[ { "page_no": 1, "width": 720.0, "height": 540.0, "cells": [ { "text": "First Quarter 2026 Earnings Supplemental", "box": [ 53.0, 387.5872162, 583.758, 412.1069373072938 ], "from_ocr": false, "confidence": 1.0 }, { "text": "May\u00a06, 2026", "box": [ 53.0, 431.85739228, 149.55999999999997, 446.6413961895613 ], "from_ocr": false, "confidence": 1.0 }, { "text": "GRANITE POINT", "box": [ 141.0, 70.0, 319.0, 89.66666666666666 ], "from_ocr": true, "confidence": 0.96275 }, { "text": "MORTGAGE TRUST", "box": [ 141.33333333333331, 90.33333333333334, 319.3333333333333, 109.0 ], "from_ocr": true, "confidence": 0.99808 } ] }, { "page_no": 2, "width": 720.0, "height": 540.0, "cells": [ { "text": "Legal Disclosures", "box": [ 25.03, 51.513095840000005, 238.67199999999997, 74.12392534874084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "This presentation contains, or incorporates by reference, not only historical information, but also forward-looking statements within the ", "box": [ 25.03, 97.76361323999998, 698.3180000000003, 107.32973341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our ", "box": [ 25.03, 110.96362324, 698.2080000000002, 120.52974341677498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "actual results may differ from our beliefs, expectations, estimates, projections and illustrations and, consequently, you should not rely on ", "box": [ 25.03, 124.16363323999997, 698.1860000000004, 133.72975341677494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be ", "box": [ 25.03, 137.36361324, 698.2960000000003, 146.92973341677498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "identified by words such as 'anticipate,' 'estimate,' 'will,' 'should,' 'expect,' 'target,' 'believe,' 'outlook,' 'potential,' 'continue,' ", "box": [ 25.03, 150.56360323999996, 698.4499999999996, 160.12972341677494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'intend,' 'seek,' 'plan,' 'goals,' 'future,' 'likely,' 'may' and similar expressions or their negative forms, or by references to strategy, ", "box": [ 25.03, 163.76361323999998, 698.5159999999998, 173.32973341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "plans or intentions. The illustrative examples herein are forward-looking statements. By their nature, forward-looking statements speak only ", "box": [ 25.03, 176.96362324, 698.1860000000004, 186.52974341677498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as of the date they are made, are not statements of historical facts or guarantees of future performance and are subject to risks, ", "box": [ 25.03, 190.16363323999997, 698.3180000000003, 199.72975341677494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and estimates ", "box": [ 25.03, 203.36361324, 698.3730000000004, 212.92973341677498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's ", "box": [ 25.03, 216.56360323999996, 698.2300000000009, 226.12972341677494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expectations, beliefs and estimates will prove to be correct or be achieved, and actual results may vary materially from what is expressed ", "box": [ 25.03, 229.76361323999998, 698.406, 239.32973341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in or indicated by the forward-looking statements.", "box": [ 25.03, 242.96362324, 262.63, 252.52974341677498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual ", "box": [ 25.03, 262.16360324, 698.2960000000004, 271.72972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Report on Form 10-K for the year ended December\u00a031, 2025, under the caption 'Risk Factors,' and any subsequent Form 10-Q or other ", "box": [ 25.03, 275.36361324, 698.018, 284.929733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "filings made with the SEC. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update ", "box": [ 25.03, 288.56360324, 698.0430000000007, 298.129723416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.", "box": [ 25.03, 301.76361324000004, 573.49, 311.32973341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "This presentation is for informational purposes only and shall not constitute, or form a part of, an offer to sell or buy or the solicitation of ", "box": [ 25.03, 320.96362324, 698.3949999999995, 330.529743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an offer to sell or the solicitation of an offer to buy any securities.", "box": [ 25.03, 334.16360324000004, 341.17, 343.72972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial data throughout this presentation is as of or for the quarter ended March\u00a0 31, 2026, unless otherwise noted. Readers are ", "box": [ 25.03, 353.36361324, 698.0249900000009, 362.929733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "advised that the financial information in this presentation is based on company data available at the time of this presentation and, in ", "box": [ 25.03, 366.56360324, 698.032, 376.129723416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "certain circumstances, may not have been audited by the company's independent auditors. Due to rounding, figures in this presentation ", "box": [ 25.03, 379.76361324000004, 698.2740000000003, 389.32973341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may not result in the totals presented.", "box": [ 25.03, 392.96362324, 210.04999999999998, 402.529743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "This presentation also includes non-GAAP financial measures, which should be considered only as supplemental to, and not as superior to, ", "box": [ 25.03, 412.16360324, 698.2300000000005, 421.72972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial measures prepared in accordance with GAAP. Please refer to the Appendix of this presentation financial measures prepared in ", "box": [ 25.03, 425.36361324, 698.1090000000006, 434.929733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accordance with GAAP to the most directly comparable non-GAAP financial measures.", "box": [ 25.03, 438.56360324, 434.67000000000013, 448.12972341677494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Please refer to Other Definitions in the Appendix of this presentation for definitions of capitalized terms not otherwise defined in this ", "box": [ 25.03, 457.76361324, 698.2300000000002, 467.32973341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "presentation.", "box": [ 25.03, 470.96362324, 88.82999999999998, 480.529743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A", "box": [ 642.0, 37.0, 711.6666666666666, 88.66666666666666 ], "from_ocr": true, "confidence": 0.65228 } ] }, { "page_no": 3, "width": 720.0, "height": 540.0, "cells": [ { "text": "$(0.07)", "box": [ 627.10999, 287.66210920000003, 672.0079899999998, 299.4992159414522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 671.95996, 287.39550776, 718.1599600000005, 299.57056980316815 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable ", "box": [ 618.96997, 304.16360324000004, 683.4299700000001, 313.72972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Earnings (Loss) (3) ", "box": [ 608.20001, 316.408628606, 693.0249899999999, 326.929733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 693.01001, 317.36361324, 696.3100099999999, 326.929733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Before Realized ", "box": [ 611.94, 330.56360324, 690.4800000000004, 340.129723416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gains and Losses ", "box": [ 606.32001, 343.76361324000004, 696.0800100000004, 353.32973341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "per Basic Wtd. 