [
          269.23999,
          329.4652442,
          287.32099,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          323.23999,
          329.4652442,
          324.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,696 ",
        "box": [
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          329.4652442,
          361.85898999999995,
          335.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          371.23999,
          329.4652442,
          372.98999,
          335.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,356 ",
        "box": [
          399.35898999999995,
          329.4652442,
          420.35898999999995,
          335.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          429.73999,
          329.4652442,
          431.48999,
          335.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,413 ",
        "box": [
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          329.4652442,
          489.52698999999996,
          335.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          498.73999,
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          500.48999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "29,965 ",
        "box": [
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          557.02899,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2",
        "box": [
          65.99,
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          69.49,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "USDA loans",
        "box": [
          104.24,
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          139.81400000000002,
          346.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2027 - August 2028",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "SOFR + 2.75%",
        "box": [
          269.23999,
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          312.25098,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          323.23999,
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          324.98999,
          346.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "198,500 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,851 ",
        "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": "19,285 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
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        "confidence": 1.0
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        "text": "31,204 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total borrowings under credit facilities and other financing agreements",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "632,196 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "446,514 ",
        "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": "358,000 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "385,116 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)Represents the total number of facility lenders.",
        "box": [
          63.36,
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          203.51199999999994,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)Current maturity does not reflect extension options available beyond original commitment terms.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)Asset class pricing is determined using an index rate plus a weighted average spread.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)Non-USD denominated credit facilities have been converted into USD for purposes of this disclosure.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase Agreements. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Under the loan repurchase facilities and securities repurchase agreements, we may be required ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  pledge  additional  assets  to  our  counterparties  in  the  event  that  the  estimated  fair  value  of  the  existing  pledged ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral under such agreements declines and such lenders demand additional collateral, which may take the form of ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "additional assets or cash. Generally, the loan repurchase facilities and securities repurchase agreements contain a SOFR-",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based financing rate, term and haircuts depending on the types of collateral and the counterparties involved. The loan ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase facilities also include financial maintenance covenants.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "If the estimated fair values of the assets increase due to changes in market interest rates or other market factors, lenders ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may release collateral back to us. Margin calls may result from a decline in the value of the investments securing the ",
        "box": [
          63.36,
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          551.0100000000002,
          514.7472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan repurchase facilities and securities repurchase agreements, prepayments on the loans securing such investments and ",
        "box": [
          63.36,
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          551.1000000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from changes in the estimated fair value of such investments generally due to principal reduction of such investments ",
        "box": [
          63.36,
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          550.9999999999998,
          538.7472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from scheduled amortization and resulting from changes in market interest rates and other market factors. Counterparties ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "also may choose to increase haircuts based on credit evaluations of our Company and/or the performance of the assets in ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "question. Historically, disruptions in the financial and credit markets have resulted in increased volatility in these levels, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and this volatility could persist as market conditions continue to change. Should prepayment speeds on the mortgages ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "underlying our investments or market interest rates suddenly increase, margin calls on the loan repurchase facilities and ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities  repurchase  agreements  could  result,  causing  an  adverse  change  in  our  liquidity  position.  To  date,  we  have ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "satisfied all of our margin calls and have never sold assets in response to any margin call under these borrowings.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our borrowings under repurchase agreements are renewable at the discretion of our lenders and, as such, our ability to ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "roll-over such borrowings are not guaranteed. The terms of the repurchase transaction borrowings under our repurchase ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements generally conform to the terms in the standard master repurchase agreement as published by the Securities ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industry and Financial Markets Association, as to repayment, margin requirements and the segregation of all assets we ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have  initially  sold  under  the  repurchase  transaction.  In  addition,  each  lender  typically  requires  that  we  include ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "supplemental  terms  and  conditions  to  the  standard  master  repurchase  agreement.  Typical  supplemental  terms  and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conditions, which differ by lender, may include changes to the margin maintenance requirements, required haircuts and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 78,
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    "cells": [
      {
        "text": "purchase  price  maintenance  requirements,  requirements  that  all  controversies  related  to  the  repurchase  agreement  be ",
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      {
        "text": "litigated in a particular jurisdiction, and cross default and setoff provisions.",
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      {
        "text": "We maintain certain assets, which, from time to time, may include cash, unpledged LMM loans, LMM ABS and short-",
        "box": [
          63.36,
          99.66888600000004,
          548.5999999999999,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term investments (which may be subject to various haircuts if pledged as collateral to meet margin requirements) and ",
        "box": [
          63.36,
          111.66888600000004,
          551.0799999999999,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral in excess of margin requirements held by our counterparties, or collectively, the 'Cushion', to meet routine ",
        "box": [
          63.36,
          123.66888600000004,
          551.1299999999998,
          131.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "margin calls and protect against unforeseen reductions in our borrowing capabilities. Our ability to meet future margin ",
        "box": [
          63.36,
          135.66888600000004,
          551.1400000000001,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calls will be impacted by the Cushion, which varies based on the fair value of our investments, our cash position and ",
        "box": [
          63.36,
          147.66888600000004,
          551.0299999999996,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "margin requirements. Our cash position fluctuates based on the timing of our operating, investing and financing activities ",
        "box": [
          63.36,
          159.66888600000004,
          551.0299999999997,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and is managed based on our anticipated cash needs.",
        "box": [
          63.36,
          171.66888600000004,
          273.39000000000004,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents certain characteristics of our repurchase agreements.",
        "box": [
          63.36,
          195.66888600000004,
          375.12,
          203.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pledged Assets",
        "box": [
          366.44,
          222.9652142,
          410.55400000000003,
          228.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value at",
        "box": [
          457.66,
          222.9652142,
          512.078,
          228.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lenders  (1)",
        "box": [
          65.99,
          233.65415223000002,
          96.87915000000004,
          239.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset Class",
        "box": [
          102.74,
          234.2152142,
          136.36800000000002,
          239.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Maturity  (2)",
        "box": [
          183.74001,
          233.65415223000002,
          244.18621000000002,
          239.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pricing  (3)",
        "box": [
          252.74001,
          233.65415223000002,
          281.52621,
          239.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facility Size",
        "box": [
          317.07999,
          234.2152142,
          353.4239900000001,
          239.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          365.07999,
          234.2152142,
          411.92399,
          239.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          429.01001,
          234.2152142,
          475.45501,
          239.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          489.97,
          234.2152142,
          546.5020000000001,
          239.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          65.99,
          252.2152142,
          69.49,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM loans",
        "box": [
          102.74,
          252.2152142,
          135.983,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2026 - ",
        "box": [
          183.74001,
          245.2152142,
          218.14501,
          250.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2028",
        "box": [
          183.74001,
          252.2152142,
          229.40801,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.56%",
        "box": [
          252.74001,
          252.2152142,
          295.75101,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          252.2152142,
          320.98999,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,425,000 ",
        "box": [
          326.10699,
          252.2152142,
          355.85699,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          364.48999,
          252.2152142,
          369.73999,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,997,237 ",
        "box": [
          383.85898999999995,
          252.2152142,
          413.60898999999995,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          422.98999,
          252.2152142,
          428.23999,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,841,176 ",
        "box": [
          453.02698999999996,
          252.2152142,
          482.77698999999996,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          489.73999,
          252.2152142,
          494.98999,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,277,028 ",
        "box": [
          518.27899,
          252.2152142,
          548.02899,
          257.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          65.99,
          269.4652142,
          69.49,
          275.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MBS",
        "box": [
          102.74,
          269.4652142,
          117.51699999999998,
          275.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2026 - ",
        "box": [
          183.74001,
          262.4652142,
          220.09801,
          268.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2026",
        "box": [
          183.74001,
          269.4652142,
          229.40801,
          275.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.38%",
        "box": [
          252.74001,
          269.4652142,
          270.82101,
          275.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.73999,
          269.4652142,
          317.48999,
          275.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122,267 ",
        "box": [
          331.35699,
          269.4652142,
          355.85699,
          275.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.48999,
          269.4652142,
          366.23999,
          275.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "212,800 ",
        "box": [
          389.10898999999995,
          269.4652142,
          413.60898999999995,
          275.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.98999,
          269.4652142,
          424.73999,
          275.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122,267 ",
        "box": [
          458.27698999999996,
          269.4652142,
          482.77698999999996,
          275.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          489.73999,
          269.4652142,
          491.48999,
          275.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126,782 ",
        "box": [
          523.52899,
          269.4652142,
          548.02899,
          275.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total borrowings under repurchase agreements",
        "box": [
          65.99,
          280.7152442,
          208.60099999999994,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.73999,
          280.7152442,
          320.98999,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,547,267 ",
        "box": [
          326.10699,
          280.7152442,
          355.85699,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          364.48999,
          280.7152442,
          369.73999,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,210,037 ",
        "box": [
          383.85898999999995,
          280.7152442,
          413.60898999999995,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          422.98999,
          280.7152442,
          428.23999,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,963,443 ",
        "box": [
          452.85898999999995,
          280.7152442,
          482.60898999999995,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          489.73999,
          280.7152442,
          494.98999,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,403,810 ",
        "box": [
          518.10399,
          280.7152442,
          547.85399,
          286.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)Represents the total number of facility lenders.",
        "box": [
          63.36,
          293.5752242,
          203.51199999999994,
          299.3350317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)Current maturity does not reflect extension options available beyond original commitment terms.",
        "box": [
          63.36,
          301.97522419999996,
          344.04400000000027,
          307.7350317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)Asset class pricing is determined using an index rate plus a weighted average spread.",
        "box": [
          63.36,
          310.3752442,
          310.17100000000005,
          316.1350517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized borrowings under repurchase agreements",
        "box": [
          63.36,
          330.708896,
          294.8599999999999,
          338.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the amount of collateralized borrowings outstanding under repurchase agreements as of the end ",
        "box": [
          63.36,
          354.86889599999995,
          551.0900000000001,
          363.0971925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of each quarter, the average amount of collateralized borrowings outstanding under repurchase agreements during the ",
        "box": [
          63.36,
          366.86889599999995,
          551.1000000000001,
          375.0971925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quarter and the highest balance of any month end during the quarter.",
        "box": [
          63.36,
          378.86889599999995,
          336.95,
          387.0971925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          404.66522419999995,
          106.24,
          410.4250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Quarter End Balance",
        "box": [
          206.81,
          404.66522419999995,
          270.937,
          410.4250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average Balance in Quarter",
        "box": [
          319.07001,
          404.66522419999995,
          403.19601000000006,
          410.4250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Highest Month End Balance in Quarter",
        "box": [
          427.57999,
          404.66522419999995,
          545.9499900000002,
          410.4250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q2 2024",
        "box": [
          65.99,
          414.41522419999995,
          90.294,
          420.1750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          182.99001,
          414.41522419999995,
          184.74001,
          420.1750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,087,661 ",
        "box": [
          266.27601000000004,
          414.41522419999995,
          296.02601000000004,
          420.1750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.23999,
          414.41522419999995,
          306.98999,
          420.1750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,058,766 ",
        "box": [
          388.52599,
          414.41522419999995,
          418.27599,
          420.1750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          427.48999,
          414.41522419999995,
          429.23999,
          420.1750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,087,661 ",
        "box": [
          517.52399,
          414.41522419999995,
          547.27399,
          420.1750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q3 2024",
        "box": [
          65.99,
          424.16522419999995,
          90.294,
          429.9250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          182.99001,
          424.16522419999995,
          184.74001,
          429.9250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,882,327 ",
        "box": [
          266.27601000000004,
          424.16522419999995,
          296.02601000000004,
          429.9250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.23999,
          424.16522419999995,
          306.98999,
          429.9250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,971,347 ",
        "box": [
          388.52599,
          424.16522419999995,
          418.27599,
          429.9250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          427.48999,
          424.16522419999995,
          429.23999,
          429.9250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,049,273 ",
        "box": [
          517.52399,
          424.16522419999995,
          547.27399,
          429.9250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q4 2024",
        "box": [
          65.99,
          433.91522419999995,
          90.294,
          439.6750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          182.99001,
          433.91522419999995,
          184.74001,
          439.6750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,718,131 ",
        "box": [
          266.27601000000004,
          433.91522419999995,
          296.02601000000004,
          439.6750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.23999,
          433.91522419999995,
          306.98999,
          439.6750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,795,627 ",
        "box": [
          388.52599,
          433.91522419999995,
          418.27599,
          439.6750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          427.48999,
          433.91522419999995,
          429.23999,
          439.6750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,846,677 ",
        "box": [
          517.52399,
          433.91522419999995,
          547.27399,
          439.6750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1 2025",
        "box": [
          65.99,
          443.66522419999995,
          90.294,
          449.4250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          182.99001,
          443.66522419999995,
          184.74001,
          449.4250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,425,258 ",
        "box": [
          266.27601000000004,
          443.66522419999995,
          296.02601000000004,
          449.4250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.23999,
          443.66522419999995,
          306.98999,
          449.4250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,922,525 ",
        "box": [
          388.52599,
          443.66522419999995,
          418.27599,
          449.4250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          427.48999,
          443.66522419999995,
          429.23999,
          449.4250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,425,258 ",
        "box": [
          517.52399,
          443.66522419999995,
          547.27399,
          449.4250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q2 2025",
        "box": [
          65.99,
          453.41522419999995,
          90.294,
          459.1750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          182.99001,
          453.41522419999995,
          184.74001,
          459.1750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,135,931 ",
        "box": [
          266.27601000000004,
          453.41522419999995,
          296.02601000000004,
          459.1750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.23999,
          453.41522419999995,
          306.98999,
          459.1750317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,673,449 ",
        "box": [
          388.52599,
          453.41522419999995,
          418.27599,
          459.1750317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          427.48999,
          453.41522419999995,
          429.23999,
          459.1750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,135,931 ",
        "box": [
          517.52399,
          453.41522419999995,
          547.27399,
          459.1750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q3 2025",
        "box": [
          65.99,
          463.16522419999995,
          90.294,
          468.9250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          182.99001,
          463.16522419999995,
          184.74001,
          468.9250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,460,953 ",
        "box": [
          266.27601000000004,
          463.16522419999995,
          296.02601000000004,
          468.9250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.23999,
          463.16522419999995,
          306.98999,
          468.9250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,699,935 ",
        "box": [
          388.52599,
          463.16522419999995,
          418.27599,
          468.9250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          427.48999,
          463.16522419999995,
          429.23999,
          468.9250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,021,745 ",
        "box": [
          517.52399,
          463.16522419999995,
          547.27399,
          468.9250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q4 2025",
        "box": [
          65.99,
          472.91522419999995,
          90.294,
          478.6750317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          182.99001,
          472.91522419999995,
          184.74001,
          478.6750317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,403,810 ",
        "box": [
          266.27601000000004,
          472.91522419999995,
          296.02601000000004,
          478.6750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.23999,
          472.91522419999995,
          306.98999,
          478.6750317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,402,929 ",
        "box": [
          388.52599,
          472.91522419999995,
          418.27599,
          478.6750317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          427.48999,
          472.91522419999995,
          429.23999,
          478.6750317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,431,561 ",
        "box": [
          517.52399,
          472.91522419999995,
          547.27399,
          478.6750317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1 2026",
        "box": [
          65.99,
          482.66522419999995,
          90.294,
          488.4250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          182.99001,
          482.66522419999995,
          184.74001,
          488.4250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,963,443 ",
        "box": [
          266.27601000000004,
          482.66522419999995,
          296.02601000000004,
          488.4250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.23999,
          482.66522419999995,
          306.98999,
          488.4250317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,178,978 ",
        "box": [
          388.52599,
          482.66522419999995,
          418.27599,
          488.4250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          427.48999,
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          429.23999,
          488.4250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,628,893 ",
        "box": [
          517.52399,
          482.66522419999995,
          547.27399,
          488.4250317893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  net  decrease  in  the  outstanding  balances  during  the  first  quarter  of  2026  was  primarily  due  to  the  sales  and ",
        "box": [
          63.36,
          507.61889599999995,
          550.9600200000001,
          515.8471925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "paydowns of warehouse loans, partially offset by the collapse of RCMF 2021-FL7, RCMF 2023-FL11 and RCMF 2023-",
        "box": [
          63.36,
          519.618896,
          548.61,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FL12.",
        "box": [
          63.36,
          531.618896,
          87.52,
          539.8471925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Paycheck Protection Program Liquidity Facility borrowings. ",
        "box": [
          63.36,
          555.618896,
          317.78998,
          563.8471925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company uses the PPPLF from the Federal Reserve ",
        "box": [
          318.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to finance PPP loans. The program charges an interest rate of 0.35%. As of March 31, 2026, we had approximately $3.8 ",
        "box": [
          63.36,
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          551.03003,
          575.8471925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million outstanding under this credit facility.",
        "box": [
          63.36,
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          242.03000000000014,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78",
        "box": [
          301.0,
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          311.0,
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        "confidence": 1.0
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    ]