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702.0539900000001, 154.23334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "weighted average common share ", "box": [ 138.96001, 158.19756808, 718.5600100000025, 168.63333554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PORTFOLIO ", "box": [ 38.69, 221.29757808, 101.09, 231.73334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACTIVITY", "box": [ 45.17, 233.29757808, 91.01, 243.73334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 124.56001, 184.89252, 129.24801, 200.20502 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net loan portfolio activity of $(175.1) million in unpaid principal balance", "box": [ 138.96001, 187.59759808, 515.3200200000002, 198.03336554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25e6", "box": [ 160.56001, 199.29248, 166.03201, 214.60498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$(189.4) million in loan repayments, sales and amortization, including 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406.1033355455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 124.56001, 353.64249, 129.24801, 368.95499 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reduced repurchase facilities weighed average cost of funds to S+2.47% at March 31, 2026, down 61 ", "box": [ 138.96001, 356.34756808, 701.9460100000007, 366.7833355455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "basis points from S+3.08% at December 31, 2025", "box": [ 138.96001, 370.74758808, 407.20002000000005, 381.1833555455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 124.56001, 385.4425, 129.24801, 400.755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Repurchased 0.2 million shares of its common stock at an average price of $1.74 per share, for a total of ", "box": [ 138.96001, 388.14757808, 701.9680100000003, 398.5833455455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately $0.3 million", "box": [ 138.96001, 402.54757808, 278.10001, 412.98334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 124.56001, 417.24249, 129.24801, 432.55499 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unrestricted cash of $43.6 million and Total Leverage Ratio of 1.7x", "box": [ 138.96001, 419.94756808, 492.94998, 430.38333554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Q1 2026 Summary Results", "box": [ 25.2, 51.57308584000003, 352.60799999999983, 74.18391534874087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4", "box": [ 682.59003, 494.230068, 688.45003, 502.6851442438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A", "box": [ 642.0, 37.0, 711.6666666666666, 87.66666666666666 ], "from_ocr": true, "confidence": 0.77357 } ] }, { "page_no": 5, "width": 720.0, "height": 540.0, "cells": [ { "text": "SUBSEQUENT ", "box": [ 28.6, 181.91756808000002, 105.15999999999998, 192.3533355455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "EVENTS", "box": [ 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false, "confidence": 1.0 }, { "text": "\u25e6", "box": [ 154.56001, 204.6925, 160.03201, 220.005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As a result of this resolution, the CECL reserve as a percentage of total loan commitments ", "box": [ 168.96001, 207.39757808000002, 702.960010000001, 217.83334554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decreased from 9.4% at March 31st to approximately 7.9%", "box": [ 168.96001, 221.79757808, 479.04001, 232.23334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 118.56001, 236.49248999999998, 123.24801000000001, 251.80498999999998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In April, the Company sold a subordinate interest in debt secured by a Dallas, TX, office property", "box": [ 132.96001, 239.19756808, 638.6400100000008, 249.63333554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 118.56001, 253.89249, 123.24801000000001, 269.20499 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In April, extended the maturity of the Citibank financing facility to April 2027", "box": [ 132.96001, 256.59756808000003, 530.8800100000003, 267.0333355455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 118.56001, 271.29251, 123.24801000000001, 286.60501 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of May 4, 2026, carried approximately $55.6 million in unrestricted cash", "box": [ 132.96001, 273.99758808, 532.0800100000001, 284.4333555455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Post-Q1 2026 Business Update ", "box": [ 25.2, 51.57308584000003, 415.6219999999999, 74.18391534874087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5", "box": [ 682.59003, 494.230068, 688.45003, 502.6851442438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A", "box": [ 642.0, 37.0, 711.6666666666666, 87.66666666666666 ], "from_ocr": true, "confidence": 0.77357 } ] }, { "page_no": 6, 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165.78363323999997, 356.89999000000006, 175.34975341677494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Revenue / (Expenses) from Real Estate Owned ", "box": [ 20.9, 184.68359324, 250.14000000000001, 194.24971341677497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Operations, net", "box": [ 20.9, 197.88360323999996, 95.25999999999999, 207.44972341677493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$(2.5)", "box": [ 327.22, 191.28363323999997, 356.92000000000013, 200.84975341677494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Operating Expenses", "box": [ 20.9, 216.78363323999997, 116.59999999999998, 226.34975341677494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$(8.1)", "box": [ 327.22, 216.78363323999997, 356.92000000000013, 226.34975341677494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dividends on Preferred Stock", "box": [ 20.9, 240.40362324, 160.37999999999997, 249.96974341677497 ], "from_ocr": false, "confidence": 1.0 }, { 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Weighted average cash coupon excludes fixed rate loans", "box": [ 18.99, 495.82775388, 366.19699999999955, 501.9152849015841 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Outstanding Current UPB of $189 million", "box": [ 324.02034723203894, 377.04989834771095, 525.3005691432392, 385.50498391332695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Specific CECL reserves of approximately 42% of unpaid principal balance", "box": [ 267.1602945439, 389.049911577711, 582.1806418534502, 397.50499714332693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A", "box": [ 642.0, 37.0, 711.6666666666666, 87.66666666666666 ], "from_ocr": true, "confidence": 0.77357 } ] }, { "page_no": 12, "width": 720.0, "height": 540.0, "cells": [ { "text": "$1,723", "box": [ 391.52079181772706, 158.34533217648362, 424.5758475002295, 168.3466823605139 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1,404", "box": [ 442.60135042084875, 182.34917271236935, 475.6564061033512, 192.35052289639964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1,195", "box": [ 494.4330937093369, 197.35157304842312, 527.4881493918393, 207.3529232324534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1,004", "box": [ 545.5136523106557, 211.60385336767422, 578.5687079931582, 221.6052035517045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$748", "box": [ 601.1013190259766, 231.10697380274377, 625.1408815076747, 241.10832398677405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$757", "box": [ 652.1818776272953, 230.3568537859411, 676.2214401089934, 240.35820396997138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2021", "box": [ 396.3984843798272, 292.61681517876394, 420.4380468615253, 302.6181653627942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2022", "box": [ 447.47904298294884, 292.61681517876394, 471.51860546464695, 302.6181653627942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2023", "box": [ 498.5596015842676, 292.61681517876394, 522.5991640659657, 302.6181653627942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2024", "box": [ 549.6401601873893, 292.61681517876394, 573.6797226690874, 302.6181653627942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 600.7207187905109, 292.61681517876394, 624.760281272209, 302.6181653627942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Q1'26", "box": [ 649.9984341422626, 292.61681517876394, 677.644343135909, 302.6181653627942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Office Loan Portfolio Overview", "box": [ 25.2, 51.57308584000003, 384.988, 74.18391534874087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12", "box": [ 676.73999, 494.230068, 688.4499900000001, 502.6851442438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 20.45, 105.78686499999998, 23.966, 117.27123999999998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Since 2021, reduced the office exposure by $(966) million, ", "box": [ 34.85, 105.75756808, 356.49799999999993, 116.19333554557267 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or about 56%, primarily through repayments, paydowns and ", "box": [ 34.85, 120.15758808000004, 356.45000000000016, 130.5933555455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proactive loan resolutions", "box": [ 34.85, 134.55755808000004, 170.20999999999998, 144.9933255455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 20.45, 154.986875, 23.966, 166.47125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Granular office portfolio across 14 MSAs and 12 States", "box": [ 34.85, 154.95757808000002, 327.65, 165.39334554557269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 20.45, 175.38687499999997, 23.966, 186.87124999999997 ], "from_ocr": false, "confidence": 1.0 }, { "text": "50% CBD locations, 50% suburban locations", "box": [ 34.85, 175.35757808, 268.8499999999999, 185.79334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 20.45, 195.78686499999998, 23.966, 207.27123999999998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33% Top 5 markets, 67% secondary markets", "box": [ 34.85, 195.75756808, 270.5299999999999, 206.19333554557267 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 20.45, 216.18688500000002, 23.966, 227.67126000000002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average unpaid principal balance $37.8 million", "box": [ 34.85, 216.15758808000004, 281.3299999999998, 226.5933555455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 20.45, 236.586855, 23.966, 248.07123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average Stabilized LTV at Origination of 66.8%", "box": [ 34.85, 236.55755808000004, 327.91998, 246.9933255455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 20.45, 256.986875, 23.966, 268.47125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5-rated office exposure in Minneapolis", "box": [ 34.85, 256.95757808, 235.7299999999999, 267.3933455455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 20.45, 277.38687500000003, 23.966, 288.87125000000003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "No office exposure in Washington DC, Downtown LA, San ", "box": [ 34.85, 277.35757808, 356.4020000000001, 287.7933455455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Francisco Bay Area, Chicago, Portland or Seattle", "box": [ 34.85, 291.75756808, 288.2899999999999, 302.1933355455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "OFFICE PORTFOLIO BY REGION (11)(12)", "box": [ 442.5, 312.685775752, 631.98659, 324.1633355455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "REDUCTION IN OFFICE EXPOSURE (11) ($ in millions, reflects UPB)", "box": [ 391.85001, 108.10757808, 682.6519699999992, 118.54334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "56%", "box": [ 531.8950911342218, 172.71270779735124, 556.7736388403905, 189.4955269669528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Northeast, 32.5%", "box": [ 549.3085578279782, 406.0335675311755, 610.903000382529, 413.0082652594333 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Southeast, 28.8%", "box": [ 516.2972842576285, 476.194832069961, 579.3341679100096, 483.16952979821883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "West, 19.5%", "box": [ 460.7176289052414, 446.02212987385485, 505.5114488069356, 452.99682760211266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Southwest, 10.7%", "box": [ 390.5659105380981, 363.0831586125893, 454.56276298457595, 370.05785634084714 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Midwest, 8.5%", "box": [ 472.2882496856523, 337.0720349291726, 523.8033166910552, 344.0467326574304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A", "box": [ 642.0, 37.0, 710.6666666666666, 88.66666666666666 ], "from_ocr": true, "confidence": 0.66134 } ] }, { "page_no": 13, "width": 720.0, "height": 540.0, "cells": [ { "text": "\u25aa", "box": [ 28.8, 131.876895, 32.316, 143.36127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Property: 140,000 square foot, Class 'A' office building ", "box": [ 43.2, 131.84759808, 341.52000000000015, 142.28336554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with ground floor retail space and a 499-space parking ", "box": [ 43.2, 146.24755808000003, 333.35999999999996, 156.6833255455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "garage", "box": [ 43.2, 160.64757808000002, 78.48000000000002, 171.08334554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 28.8, 181.07687499999997, 32.316, 192.56124999999997 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value: $61.9 million", "box": [ 43.2, 181.04757808, 195.29999999999993, 191.48334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 28.8, 201.47686499999998, 32.316, 212.96123999999998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Strategy: Improve operating performance and evaluate for ", "box": [ 43.2, 201.44756808, 348.9600000000001, 211.88333554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "eventual sale", "box": [ 43.2, 215.84759808, 113.28000000000002, 226.28336554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate Owned", "box": [ 25.2, 51.57308584000003, 252.85599999999997, 74.18391534874087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13", "box": [ 676.73999, 494.230068, 688.4499900000001, 502.6851442438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Miami Beach, FL", "box": [ 141.69, 101.32757808000002, 228.80999999999992, 111.76334554557269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maynard, MA", "box": [ 502.48001, 101.32757808000002, 570.8800100000002, 111.76334554557269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 380.24002, 131.876895, 383.75602000000003, 143.36127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Property: 1,050,000 square foot, 'brick and beam' ", "box": [ 394.64001, 131.84759808, 668.4800100000006, 142.28336554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "office campus with 130 self storage units, 13 buildings, ", "box": [ 394.64001, 146.24755808000003, 692.7200100000008, 156.6833255455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "situated on 53 acres", "box": [ 394.64001, 160.64757808000002, 504.32001000000014, 171.08334554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 380.24002, 181.07687499999997, 383.75602000000003, 192.56124999999997 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value: $36.3 million", "box": [ 394.64001, 181.04757808, 546.74001, 191.48334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 380.24002, 201.47686499999998, 383.75602000000003, 212.96123999999998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Strategy: Improve operating performance and evaluate for ", "box": [ 394.64001, 201.44756808, 700.4000100000007, 211.88333554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "eventual sale", "box": [ 394.64001, 215.84759808, 464.7200100000001, 226.28336554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A", "box": [ 642.0, 37.0, 711.6666666666666, 87.66666666666666 ], "from_ocr": true, "confidence": 0.77357 } ] }, { "page_no": 14, "width": 720.0, "height": 540.0, "cells": [ { "text": "FINANCING SUMMARY ($ in millions)", "box": [ 168.61, 137.37756808, 336.9080100000001, 147.81333554557267 ], "from_ocr": false, "confidence": 1.0 }, { "text": "($ in millions)", "box": [ 20.63, 190.87170871999996, 68.278, 197.8288870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total ", "box": [ 185.11, 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false, "confidence": 1.0 }, { "text": "Credit ", "box": [ 535.1223053572745, 330.0519248070856, 558.6966050341412, 337.1374925060293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Facility", "box": [ 535.1223053572745, 339.677634987309, 560.0327776107715, 346.7632026862526 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage ", "box": [ 587.198876175002, 318.64645811561536, 623.2341725382167, 325.73202581455905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Payable", "box": [ 587.198876175002, 328.27216686281133, 616.1251235500014, 335.35773456175497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 18.86, 368.736875, 22.375999999999998, 380.22125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Generally, seek to match fund assets and liabilities to minimize interest-rate risk and ", "box": [ 33.26, 368.70757807999996, 483.26000000000005, 379.1433455455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "duration", "box": [ 33.26, 383.10757808, 76.22000000000001, 393.5433455455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 18.86, 403.53686500000003, 22.375999999999998, 415.02124000000003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Proven access to diverse sources of public and private equity and debt capital at the ", "box": [ 33.26, 403.50756808, 480.6200000000003, 413.9433355455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "corporate and asset level ", "box": [ 33.26, 417.90758808, 170.05999999999997, 428.3433555455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 18.86, 438.336885, 22.375999999999998, 449.82126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Emphasis on liability management with meaningful proportion of non-recourse and ", "box": [ 33.26, 438.30758807999996, 467.4200000000003, 448.7433555455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "non-mark-to-market borrowings", "box": [ 33.26, 452.70757807999996, 193.82, 463.1433455455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 18.86, 473.13687500000003, 22.375999999999998, 484.62125000000003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Aim to maintain ample liquidity across market cycles; approximately $43.6 million of ", "box": [ 33.26, 473.10757808, 479.81000000000006, 483.5433455455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cash", "box": [ 33.26, 487.50756808, 58.22, 497.9433355455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A", "box": [ 642.0, 37.0, 711.6666666666666, 87.66666666666666 ], "from_ocr": true, "confidence": 0.77357 } ] }, { "page_no": 15, "width": 720.0, "height": 540.0, "cells": [ { "text": "Endnotes", "box": [ 53.9, 444.3343844, 245.22800000000004, 484.91875037069315 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 16, "width": 720.0, "height": 540.0, "cells": [ { "text": "Endnotes", "box": [ 25.2, 51.57308584000003, 137.23400000000004, 74.18391534874087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1)", "box": [ 18.0, 105.59759808000001, 28.799999999999997, 116.03336554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes maximum loan commitments. Unpaid loan principal balance of $1.5 billion", "box": [ 36.0, 105.59759808000001, 473.9800000000001, 116.03336554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2)", "box": [ 18.0, 119.99755808000003, 28.799999999999997, 130.4333255455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Represents Net (loss) attributable to common stockholders", "box": [ 36.0, 119.99755808000003, 347.28000000000003, 130.4333255455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3)", "box": [ 18.0, 134.39757808000002, 28.799999999999997, 144.83334554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-GAAP measure. See slide 23 in the Appendix for a reconciliation to financial results prepared in accordance with GAAP", "box": [ 36.0, 134.39757808000002, 680.3200000000006, 144.83334554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4)", "box": [ 18.0, 148.79757808, 28.799999999999997, 159.23334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes $5.0 million in other assets and liabilities related to leases", "box": [ 36.0, 148.79757808, 395.2200000000001, 159.23334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5)", "box": [ 18.0, 163.19756808, 28.799999999999997, 173.63333554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Represents an annualized dividend yield based on a closing price of $1.45 on March\u00a031, 2026", "box": [ 36.0, 163.19756808, 534.4900000000001, 173.63333554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6)", "box": [ 18.0, 177.59759808, 28.799999999999997, 188.03336554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes $12.5 million fundings on existing loans, aggregate fundings and transfers in from other assets of $1.4 million of ", "box": [ 36.0, 177.59759808, 705.4680000000002, 188.03336554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "other investments, and capitalized interest of $0.4 million", "box": [ 36.0, 191.99755808000003, 340.79999999999995, 202.4333255455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7)", "box": [ 18.0, 206.39757808000002, 28.799999999999997, 216.83334554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "See slide 23 in the Appendix for reconciliation of Common Stockholders' Equity", "box": [ 36.0, 206.39757808000002, 455.9700000000001, 216.83334554557268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8)", "box": [ 18.0, 220.79757808, 28.799999999999997, 231.23334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Does not include unamortized premiums, unamortized net deferred origination fees and allowance for credit losses which, ", "box": [ 36.0, 220.79757808, 705.7200000000006, 231.23334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "when included with the unpaid principal balances, represents the GAAP carrying value of the loans held-for-investment in the ", "box": [ 36.0, 235.19756808, 709.3800000000007, 245.63333554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "balance sheet. The GAAP carrying value as of December\u00a031, 2025, was $1,537.7 million and as of March\u00a031, 2026, was ", "box": [ 36.0, 249.59756808000003, 705.4179900000001, 260.0333355455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1,362.8 million. The GAAP carrying value does not include accrued interest receivables, exit fee receivables and other ", "box": [ 36.0, 263.99758808, 705.6199900000009, 274.4333555455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "receivables, which are reflected separately in the balance sheet. Unfunded commitments are not included in the unpaid ", "box": [ 36.0, 278.39757808, 705.6480000000009, 288.8333455455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal balance or GAAP carrying value", "box": [ 36.0, 292.79757808, 245.51999999999992, 303.23334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9)", "box": [ 18.0, 307.19756808, 28.799999999999997, 317.63333554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes nonaccrual loans and other investments", "box": [ 36.0, 307.19756808, 294.23999999999984, 317.63333554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10) Assumes all extension options are exercised and excludes three loans that have passed their maturity date and are not ", "box": [ 18.0, 321.59756808, 705.7320000000011, 332.0333355455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "eligible for extension, if applicable", "box": [ 36.0, 335.99758808, 215.2799999999999, 