  },
  {
    "page_no": 79,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Senior Secured Notes and Corporate Debt, Net",
        "box": [
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          63.508906000000025,
          255.73,
          71.73720255618264
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The table below presents information about senior secured notes and corporate debt issued through public and private ",
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        "confidence": 1.0
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      {
        "text": "transactions.",
        "box": [
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          113.57,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(in thousands)",
        "box": [
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          113.46521419999999,
          106.24,
          119.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Coupon Rate",
        "box": [
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          370.35299999999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Maturity Date",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          487.89001,
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          534.33501,
          119.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior secured notes principal amount (1)",
        "box": [
          65.99,
          123.39414223000006,
          178.48620000000003,
          129.71501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.50 %",
        "box": [
          366.95001,
          123.21521419999999,
          387.35501000000005,
          128.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/20/2026",
        "box": [
          431.35001,
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          128.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          481.48999,
          128.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "350,000 ",
        "box": [
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          547.27599,
          128.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes principal amount (2)",
        "box": [
          65.99,
          133.90415223000002,
          178.48620000000003,
          140.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  9.375 %",
        "box": [
          363.45001,
          134.4652142,
          387.35501000000005,
          140.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/1/2028",
        "box": [
          438.35001,
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          463.24201000000005,
          140.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          477.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "270,000 ",
        "box": [
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          134.4652142,
          547.27599,
          140.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term loan principal amount (3) ",
        "box": [
          65.99,
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          150.67915000000002,
          149.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 5.50%",
        "box": [
          342.47,
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          385.48099,
          149.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/12/2029",
        "box": [
          434.85001,
          144.2152142,
          463.24201000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          477.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115,250 ",
        "box": [
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          547.27599,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized discount",
        "box": [
          65.99,
          153.9652142,
          127.98199999999999,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
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          477.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,747) ",
        "box": [
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          549.60699,
          159.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized deferred financing costs",
        "box": [
          65.99,
          163.7152142,
          171.48000000000002,
          169.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          477.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,796) ",
        "box": [
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          549.60699,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total senior secured notes, net",
        "box": [
          65.99,
          173.4652142,
          156.72399999999993,
          179.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          173.4652142,
          481.48999,
          179.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "723,707 ",
        "box": [
          522.77599,
          173.4652142,
          547.27599,
          179.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt principal amount (4)",
        "box": [
          65.99,
          183.39414223000006,
          162.36621000000002,
          189.71501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.50 %",
        "box": [
          366.95001,
          183.2152142,
          387.35501000000005,
          188.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/30/2028",
        "box": [
          431.35001,
          183.2152142,
          463.24201000000005,
          188.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          183.2152142,
          477.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110,000 ",
        "box": [
          522.77599,
          183.2152142,
          547.27599,
          188.9750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt principal amount (5)",
        "box": [
          65.99,
          193.14414223000006,
          162.36621000000002,
          199.46501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.20 %",
        "box": [
          366.95001,
          192.9652142,
          387.35501000000005,
          198.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/30/2026",
        "box": [
          434.85001,
          192.9652142,
          463.24201000000005,
          198.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          192.9652142,
          477.98999,
          198.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,443 ",
        "box": [
          526.27599,
          192.9652142,
          547.27599,
          198.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt principal amount (6)",
        "box": [
          65.99,
          202.89414223000006,
          162.36621000000002,
          209.21501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.375 %",
        "box": [
          363.45001,
          202.7152142,
          387.35501000000005,
          208.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/31/2027",
        "box": [
          434.85001,
          202.7152142,
          463.24201000000005,
          208.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          202.7152142,
          477.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100,000 ",
        "box": [
          522.77599,
          202.7152142,
          547.27599,
          208.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt principal amount (7)",
        "box": [
          65.99,
          212.64414223000006,
          162.36621000000002,
          218.96501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.00 %",
        "box": [
          366.95001,
          212.4652142,
          387.35501000000005,
          218.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/15/2026",
        "box": [
          431.35001,
          212.4652142,
          463.24201000000005,
          218.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          212.4652142,
          477.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100,000 ",
        "box": [
          522.77599,
          212.4652142,
          547.27599,
          218.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt principal amount (8)",
        "box": [
          65.99,
          223.15415223000002,
          162.36621000000002,
          229.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  9.00 %",
        "box": [
          366.95001,
          223.7152142,
          387.35501000000005,
          229.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/15/2029",
        "box": [
          431.35001,
          223.7152142,
          463.24201000000005,
          229.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          477.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,371 ",
        "box": [
          522.77599,
          223.7152142,
          547.27599,
          229.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized discount - corporate debt",
        "box": [
          65.99,
          233.4652142,
          174.02099999999993,
          239.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          233.4652142,
          477.98999,
          239.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,600) ",
        "box": [
          527.44499,
          233.4652142,
          549.60699,
          239.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized deferred financing costs - corporate debt",
        "box": [
          65.99,
          243.2152142,
          217.51899999999998,
          248.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          243.2152142,
          477.98999,
          248.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,492) ",
        "box": [
          527.44499,
          243.2152142,
          549.60699,
          248.9750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Junior subordinated notes principal amount (9)",
        "box": [
          65.99,
          253.14414223000006,
          192.49620000000002,
          259.46501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.10%",
        "box": [
          342.47,
          252.9652142,
          385.48099,
          258.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/30/2035",
        "box": [
          434.85001,
          252.9652142,
          463.24201000000005,
          258.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          252.9652142,
          477.98999,
          258.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,000 ",
        "box": [
          526.27599,
          252.9652142,
          547.27599,
          258.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Junior subordinated notes principal amount (10)",
        "box": [
          65.99,
          262.89414223000006,
          194.76665000000003,
          269.21501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.10%",
        "box": [
          342.47,
          262.7152142,
          385.48099,
          268.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/30/2035",
        "box": [
          434.85001,
          262.7152142,
          463.24201000000005,
          268.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          262.7152142,
          477.98999,
          268.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,250 ",
        "box": [
          526.27599,
          262.7152142,
          547.27599,
          268.4750217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total corporate debt, net",
        "box": [
          65.99,
          272.4652142,
          140.59599999999998,
          278.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          272.4652142,
          481.48999,
          278.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "536,972 ",
        "box": [
          522.77599,
          272.4652142,
          547.27599,
          278.2250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total carrying amount of debt",
        "box": [
          65.99,
          282.2152442,
          156.56299999999993,
          287.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          282.2152442,
          481.48999,
          287.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,260,679 ",
        "box": [
          517.52599,
          282.2152442,
          547.27599,
          287.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)Interest on the senior secured notes is payable semiannually on April 20 and October 20 of each year.",
        "box": [
          63.36,
          295.0752242,
          356.42000000000013,
          300.8350317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)Interest on the senior secured notes is payable semiannually on March 1 and September 1 of each year.",
        "box": [
          63.36,
          303.47522419999996,
          360.2840000000001,
          309.2350317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)Interest on the term loan is payable quarterly on January 12, April 12, July 12 and October 12 of each year.",
        "box": [
          63.36,
          311.8752442,
          372.184,
          317.6350517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)Interest on the corporate debt is payable semiannually on June 30 and December 30 of each year.",
        "box": [
          63.36,
          320.2752342,
          344.149,
          326.0350417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)Interest on the corporate debt is payable quarterly on January 30, April 30, July 30, and October 30 of each year.",
        "box": [
          63.36,
          328.6752342,
          387.5210000000001,
          334.4350417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)Interest on the corporate debt is payable semiannually on January 31 and July 31 of each year.",
        "box": [
          63.36,
          337.0752242,
          336.01500000000004,
          342.8350317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)Interest on the corporate debt is payable semiannually on May 15 and November 15 of each year; assumed as part of the Broadmark Merger (as defined below).",
        "box": [
          63.36,
          345.47522419999996,
          520.0160100000002,
          351.2350317893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8) Interest on the corporate debt is payable quarterly on March 15, June 15, September 15, and December 15 of each year.",
        "box": [
          63.36,
          353.8752442,
          407.4290000000001,
          359.6350517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9) Interest on the Junior subordinated notes I-A is payable quarterly on March 30, June 30, September 30, and December 30 of each year.",
        "box": [
          63.36,
          362.2752342,
          450.6050000000001,
          368.0350417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10) Interest on the Junior subordinated notes I-B is payable quarterly on January 30, April 30, July 30, and October 30 of each year. ",
        "box": [
          63.36,
          370.6752342,
          436.46500000000015,
          376.4350417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the contractual maturities for senior secured notes and corporate debt.",
        "box": [
          63.36,
          391.16891599999997,
          443.96999999999997,
          399.3972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          416.9652442,
          106.24,
          422.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          487.89001,
          416.9652442,
          534.33501,
          422.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          65.99,
          426.7152442,
          79.99,
          432.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          426.7152442,
          481.48999,
          432.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "517,443 ",
        "box": [
          522.77599,
          426.7152442,
          547.27599,
          432.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          65.99,
          436.4652442,
          79.99,
          442.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          436.4652442,
          477.98999,
          442.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100,000 ",
        "box": [
          522.77599,
          436.4652442,
          547.27599,
          442.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          65.99,
          446.2152442,
          79.99,
          451.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          446.2152442,
          477.98999,
          451.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "380,000 ",
        "box": [
          522.77599,
          446.2152442,
          547.27599,
          451.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          65.99,
          455.9652442,
          79.99,
          461.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          455.9652442,
          477.98999,
          461.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "244,621 ",
        "box": [
          522.77599,
          455.9652442,
          547.27599,
          461.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          65.99,
          465.7152442,
          79.99,
          471.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          465.7152442,
          477.98999,
          471.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          538.52599,
          465.7152442,
          543.77599,
          471.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          65.99,
          475.4652442,
          95.11,
          481.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          475.4652442,
          477.98999,
          481.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,250 ",
        "box": [
          526.27599,
          475.4652442,
          547.27599,
          481.2250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total contractual amounts",
        "box": [
          65.99,
          485.2152442,
          145.29299999999998,
          490.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          485.2152442,
          481.48999,
          490.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,278,314 ",
        "box": [
          517.35799,
          485.2152442,
          547.10799,
          490.9750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized deferred financing costs, discounts, and premiums, net",
        "box": [
          65.99,
          494.9652442,
          256.81000000000006,
          500.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.23999,
          494.9652442,
          477.98999,
          500.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,635) ",
        "box": [
          523.94499,
          494.9652442,
          549.60699,
          500.7250517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total carrying amount of debt",
        "box": [
          65.99,
          504.7152442,
          156.56299999999993,
          510.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          476.23999,
          504.7152442,
          481.48999,
          510.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,260,679 ",
        "box": [
          517.35799,
          504.7152442,
          547.10799,
          510.4750517893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap  Holdings  4.50%  senior  secured  notes  due  2026. ",
        "box": [
          63.36,
          529.6688859999999,
          317.34,
          537.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On  October  20,  2021,  ReadyCap  Holdings,  an  indirect ",
        "box": [
          319.03998,
          529.6688859999999,
          551.0299800000001,
          537.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiary of the Company, completed the offer and sale of $350.0 million of its 4.50% Senior Secured Notes due 2026 ",
        "box": [
          63.36,
          541.668886,
          550.99997,
          549.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(the  '2026  Senior  Secured  Notes').  The  2026  Senior  Secured  Notes  are  fully  and  unconditionally  guaranteed  by  the ",
        "box": [
          63.36,
          553.668886,
          551.0699999999999,
          561.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company, each direct parent entity of ReadyCap Holdings, and other direct or indirect subsidiaries of the Company from ",
        "box": [
          63.36,
          565.668886,
          551.06,
          573.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "time to time that is a direct parent entity of Sutherland Asset III, LLC or otherwise pledges collateral to secure the 2026 ",
        "box": [
          63.36,
          577.668886,
          551.1300000000002,
          585.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Secured Notes (collectively, the '2026 SSN Guarantors'). ",
        "box": [
          63.36,
          589.668886,
          326.9700000000001,
          597.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap Holdings' and the 2026 SSN Guarantors' respective obligations under the 2026 Senior Secured Notes are ",
        "box": [
          63.36,
          613.668886,
          551.06,
          621.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "secured by a perfected first-priority  lien  on  certain  capital  stock  and  assets  (collectively,  the  '2026  SSN  Collateral') ",
        "box": [
          63.36,
          625.668886,
          551.1400000000004,
          633.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned by certain subsidiaries of the Company.",
        "box": [
          63.36,
          637.668886,
          251.23000000000002,
          645.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  2026  Senior  Secured  Notes  are  redeemable  by  ReadyCap  Holdings'  following  a  non-call  period,  through  the ",
        "box": [
          63.36,
          661.6688859999999,
          551.0700000000002,
          669.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payment of the outstanding principal balance of the 2026 Senior Secured Notes plus a 'make-whole' or other premium ",
        "box": [
          63.36,
          673.668886,
          551.1199999999999,
          681.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that  decreases  the  closer  the  2026  Senior  Secured  Notes  are  to  maturity.  ReadyCap  Holdings  is  required  to  offer  to ",
        "box": [
          63.36,
          685.668886,
          551.1100000000001,
          693.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase the 2026 Senior Secured Notes at 101% of the principal balance of the 2026 Senior Secured Notes in the ",
        "box": [
          63.36,
          697.668886,
          551.0099799999999,
          705.8971825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 80,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "event of a change in control and a downgrade of the rating on the 2026 Senior Secured Notes in connection therewith, as ",
        "box": [
          63.36,
          63.66888600000004,
          551.0699999999998,
          71.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "set forth more fully in the note purchase agreement governing the 2026 Senior Secured Notes. ",
        "box": [
          63.36,
          75.66888600000004,
          441.86,
          83.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The 2026 Senior Secured Notes were issued pursuant to a note purchase agreement, which contains certain customary ",
        "box": [
          63.36,
          99.66888600000004,
          551.0300000000002,
          107.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "negative covenants and requirements relating to the collateral and the Company, ReadyCap Holdings, and the 2026 SSN ",
        "box": [
          63.36,
          111.66888600000004,
          551.0600000000003,
          119.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Guarantors,  including  maintenance  of  minimum  liquidity,  minimum  tangible  net  worth,  maximum  debt  to  net  worth ",
        "box": [
          63.36,
          123.66888600000004,
          551.09,
          131.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ratio, and limitations on transactions with affiliates.",
        "box": [
          63.36,
          135.66888600000004,
          269.19000000000005,
          143.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap Holdings 9.375% senior secured notes due 2028. ",
        "box": [
          63.36,
          159.66888600000004,
          312.88999,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On February 21, 2025, ReadyCap Holdings completed the ",
        "box": [
          313.23999,
          159.66888600000004,
          551.0499900000003,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offer and sale of $220.0 million of its 9.375% Senior Secured Notes due 2028 (the '2028 Senior Secured Notes' and, ",
        "box": [
          63.36,
          171.66888600000004,
          551.0599900000004,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with the 2026 Senior Secured Notes, collectively, the 'Senior Secured Notes') for net proceeds of $216.7 million before ",
        "box": [
          63.36,
          183.66888600000004,
          551.0900100000002,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses. The 2028 Senior Secured Notes are fully and unconditionally guaranteed by the Company and other direct or ",
        "box": [
          63.36,
          195.66888600000004,
          551.1300000000003,
          203.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indirect subsidiaries of the Company from time to time that pledge collateral to secure the 2028 Senior Secured Notes ",
        "box": [
          63.36,
          207.66888600000004,
          550.97,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(collectively, the '2028 SSN Guarantors'). ",
        "box": [
          63.36,
          219.66888600000004,
          237.89000000000001,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap Holdings' and the 2028 SSN Guarantors' respective obligations under the 2028 Senior Secured Notes are ",
        "box": [
          63.36,
          243.66888600000004,
          551.06,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "secured by a perfected first-priority  lien  on  certain  capital  stock  and  assets  (collectively,  the  '2028  SSN  Collateral') ",
        "box": [
          63.36,
          255.668946,
          551.1400000000004,
          263.8972425561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned by certain subsidiaries of the Company.",
        "box": [
          63.36,
          267.668946,
          251.23000000000002,
          275.8972425561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  2028  Senior  Secured  Notes  are  redeemable  by  ReadyCap  Holdings  following  a  non-call  period,  through  the ",
        "box": [
          63.36,
          291.66891599999997,
          551.04,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payment of the outstanding principal balance of the 2028 Senior Secured Notes plus a 'make-whole' or other premium ",
        "box": [
          63.36,
          303.66891599999997,
          551.1199999999999,
          311.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that  decreases  the  closer  the  2028  Senior  Secured  Notes  are  to  maturity.  ReadyCap  Holdings  is  required  to  offer  to ",
        "box": [
          63.36,
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          551.1100000000001,
          323.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase the 2028 Senior Secured Notes at 101% of the principal balance of the 2028 Senior Secured Notes in the ",
        "box": [
          63.36,
          327.66891599999997,
          551.0099799999999,
          335.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "event of a change in control and a downgrade of the rating on the 2028 Senior Secured Notes in connection therewith, as ",
        "box": [
          63.36,
          339.66891599999997,
          551.0699999999998,
          347.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "set forth more fully in the note purchase agreement governing the 2028 Senior Secured Notes. ",
        "box": [
          63.36,
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          441.86,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The 2028 Senior Secured Notes were issued pursuant to a note purchase agreement, which contains certain customary ",
        "box": [
          63.36,
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          551.0300000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "negative covenants and requirements relating to the collateral and the Company, ReadyCap Holdings, and the 2028 SSN ",
        "box": [
          63.36,
          387.66891599999997,
          551.0600000000003,
          395.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Guarantors, including maintenance of minimum tangible net worth, maximum debt to net worth ratio, unencumbered ",
        "box": [
          63.36,
          399.66891599999997,
          551.0300000000003,
          407.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash and asset requirements, and limitations on transactions with affiliates. ",
        "box": [
          63.36,
          411.66891599999997,
          364.62999999999994,
          419.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On April 16, 2025, ReadyCap Holdings issued an additional $50.0 million in aggregate principal amount of its 2028 ",
        "box": [
          63.36,
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          551.0199999999999,
          443.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior  Secured  Notes  for  net  proceeds  of  $49.3  million  before  expenses.  The  additional  notes  are  fungible  with  and ",
        "box": [
          63.36,