346.4333555455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11) Mixed-use properties represented based on allocated loan amounts", "box": [ 18.0, 350.39757808, 394.8000000000001, 360.8333455455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12) Percentages are based off of carrying value", "box": [ 18.0, 364.79757808, 266.6399999999999, 375.23334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13) Loan was placed on nonaccrual status in Q4 2023 ", "box": [ 18.0, 379.19756808, 309.1199999999999, 389.63333554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14) Loan was placed on nonaccrual status in Q3 2022 ", "box": [ 18.0, 393.59756808, 309.1199999999999, 404.0333355455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15) Loan was placed on nonaccrual status in Q3 2025", "box": [ 18.0, 407.99758808, 305.51999999999987, 418.4333555455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16) Loan was placed on nonaccrual status in Q4 2025", "box": [ 18.0, 422.39757808, 305.51999999999987, 432.8333455455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17) Loan was placed on nonaccrual status in Q1 2026", "box": [ 18.0, 436.79757808, 305.51999999999987, 447.23334554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16", "box": [ 676.73999, 494.230068, 688.4499900000001, 502.6851442438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A", "box": [ 642.0, 37.0, 711.6666666666666, 88.66666666666666 ], "from_ocr": true, "confidence": 0.65228 } ] }, { "page_no": 17, "width": 720.0, "height": 540.0, "cells": [ { "text": "Appendix", "box": [ 53.9, 444.3343844, 244.41200000000003, 484.91875037069315 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 18, "width": 720.0, "height": 540.0, "cells": [ { "text": "* Cash coupon does not include origination or exit fees. 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Weighted average cash coupon excludes fixed rate loans", "box": [ 16.66, 488.900040022, 361.6639999999996, 495.5952849015841 ], "from_ocr": false, "confidence": 1.0 }, { "text": "** All-in yield at origination includes net origination fees and exit fees, but does not include future fundings, and is expressed as a monthly equivalent. 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522.8699899999999, 108.00610128797723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "($ in thousands)", "box": [ 81.01, 121.92171872, 138.418, 128.87889703038184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average Balance *", "box": [ 296.0, 120.19147145999995, 372.25998999999996, 129.75610128797723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest Income/Expense", "box": [ 407.60001, 121.05962840000001, 517.9100099999998, 129.75610128797723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Yield/Cost of Funds", "box": [ 530.19, 121.05962840000001, 635.3200000000002, 129.75610128797723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest-earning assets", "box": [ 81.01, 145.56170871999996, 161.43400000000003, 152.5188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held-for-investment", "box": [ 99.01, 162.81170871999996, 188.7219999999999, 169.7688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior loans **", "box": [ 117.01, 179.367187168, 167.07000000000002, 187.0188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1,563,116", "box": [ 355.82001, 180.06170871999996, 399.0040100000001, 187.0188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$25,400", "box": [ 490.06, 180.06170871999996, 521.252, 187.0188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": " 6.5 %", "box": [ 620.90002, 180.06170871999996, 640.8840199999999, 187.0188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subordinated loans", "box": [ 117.01, 197.31170871999996, 184.98599999999988, 204.2688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 269.26001, 197.31170871999996, 271.66001, 204.2688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,041 ", "box": [ 372.10001, 197.31170871999996, 406.66001, 204.2688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "221 ", "box": [ 506.34001, 197.31170871999996, 523.14001, 204.2688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": " 8.0 %", "box": [ 620.90002, 197.31170871999996, 640.8840199999999, 204.2688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total loan interest income/net asset yield", "box": [ 117.01, 214.56170871999996, 263.6179999999998, 221.5188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1,574,157", "box": [ 355.82001, 214.56170871999996, 399.0040100000001, 221.5188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$25,621", "box": [ 490.06, 214.56170871999996, 521.252, 221.5188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": " 6.5 %", "box": [ 620.90002, 214.56170871999996, 640.8840199999999, 221.5188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other - Interest on cash and cash equivalents", "box": [ 99.01, 231.81170871999996, 258.2339999999998, 238.7688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$422", "box": [ 502.04999, 231.81170871999996, 521.2499899999999, 238.7688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total interest income", "box": [ 117.01, 249.06170871999996, 190.8659999999999, 256.0188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$26,043", "box": [ 490.06, 249.06170871999996, 521.252, 256.0188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest-bearing liabilities", "box": [ 81.01, 282.81170872, 168.95399999999992, 289.7688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Borrowings collateralized by:", "box": [ 81.01, 300.06170872, 187.31399999999994, 307.0188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held-for-investment", "box": [ 99.01, 317.31170872, 188.7219999999999, 324.2688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior loans", "box": [ 117.01, 334.56170872, 160.83399999999992, 341.5188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1,010,789", "box": [ 355.82001, 334.56170872, 399.0040100000001, 341.5188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$17,218", "box": [ 490.06, 334.56170872, 521.252, 341.5188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": " 6.8 %", "box": [ 620.90002, 334.56170872, 640.8840199999999, 341.5188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subordinated loans", "box": [ 117.01, 351.81170872, 184.98599999999988, 358.7688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 269.26001, 351.81170872, 271.66001, 358.7688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,631 ", "box": [ 376.90001, 351.81170872, 406.66001, 358.7688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "114 ", "box": [ 506.34001, 351.81170872, 523.14001, 358.7688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": " 6.9 %", "box": [ 620.90002, 351.81170872, 640.8840199999999, 358.7688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate owned", "box": [ 117.01, 368.31170872, 182.0979999999999, 375.2688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "37,369", "box": [ 372.60999, 368.31170872, 399.00199000000003, 375.2688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "693", "box": [ 506.85001, 368.31170872, 521.25001, 375.2688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": " 7.4 %", "box": [ 620.90002, 368.31170872, 640.8840199999999, 375.2688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total interest expense/cost of funds", "box": [ 117.01, 384.81170872, 244.90599999999984, 391.7688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1,054,789", "box": [ 355.82001, 384.81170872, 399.0040100000001, 391.7688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$18,025", "box": [ 490.06, 384.81170872, 521.252, 391.7688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": " 6.8 %", "box": [ 620.90002, 384.81170872, 640.8840199999999, 