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          551.1199999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "treated as a single series of debt securities as the Company's 2028 Senior Secured Notes issued on February 21, 2025. ",
        "box": [
          63.36,
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          551.0300000000002,
          467.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company used the net proceeds from the issuance of the additional notes to repay its indebtedness and for general ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corporate purposes.",
        "box": [
          63.36,
          483.66891599999997,
          141.61999999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          141.62,
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          144.12,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Term Holdings, LLC ('Ready Term Holdings') term loan due 2029.",
        "box": [
          63.36,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " On April 12, 2024, Ready Term Holdings, ",
        "box": [
          374.59998,
          507.668886,
          551.0299799999999,
          515.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "an indirect subsidiary of the Company, entered into a credit agreement which provides for a delayed draw term loan to ",
        "box": [
          63.36,
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          550.96,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Company in an aggregate principal amount not to exceed $115.25 million (the 'Term Loan'). The Term Loan is fully ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and unconditionally guaranteed by the Company and other direct or indirect subsidiaries of the Company from time to ",
        "box": [
          63.36,
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          550.98,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "time that pledge collateral to secure the Term Loan (collectively, the 'Term Loan Guarantors'). ",
        "box": [
          63.36,
          555.668886,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Term Holdings' and the Term Loan Guarantors' respective obligations under the Term Loan are secured by a ",
        "box": [
          63.36,
          579.668886,
          551.0300000000001,
          587.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "perfected  first-priority  lien  on  certain  capital  stock  and  assets  (collectively,  the  'Term  Loan  Collateral')  owned  by ",
        "box": [
          63.36,
          591.668886,
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          599.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain subsidiaries of the Company.",
        "box": [
          63.36,
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          209.58,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Term Loan matures on April 12, 2029, and may be drawn at any time on or prior to January 12, 2025, subject to the ",
        "box": [
          63.36,
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          551.1,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "satisfaction of customary conditions. The Company borrowed $75.0 million in connection with the initial closing of the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Loan. On August 19, 2024, the Company borrowed an additional $20.0 million. The Term Loan bears interest on ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the outstanding principal amount thereof at a rate equal to (a) SOFR plus 5.50% per annum or (b) base rate plus 4.50% ",
        "box": [
          63.36,
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          550.96001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per annum; provided that if at any time the Term Loan is rated below investment grade, the interest rate shall increase to ",
        "box": [
          63.36,
          675.668886,
          551.07,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(x) SOFR plus 6.50% per annum or (y) base rate plus 5.50% per annum until the rating is no longer below investment ",
        "box": [
          63.36,
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          550.94001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "grade. In connection with the entry into the credit agreement, the Company also agreed to pay certain upfront fees on the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 81,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "initial borrowing date. The Company will also pay, with respect to any unused portion of the Term Loan, a commitment ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fee of 1.00% per annum.",
        "box": [
          63.36,
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          162.17000000000002,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Term  Loan  was  issued  pursuant  to  a  credit  agreement,  which  contains  certain  customary  representations  and ",
        "box": [
          63.36,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "warranties and affirmative and negative covenants and requirements relating to the collateral and the Company, Ready ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term  Holdings,  and  the  Term  Loan  Guarantors,  including  maintenance  of  a  minimum  asset  coverage  ratio  and  a ",
        "box": [
          63.36,
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          131.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maximum debt to equity ratio.",
        "box": [
          63.36,
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          184.61000000000004,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt",
        "box": [
          63.36,
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          167.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We issue senior unsecured notes in public and private transactions.  The  notes  are  governed  by  a  base  indenture  and ",
        "box": [
          63.36,
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          551.01,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "supplemental indentures. Often, the notes are redeemable by us following a non-call period, through the payment of the ",
        "box": [
          63.36,
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          551.1400000000001,
          191.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding principal balance plus a 'make-whole' or other premium that typically decreases the closer the notes are to ",
        "box": [
          63.36,
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          551.0400000000002,
          203.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maturity. We are often required to offer to repurchase the notes, in some cases at 101% of the principal balance of the ",
        "box": [
          63.36,
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          551.0099700000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "notes, in the event of a change in control or fundamental change pertaining to our company, as defined in the applicable ",
        "box": [
          63.36,
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          551.13,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "supplemental  indentures.  The  notes  rank  equal  in  right  of  payment  to  any  of  our  existing  and  future  unsecured  and ",
        "box": [
          63.36,
          231.66888600000004,
          551.1400000000002,
          239.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unsubordinated  indebtedness;  effectively  junior  in  right  of  payment  to  any  of  our  existing  and  future  secured ",
        "box": [
          63.36,
          243.66888600000004,
          551.0300000000001,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and ",
        "box": [
          63.36,
          255.668946,
          550.9899999999998,
          263.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "future indebtedness, other liabilities (including trade payables) and (to the extent not held by us) preferred stock, if any, ",
        "box": [
          63.36,
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          551.1,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our subsidiaries. The supplemental indentures governing the notes often contain customary negative covenants and ",
        "box": [
          63.36,
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          551.0200000000001,
          287.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial covenants relating to maintenance of minimum liquidity, minimum tangible net worth, maximum debt to net ",
        "box": [
          63.36,
          291.66891599999997,
          551.0199999999998,
          299.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "worth ratio and limitations on transactions with affiliates.",
        "box": [
          63.36,
          303.66891599999997,
          292.51,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  addition,  in  connection  with  the  merger  among  the  Company,  Broadmark  Realty  Capital  Inc.  ('Broadmark'),  and ",
        "box": [
          63.36,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RCC  Merger  Sub,  LLC,  a  wholly  owned  subsidiary  of  the  operating  partnership  ('RCC  Merger  Sub'),  in  which ",
        "box": [
          63.36,
          339.66891599999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Broadmark merged with and into RCC Merger Sub, with RCC Merger Sub remaining as a wholly owned subsidiary of ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  operating  partnership  (the  'Broadmark  Merger'),  RCC  Merger  Sub  assumed  Broadmark's  obligations  on  certain ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "senior  unsecured  notes.  The  note  purchase  agreement  governing  these  notes  contains  financial  covenants  that  require ",
        "box": [
          63.36,
          375.66891599999997,
          551.12,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compliance  with  leverage  and  coverage  ratios  and  maintenance  of  minimum  tangible  net  worth,  as  well  as  other ",
        "box": [
          63.36,
          387.66891599999997,
          550.9999999999998,
          395.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "customary affirmative and negative covenants.",
        "box": [
          63.36,
          399.66891599999997,
          250.05000000000007,
          407.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization transactions",
        "box": [
          63.36,
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          173.55999999999997,
          431.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Manager's extensive experience in loan acquisition, origination, servicing and securitization strategies has enabled ",
        "box": [
          63.36,
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          551.02,
          443.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "us to complete several securitizations of LMM and SBA loan assets since January 2011. These securitizations allow us ",
        "box": [
          63.36,
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          551.0700000000003,
          455.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to match fund the LMM and SBA loans on a long-term, non-recourse basis. The assets pledged as collateral for these ",
        "box": [
          63.36,
          459.66891599999997,
          551.0699999999998,
          467.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitizations were contributed from our portfolio of assets. By contributing these LMM and SBA assets to the various ",
        "box": [
          63.36,
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          551.0699999999998,
          479.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitizations, these transactions created capacity for us to fund other investments. ",
        "box": [
          63.36,
          483.66891599999997,
          398.74999999999983,
          491.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 82,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The table below presents information on the securitization structures and related issued tranches of notes to investors.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in millions)",
        "box": [
          65.99,
          90.96521419999999,
          100.40899999999999,
          96.7250217893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral Asset Class",
        "box": [
          274.48999,
          90.96521419999999,
          339.7929900000001,
          96.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuance",
        "box": [
          371.23999,
          90.96521419999999,
          396.90199,
          96.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Active / Collapsed",
        "box": [
          431.23999,
          90.96521419999999,
          485.27299000000005,
          96.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bonds Issued",
        "box": [
          498.88,
          90.96521419999999,
          538.353,
          96.7250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trusts (Firm sponsored)",
        "box": [
          65.99,
          100.71521419999999,
          136.37499999999994,
          106.4750217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Waterfall Victoria Mortgage Trust 2011-1 (SBC1)",
        "box": [
          65.99,
          110.83520420000002,
          207.25699999999992,
          116.59501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Acquired loans",
        "box": [
          274.48999,
          110.83520420000002,
          335.51599000000004,
          116.59501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2011",
        "box": [
          371.23999,
          110.83520420000002,
          412.24599,
          116.59501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          110.83520420000002,
          459.21899,
          116.59501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          491.23999,
          110.83520420000002,
          496.48999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40.5 ",
        "box": [
          533.27499,
          110.83520420000002,
          547.27499,
          116.59501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Waterfall Victoria Mortgage Trust 2011-3 (SBC3)",
        "box": [
          65.99,
          120.58520420000002,
          207.25699999999992,
          126.34501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Acquired loans",
        "box": [
          274.48999,
          120.58520420000002,
          335.51599000000004,
          126.34501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2011",
        "box": [
          371.23999,
          120.58520420000002,
          409.52299,
          126.34501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          120.58520420000002,
          459.21899,
          126.34501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          120.58520420000002,
          492.98999,
          126.34501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "143.4 ",
        "box": [
          529.77499,
          120.58520420000002,
          547.27499,
          126.34501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sutherland Commercial Mortgage Trust 2015-4 (SBC4)",
        "box": [
          65.99,
          130.33520420000002,
          222.82499999999993,
          136.09501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Acquired loans",
        "box": [
          274.48999,
          130.33520420000002,
          335.51599000000004,
          136.09501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2015",
        "box": [
          371.23999,
          130.33520420000002,
          407.21299,
          136.09501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          130.33520420000002,
          459.21899,
          136.09501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          130.33520420000002,
          492.98999,
          136.09501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125.4 ",
        "box": [
          529.77499,
          130.33520420000002,
          547.27499,
          136.09501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sutherland Commercial Mortgage Trust 2018 (SBC7)",
        "box": [
          65.99,
          140.08520420000002,
          216.99399999999994,
          145.84501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Acquired loans",
        "box": [
          274.48999,
          140.08520420000002,
          335.51599000000004,
          145.84501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2018",
        "box": [
          371.23999,
          140.08520420000002,
          416.52299,
          145.84501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          140.08520420000002,
          459.21899,
          145.84501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          140.08520420000002,
          492.98999,
          145.84501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "217.0 ",
        "box": [
          529.77499,
          140.08520420000002,
          547.27499,
          145.84501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap Lending Small Business Trust 2015-1 (RCLT 2015-1)",
        "box": [
          65.99,
          149.83520420000002,
          248.87899999999993,
          155.59501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquired SBA 7(a) loans",
        "box": [
          274.48999,
          149.83520420000002,
          345.41399,
          155.59501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2015",
        "box": [
          371.23999,
          149.83520420000002,
          399.81399,
          155.59501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          149.83520420000002,
          459.21899,
          155.59501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          149.83520420000002,
          492.98999,
          155.59501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "189.5 ",
        "box": [
          529.77499,
          149.83520420000002,
          547.27499,
          155.59501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap Lending Small Business Loan Trust 2019-2 (RCLT 2019-2)",
        "box": [
          65.99,
          159.95520420000003,
          265.00699999999995,
          165.71501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Originated SBA 7(a) loans, ",
        "box": [
          274.48999,
          159.95520420000003,
          352.80599000000007,
          165.71501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquired SBA 7(a) loans",
        "box": [
          274.48999,
          166.95520420000003,
          345.41399,
          172.71501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2019",
        "box": [
          371.23999,
          159.95520420000003,
          415.72499,
          165.71501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Active",
        "box": [
          431.23999,
          159.95520420000003,
          449.89499,
          165.71501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          159.95520420000003,
          492.98999,
          165.71501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131.0 ",
        "box": [
          529.77499,
          159.95520420000003,
          547.27499,
          165.71501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap Lending Small Business Loan Trust 2023-3 (RCLT 2023-3)",
        "box": [
          65.99,
          177.20520420000003,
          265.00699999999995,
          182.96501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Originated SBA 7(a) loans, ",
        "box": [
          274.48999,
          177.20520420000003,
          352.80599000000007,
          182.96501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquired SBA 7(a) loans",
        "box": [
          274.48999,
          184.20520420000003,
          345.41399,
          189.96501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2023",
        "box": [
          371.23999,
          177.20520420000003,
          398.65899,
          182.96501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Active",
        "box": [
          431.23999,
          177.20520420000003,
          449.89499,
          182.96501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          180.58520420000002,
          492.98999,
          186.34501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "132.0 ",
        "box": [
          529.77499,
          180.58520420000002,
          547.27499,
          186.34501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Mortgage Investment Conduits (REMICs)",
        "box": [
          65.99,
          203.4652142,
          222.06900000000002,
          209.2250217893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap Commercial Mortgage Trust 2014-1 (RCMT 2014-1)",
        "box": [
          65.99,
          213.58520420000002,
          246.3239999999999,
          219.34501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated conventional",
        "box": [
          274.48999,
          213.58520420000002,
          360.77899000000014,
          219.34501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2014",
        "box": [
          371.23999,
          213.58520420000002,
          416.90799000000004,
          219.34501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          213.58520420000002,
          459.21899,
          219.34501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          213.58520420000002,
          492.98999,
          219.34501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "181.7 ",
        "box": [
          529.77499,
          213.58520420000002,
          547.27499,
          219.34501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap Commercial Mortgage Trust 2015-2 (RCMT 2015-2)",
        "box": [
          65.99,
          223.33520420000002,
          246.3239999999999,
          229.09501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated conventional",
        "box": [
          274.48999,
          223.33520420000002,
          360.77899000000014,
          229.09501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2015",
        "box": [
          371.23999,
          223.33520420000002,
          416.52299,
          229.09501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          223.33520420000002,
          459.21899,
          229.09501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          223.33520420000002,
          492.98999,
          229.09501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "218.8 ",
        "box": [
          529.77499,
          223.33520420000002,
          547.27499,
          229.09501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap Commercial Mortgage Trust 2016-3 (RCMT 2016-3)",
        "box": [
          65.99,
          233.08520420000002,
          246.3239999999999,
          238.84501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated conventional",
        "box": [
          274.48999,
          233.08520420000002,
          360.77899000000014,
          238.84501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2016",
        "box": [
          371.23999,
          233.08520420000002,
          416.52299,
          238.84501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Active",
        "box": [
          431.23999,
          233.08520420000002,
          449.89499,
          238.84501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          233.08520420000002,
          492.98999,
          238.84501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "162.1 ",
        "box": [
          529.77499,
          233.08520420000002,
          547.27499,
          238.84501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ReadyCap Commercial Mortgage Trust 2018-4 (RCMT 2018-4)",
        "box": [
          65.99,
          242.83520420000002,
          246.3239999999999,
          248.59501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated conventional",
        "box": [
          274.48999,
          242.83520420000002,
          360.77899000000014,
          248.59501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2018",
        "box": [
          371.23999,
          242.83520420000002,
          405.24599,
          248.59501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Active",
        "box": [
          431.23999,
          242.83520420000002,
          449.89499,
          248.59501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          242.83520420000002,
          492.98999,
          248.59501178932783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "165.0 ",
        "box": [
          529.77499,
          242.83520420000002,
          547.27499,
          248.59501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Mortgage Trust 2019-5 (RCMT 2019-5)",
        "box": [
          65.99,
          252.58520420000002,
          220.6829999999999,
          258.3450117893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated conventional",
        "box": [
          274.48999,
          252.58520420000002,
          360.77899000000014,
          258.3450117893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2019",
        "box": [
          371.23999,
          252.58520420000002,
          408.74599,
          258.3450117893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Active",
        "box": [
          431.23999,
          252.58520420000002,
          449.89499,
          258.3450117893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          252.58520420000002,
          492.98999,
          258.3450117893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "355.8 ",
        "box": [
          529.77499,
          252.58520420000002,
          547.27499,
          258.3450117893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Mortgage Trust 2019-6 (RCMT 2019-6)",
        "box": [
          65.99,
          262.3352042,
          220.6829999999999,
          268.0950117893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated conventional",
        "box": [
          274.48999,
          262.3352042,
          360.77899000000014,
          268.0950117893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2019",
        "box": [
          371.23999,
          262.3352042,
          416.52299,
          268.0950117893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Active",
        "box": [
          431.23999,
          262.3352042,
          449.89499,
          268.0950117893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          262.3352042,
          492.98999,
          268.0950117893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "430.7 ",
        "box": [
          529.77499,
          262.3352042,
          547.27499,
          268.0950117893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Mortgage Trust 2022-7 (RCMT 2022-7)",
        "box": [
          65.99,
          272.0852042,
          220.6829999999999,
          277.8450117893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated conventional",
        "box": [
          274.48999,
          272.0852042,
          360.77899000000014,
          277.8450117893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2022",
        "box": [
          371.23999,
          272.0852042,
          401.76699,
          277.8450117893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Active",
        "box": [
          431.23999,
          272.0852042,
          449.89499,
          277.8450117893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          272.0852042,
          492.98999,
          277.8450117893278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "276.8 ",
        "box": [
          529.77499,
          272.0852042,
          547.27499,
          277.8450117893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Waterfall Victoria Mortgage Trust 2011-2 (SBC2)",
        "box": [
          65.99,
          281.8352342,
          207.25699999999992,
          287.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Acquired loans",
        "box": [
          274.48999,
          281.8352342,
          335.51599000000004,
          287.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2011",
        "box": [
          371.23999,
          281.8352342,
          405.24599,
          287.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          281.8352342,
          459.21899,
          287.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          281.8352342,
          492.98999,
          287.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97.6 ",
        "box": [
          533.27499,
          281.8352342,
          547.27499,
          287.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sutherland Commercial Mortgage Trust 2018 (SBC6)",
        "box": [
          65.99,
          291.5852342,
          216.99399999999994,
          297.3450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Acquired loans",
        "box": [
          274.48999,
          291.5852342,
          335.51599000000004,
          297.3450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2017",
        "box": [
          371.23999,
          291.5852342,
          407.21299,
          297.3450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          291.5852342,
          459.21899,
          297.3450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          291.5852342,
          492.98999,
          297.3450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "154.9 ",
        "box": [
          529.77499,
          291.5852342,
          547.27499,
          297.3450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sutherland Commercial Mortgage Trust 2019 (SBC8)",
        "box": [
          65.99,
          301.3352342,
          216.99399999999994,
          307.0950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Acquired loans",
        "box": [
          274.48999,
          301.3352342,
          335.51599000000004,
          307.0950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2019",
        "box": [
          371.23999,
          301.3352342,
          399.81399,
          307.0950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Active",
        "box": [
          431.23999,
          301.3352342,
          449.89499,
          307.0950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          301.3352342,
          492.98999,
          307.0950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "306.5 ",
        "box": [
          529.77499,
          301.3352342,
          547.27499,
          307.0950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sutherland Commercial Mortgage Trust 2020 (SBC9)",
        "box": [
          65.99,
          311.0852342,
          216.99399999999994,
          316.8450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Acquired loans",
        "box": [
          274.48999,
          311.0852342,
          335.51599000000004,
          316.8450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2020",
        "box": [
          371.23999,
          311.0852342,
          399.81399,
          316.8450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          311.0852342,
          459.21899,
          316.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          311.0852342,
          492.98999,
          316.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "203.6 ",
        "box": [
          529.77499,
          311.0852342,
          547.27499,
          316.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sutherland Commercial Mortgage Trust 2021 (SBC10)",
        "box": [
          65.99,
          320.8352342,
          220.49399999999994,
          326.5950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Acquired loans",
        "box": [
          274.48999,
          320.8352342,
          335.51599000000004,
          326.5950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2021",
        "box": [
          371.23999,
          320.8352342,
          399.81399,
          326.5950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Active",
        "box": [
          431.23999,
          320.8352342,
          449.89499,
          326.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          320.8352342,
          492.98999,
          326.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "232.6 ",
        "box": [
          529.77499,
          320.8352342,
          547.27499,
          326.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized Loan Obligations (CLOs)",
        "box": [
          65.99,
          339.9652442,
          181.27999999999994,
          345.7250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Mortgage Financing 2017- FL1",
        "box": [
          65.99,
          350.0852342,
          197.16299999999993,
          355.8450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated bridge",
        "box": [
          274.48999,
          350.0852342,
          342.5229900000001,
          355.8450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2017",
        "box": [
          371.23999,
          350.0852342,
          407.21299,
          355.8450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          350.0852342,
          459.21899,
          355.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          350.0852342,
          492.98999,
          355.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "198.8 ",
        "box": [
          529.77499,
          350.0852342,
          547.27499,
          355.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Mortgage Financing 2018 - FL2",
        "box": [
          65.99,
          359.8352342,
          198.91299999999993,
          365.5950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated bridge",
        "box": [
          274.48999,
          359.8352342,
          342.5229900000001,
          365.5950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2018",
        "box": [
          371.23999,
          359.8352342,
          399.81399,
          365.5950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          359.8352342,
          459.21899,
          365.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          359.8352342,
          492.98999,
          365.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "217.1 ",
        "box": [
          529.77499,
          359.8352342,
          547.27499,
          365.5950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Mortgage Financing 2019 - FL3",
        "box": [
          65.99,
          369.5852342,
          198.91299999999993,
          375.3450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated bridge",
        "box": [
          274.48999,
          369.5852342,
          342.5229900000001,
          375.3450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2019",
        "box": [
          371.23999,
          369.5852342,
          401.76699,
          375.3450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          369.5852342,
          459.21899,
          375.3450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          369.5852342,
          492.98999,
          375.3450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "320.2 ",
        "box": [
          529.77499,
          369.5852342,
          547.27499,
          375.3450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Mortgage Financing 2020 - FL4",
        "box": [
          65.99,
          379.3352342,
          198.91299999999993,
          385.0950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated bridge",
        "box": [
          274.48999,
          379.3352342,
          342.5229900000001,
          385.0950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2020",
        "box": [
          371.23999,
          379.3352342,
          399.81399,
          385.0950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          379.3352342,
          459.21899,
          385.0950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          379.3352342,
          492.98999,
          385.0950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "405.3 ",
        "box": [
          529.77499,
          379.3352342,
          547.27499,
          385.0950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Mortgage Financing 2021 - FL5",
        "box": [
          65.99,
          389.0852342,
          198.91299999999993,
          394.8450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated bridge",
        "box": [
          274.48999,
          389.0852342,
          342.5229900000001,
          394.8450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2021",
        "box": [
          371.23999,
          389.0852342,
          405.24599,
          394.8450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          389.0852342,
          459.21899,
          394.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          389.0852342,
          492.98999,
          394.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "628.9 ",
        "box": [
          529.77499,
          389.0852342,
          547.27499,
          394.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Mortgage Financing 2021 - FL6",
        "box": [
          65.99,
          398.8352342,
          198.91299999999993,
          404.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated bridge",
        "box": [
          274.48999,
          398.8352342,
          342.5229900000001,
          404.5950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2021",
        "box": [
          371.23999,
          398.8352342,
          407.21299,
          404.5950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          398.8352342,
          459.21899,
          404.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          398.8352342,
          492.98999,
          404.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "652.5 ",
        "box": [
          529.77499,
          398.8352342,
          547.27499,
          404.5950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Mortgage Financing 2021 - FL7",
        "box": [
          65.99,
          408.5852342,
          198.91299999999993,
          414.3450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated bridge",
        "box": [
          274.48999,
          408.5852342,
          342.5229900000001,
          414.3450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2021",
        "box": [
          371.23999,
          408.5852342,
          416.52299,
          414.3450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          408.5852342,
          459.21899,
          414.3450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          408.5852342,
          492.98999,
          414.3450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "927.2 ",
        "box": [
          529.77499,
          408.5852342,
          547.27499,
          414.3450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Mortgage Financing 2022 - FL8",
        "box": [
          65.99,
          418.3352342,
          198.91299999999993,
          424.0950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated bridge",
        "box": [
          274.48999,
          418.3352342,
          342.5229900000001,
          424.0950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2022",
        "box": [
          371.23999,
          418.3352342,
          405.24599,
          424.0950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          418.3352342,
          459.21899,
          424.0950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          418.3352342,
          492.98999,
          424.0950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,135.0 ",
        "box": [
          524.52499,
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          547.27499,
          424.0950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Mortgage Financing 2022 - FL9",
        "box": [
          65.99,
          428.0852342,
          198.91299999999993,
          433.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated bridge",
        "box": [
          274.48999,
          428.0852342,
          342.5229900000001,
          433.8450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2022",
        "box": [
          371.23999,
          428.0852342,
          399.81399,
          433.8450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          428.0852342,
          459.21899,
          433.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          428.0852342,
          492.98999,
          433.8450417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "754.2 ",
        "box": [
          529.77499,
          428.0852342,
          547.27499,
          433.8450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Mortgage Financing 2022 - FL10",
        "box": [
          65.99,
          437.8352342,
          202.41299999999993,
          443.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated bridge",
        "box": [
          274.48999,
          437.8352342,
          342.5229900000001,
          443.5950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2022",
        "box": [
          371.23999,
          437.8352342,
          409.52299,
          443.5950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          437.8352342,
          459.21899,
          443.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
          437.8352342,
          492.98999,
          443.5950417893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "860.1 ",
        "box": [
          529.77499,
          437.8352342,
          547.27499,
          443.5950417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Mortgage Financing 2023 - FL11",
        "box": [
          65.99,
          447.5852342,
          202.41299999999993,
          453.3450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM Originated bridge",
        "box": [
          274.48999,
          447.5852342,
          342.5229900000001,
          453.3450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2023",
        "box": [
          371.23999,
          447.5852342,
          412.24599,
          453.3450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collapsed",
        "box": [
          431.23999,
          447.5852342,
          459.21899,
          453.3450417893279
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        "text": "586.0 ",
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        "text": "Ready Capital Mortgage Financing 2023 - FL12",
        "box": [
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        "text": "LMM Originated bridge",
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        "text": "June 2023",
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        "text": " ",
        "box": [
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        "text": "648.6 ",
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        "text": "Trusts (Non-firm sponsored)",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Freddie Mac Small Balance Mortgage Trust 2016-SB11",
        "box": [
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        "from_ocr": false,
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        "text": "Originated agency multi-family",
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        "from_ocr": false,
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        "text": "January 2016",
        "box": [
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        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "110.0 ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Freddie Mac Small Balance Mortgage Trust 2016-SB18",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Originated agency multi-family",
        "box": [
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        "from_ocr": false,
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        "text": "July 2016",
        "box": [
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        "confidence": 1.0
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        "text": "Active",
        "box": [
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          492.98999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "118.0 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Freddie Mac Small Balance Mortgage Trust 2017-SB33",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Originated agency multi-family",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "June 2017",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Active",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          492.98999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "197.9 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Freddie Mac Small Balance Mortgage Trust 2018-SB45",
        "box": [
          65.99,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Originated agency multi-family",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "January 2018",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Active",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          492.98999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "362.0 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Freddie Mac Small Balance Mortgage Trust 2018-SB52",
        "box": [
          65.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Originated agency multi-family",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "September 2018",
        "box": [
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        "from_ocr": false,
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        "text": "Active",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.23999,
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          492.98999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "505.0 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Freddie Mac Small Balance Mortgage Trust 2018-SB56",
        "box": [
          65.99,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Originated agency multi-family",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "December 2018",
        "box": [
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        "from_ocr": false,
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        "text": "Active",
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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": "507.3 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Key Commercial Mortgage Trust 2020-S3 (1)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "LMM Originated conventional",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "September 2020",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Active",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "263.2 ",
        "box": [
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      {
        "text": "(1)Contributed portion of assets into trust",
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        "from_ocr": false,
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      {
        "text": "We used the proceeds from the sale of the tranches issued to purchase and originate LMM and SBL loans. We are the ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "primary beneficiary of all firm sponsored securitizations; therefore they are consolidated in our financial statements.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Contractual Obligations and Off-Balance Sheet Arrangements",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other than the items referenced above, there have been no material changes to our contractual obligations for the three ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "months ended March 31, 2026. Refer to Item 7, \"Management's Discussion and Analysis of Financial Condition and ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Results of Operations - Contractual Obligations,\" in the Company's Form 10-K for further details. As of the date of this ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Form 10-Q, we had no off-balance sheet arrangements, other than as disclosed.",
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        "text": "82",
        "box": [
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  },
  {
    "page_no": 83,
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    "cells": [
      {
        "text": "Critical Accounting Estimates",
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      {
        "text": "Our consolidated financial statements are prepared in accordance with GAAP, which requires the use of estimates and ",
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        "confidence": 1.0
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      {
        "text": "assumptions  that  affect  the  reported  amounts  of  assets  and  liabilities  as  of  the  date  of  the  consolidated  financial ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "statements and the reported amounts of revenues and expenses during the reporting period. We believe that all of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "decisions and assessments upon which our consolidated financial statements are based were reasonable at the time made, ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "based upon information available to us at that time. The following discussion describes the critical accounting estimates ",
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      {
        "text": "that apply to our operations and require complex management judgment. This summary should be read in conjunction ",
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        "confidence": 1.0
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      {
        "text": "with our accounting policies and use of estimates included in 'Notes to Consolidated Financial Statements, Note 3 - ",
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        "confidence": 1.0
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      {
        "text": "Summary of Significant Accounting Policies' included in Item 8, 'Financial Statements and Supplementary Data,' in the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's Form 10-K.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for credit losses",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The allowance for credit losses consists of the allowance for losses on loans and lending commitments accounted for at ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortized  cost.  Such  loans  and  lending  commitments  are  reviewed  quarterly  considering  credit  quality  indicators, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including probable and historical losses, collateral values, LTV ratio and economic conditions. The allowance for credit ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "losses increases through provisions charged to earnings and reduced by charge-offs, net of recoveries.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We utilize loan loss forecasting models for estimating expected life-time credit losses, at the individual loan level, for its ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan  portfolio.  The  Current  Expected  Credit  Loss  ('CECL')  forecasting  methods  used  by  the  Company  include  (i)  a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "probability  of  default  and  loss  given  default  method  using  underlying  third-party  CMBS/CRE  loan  database  with ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "historical loan losses and (ii) probability weighted expected cash flow method, depending on the type of loan and the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "availability  of  relevant  historical  market  loan  loss  data.  We  might  use  other  acceptable  alternative  approaches  in  the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market loan loss data.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We estimate the CECL expected credit losses for our loan portfolio at the individual loan level. Significant inputs to our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "forecasting methods include (i) key loan-specific inputs such as LTV, vintage year, loan-term, underlying property type, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "occupancy, geographic location, and others, and (ii) a macro-economic forecast. These estimates may change in future ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "periods based on available future macro-economic data and might result in a material change in our future estimates of ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected credit losses for its loan portfolio.",
        "box": [
          63.36,
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          236.21,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In certain instances, we consider relevant loan-specific qualitative factors to certain loans to estimate its CECL expected ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit losses. We consider loan investments that are both (i) expected to be substantially repaid through the operation or ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be 'collateral-",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dependent'  loans.  For  such  loans  that  we  determine  that  foreclosure  of  the  collateral  is  probable,  we  measure  the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected losses based on the difference between the fair value of the collateral (less costs to sell the asset if repayment is ",
        "box": [
          63.36,
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          550.9599999999996,
          503.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected through the sale of the collateral) and the amortized cost basis of the loan as of the measurement date. For ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral-dependent  loans  that  we  determine  foreclosure  is  not  probable,  we  apply  a  practical  expedient  to  estimate ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected  losses  using  the  difference  between  the  collateral's  fair  value  (less  costs  to  sell  the  asset  if  repayment  is ",
        "box": [
          63.36,
          531.6688859999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected through the sale of the collateral) and the amortized cost basis of the loan.",
        "box": [
          63.36,
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          396.52,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "While we have a formal methodology to determine the adequate and appropriate level of the allowance for credit losses, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimates of inherent loan losses involve judgment and assumptions as to various factors, including current economic ",
        "box": [
          63.36,
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          551.04,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conditions. Our determination of adequacy of the allowance for credit losses is based on quarterly evaluations of the ",
        "box": [
          63.36,
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          599.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "above factors. Accordingly, the provision for loan losses will vary from period to period based on management's ongoing ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assessment of the adequacy of the allowance for credit losses.",
        "box": [
          63.36,
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          310.27,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Significant  judgment  is  required  when  evaluating  loans  for  impairment;  therefore,  actual  results  over  time  could  be ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "materially different. Refer to 'Notes to Consolidated Financial Statements, Note 6 - Loans and Allowance for Credit ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Losses' included in this Form 10-Q for results of our loan impairment evaluation.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "83",
        "box": [
          301.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 84,
    "width": 612.0,
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    "cells": [
      {
        "text": "Valuation of financial assets and liabilities carried at fair value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We measure our MBS, derivative assets and liabilities, and any assets or liabilities where we have elected the fair value ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "option at fair value, including certain loans we have originated that are expected to be sold to third parties or securitized ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the near term. ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have established valuation processes and procedures designed so that fair value measurements are appropriate and ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "reliable, that they are based on observable inputs where possible, that the valuation approaches are consistently applied, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  the  assumptions  and  inputs  are  reasonable.  We  also  have  established  processes  to  provide  that  the  valuation ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "methodologies,  techniques  and  approaches  for  investments  that  are  categorized  within  Level  3  of  the  ASC  820 ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair ",
        "box": [
          530.77002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value Measurement",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  fair  value  hierarchy  (the  'fair  value  hierarchy')  are  fair,  consistent  and  verifiable.  Our  processes ",
        "box": [
          144.77,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provide a framework that ensures the oversight of our fair value methodologies, techniques, validation procedures, and ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "results.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "When actively quoted observable prices are not available, we either use implied pricing from similar assets and liabilities ",
        "box": [
          63.36,
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          551.03,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or  valuation  models based on net present values of estimated future cash flows, adjusted as appropriate for liquidity, ",
        "box": [
          63.36,
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          239.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit,  market  and/or  other  risk  factors.  Refer  to  'Notes  to  Consolidated  Financial  Statements,  Note  7  -  Fair  Value ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Measurements'  included  in  Item  8,  'Financial  Statements  and  Supplementary  Data,'  in  the  Form  10-K  for  a  more ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "complete discussion of our critical accounting estimates as they pertain to fair value measurements. ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing rights impairment ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing rights, at amortized cost, are initially recorded at fair value and subsequently carried at amortized cost.",
        "box": [
          63.36,
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          513.56,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For purposes of testing our servicing rights, carried at amortized cost, for impairment, we first determine whether facts ",