391.7688870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net interest income/spread", "box": [ 99.01, 402.06170872, 196.05799999999994, 409.0188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$8,018", "box": [ 494.85999, 402.06170872, 521.25199, 409.0188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (0.3) %", "box": [ 618.51001, 402.06170872, 640.8860099999997, 409.0188870303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "* Average balance represents average amortized cost on loans held-for-investment", "box": [ 19.0, 500.78775388, 271.92399999999986, 506.87528490158405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "** Average balance includes outstanding balances related to other investments of $10.4\u00a0million, respectively", "box": [ 19.0, 509.18774387999997, 354.7879899999999, 515.2752749015841 ], 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"March 31,", "box": [ 533.65002, 101.5196484, 578.6100200000001, 110.21612128797722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 544.12, 111.5196484, 568.12, 120.21612128797722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31,", "box": [ 604.45001, 101.5196484, 666.81001, 110.21612128797722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 623.62, 111.5196484, 647.62, 120.21612128797722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASSETS", "box": [ 267.32999, 130.65172872, 295.16999, 137.60890703038183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 538.84998, 131.52777387999998, 573.4159799999999, 137.61530490158407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held-for-investment", "box": [ 44.63, 141.90172872, 134.34200000000004, 148.85890703038183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 523.13, 141.90172872, 530.3299999999999, 148.85890703038183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,510,097 ", "box": [ 550.2259999999999, 141.90172872, 591.0099999999994, 148.85890703038183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 602.63, 141.90172872, 609.8299999999999, 148.85890703038183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,683,644 ", "box": [ 629.7259999999999, 141.90172872, 670.5099999999994, 148.85890703038183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for credit losses", "box": [ 44.63, 153.15172872, 138.31800000000004, 160.10890703038183 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 523.13, 153.15172872, 525.53, 160.10890703038183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(147,298) ", "box": [ 555.026, 153.15172872, 593.4019999999995, 160.10890703038183 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 602.63, 153.15172872, 605.03, 160.10890703038183 ], "from_ocr": false, "confidence": 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252.34362324, 649.27, 261.909743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.3 ", "box": [ 682.072, 252.34362324, 701.872, 261.909743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gain (Loss) on Sale of Real Estate Owned", "box": [ 20.62, 265.46362324, 221.91999999999996, 275.029743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 374.62, 265.46362324, 384.52000000000004, 275.029743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $ ", "box": [ 422.06300000000005, 265.46362324, 450.52000000000004, 275.029743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.3 $ ", "box": [ 482.57400000000007, 265.46362324, 516.52, 275.029743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $ ", "box": [ 554.8109999999999, 265.46362324, 583.27, 275.029743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $ ", "box": [ 620.813, 265.46362324, 649.27, 275.029743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 687.5609999999999, 265.46362324, 701.8609999999999, 275.029743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accumulated Depreciation and Amortization on REO Sale", "box": [ 20.62, 278.96362324, 293.2, 288.529743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 374.62, 278.96362324, 384.52000000000004, 288.529743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $ ", "box": [ 422.06300000000005, 278.96362324, 450.52000000000004, 288.529743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7.6) $ ", "box": [ 479.285, 278.96362324, 516.52, 288.529743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 554.8109999999999, 278.96362324, 569.1109999999999, 288.529743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 573.37, 278.96362324, 583.27, 288.529743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $ ", "box": [ 620.813, 278.96362324, 649.27, 288.529743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 687.5609999999999, 278.96362324, 701.8609999999999, 288.529743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss) *", "box": [ 38.62, 291.20861860599996, 185.79, 301.72972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 374.62, 292.16360324000004, 384.52000000000004, 301.72972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(27.7) $ ", "box": [ 405.80500000000006, 292.16360324000004, 450.52000000000004, 301.72972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(45.3) $ ", "box": [ 471.80500000000006, 292.16360324000004, 516.52, 301.72972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(18.9) $ ", "box": [ 538.553, 292.16360324000004, 583.27, 301.72972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2.7) $ ", "box": [ 611.155, 292.16360324000004, 649.27, 301.72972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3.0) ", "box": [ 677.903, 292.16360324000004, 706.0629999999999, 301.72972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Basic Wtd. Avg. Common Shares", "box": [ 20.62, 305.21362324, 178.35999999999999, 314.779743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": " 48,668,667 48,030,130 47,394,519 47,406,719 47,673,711 ", "box": [ 374.62, 305.21362324, 702.07, 314.779743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss) Before Realized Gains and Losses * ", "box": [ 38.62, 317.81360324, 358.15999, 327.379723416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "per Basic Wtd. Avg. Common Share", "box": [ 38.62, 331.01361324000004, 214.62000000000003, 340.57973341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 374.62, 324.40362324, 384.52000000000004, 333.969743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.06) $ ", "box": [ 405.80500000000006, 324.40362324, 450.52000000000004, 333.969743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.04) $ ", "box": [ 471.80500000000006, 324.40362324, 516.52, 333.969743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.02 $ ", "box": [ 542.722, 324.40362324, 583.27, 333.969743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.06) $ ", "box": [ 604.555, 324.40362324, 649.27, 333.969743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.07) ", "box": [ 671.303, 324.40362324, 706.0629999999999, 333.969743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss) * per Basic Wtd. Avg. Common Share", "box": [ 38.62, 343.53360324000005, 365.0899900000001, 353.09972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 374.62, 343.53360324000005, 384.52000000000004, 353.09972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.57) $ ", "box": [ 405.80500000000006, 343.53360324000005, 450.52000000000004, 353.09972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.94) $ ", "box": [ 471.80500000000006, 343.53360324000005, 516.52, 353.09972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.40) $ ", "box": [ 538.553, 343.53360324000005, 583.27, 353.09972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.06) $ ", "box": [ 604.555, 343.53360324000005, 649.27, 353.09972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.06) ", "box": [ 671.303, 343.53360324000005, 706.0629999999999, 353.09972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "* Distributable Earnings (Loss) Before