        "box": [
          63.36,
          327.66891599999997,
          551.01,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and circumstances exist that would suggest the carrying value of the servicing asset is not recoverable. If so, we then ",
        "box": [
          63.36,
          339.66891599999997,
          551.0600000000001,
          347.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compare the net present value of servicing cash flow with its carrying value. The estimated net present value of servicing ",
        "box": [
          63.36,
          351.66891599999997,
          551.0099999999999,
          359.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows of the intangibles is determined using discounted cash flow modeling techniques which require management ",
        "box": [
          63.36,
          363.66891599999997,
          551.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  make  estimates  regarding  future  net  servicing  cash  flows,  taking  into  consideration  historical  and  forecasted  loan ",
        "box": [
          63.36,
          375.66891599999997,
          551.05,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prepayment  rates,  delinquency  rates  and  anticipated  maturity  defaults.  If  the  carrying  value  of  the  servicing  rights ",
        "box": [
          63.36,
          387.66891599999997,
          551.0799999999999,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exceeds the net present value of servicing cash flows, the servicing rights are considered impaired and an impairment ",
        "box": [
          63.36,
          399.66891599999997,
          551.0299999999997,
          407.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss is recognized in earnings for the amount by which carrying value exceeds the net present value of servicing cash ",
        "box": [
          63.36,
          411.66891599999997,
          551.0400000000002,
          419.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "flows. We monitor the actual performance of our servicing rights by regularly comparing actual cash flow, credit, and ",
        "box": [
          63.36,
          423.66891599999997,
          551.0799999999999,
          431.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prepayment experience to modeled estimates.",
        "box": [
          63.36,
          435.66891599999997,
          245.5900000000001,
          443.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Significant  judgment  is  required  when  evaluating  servicing  rights  for  impairment  therefore,  actual  results  over  time ",
        "box": [
          63.36,
          459.66891599999997,
          551.0299999999999,
          467.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "could be materially different. Refer to 'Notes to Consolidated Financial Statements, Note 8 - Servicing Rights' included ",
        "box": [
          63.36,
          471.66891599999997,
          551.0600000000001,
          479.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in this Form 10-Q for a more complete discussion of our critical accounting estimates as they pertain to servicing rights ",
        "box": [
          63.36,
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          491.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment.",
        "box": [
          63.36,
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          111.89999999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to 'Notes to Consolidated Financial Statements, Note 4- Recent Accounting Pronouncements' included in Item 8, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'Financial Statements and Supplementary Data,' in the Company's Form 10-K for a discussion of recent accounting ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "developments and the expected impact to the Company.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 3. Quantitative and Qualitative Disclosures About Market Risk",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the normal course of business, we enter into transactions in various financial instruments that expose us to various ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "types of risk, both on and off-balance sheet, which are associated with such financial instruments and markets for which ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we invest. These financial instruments expose us to varying degrees of market risk, credit risk, interest rate risk, liquidity ",
        "box": [
          63.36,
          615.668886,
          550.9799999999999,
          623.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk,  off-balance  sheet  risk  and  prepayment  risk.  Many  of  these  risks  have  been  augmented  due  to  the  continuing ",
        "box": [
          63.36,
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          635.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic  disruptions  caused  by  inflationary  pressures,  rising  energy  costs,  heightened  geopolitical  tensions,  and  the ",
        "box": [
          63.36,
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          647.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impact of pandemics and epidemics which remain uncertain and difficult to predict. We continue to monitor the impact ",
        "box": [
          63.36,
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          551.1199999999998,
          659.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and effect of these risks in our operations.",
        "box": [
          63.36,
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          230.96,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Market risk.",
        "box": [
          63.36,
          687.668886,
          114.89999999999999,
          695.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Market risk is the potential adverse changes in the values of the financial instrument due to unfavorable ",
        "box": [
          114.9,
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          551.0,
          695.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes in the level or volatility of interest rates, foreign currency exchange rates, or market values of the underlying ",
        "box": [
          63.36,
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          551.07,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 85,
    "width": 612.0,
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    "cells": [
      {
        "text": "financial instruments. We attempt to mitigate our exposure to market risk by entering into offsetting transactions, which ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may include purchase or sale of interest-bearing securities and equity securities.",
        "box": [
          63.36,
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          382.6499999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit risk. ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are subject to credit risk in connection with our investments in LMM loans and LMM ABS and other ",
        "box": [
          113.53,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "target  assets  we  may  acquire  in  the  future.  The  credit  risk  related  to  these  investments  pertains  to  the  ability  and ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "willingness of the borrowers to pay, which is assessed before credit is granted or renewed and periodically reviewed ",
        "box": [
          63.36,
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          551.0800000000003,
          131.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "throughout the loan or security term. We believe that loan credit quality is primarily determined by the borrowers' credit ",
        "box": [
          63.36,
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          551.0000000000001,
          143.89718255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "profiles and loan characteristics. We seek to mitigate this risk by seeking to acquire assets at appropriate prices given ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "anticipated and unanticipated losses and by deploying a value-driven approach to underwriting and diligence, consistent ",
        "box": [
          63.36,
          159.66888600000004,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with our historical investment strategy, with a focus on projected cash flows and potential risks to cash flow. We further ",
        "box": [
          63.36,
          171.66888600000004,
          551.1,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mitigate our risk of potential losses while managing and servicing our loans by performing various workout and loss ",
        "box": [
          63.36,
          183.66888600000004,
          550.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mitigation  strategies  with  delinquent  borrowers.  Nevertheless,  unanticipated  credit  losses  could  occur  which  could ",
        "box": [
          63.36,
          195.66888600000004,
          551.04,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adversely impact operating results.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate risk. ",
        "box": [
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          137.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, ",
        "box": [
          138.07001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "domestic and international economic and political considerations and other factors beyond our control. ",
        "box": [
          63.36,
          243.66888600000004,
          476.19999999999993,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our operating results will depend, in part, on differences between the income from our investments and our financing ",
        "box": [
          63.36,
          267.668946,
          551.1000000000001,
          275.8972425561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "costs.  Our  debt  financing  is  based  on  a  floating  rate  of  interest  calculated  on  a  fixed  spread  over  the  relevant  index, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subject to a floor, as determined by the particular financing arrangement. The general impact of changing interest rates is ",
        "box": [
          63.36,
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          551.0700000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussed above under '- Factors Impacting Operating Results - Changes in Market Interest Rates.' In the event of a ",
        "box": [
          63.36,
          303.66891599999997,
          540.9700000000003,
          311.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significant rising interest rate environment and/or economic downturn, defaults could increase and result in credit losses ",
        "box": [
          63.36,
          315.66891599999997,
          551.08,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to us, which could materially and adversely affect our business, financial condition, liquidity, results of operations and ",
        "box": [
          63.36,
          327.66891599999997,
          551.06,
          335.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prospects. Furthermore, such defaults could have an adverse effect on the spread between our interest-earning assets and ",
        "box": [
          63.36,
          339.66891599999997,
          551.0300000000003,
          347.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest-bearing liabilities. ",
        "box": [
          63.36,
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          170.68000000000004,
          359.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additionally,  non-performing  LMM  loans  are  not  as  interest  rate  sensitive  as  performing  loans,  as  earnings  on  non-",
        "box": [
          63.36,
          375.66891599999997,
          548.5699999999998,
          383.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performing ",
        "box": [
          63.36,
          387.66891599999997,
          110.81999999999998,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans ",
        "box": [
          116.14999999999998,
          387.66891599999997,
          139.73999999999998,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are ",
        "box": [
          145.07,
          387.66891599999997,
          159.76000000000002,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "often ",
        "box": [
          165.09000000000003,
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          188.12000000000006,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generated ",
        "box": [
          193.45000000000007,
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          234.77000000000012,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from ",
        "box": [
          240.10000000000014,
          387.66891599999997,
          262.03000000000014,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "restructuring ",
        "box": [
          267.3600000000001,
          387.66891599999997,
          320.91,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the ",
        "box": [
          326.24,
          387.66891599999997,
          340.94,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets ",
        "box": [
          346.27,
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          372.06999999999994,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through ",
        "box": [
          377.3999999999999,
          387.66891599999997,
          410.9999999999999,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss ",
        "box": [
          416.32999999999987,
          387.66891599999997,
          434.3799999999998,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mitigation ",
        "box": [
          439.7099999999998,
          387.66891599999997,
          483.2599999999997,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "strategies ",
        "box": [
          488.5899999999997,
          387.66891599999997,
          528.7999999999996,
          395.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and ",
        "box": [
          534.1299999999997,
          387.66891599999997,
          551.0599999999997,
          395.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "opportunistically disposing of them. Because non-performing LMM loans are short-term assets, the discount rates used ",
        "box": [
          63.36,
          399.66891599999997,
          551.0099999999995,
          407.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for  valuation  are  based  on  short-term  market  interest  rates,  which  may  not  move  in  tandem  with  long-term  market ",
        "box": [
          63.36,
          411.66891599999997,
          551.1299999999997,
          419.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rates.",
        "box": [
          63.36,
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          116.59999999999995,
          431.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  table  below  projects  the  impact  on  our  interest  income  and  expense  for  the  twelve-month  period  following ",
        "box": [
          63.36,
          447.66891599999997,
          551.0699999999997,
          455.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, assuming an immediate increase or decrease of 25, 50, 75, and 100 basis points in interest rates.",
        "box": [
          63.36,
          459.66891599999997,
          514.8499999999999,
          467.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12-month pretax net interest income sensitivity profiles",
        "box": [
          292.19,
          485.78524419999997,
          450.4110000000005,
          491.5450517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Instantaneous change in rates",
        "box": [
          330.17001,
          495.5852342,
          412.34301000000016,
          501.3450417893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          65.99,
          518.4652142,
          106.24,
          524.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25 basis ",
        "box": [
          201.97,
          504.4652442,
          227.25400000000002,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "point ",
        "box": [
          205.96001,
          511.4652142,
          223.27101,
          517.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase",
        "box": [
          201.50999,
          518.4652142,
          225.98199,
          524.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50 basis ",
        "box": [
          246.97,
          504.4652442,
          272.2540000000001,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "point ",
        "box": [
          250.96001,
          511.4652142,
          268.27101000000005,
          517.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase",
        "box": [
          246.50999,
          518.4652142,
          270.98199,
          524.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75 basis ",
        "box": [
          291.97,
          504.4652442,
          317.2540000000001,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "point ",
        "box": [
          295.95999,
          511.4652142,
          313.27099000000004,
          517.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase",
        "box": [
          291.51001,
          518.4652142,
          315.98201000000006,
          524.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100 basis ",
        "box": [
          335.22,
          504.4652442,
          364.0040000000001,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "point ",
        "box": [
          340.95999,
          511.4652142,
          358.27099000000004,
          517.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase",
        "box": [
          336.51001,
          518.4652142,
          360.98201000000006,
          524.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25 basis ",
        "box": [
          381.97,
          504.4652442,
          407.2540000000001,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "point ",
        "box": [
          385.95999,
          511.4652142,
          403.27099000000004,
          517.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decrease",
        "box": [
          380.92999,
          518.4652142,
          406.55699,
          524.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50 basis ",
        "box": [
          426.97,
          504.4652442,
          452.2540000000001,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "point ",
        "box": [
          430.95999,
          511.4652142,
          448.27099000000004,
          517.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decrease",
        "box": [
          425.92999,
          518.4652142,
          451.55699,
          524.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75 basis ",
        "box": [
          471.97,
          504.4652442,
          497.2540000000001,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "point ",
        "box": [
          475.95999,
          511.4652142,
          493.27099000000004,
          517.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decrease",
        "box": [
          470.92999,
          518.4652142,
          496.55699,
          524.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100 basis ",
        "box": [
          515.21997,
          504.4652442,
          544.00397,
          510.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "point ",
        "box": [
          520.96002,
          511.4652142,
          538.2710200000001,
          517.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decrease",
        "box": [
          515.92999,
          518.4652142,
          541.5569899999999,
          524.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets:",
        "box": [
          65.99,
          528.2152142,
          86.976,
          533.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans",
        "box": [
          71.99,
          537.9652142,
          89.091,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          196.49001,
          537.9652142,
          201.74001,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,279 ",
        "box": [
          214.77401,
          537.9652142,
          232.27401,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.49001,
          537.9652142,
          246.74001,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,861 ",
        "box": [
          259.77401000000003,
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          277.27401000000003,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.48999,
          537.9652142,
          291.73999,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,576 ",
        "box": [
          301.27398999999997,
          537.9652142,
          322.27398999999997,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.48999,
          537.9652142,
          336.73999,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,321 ",
        "box": [
          346.27398999999997,
          537.9652142,
          367.27398999999997,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          376.48999,
          537.9652142,
          381.73999,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,075) ",
        "box": [
          392.44998999999996,
          537.9652142,
          414.61199,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          421.48999,
          537.9652142,
          426.73999,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,954) ",
        "box": [
          437.44998999999996,
          537.9652142,
          459.61199,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          466.48999,
          537.9652142,
          471.73999,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,686) ",
        "box": [
          478.94998999999996,
          537.9652142,
          504.61199,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          511.48999,
          537.9652142,
          516.73999,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,337) ",
        "box": [
          523.9499900000001,
          537.9652142,
          549.6119900000001,
          543.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate swap hedges",
        "box": [
          71.99,
          547.7152142,
          142.501,
          553.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          196.49001,
          547.7152142,
          198.24001,
          553.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,045 ",
        "box": [
          214.77401,
          547.7152142,
          232.27401,
          553.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.49001,
          547.7152142,
          243.24001,
          553.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,090 ",
        "box": [
          259.77401000000003,
          547.7152142,
          277.27401000000003,
          553.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.48999,
          547.7152142,
          288.23999,
          553.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,135 ",
        "box": [
          304.77398999999997,
          547.7152142,
          322.27398999999997,
          553.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.48999,
          547.7152142,
          333.23999,
          553.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,180 ",
        "box": [
          349.77398999999997,
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          367.27398999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.48999,
          547.7152142,
          378.23999,
          553.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,045) ",
        "box": [
          392.44998999999996,
          547.7152142,
          414.61199,
          553.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.48999,
          547.7152142,
          423.23999,
          553.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,090) ",
        "box": [
          437.44998999999996,
          547.7152142,
          459.61199,
          553.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          466.48999,
          547.7152142,
          468.23999,
          553.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,135) ",
        "box": [
          482.44998999999996,
          547.7152142,
          504.61199,
          553.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.48999,
          547.7152142,
          513.23999,
          553.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,180) ",
        "box": [
          527.4499900000001,
          547.7152142,
          549.6119900000001,
          553.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          65.99,
          557.4652142,
          81.92899999999999,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          196.49001,
          557.4652142,
          201.74001,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,324 ",
        "box": [
          214.77401,
          557.4652142,
          232.27401,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.49001,
          557.4652142,
          246.74001,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,951 ",
        "box": [
          256.27401000000003,
          557.4652142,
          277.27401000000003,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.48999,
          557.4652142,
          291.73999,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,711 ",
        "box": [
          301.27398999999997,
          557.4652142,
          322.27398999999997,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.48999,
          557.4652142,
          336.73999,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,501 ",
        "box": [
          346.27398999999997,
          557.4652142,
          367.27398999999997,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          376.48999,
          557.4652142,
          381.73999,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,120) ",
        "box": [
          392.44998999999996,
          557.4652142,
          414.61199,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          421.48999,
          557.4652142,
          426.73999,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,044) ",
        "box": [
          433.94998999999996,
          557.4652142,
          459.61199,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          466.48999,
          557.4652142,
          471.73999,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,821) ",
        "box": [
          478.94998999999996,
          557.4652142,
          504.61199,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          511.48999,
          557.4652142,
          516.73999,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,517) ",
        "box": [
          523.9499900000001,
          557.4652142,
          549.6119900000001,
          563.2250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities:",
        "box": [
          65.99,
          567.2152142,
          98.25999999999998,
          572.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured borrowings",
        "box": [
          71.99,
          576.9652142,
          128.151,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          196.49001,
          576.9652142,
          198.24001,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,477) ",
        "box": [
          212.45001000000002,
          576.9652142,
          234.61201,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.49001,
          576.9652142,
          243.24001,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,954) ",
        "box": [
          253.95001000000002,
          576.9652142,
          279.61201000000005,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.48999,
          576.9652142,
          288.23999,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,432) ",
        "box": [
          298.94998999999996,
          576.9652142,
          324.61199,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.48999,
          576.9652142,
          333.23999,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,909) ",
        "box": [
          343.94998999999996,
          576.9652142,
          369.61199,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.48999,
          576.9652142,
          378.23999,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,477 ",
        "box": [
          394.77398999999997,
          576.9652142,
          412.27398999999997,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.48999,
          576.9652142,
          423.23999,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,954 ",
        "box": [
          436.27398999999997,
          576.9652142,
          457.27398999999997,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          466.48999,
          576.9652142,
          468.23999,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,432 ",
        "box": [
          481.27398999999997,
          576.9652142,
          502.27398999999997,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.48999,
          576.9652142,
          513.23999,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,909 ",
        "box": [
          526.27399,
          576.9652142,
          547.27399,
          582.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations",
        "box": [
          71.99,
          588.2152142,
          150.10999999999999,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          196.49001,
          588.2152142,
          198.24001,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(166) ",
        "box": [
          217.70001000000002,
          588.2152142,
          234.61201,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.49001,
          588.2152142,
          243.24001,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(332) ",
        "box": [
          262.70001,
          588.2152142,
          279.61201000000005,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.48999,
          588.2152142,
          288.23999,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(498) ",
        "box": [
          307.69998999999996,
          588.2152142,
          324.61199,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.48999,
          588.2152142,
          333.23999,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(664) ",
        "box": [
          352.69998999999996,
          588.2152142,
          369.61199,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.48999,
          588.2152142,
          378.23999,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "166 ",
        "box": [
          400.02398999999997,
          588.2152142,
          412.27398999999997,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.48999,
          588.2152142,
          423.23999,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "332 ",
        "box": [
          445.02398999999997,
          588.2152142,
          457.27398999999997,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          466.48999,
          588.2152142,
          468.23999,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "498 ",
        "box": [
          490.02398999999997,
          588.2152142,
          502.27398999999997,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.48999,
          588.2152142,
          513.23999,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "664 ",
        "box": [
          535.02399,
          588.2152142,
          547.27399,
          593.9750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes and corporate debt",
        "box": [
          71.99,
          597.9652142,
          183.69599999999997,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          196.49001,
          597.9652142,
          198.24001,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(379) ",
        "box": [
          217.70001000000002,
          597.9652142,
          234.61201,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.49001,
          597.9652142,
          243.24001,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(758) ",
        "box": [
          262.70001,
          597.9652142,
          279.61201000000005,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          286.48999,
          597.9652142,
          288.23999,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,136) ",
        "box": [
          302.44998999999996,
          597.9652142,
          324.61199,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.48999,
          597.9652142,
          333.23999,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,515) ",
        "box": [
          347.44998999999996,
          597.9652142,
          369.61199,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.48999,
          597.9652142,
          378.23999,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "379 ",
        "box": [
          400.02398999999997,
          597.9652142,
          412.27398999999997,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.48999,
          597.9652142,
          423.23999,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "758 ",
        "box": [
          445.02398999999997,
          597.9652142,
          457.27398999999997,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          466.48999,
          597.9652142,
          468.23999,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,136 ",
        "box": [
          484.77398999999997,
          597.9652142,
          502.27398999999997,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.48999,
          597.9652142,
          513.23999,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,515 ",
        "box": [
          529.77399,
          597.9652142,
          547.27399,
          603.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          65.99,
          607.7152142,
          81.92899999999999,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          196.49001,
          607.7152142,
          201.74001,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,022) ",
        "box": [
          212.45001000000002,
          607.7152142,
          234.61201,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.49001,
          607.7152142,
          246.74001,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,044) ",
        "box": [
          253.95001000000002,
          607.7152142,
          279.61201000000005,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.48999,
          607.7152142,
          291.73999,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,066) ",
        "box": [
          298.94998999999996,
          607.7152142,
          324.61199,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.48999,
          607.7152142,
          336.73999,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24,088) ",
        "box": [
          343.94998999999996,
          607.7152142,
          369.61199,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          376.48999,
          607.7152142,
          381.73999,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,022 ",
        "box": [
          394.77398999999997,
          607.7152142,
          412.27398999999997,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          421.48999,
          607.7152142,
          426.73999,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,044 ",
        "box": [
          436.27398999999997,
          607.7152142,
          457.27398999999997,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          466.48999,
          607.7152142,
          471.73999,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,066 ",
        "box": [
          481.27398999999997,
          607.7152142,
          502.27398999999997,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          511.48999,
          607.7152142,
          516.73999,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,088 ",
        "box": [
          526.27399,
          607.7152142,
          547.27399,
          613.4750217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Net Impact to Net Interest Income ",
        "box": [
          65.99,
          617.9652142,
          187.81099999999998,
          623.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Expense)",
        "box": [
          65.99,
          624.9652142,
          95.52299999999998,
          630.7250217893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          196.49001,
          624.9652142,
          201.74001,
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      {
        "text": "(698) ",
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      {
        "text": "$ ",
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      {
        "text": "(1,093) ",
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        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "(1,355) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1,587) ",
        "box": [
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          369.61199,
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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": "902 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,000 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3,245 ",
        "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": "4,571 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Such hypothetical impact of interest rates on our variable rate debt does not consider the effect of any change in overall ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "economic activity that could occur in a rising interest rate environment. Further, in the event of such a change in interest ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "rates,  we may take actions to further mitigate our exposure to such a change. However, due to the uncertainty of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "specific  actions  that  would  be  taken  and  their  possible  effects,  this  analysis  assumes  no  changes  in  our  financial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "structure.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "85",
        "box": [
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  },
  {
    "page_no": 86,
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    "cells": [
      {
        "text": "Liquidity risk.",
        "box": [
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      {
        "text": " Liquidity risk arises in our investments and the general financing of our investing activities. It includes ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the risk of not being able to fund acquisition and origination activities at settlement dates and/or liquidate positions in a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "timely  manner  at  a  reasonable  price,  in  addition  to  potential  increases  in  collateral  requirements  during  times  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "heightened market volatility. It also includes risk stemming from PIK interest loans and loan modifications we may grant ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "to borrowers which are intended to minimize our economic loss and to avoid foreclosure or repossession of collateral. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Such  modifications  may  include  interest  rate  reductions,  principal  forgiveness,  term  extensions,  and  other-than-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "insignificant payment delay, which may impact our ability to meet potential cash requirements and make us more reliant ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "on financing strategies. Additionally, if we were forced to dispose of an illiquid investment at an inopportune time, we ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "might be forced to do so at a substantial discount to the market value, resulting in a realized loss. We attempt to mitigate ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  liquidity  risk  by  regularly  monitoring  the  liquidity  of  our  investments  in  LMM  loans,  ABS  and  other  financial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "instruments. Factors such as our expected exit strategy for, the bid to offer spread of, and the number of broker dealers ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "making an active market in a particular strategy and the availability of long-term funding, are considered in analyzing ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liquidity risk. To reduce any perceived disparity between the liquidity and the terms of the debt instruments in which we ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "invest,  we  attempt  to  minimize  our  reliance  on  short-term  financing  arrangements.  While  we  may  finance  certain ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "investments  in  security  positions  using  traditional  margin  arrangements  and  reverse  repurchase  agreements,  other ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "financial instruments such as collateralized debt obligations, and other longer-term financing vehicles may be utilized to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "provide us with sources of long-term financing.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prepayment risk.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          133.61,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Prepayment risk is the risk that principal will be repaid at a different rate than anticipated, causing the ",
        "box": [
          136.42999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "return  on  certain  investments  to  be  less  than  expected.  As  we  receive  prepayments  of  principal  on  our  assets,  any ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "premiums  paid  on  such  assets  are  amortized  against  interest  income.  In  general,  an  increase  in  prepayment  rates ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accelerates  the  amortization  of  purchase  premiums,  thereby  reducing  the  interest  income  earned  on  the  assets. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Conversely,  discounts  on  such  assets  are  accreted  into  interest  income.  In  general,  an  increase  in  prepayment  rates ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accelerates the accretion of purchase discounts, thereby increasing the interest income earned on the assets.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LMM loan and ABS extension risk.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.27,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Manager computes the projected weighted-average life of our assets based on ",
        "box": [
          215.23,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumptions regarding the rate at which the borrowers will prepay the mortgages or extend. If prepayment rates decrease ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in  a  rising  interest  rate  environment  or  extension  options  are  exercised,  the  life  of  the  fixed-rate  assets  could  extend ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "beyond the term of the secured debt agreements. This could have a negative impact on our results of operations. In some ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "situations, we may be forced to sell assets to maintain adequate liquidity, which could cause us to incur losses. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate risk.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  The market values of commercial assets are subject to volatility and may be affected adversely by a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "number  of  factors,  including,  but  not  limited  to,  national,  regional  and  local  economic  conditions  (which  may  be ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adversely  affected  by  industry  slowdowns  and  other  factors);  local  real  estate  conditions  (such  as  an  oversupply  of ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "housing,  retail,  industrial,  office  or  other  commercial  space);  changes  or  continued  weakness  in  specific  industry ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "segments;  construction  quality,  construction  cost,  age  and  design;  demographic  factors;  and  retroactive  changes  to ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "building or similar codes. In addition, decreases in property values reduce the value of the collateral and the potential ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "proceeds available to a borrower to repay the underlying loans, which could also cause us to suffer losses. ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair  value  risk.",
        "box": [
          63.36,
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          131.21999999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          131.22,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  estimated  fair  value  of  our  investments  fluctuates  primarily  due  to  changes  in  interest  rates. ",
        "box": [
          135.87,
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          539.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Generally, in a rising interest rate environment, the estimated fair value of the fixed-rate investments would be expected ",
        "box": [
          63.36,
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          551.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to decrease; conversely, in a decreasing interest rate environment, the estimated fair value of the fixed-rate investments ",
        "box": [
          63.36,
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          551.1099999999997,
          563.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "would be expected to increase. As market volatility increases or liquidity decreases, the fair value of our assets recorded ",
        "box": [
          63.36,
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          551.0000000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and/or disclosed may be adversely impacted. Our economic exposure is generally limited to our net investment position ",
        "box": [
          63.36,
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          551.0299999999999,
          587.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as we seek to fund fixed rate investments with fixed rate financing or variable rate financing hedged with interest rate ",
        "box": [
          63.36,
          591.668886,
          551.1,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "swaps. ",
        "box": [
          63.36,
          603.668886,
          92.78999999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Counterparty risk. ",
        "box": [
          63.36,
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          141.39999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We finance the acquisition of a significant portion of our commercial mortgage loans, MBS and other ",
        "box": [
          141.42999,
          627.668886,
          551.1299899999997,
          635.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets  with  our  repurchase  agreements,  credit  facilities,  and  other  financing  agreements.  In  connection  with  these ",
        "box": [
          63.36,
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          647.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing arrangements, we pledge our mortgage loans and securities as collateral to secure the borrowings. The amount ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of collateral pledged will typically exceed the amount of the borrowings (i.e. the haircut) such that the borrowings will ",
        "box": [
          63.36,
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          551.0699999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "be  over-collateralized.  As  a  result,  we  are  exposed  to  the  counterparty  if,  during  the  term  of  the  financing,  a  lender ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "should default on its obligation and we are not able to recover our pledged assets. The amount of this exposure is the ",
        "box": [
          63.36,
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          695.8971825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "difference  between  the  amount  loaned  to  us  plus  interest  due  to  the  counterparty  and  the  fair  value  of  the  collateral ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "pledged by us to the lender including accrued interest receivable on such collateral.",
        "box": [
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      {
        "text": "86",
        "box": [
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  },
  {
    "page_no": 87,
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        "text": "We are exposed to changing interest rates and market conditions, which affects cash flows associated with borrowings. ",
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        "text": "We enter into derivative instruments, such as interest rate swaps, to mitigate these risks. Interest rate swaps are used to ",
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      {
        "text": "mitigate  the  exposure  to  changes  in  interest  rates  and  involve  the  receipt  of  variable-rate  interest  amounts  from  a ",
        "box": [
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      {
        "text": "counterparty in exchange for us making payments based on a fixed interest rate over the life of the swap contract.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Certain  of  our  subsidiaries  have  entered  into  over-the-counter  ('OTC')  interest  rate  swap  agreements  to  hedge  risks ",
        "box": [
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      {
        "text": "associated  with  movements  in  interest  rates.  Because  certain  interest  rate  swaps  were  not  cleared  through  a  central ",
        "box": [
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      {
        "text": "counterparty, we remain exposed to the counterparty's ability to perform its obligations under each such swap and cannot ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "look to the creditworthiness of a central counterparty for performance. As a result, if an OTC swap counterparty cannot ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "perform under the terms of an interest rate swap, our subsidiary would not receive payments due under that agreement, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "we may lose any unrealized gain associated with the interest rate swap and the hedged liability would cease to be hedged ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "by the interest rate swap. While we would seek to terminate the relevant OTC swap transaction and may have a claim ",
        "box": [
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      {
        "text": "against the defaulting counterparty for any losses, including unrealized gains, there is no assurance that we would be able ",
        "box": [
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        "text": "to recover such amounts or to replace the relevant swap on economically viable terms or at all. In such case, we could be ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "forced to cover our unhedged liabilities at the then current market price. We may also be at risk for any collateral we ",
        "box": [
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      {
        "text": "have pledged to secure our obligations under the OTC interest rate swap if the counterparty becomes insolvent or files ",
        "box": [
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        "text": "for bankruptcy. Therefore, upon a default by an interest rate swap agreement counterparty, the interest rate swap would ",
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      {
        "text": "no longer mitigate the impact of changes in interest rates as intended.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "The  table  below  presents  information  with  respect  to  any  counterparty  for  repurchase  agreements  for  which  our ",
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      {
        "text": "Company had greater than 5% of stockholders' equity at risk in the aggregate.",
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      {
        "text": "March 31, 2026",
        "box": [
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      {
        "text": "(in thousands)",
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          106.24,
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        "confidence": 1.0
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        "text": "Counterparty",
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      {
        "text": "Rating",
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      {
        "text": "Amount of Risk",
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        "confidence": 1.0
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      {
        "text": "Weighted Average Months ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "to Maturity for Agreement",
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        "confidence": 1.0
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      {
        "text": "Percentage of ",
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        "confidence": 1.0
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      {
        "text": "Stockholders' Equity",
        "box": [
          473.91,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "JPMorgan Chase Bank, N.A.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "AA-/Aa2",
        "box": [
          223.97,
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          250.01,
          377.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          281.98999,
          372.2152442,
          287.23999,
          377.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "627,834 ",
        "box": [
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          372.2152442,
          364.35898999999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          373.48999,
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          375.23999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4.0 ",
        "box": [
          445.35898999999995,
          372.2152442,
          455.85898999999995,
          377.9750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  43.6  %",
        "box": [
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          545.61103,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Churchill MRA Funding I LLC",
        "box": [
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          154.25299999999996,
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      {
        "text": "Not rated",
        "box": [
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          250.10899999999998,
          389.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          281.98999,
          383.4652442,
          287.23999,
          389.2250517893279
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        "confidence": 1.0
      },
      {
        "text": "174,672 ",
        "box": [
          339.85898999999995,
          383.4652442,
          364.35898999999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          373.48999,
          383.4652442,
          375.23999,
          389.2250517893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "13.4 ",
        "box": [
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          455.85898999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  12.1  %",
        "box": [
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          545.61103,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Nomura Corporate Funding Americas, LLC",
        "box": [
          65.99,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BBB+/Baa1",
        "box": [
          219.87,
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          254.10700000000003,
          400.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          281.98999,
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          287.23999,
          400.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "237,582 ",
        "box": [
          339.85898999999995,
          394.7152442,
          364.35898999999995,
          400.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          373.48999,
          394.7152442,
          375.23999,
          400.4750517893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22.1 ",
        "box": [
          441.85898999999995,
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          455.85898999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  16.5  %",
        "box": [
          527.53003,
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          545.61103,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the table above,",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
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          84.86,
          439.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  counterparty  ratings  presented  are  the  long-term  issuer  credit  rating  as  rated  by  S&P  and  Moody's, ",
        "box": [
          99.36,
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          551.0899999999997,
          439.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively.",
        "box": [
          99.36,
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          150.10999999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          81.36,
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          84.86,
          463.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The amount at risk reflects the difference between the amount loaned through repurchase agreements, including ",
        "box": [
          99.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest  payable,  and  the  cash  and  fair  value  of  the  assets  pledged  as  collateral,  including  accrued  interest ",
        "box": [
          99.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable. ",
        "box": [
          99.36,
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          145.38,
          487.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital market risk.",
        "box": [
          63.36,
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          145.87999999999994,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          145.88,
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          148.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are exposed to risks related to the equity capital markets, and our related ability to raise capital ",
        "box": [