Realized Gains and Losses and Distributable Earnings (Loss) are non-GAAP measures. See definitions in this appendix", "box": [ 18.0, 497.76776388, 499.44599999999934, 503.8552949015841 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Due to rounding, figures may not result in the totals presented", "box": [ 18.0, 505.73776388, 209.2049999999999, 511.8252949015841 ], "from_ocr": false, "confidence": 1.0 }, { "text": " GAAP BOOK VALUE PER SHARE", "box": [ 273.5, 368.69756808, 449.9600000000008, 379.13333554557266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "($ in millions, except per share data) (unaudited)", "box": [ 21.17, 397.67171872, 191.89799999999994, 404.6288970303818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "03/31/2025 06/30/2025 09/30/2025 12/31/2025 03/31/2026", "box": [ 359.54001, 395.03360324000005, 702.7799800000003, 404.59972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Equity", "box": [ 21.17, 409.17361324, 79.91, 418.739733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 359.42001, 409.17361324, 369.32001, 418.739733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "604.8 $ ", "box": [ 391.92501000000004, 409.17361324, 439.07001, 418.739733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "584.3 $ ", "box": [ 461.67501000000004, 409.17361324, 508.82001, 418.739733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "582.1 $ ", "box": [ 531.42501, 409.17361324, 578.56998, 418.739733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "552.8 $ ", "box": [ 601.17498, 409.17361324, 648.31998, 418.739733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "543.9 ", "box": [ 670.92498, 409.17361324, 703.92498, 418.739733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Series A Preferred Stock (Liquidation Preference $25.00 per Share)", "box": [ 27.17, 423.35360324, 351.67000000000013, 432.91972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 359.42001, 423.35360324, 369.32001, 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"box": [ 538.0250100000001, 480.42361324, 578.56998, 489.989733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.29 $ ", "box": [ 607.77498, 480.42361324, 648.31998, 489.989733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.05 ", "box": [ 677.52498, 480.42361324, 703.92498, 489.989733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "RECONCILIATION OF GAAP TO NON-GAAP MEASURES", "box": [ 214.57001, 94.71758808000004, 506.146010000001, 105.15335554557271 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A", "box": [ 642.0, 37.0, 711.6666666666666, 87.66666666666666 ], "from_ocr": true, "confidence": 0.68752 } ] }, { "page_no": 24, "width": 720.0, "height": 540.0, "cells": [ { "text": "($ in thousands)", "box": [ 20.62, 179.03570356, 85.204, 186.86252915917953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3/31/2025", "box": [ 169.53999, 177.27362324, 227.17998999999995, 186.83974341677498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6/30/2025", "box": [ 240.78999, 177.27362324, 298.42999000000015, 186.83974341677498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9/30/2025", "box": [ 312.04001, 177.27362324, 369.6800100000002, 186.83974341677498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12/31/2025", "box": [ 379.98999, 177.27362324, 444.2299900000002, 186.83974341677498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3/31/2026", "box": [ 454.54001, 177.27362324, 512.1800100000002, 186.83974341677498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASSETS", "box": [ 73.7, 195.33007800000001, 107.02999999999997, 203.7851542438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans Held-for-Investment", "box": [ 20.62, 224.02965840000002, 134.15, 232.72613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 165.37, 224.02965840000002, 174.37, 232.72613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,937,659 $ ", "box": [ 182.20000000000002, 224.02965840000002, 245.62, 232.72613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,823,279 $ ", "box": [ 253.45000000000002, 224.02965840000002, 316.87, 232.72613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,713,583 $ ", "box": [ 324.7, 224.02965840000002, 388.12, 232.72613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,683,644 $ ", "box": [ 395.95, 224.02965840000002, 459.37, 232.72613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,510,097 ", "box": [ 467.2, 224.02965840000002, 518.1800000000001, 232.72613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for credit losses", "box": [ 20.62, 260.7796584, 137.73, 269.47613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 165.37, 260.7796584, 168.37, 269.47613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(177,282) ", "box": [ 188.20000000000002, 260.7796584, 239.62, 269.47613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(151,968) ", "box": [ 259.45, 260.7796584, 310.87, 269.47613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(130,908) ", "box": [ 330.7, 260.7796584, 382.12, 269.47613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(145,912) ", "box": [ 401.95, 260.7796584, 453.37, 269.47613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(147,298) ", "box": [ 473.2, 260.7796584, 521.1700000000001, 269.47613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 20.62, 289.6596384, 82.78000000000003, 298.3561112879772 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 165.37, 289.6596384, 174.37, 298.3561112879772 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,760,377 $ ", "box": [ 182.20000000000002, 289.6596384, 245.62, 298.3561112879772 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,671,311 $ ", "box": [ 253.45000000000002, 289.6596384, 316.87, 298.3561112879772 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,582,675 $ ", "box": [ 324.7, 289.6596384, 388.12, 298.3561112879772 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,537,732 $ ", "box": [ 395.95, 289.6596384, 459.37, 298.3561112879772 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,362,799 ", "box": [ 467.2, 289.6596384, 518.1800000000001, 298.3561112879772 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LIABILITIES", "box": [ 66.05, 310.83007799999996, 114.68, 319.2851542438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other liabilities impact *", "box": [ 20.62, 338.66150146, 122.64001, 348.22613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 165.37, 339.5296584, 174.37, 348.22613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,880 $ ", "box": [ 203.19, 339.5296584, 245.62, 348.22613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,104 $ ", "box": [ 274.44, 339.5296584, 316.87, 348.22613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,735 $ ", "box": [ 345.69, 339.5296584, 388.12, 348.22613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,517 $ ", "box": [ 416.94, 339.5296584, 459.37, 348.22613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,215 ", "box": [ 488.19, 339.5296584, 518.1800000000001, 348.22613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total allowance for credit losses", "box": [ 20.62, 379.08007799999996, 159.15999999999997, 387.5351542438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 165.37, 379.08007799999996, 174.13000000000002, 387.5351542438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(180,162) $ ", "box": [ 189.49, 379.08007799999996, 245.38000000000002, 387.5351542438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(155,072) $ ", "box": [ 260.74, 379.08007799999996, 316.63, 387.5351542438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(133,643) $ ", "box": [ 331.99, 379.08007799999996, 387.88, 387.5351542438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(148,429) $ ", "box": [ 403.24, 379.08007799999996, 459.13, 