          148.7,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "through the issuance of our common stock or other equity instruments. We are also exposed to risks related to the debt ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "capital markets, and our related ability to finance our business through borrowings under repurchase obligations or other ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing arrangements. As a REIT, we are required to distribute a significant portion of our taxable income annually, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "which constrains our ability to accumulate operating cash flow and therefore requires us to utilize debt or equity capital ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "to finance our business. We seek to mitigate these risks by monitoring the debt and equity capital markets to inform our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decisions on the amount, timing, and terms of capital we raise.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Off-balance  sheet  risk.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Off-balance  sheet  risk  refers  to  situations  where  the  maximum  potential  loss  resulting  from ",
        "box": [
          160.25,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes in the level or volatility of interest rates, foreign currency exchange rates or market values of the underlying ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial instruments may result in changes in the value of a particular financial instrument in excess of the reported ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amounts of such assets and liabilities currently reflected in the accompanying consolidated balance sheets.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inflation risk.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Most of our assets and liabilities are interest rate sensitive in nature. As a result, interest rates and other ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "factors  influence  our  performance  significantly  more  than  inflation  does.  Changes  in  interest  rates  may,  but  do  not ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "necessarily,  correlate  with  inflation  rates  and/or  changes  in  inflation  rates.  Refer  to  'Quantitative  and  Qualitative ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Disclosures About Market Risk - Interest Rate Risk' in this Form 10-Q for a discussion on interest rate sensitivity. ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "87",
        "box": [
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        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 88,
    "width": 612.0,
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    "cells": [
      {
        "text": "Item 4. Controls and Procedures",
        "box": [
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      {
        "text": "The Company maintains disclosure controls and procedures that are designed to ensure that information required to be ",
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      {
        "text": "disclosed in its Exchange Act, reports is recorded, processed, summarized and reported within the time periods specified ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "in the SEC's rules and forms, and that such information is accumulated and communicated to its management, including ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "its  Chief  Executive  Officer  and  Chief  Financial  Officer,  as  appropriate,  to  allow  timely  decisions  regarding  required ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disclosure based on the definition of 'disclosure controls and procedures' as promulgated under the Exchange Act and ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the rules and regulations thereunder. In designing and evaluating the disclosure controls and procedures, management ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "evaluating the cost-benefit relationship of possible controls and procedures. The Company, including its Chief Executive ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of its disclosure controls and ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "procedures as of March 31, 2026. Based on the foregoing, the Company's Chief Executive Officer and Chief Financial ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Officer concluded that the Company's disclosure controls and procedures were effective.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in Internal Control over Financial Reporting",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There have been no changes to the Company's internal control over financial reporting as defined in Exchange Act Rule ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13a-15(f) during the quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "affect, the Company's internal control over financial reporting.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "PART II. OTHER INFORMATION",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Item 1. Legal Proceedings",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "From time to time, the Company may be involved in various claims and legal actions in the ordinary course of business. ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Merger litigation",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On June  6,  2024,  a  purported  former  stockholder  of  Broadmark  filed  a  class  action  lawsuit  in  the  Circuit  Court  for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Baltimore  City,  Maryland,  captioned  Eibling  v.  Pyatt,  et  al.,  No.  C-24-CV-24-000818  (Md.  Cir.  Ct.  Balt.  City),  (the ",
        "box": [
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          551.07,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'Broadmark  Merger  Action').  The  Broadmark  Merger  Action  named  as  defendants  Broadmark's  former  board  of ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "directors  and  alleged  they  breached  their  fiduciary  duties  in  connection  with  the  Broadmark  Merger  by  failing  to ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properly  consider  acquisition  proposals  that  were  purportedly  superior  to  the  Broadmark  Merger,  by  relying  on ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purportedly  false  and  misleading  valuation  analyses,  and  by  authorizing  the  issuance  of  a  purportedly  false  and ",
        "box": [
          63.36,
          472.86889599999995,
          551.1,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "misleading proxy statement. The Broadmark Merger Action also asserted claims against Broadmark's financial advisor ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for aiding and abetting these alleged breaches of fiduciary duty. The Broadmark Merger Action sought damages in the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "form of compensatory damages, quasi-appraisal damages, rescissory damages, and disgorgement of any merger-related ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "benefits. The Broadmark Merger Action also sought reimbursement for litigation expenses and attorneys' and experts' ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fees.  On  September  13,  2024,  the  Broadmark  Merger  Action  was  assigned  to  the  Business  and  Technology  Case ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management  Program  of  the  Circuit  Court  for  Baltimore  City,  Maryland.  Thereafter,  on  December  10,  2024,  the ",
        "box": [
          63.36,
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          551.0099999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defendants moved to dismiss the initial complaint. In response, the plaintiff filed an amended complaint on February 10, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025, which the defendants subsequently moved to dismiss on April 14, 2025. The court granted defendants' motion to ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dismiss on April 1, 2026, and dismissed the lawsuit in its entirety. Although the Company was not a defendant in the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Broadmark Merger Action, it is subject to contractual  indemnification  obligations  (conditioned  on  the  satisfaction  of ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "various  contractual  requirements)  in  connection  therewith,  including  with  respect  to  the  defendants'  service  as ",
        "box": [
          63.36,
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          551.1200000000002,
          613.0971925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Broadmark directors and the provision of services to Broadmark, as applicable. ",
        "box": [
          63.36,
          616.868896,
          382.71999,
          625.0971925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On March 18, 2025, a purported former stockholder of UDF IV filed a class action lawsuit in the Circuit  Court  for ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Baltimore City, Maryland, captioned The Lawrence C. Headley Living Trust v. Jones, et al., No. C-24-CV-25-002222 ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Md. Cir. Ct. Balt. City) (the 'UDF IV Merger Action'). The UDF IV Merger Action names as defendants UDF IV's ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "former  board  of  trustees  and  alleges  they  breached  their  fiduciary  duties  in  connection  with  the  UDF  IV  Merger  by ",
        "box": [
          63.36,
          676.868896,
          551.07,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "failing to properly consider an acquisition proposal that was purportedly superior to the UDF IV Merger, by relying on ",
        "box": [
          63.36,
          688.868896,
          550.9699999999998,
          697.0971925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purportedly false and misleading valuation analyses, by authorizing the issuance of a purportedly false and misleading ",
        "box": [
          63.36,
          700.868896,
          551.0999999999998,
          709.0971925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proxy statement, and by obtaining improper personal benefits that were not shared with all UDF IV stockholders. The ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88",
        "box": [
          301.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 89,
    "width": 612.0,
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    "cells": [
      {
        "text": "complaint also asserts claims against UDF IV's former advisor, UMTH General Services, L.P., for aiding and abetting ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these  alleged  breaches  of  fiduciary  duty.  The  complaint  seeks  compensatory  damages,  rescissory  damages,  and ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unwinding of the UDF IV Merger, as well as attorneys' fees and costs. On April 11, 2025, the UDF IV Merger Action ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was  assigned  to  the  Business  and  Technology  Case  Management  Program  of  the  Circuit  Court  for  Baltimore  City, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maryland. Thereafter, on May 16, 2025, the defendants moved to dismiss the initial complaint. In response, the plaintiff ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "filed  an  amended complaint on July 11, 2025, which the defendants subsequently moved to dismiss on September 9, ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025.  Briefing  on  the  defendants'  motion  to  dismiss  the  amended  complaint  was  completed  on  December  18,  2025. ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Although the Company is not a defendant in the UDF IV Merger Action, it is subject to contractual indemnification ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations (conditioned on the satisfaction of various contractual requirements) in connection therewith, including with ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respect  to  the  defendants'  service  as  UDF  IV  trustees  and  the  provision  of  services  to  UDF  IV,  as  applicable.  The ",
        "box": [
          63.36,
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          551.08,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defendants and the Company intend to vigorously defend against the UDF IV Merger Action.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities and derivative litigation",
        "box": [
          63.36,
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          204.02000000000007,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On March 6, 2025 and April 23, 2025, the Company and certain of its executive officers were named as defendants in ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "two separate but largely identical putative stockholder class action lawsuits filed in the United States District Court for ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Southern District of New York (the 'Exchange Act Class Actions'). The Exchange Act Class Actions were filed ",
        "box": [
          63.36,
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          551.1000000000004,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the captions Quinn v. Ready Capital Corp., et al., No. 1:25-cv-01883 (S.D.N.Y.) and Goebel v. Ready Capital ",
        "box": [
          63.36,
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          551.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corp., et al., No. 1:25-cv-3373 (S.D.N.Y.). The Exchange Act Class Actions allege that the defendants violated Section ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10(b) of the Exchange Act and SEC Rule 10b-5 promulgated thereunder by making false and misleading statements and ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "omissions regarding the performance of the Company's loan portfolio and related matters, and that the executive officers ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "named as defendants violated Section 20(a) of the Exchange Act as control persons of the Company. The Exchange Act ",
        "box": [
          63.36,
          315.66891599999997,
          550.9800200000003,
          323.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class Actions seek compensatory damages, costs, and expenses on behalf of the purported classes. On July 8, 2025, the ",
        "box": [
          63.36,
          327.66891599999997,
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          335.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "court entered an order consolidating the Exchange Act Class Actions under the caption In re Ready Capital Securities ",
        "box": [
          63.36,
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          551.0100000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Litigation,  No.  1:25-cv-01883  (S.D.N.Y.)  (the  'Exchange  Act  Litigation')  and  appointing  lead  plaintiff  and  lead ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "counsel. Lead plaintiff filed an amended complaint on September 8, 2025, which the defendants moved to dismiss on ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 10, 2025. Briefing on the defendants' motion to dismiss was completed on February 9, 2026.",
        "box": [
          63.36,
          375.66891599999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Between March and July 2025, the Company was named as a nominal defendant and certain of its executive officers and ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "directors were named as defendants in parallel derivative lawsuits captioned Pittrof v. Capasse, et al., No. 1:25-cv-02274 ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(S.D.N.Y.) and Vancampenhout v. Capasse, et al., No. 1:25-cv-02930 (S.D.N.Y.) respectively, filed in the United States ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "District Court for the Southern District of New York (collectively, the 'New York Derivative Actions'), and Poon v. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Corp., et al., No. 1:25-cv-01827 (D. Md.) and Cote v. Ready Capital Corp., et al., No. 1:25-cv-02429-JRR ",
        "box": [
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      {
        "text": "(D. Md.) filed in the United States District Court for the District of Maryland (the 'Maryland Derivative Actions' and, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "together with the New York Derivative Actions, the 'Ready Capital Derivative Actions'). The Ready Capital Derivative ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Actions assert claims for violations of Sections 10(b) and 20(a) of the Exchange Act and SEC Rule 10b-5, contribution ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "under Sections 10(b) and 21D of the Exchange Act, breach of fiduciary duties, aiding and abetting breach of fiduciary ",
        "box": [
          63.36,
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          551.06999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets for participating and/or ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "failing to prevent the securities law violations alleged in the Exchange Act Litigation and for purportedly causing the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Company to overpay for certain stock repurchases. The Ready Capital Derivative Actions seek compensatory damages, ",
        "box": [
          63.36,
          531.6688859999999,
          551.0300000000001,
          539.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disgorgement  of  compensation  and  profits,  imposition  of  a  constructive  trust,  revisions  to  the  Company's  corporate ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "governance and internal procedures, and attorneys' fees and costs. On July 8, 2025, the United States District Court for ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the Southern District of New York consolidated the New York Derivative Actions under the caption In re Ready Capital ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corp.  Stockholder  Derivative  Litigation,  No.  1:25-cv-02274  (S.D.N.Y.).  The  Ready  Capital  Derivative  Actions  are ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currently stayed, pending: (1) dismissal of the Exchange Act Litigation with prejudice, and the exhaustion of all appeals ",
        "box": [
          63.36,
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          551.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "thereto; or (2) denial, in full or in part, of the defendants' motion to dismiss the Exchange Act Litigation. The defendants ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "intend to vigorously defend against the Exchange Act Litigation and the Ready Capital Derivative Actions.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In early August 2025, the Board received a demand letter from a purported Ready Capital stockholder (the 'Derivative ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Demand Letter').  The  Derivative  Demand  Letter  closely  mirrors  the  allegations  of  the  Exchange  Act  Litigation  and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready  Capital  Derivative  Actions  and  demands  that  the  Board  investigate  the  facts  alleged  in  these  actions.  The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative  Demand  Letter  requests  that  the  directors  investigate  any  purported  wrongdoing  that  occurred  between ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2, 2024, and August 1, 2025, and commence legal proceedings against the Ready Capital executive officers and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "directors named in the Exchange Act Litigation and Ready Capital Derivative Actions. The Company and the demanding ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stockholder have agreed to hold the Derivative Demand Letter in abeyance until: (i) the defendants' motion to dismiss in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89",
        "box": [
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      }
    ]
  },
  {
    "page_no": 90,
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      {
        "text": "the Exchange Act Litigation is denied in whole or in part; or (ii) the demanding stockholder or the Company give written ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "notice that they no longer consent to the voluntary abeyance of the Derivative Demand Letter.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On May 8 and May 14, 2025, the Company and certain of its executive officers and directors were named as defendants ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "in two separate but largely identical putative class action lawsuits filed by purported former Broadmark stockholders in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the Superior Court for King County, Washington (the 'Broadmark State Court Actions'). Certain former directors and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "officers of Broadmark and certain affiliates of the Company and its directors, including Waterfall, were also named as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defendants. The Broadmark State Court Actions were filed under the captions van Wyk et al. v. Ready Capital Corp., et ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "al.,  No.  25-2-14038-5  SEA  (Wash.  Super.  Ct.  King  Cnty.)  and  Whittlesey  v.  Ready  Capital  Corp.,  et  al.,  No. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25-2-14567-1 SEA (Wash. Super Ct. King Cnty.). On June 20, 2025, the court consolidated the Broadmark State Court ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Actions under the caption In re Ready Capital Corporation Securities Litigation, No. 25-2-14038-5 SEA (Wash. Super. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ct. King Cnty.) (as consolidated, the 'Broadmark State Court Litigation'). The Broadmark State Court Litigation alleges ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that  the  defendants  violated  Sections  11,  12(a)(2),  and  15  of  the  Securities  Act  by  issuing  false  and  misleading ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements and omissions in connection with the Broadmark Merger regarding the performance of the Company's loan ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio and related matters and seek disgorgement, compensatory damages, and the costs and expenses of litigation. On ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 19, 2025, the plaintiffs filed a consolidated complaint, which the defendants subsequently moved to dismiss on ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 20, 2025. On February 2, 2026, the defendants moved to stay the Broadmark State Court Litigation pending ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "resolution  of  the  Broadmark  Federal  Court  Litigation.  On  February  19,  2026,  the  motions  to  dismiss  and  stay  were ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "denied. Discovery has since commenced in the Broadmark State Court Litigation. On May 1, 2026, plaintiffs filed their ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "motion for class certification. Briefing on plaintiffs' motion is expected to be completed in August 2026. ",
        "box": [
          63.36,
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          484.55999999999995,
          299.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On  May  28,  2025,  the  Company  and  certain  of  its  executive  officers  and  directors  were  named  as  defendants  in  a ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "putative  class  action  filed  by  a  purported  former  Broadmark  stockholder  in  the  United  States  District  Court  for  the ",
        "box": [
          63.36,
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          551.0000000000001,
          335.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Western  District  of  Washington  (the  'Broadmark  Federal  Court  Litigation').  Broadmark  and  certain  of  its  former ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "directors  and  officers  were  also  named  as  defendants.  The  Broadmark  Federal  Court  Litigation  is  captioned  Grant  v. ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ready Capital Corp., et al., No. 2:25-cv-1013 (W.D. Wash.). On October 15, 2025, the court entered an order appointing ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lead plaintiff and lead counsel. On November 25, 2025, the lead plaintiff filed an amended complaint asserting that the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defendants violated Sections 14(a) and 20(a) of the Exchange Act and Section 11, 12(a)(2), and 15 of the Securities Act ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by  issuing  false  and  misleading  statements  and  omissions  in  connection  with  the  Broadmark  Merger  regarding  the ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance  of  the  Company's  loan  portfolio  and  related  matters.  The  amended  complaint  seeks  compensatory  and ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rescissory damages, as well as attorneys' fees and litigation expenses. On January 12, 2026, the defendants moved to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dismiss the amended complaint. Briefing on the defendants' motion to dismiss was completed on March 4, 2026. On ",
        "box": [
          63.36,
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          443.8972125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 8, 2026, the defendants moved to transfer the Broadmark Federal Court Litigation to the U.S. District Court for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Southern District of New York, where the Exchange Act Litigation is pending. Briefing on the defendants' motion to ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transfer was completed on February 5, 2026.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On July 18, 2025, the Company and Broadmark were named as nominal defendants, and certain of the Company's and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Broadmark's current and former executive officers and directors and Waterfall were named as defendants in a double ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivative  action  filed  by  a  purported  former  stockholder  of  Broadmark  in  the  United  States  District  Court  for  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "District  of  Maryland  (the  'Broadmark  Derivative  Litigation').  The  Broadmark  Derivative  Litigation  is  captioned ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Murguia  v.  Broadmark  Realty  Capital  Inc.,  et  al.,  No.  1:25-cv-02350-JRR  (D.  Md.).  The  Broadmark  Derivative ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Litigation asserts claims for violations of Sections 10(b), 20(a), and 14(a) of the Exchange Act, SEC Rule 10b-5, breach ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  fiduciary  duties,  unjust  enrichment,  abuse  of  control,  gross  mismanagement,  waste  of  corporate  assets,  and ",
        "box": [
          63.36,
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          551.0399999999997,
          575.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contribution pursuant to Section 10(b) and 21D of the Exchange Act for participating in and/or failing to prevent the ",
        "box": [
          63.36,
          579.668886,
          551.09002,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities law violations alleged in the Broadmark Exchange Act Litigation and for purportedly causing the Company to ",
        "box": [
          63.36,
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          599.8971825561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "overpay for certain stock repurchases. The Broadmark Derivative Litigation seeks revisions to the Company's corporate ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "governance and internal procedures, disgorgement, compensatory damages, and attorney's fees and costs of litigation. ",
        "box": [
          63.36,
          615.668886,
          551.08002,
          623.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Broadmark  Derivative  Litigation  is  currently  stayed,  pending:  (1)  dismissal  of  the  Broadmark  Exchange  Act ",
        "box": [
          63.36,
          627.668886,
          551.01,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Litigation with prejudice, and the exhaustion of all appeals thereto; or (2) denial, in full or in part, of the defendants' ",
        "box": [
          63.36,
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          647.8971825561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "motion  to  dismiss  the  Broadmark  Exchange  Act  Litigation.  The  defendants  intend  to  vigorously  defend  against  the ",
        "box": [
          63.36,
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          551.10002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Broadmark State Court Actions, the Broadmark Federal Court Litigation, and the Broadmark Derivative Litigation.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Legacy UDF IV litigation",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90",
        "box": [
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  {
    "page_no": 91,
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      {
        "text": "As a result of the UDF IV Merger, the Company assumed certain outstanding litigation against UDF IV and affiliated ",
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        "confidence": 1.0
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      {
        "text": "parties. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "On March 20, 2020, Megatel Homes, LLC and certain of its affiliates filed a lawsuit against Mehrdad Moayedi, United ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Development Funding, L.P., United Development Funding II, L.P., United Development Funding III, L.P., UDF IV, ",
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        "confidence": 1.0
      },
      {
        "text": "United Development Funding V, and various other affiliates (collectively the 'UDF Defendants') in the United States ",
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        "confidence": 1.0
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      {
        "text": "District Court for the Northern District of Texas, captioned Megatel Homes LLC, et al. v. Moayedi, et al., No. 3:20- ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cv-00688-L-BT (N.D. Tex.) (the 'Megatel Action'). The Megatel Action alleges that the UDF Defendants knowingly ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "participated  in  a  scheme  to  'prop'  up  Moayedi's  companies,  and  thereby  defraud  the  plaintiffs,  by  lending  funds  to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Moayedi's companies, which Moayedi's companies then used to repay older loans they had received from the UDF ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Defendants, rather than using such funds to 'advance' real estate projects with the plaintiffs. The plaintiffs assert claims ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the Racketeer Influenced and Corrupt Organizations Act ('RICO') and for common law fraud, statutory fraud, and ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fraudulent inducement. The plaintiffs seek compensatory damages, treble damages, exemplary damages, and attorneys' ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fees. On May 18, 2020, the defendants moved to dismiss the plaintiffs' complaint, which the court granted in part and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "denied in part  on  November 16, 2021. The plaintiffs filed an amended complaint on November 29, 2021, which the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defendants again moved to dismiss. The court denied the motions to dismiss on June 27, 2022. Discovery in the Megatel ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Action is complete and summary judgment motions have been filed by all Defendants in an attempt to dispose of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "litigation. The court will issue a forthcoming order setting a trial date, likely after the summary judgment motions are ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "decided. The UDF Defendants and the Company intend to vigorously defend against the Megatel Action.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 1A. Risk Factors",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There have been no material changes from risk factors previously disclosed in the Company's Form 10-K under Part I, ",
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        "confidence": 1.0
      },
      {
        "text": "Item  1A.  You  should  be  aware  that  these  risk  factors  and  other  information  may  not  describe  every  risk  facing  us. ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional  risks  and  uncertainties  not  currently  known  to  us  or  that  we  currently  deem  to  be  immaterial  also  may ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "materially adversely affect our business, financial condition and/or operating results.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 2. Unregistered Sales of Equity Securities and Use of Proceeds",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share Repurchase Program",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On January 16, 2025, our Board approved a new share repurchase program, replacing the previous program, authorizing, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "but not obligating the repurchase of up to $150.0 million of our common stock. Repurchases under the stock repurchase ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "programs  may  be  made  at  management's  discretion  from  time  to  time  on  the  open  market,  in  privately  negotiated ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions or otherwise, in each case subject to compliance with all Securities and Exchange Commission rules and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other legal requirements and may be made in part under one or more Rule 10b5-1 and Rule 10b-18 plans, which permit ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "stock repurchases at times when we might otherwise be precluded from doing so. The timing and amount of repurchase ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions  will  be  determined  by  our  management  based  on  its  evaluation  of  market  conditions,  share  price,  legal ",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "requirements and other factors.",
        "box": [
          63.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents purchases of our common stock during the quarter.",
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        "confidence": 1.0
      },
      {
        "text": "Total Number of Shares ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Purchased",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Average Price Paid per ",
        "box": [
          250.33,
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        "confidence": 1.0
      },
      {
        "text": "Share",
        "box": [
          276.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Number of Shares ",
        "box": [
          347.95001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Purchased as Part of Publicly ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Announced Programs",
        "box": [
          351.25,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum Shares (or Approximate ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dollar Value) That May Yet Be ",
        "box": [
          445.82999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchased Under the Program",
        "box": [
          446.79999,
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          538.70299,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January",
        "box": [
          65.99,
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          87.746,
          600.3450117893278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          150.74001,
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          152.49001,
          599.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          218.36001000000002,
          594.2152142,
          223.61001000000002,
          599.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          247.49001,
          594.2152142,
          252.74001,
          599.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          315.02601000000004,
          594.2152142,
          320.27601000000004,
          599.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          338.98999,
          594.2152142,
          340.73999,
          599.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.60398999999995,
          594.2152142,
          426.85398999999995,
          599.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          439.48999,
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          444.73999,
          599.9750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,770,332 ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "February",
        "box": [
          65.99,
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          91.246,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          150.74001,
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          152.49001,
          609.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "127,141 ",
        "box": [
          202.61001000000002,
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          227.11001000000002,
          609.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.49001,
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          249.24001,
          609.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.74 ",
        "box": [
          309.77601000000004,
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          323.77601000000004,
          609.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          338.98999,
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          340.73999,
          609.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.60398999999995,
          603.9652142,
          426.85398999999995,
          609.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          439.48999,
          603.9652142,
          441.23999,
          609.7250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,770,332 ",
        "box": [
          514.02599,
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          547.27599,
          609.7250217893279
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        "confidence": 1.0
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      {
        "text": "March",
        "box": [
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          84.246,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          150.74001,
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          152.49001,
          619.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "87,631 ",
        "box": [
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          227.11001000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.49001,
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          249.24001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.74 ",
        "box": [
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          323.77601000000004,
          619.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          338.98999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          439.48999,
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          441.23999,
          619.4750217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,770,332 ",
        "box": [
          514.02599,
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          547.27599,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
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          81.92899999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          150.74001,
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          152.49001,
          629.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "214,772 ",
        "box": [
          202.52601,
          623.4652142,
          227.02601,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          252.74001,
          629.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.74 ",
        "box": [
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          323.77601000000004,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2)",
        "box": [
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          333.03619,
          626.6480271630631
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          338.98999,
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          629.2250217893279
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          426.85398999999995,
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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": "82,770,332 ",
        "box": [
          514.02599,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)Total  shares  purchased  includes  shares  of  common  stock  owned  by  certain  of  our  employees  which  have  been  surrendered  by  them  to  satisfy  their  tax  and  other ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation related withholdings associated with the vesting of restricted stock units and other equity awards.",
        "box": [
          72.36,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)The price paid per share is based on the price of our common stock as of the date of the withholding.",
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          63.36,
          654.3252542,
          354.31300000000016,
          660.0850617893279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 3. Default Upon Senior Securities",
        "box": [
          63.36,
          674.658936,
          227.67000000000004,
          682.8872325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "None.",
        "box": [
          63.36,
          698.818906,
          87.50999999999999,
          707.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 92,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Item 4. Mine Safety Disclosures",
        "box": [
          63.36,
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          197.96,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Not applicable.",
        "box": [
          63.36,
          87.66888600000004,
          124.37999999999995,
          95.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 5. Other Information",
        "box": [
          63.36,
          111.50890600000002,
          176.06000000000003,
          119.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On May 6, 2026, Adam Zausmer and the Company entered into a Separation and Consulting Agreement (the 'Zausmer ",
        "box": [
          63.36,
          135.66888600000004,
          551.07,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement')  in  connection  with  the  previously  announced  mutual  separation  of  Mr.  Zausmer  and  the  Company  on ",
        "box": [
          63.36,
          147.66888600000004,
          551.07,
          155.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 26, 2026 (the 'Separation Date'). Under the Zausmer Agreement and in connection with Mr. Zausmer's past ",
        "box": [
          63.36,
          159.66888600000004,
          551.0300000000004,
          167.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "service to the Company, Mr. Zausmer is entitled to receive a one-time cash payment of $1,250,000, full reimbursement ",
        "box": [
          63.36,
          171.66888600000004,
          551.03,
          179.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of COBRA premiums for himself and his eligible dependents for up to 18 months, starting from the Separation Date, ",
        "box": [
          63.36,
          183.66888600000004,
          551.0100000000001,
          191.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subject to certain customary exceptions, and reimbursement of up to $15,000 in legal fees. Mr. Zausmer is also entitled ",
        "box": [
          63.36,
          195.66888600000004,
          550.9799999999998,
          203.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  the  accelerated  vesting,  as  of  the  Separation  Date,  of  the  128,990  shares  of  time-based  RSAs  and  133,436 ",
        "box": [
          63.36,
          207.66888600000004,
          551.1099800000001,
          215.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance-based RSUs (at target) that he had as of the Separation Date. Under the Zausmer Agreement, Mr. Zausmer ",
        "box": [
          63.36,
          219.66888600000004,
          551.05,
          227.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "has agreed to provide consulting services to the Company as an independent contractor from the Separation Date through ",
        "box": [
          63.36,
          231.66888600000004,
          551.1099999999997,
          239.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 31, 2026, for which Mr. Zausmer is entitled to receive cash payment of $700,000, subject to certain customary ",
        "box": [
          63.36,
          243.66888600000004,
          551.0600000000001,
          251.89718255618266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exceptions.  The  Zausmer  Agreement  also  contains  a  customary  release  of  claims  and  reaffirmation  of  protective ",
        "box": [
          63.36,
          255.668946,
          551.0900000000001,
          263.8972425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "covenants by Mr. Zausmer in favor of the Company. The foregoing summary of the Zausmer Agreement is not complete ",
        "box": [
          63.36,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and is qualified in its entirety by reference to the full text of the Zausmer Agreement, a copy of which is filed as Exhibit ",
        "box": [
          63.36,
          279.66891599999997,
          551.01,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.1 to this Form 10-Q and incorporated by reference herein.",
        "box": [
          63.36,
          291.66891599999997,
          307.29000000000013,
          299.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "None of our officers and directors entered into, modified or terminated any 'Rule 10b5-1 trading arrangements' or 'non-",
        "box": [
          63.36,
          315.66891599999997,
          548.6300100000001,
          323.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rule  10b5-1  trading  arrangements'  (each  as  defined  in  Item  408(c)  of  Regulation  S-K)  during  the  quarter  ended ",
        "box": [
          63.36,
          327.66891599999997,
          551.14,
          335.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026.",
        "box": [
          63.36,
          339.66891599999997,
          129.44,
          347.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 6. Exhibits",
        "box": [
          63.36,
          363.50890599999997,
          131.38,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exhibit",
        "box": [
          74.91,
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          106.55999999999999,
          398.5671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "number",
        "box": [
          73.8,
          400.338896,
          107.67999999999999,
          408.5671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "    ",
        "box": [
          118.11,
          390.138916,
          128.11,
          398.3672125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exhibit description",
        "box": [
          295.79001,
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          377.67000999999993,
          408.5671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.1 *",
        "box": [
          102.98,
          426.29891599999996,
          123.11,
          434.5272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement  and  Plan  of  Merger,  dated  as  of  November  29,  2024,  by  and  among  Ready  Capital ",
        "box": [
          133.49001,
          427.338896,
          542.3400100000005,
          435.5671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporation,  RC  Merger  Sub  IV,  LLC,  and  United  Development  Funding  IV  (incorporated  by ",
        "box": [
          133.49001,
          439.338896,
          542.3800100000003,
          447.5671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reference to Exhibit 2.1 of the Registrant's Current Report on Form 8-K filed on December 2, 2024).",
        "box": [
          133.49001,
          451.338896,
          536.70001,
          459.5671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.1 *",
        "box": [
          102.98,
          476.54891599999996,
          123.11,
          484.7772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Articles  of  Amendment  and  Restatement  of  ZAIS  Financial  Corp.  (incorporated  by  reference  to ",
        "box": [
          133.49001,
          477.588896,
          542.3800099999999,
          485.8171925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exhibit 3.1 of the Registrant's Form S-11, as amended (Registration No. 333-185938).",
        "box": [
          133.49001,
          489.588896,
          480.16003,
          497.8171925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.2 *",
        "box": [
          102.98,
          514.798886,
          123.11,
          523.0271825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Articles  Supplementary  of  ZAIS  Financial  Corp.  (incorporated  by  reference  to  Exhibit  3.2  of  the ",
        "box": [
          133.49001,
          515.8389259999999,
          542.3600100000001,
          524.0672225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Registrant's Form S-11, as amended (Registration No. 333-185938).",
        "box": [
          133.49001,
          527.8389259999999,
          407.72003,
          536.0672225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.3 *",
        "box": [
          102.98,
          553.048886,
          123.11,
          561.2771825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Articles of Amendment and Restatement of Sutherland Asset Management Corporation (incorporated ",
        "box": [
          133.49001,
          554.088926,
          542.4800099999999,
          562.3172225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K filed November 4, 2016).",
        "box": [
          133.49001,
          566.088926,
          537.84003,
          574.3172225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4 *",
        "box": [
          102.98,
          591.298886,
          123.11,
          599.5271825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Articles of Amendment of Ready Capital Corporation (incorporated by reference to Exhibit 3.1 of the ",
        "box": [
          133.49001,
          592.338926,
          542.4600100000001,
          600.5672225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Registrant's Current Report on Form 8-K filed on September 26, 2018).",
        "box": [
          133.49001,
          604.338926,
          419.5,
          612.5672225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.5 *",
        "box": [
          102.98,
          629.548886,
          123.11,
          637.7771825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Articles Supplementary to the Articles of Amendment of Ready Capital Corporation designating the ",
        "box": [
          133.49001,
          630.588926,
          542.3800100000002,
          638.8172225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares  of  6.25%  Series  C  Cumulative  Convertible  Preferred  Stock,  $0.0001  par  value  per  share ",
        "box": [
          133.49001,
          642.588926,
          542.3900100000001,
          650.8172225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(incorporated  by  reference  to  Exhibit  3.7  to  the  Registrant's  Registration  Statement  on  Form  8-A ",
        "box": [
          133.49001,
          654.588926,
          542.4700099999999,
          662.8172225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "filed on March 19, 2021).",
        "box": [
          133.49001,
          666.588926,
          236.20001,
          674.8172225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92",
        "box": [
          301.0,
          756.228886,
          311.0,
          764.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 93,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "3.6 *",
        "box": [
          102.98,
          66.29888600000004,
          123.11,
          74.52718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Articles Supplementary to the Articles of Amendment of Ready Capital Corporation designating the ",
        "box": [
          133.49001,
          67.33892600000001,
          542.3800100000002,
          75.56722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares  of  6.50%  Series  E  Cumulative  Redeemable  Preferred  Stock,  $0.0001  par  value  per  share ",
        "box": [
          133.49001,
          79.33892600000001,
          542.4600100000002,
          87.56722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on ",
        "box": [
          133.49001,
          91.33892600000001,
          542.3600100000003,
          99.56722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 10, 2021).",
        "box": [
          133.49001,
          103.33892600000001,
          195.14001,
          111.56722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.7 *",
        "box": [
          102.98,
          128.54888600000004,
          123.11,
          136.77718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Articles Supplementary to the Articles of Amendment of Ready Capital Corporation designating the ",
        "box": [
          133.49001,
          129.58892600000001,
          542.3800100000002,
          137.81722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares of Class B-1 Common Stock, $0.0001 par value per share, Class B-2 Common Stock, $0.0001 ",
        "box": [
          133.49001,
          141.58892600000001,
          542.3500100000001,
          149.81722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "par value per share, Class B-3 Common Stock, $0.0001 par value per share, and Class B-4 Common ",
        "box": [
          133.49001,
          153.58892600000001,
          542.4200099999998,
          161.81722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stock,  $0.0001  par  value  per  share  (incorporated  by  reference  to  Exhibit  4.8  to  the  Registration ",
        "box": [
          133.49001,
          165.58892600000001,
          542.4500100000001,
          173.81722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Statement on Form S-3 filed with the SEC on March 21, 2022).",
        "box": [
          133.49001,
          177.58892600000001,
          387.4600100000001,
          185.81722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.8 *",
        "box": [
          102.98,
          202.79888600000004,
          123.11,
          211.02718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amended and Restated Bylaws of Ready Capital Corporation (incorporated by reference to Exhibit ",
        "box": [
          133.49001,
          203.83892600000001,
          542.4500099999999,
          212.06722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.2 to the Registrant's Form 8-K filed on September 26, 2018).",
        "box": [
          133.49001,
          215.83892600000001,
          385.79001000000005,
          224.06722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.9 *",
        "box": [
          102.98,
          241.04888600000004,
          123.11,
          249.27718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certificate  of  Notice,  dated  May  11,  2022,  relating  to  the  automatic  conversion  of  the  Class  B-1 ",
        "box": [
          133.49001,
          242.08892600000001,
          542.4100099999999,
          250.31722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common Stock, $0.0001 par value per share, Class B-2 Common Stock, $0.0001 par value per share, ",
        "box": [
          133.49001,
          254.08886600000005,
          542.4000100000002,
          262.31716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class B-3 Common Stock, $0.0001 par value per share, and Class B-4 Common Stock, $0.0001 par ",
        "box": [
          133.49001,
          266.08886600000005,
          542.39001,
          274.31716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value  per  share,  into  Common  Stock,  $0.0001  par  value  per  share  (incorporated  by  reference  to ",
        "box": [
          133.49001,
          278.088896,
          542.4600100000004,
          286.3171925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exhibit 3.1 to the Registrant's Form 8-K filed on May 10, 2022).",
        "box": [
          133.49001,
          290.088896,
          393.30001,
          298.3171925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.10 *",
        "box": [
          97.98,
          315.29891599999996,
          123.11,
          323.5272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Articles  Supplementary  to  the  Articles  of  Amendment  of  Ready  Capital  Corporation  reclassifying ",
        "box": [
          133.49001,
          316.338896,
          542.4100100000003,
          324.5671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  designating  the  Class  B-1  Common  Stock,  $0.0001  par  value  per  share,  Class  B-2  Common ",
        "box": [
          133.49001,
          328.338896,
          542.3700100000001,
          336.5671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stock,  $0.0001  par  value  per  share,  Class  B-3  Common  Stock,  $0.0001  par  value  per  share,  and ",
        "box": [
          133.49001,
          340.338896,
          542.43001,
          348.5671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class B-4 Common Stock, $0.0001 par value per share, as Common Stock, $0.0001 par value per ",
        "box": [
          133.49001,
          352.338896,
          542.44001,
          360.5671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share (incorporated by reference to Exhibit 3.2 to the Registrant's Form 8-K filed on May 10, 2022).",
        "box": [
          133.49001,
          364.338896,
          535.61001,
          372.5671925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.1 *",
        "box": [
          102.98,
          389.54891599999996,
          123.11,
          397.7772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indenture, dated as of August 9, 2017, by and between Sutherland Asset Management Corporation ",
        "box": [
          133.49001,
          390.588896,
          542.4300099999999,
          398.8171925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
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        "text": "Specimen Warrant Certificate (incorporated by reference to Exhibit 4.2 to Broadmark Realty Capital ",
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