387.5351542438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(148,513) ", "box": [ 474.49, 379.08007799999996, 521.14, 387.5351542438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial Statements Impact of CECL Reserves", "box": [ 25.2, 51.57308584000003, 592.8319999999999, 74.18391534874087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "24", "box": [ 676.73999, 494.230068, 688.4499900000001, 502.6851442438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 19.8, 98.196865, 23.316000000000003, 109.68124 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total allowance for credit losses of $(148.5) million, of which $1.2 million is related to future funding obligations and ", "box": [ 34.2, 98.16756808000002, 698.3960000000008, 108.60333554557269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recorded in other liabilities", "box": [ 34.2, 112.56756808, 174.11999999999998, 123.00333554557267 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 19.8, 132.99688500000002, 23.316000000000003, 144.48126000000002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans reported on the balance sheet are net of the allowance for credit losses", "box": [ 34.2, 132.96758808000004, 447.0000000000002, 143.4033555455727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "($ in thousands)", "box": [ 526.87, 169.28570356, 591.4540000000001, 177.11252915917953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Q1 2026", "box": [ 652.84003, 167.52362324, 696.40003, 177.08974341677498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Change in allowance for ", "box": [ 526.87, 183.02965840000002, 634.2099999999998, 191.72613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit losses:", "box": [ 526.87, 193.02965840000002, 586.0300000000001, 201.72613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held-for-investments", "box": [ 526.87, 208.27965840000002, 644.2000000000002, 216.97613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 649.87, 208.27965840000002, 658.87, 216.97613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,386) ", "box": [ 668.27, 208.27965840000002, 704.24, 216.97613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other liabilities", "box": [ 526.87, 222.52965840000002, 592.63, 231.22613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "*", "box": [ 592.63, 221.66150145999995, 596.53, 227.31420883718516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 649.87, 222.52965840000002, 658.87, 231.22613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,302 ", "box": [ 671.26, 222.52965840000002, 701.25, 231.22613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total change in allowance ", "box": [ 526.87, 237.77965840000002, 642.6099999999997, 246.47613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for credit losses", "box": [ 526.87, 247.77965840000002, 597.6000000000001, 256.47613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 649.87, 242.77965840000002, 658.87, 251.47613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(84) ", "box": [ 683.26, 242.77965840000002, 704.24, 251.47613128797724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "* Represents estimated allowance for credit losses on unfunded loan commitments", "box": [ 17.99, 493.13775388, 275.11399999999986, 499.2252849015841 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A", "box": [ 642.0, 37.0, 711.6666666666666, 87.66666666666666 ], "from_ocr": true, "confidence": 0.77357 } ] }, { "page_no": 25, "width": 720.0, "height": 540.0, "cells": [ { "text": "\u25aa", "box": [ 14.73, 95.78686499999998, 18.246000000000002, 107.27123999999998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Beginning with our Annual Report on Form 10-K for the year ended December\u00a031, 2025, and for all subsequent reporting periods ending on ", "box": [ 29.13, 96.44360323999996, 702.774010000001, 106.00972341677493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or after December\u00a031, 2025, we have elected to present Distributable Earnings (Loss), a non-GAAP measure, as a supplemental method of ", "box": [ 29.13, 112.64361323999998, 702.9500100000008, 122.20973341677495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "evaluating our operating performance. In order to maintain our status as a REIT, we are required to distribute at least 90% of our taxable ", "box": [ 29.13, 128.84362324, 702.8390100000004, 138.40974341677497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income to stockholders, subject to certain distribution requirements. Distributable Earnings (Loss) is intended to over time serve as a ", "box": [ 29.13, 145.04361323999996, 702.99, 154.60973341677493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "general, though imperfect, proxy for our taxable income. As such, Distributable Earnings (Loss) is considered a key indicator of our ability ", "box": [ 29.13, 161.24359324, 702.9900000000006, 170.80971341677497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to generate sufficient income to pay dividends on our common stock, which is the primary focus of income-oriented investors who comprise ", "box": [ 29.13, 177.44360323999996, 703.2100000000004, 187.00972341677493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a meaningful segment of our stockholder base. We believe providing Distributable Earnings (Loss) on a supplemental basis to our net ", "box": [ 29.13, 193.64361323999998, 702.8800000000001, 203.20973341677495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income (loss) and cash flow from operating activities, as determined in accordance with GAAP, is helpful to stockholders in assessing the ", "box": [ 29.13, 209.84362324, 702.9900000000005, 219.40974341677497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "overall operating performance of our business.", "box": [ 29.13, 226.04361323999996, 253.75000000000003, 235.60973341677493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 14.73, 244.586855, 18.246000000000002, 256.07123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For reporting purposes, we define Distributable Earnings (Loss) as net income (loss) attributable to our stockholders, computed in ", "box": [ 29.13, 245.24359324, 702.9570000000003, 254.80971341677497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accordance with GAAP, excluding: (i) non-cash equity compensation expenses; (ii) depreciation and amortization; (iii) any unrealized gains ", "box": [ 29.13, 261.44360323999996, 703.034, 271.00972341677493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(losses) or other similar non-cash items that are included in net income (loss) for the applicable reporting period (regardless of whether ", "box": [ 29.13, 277.64361324, 703.2100000000005, 287.20973341677495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such items are included in other comprehensive income or in net income (loss) for such period); and (iv) certain non-cash items and one-", "box": [ 29.13, 293.84362324, 699.6900000000002, 303.409743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "time expenses. Distributable Earnings (Loss) may also be adjusted from time to time for reporting purposes to exclude one-time events ", "box": [ 29.13, 310.04361324, 703.0450000000004, 319.609733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "pursuant to changes in GAAP and certain other material non-cash income or expense items approved by a majority of our independent ", "box": [ 29.13, 326.24362324000003, 702.9900000000006, 335.80974341677495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings (Loss) only applies to debt ", "box": [ 29.13, 342.44360324, 703.1000000000001, 352.009723416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments.", "box": [ 29.13, 358.64361324000004, 641.8300000000003, 368.20973341677495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 14.73, 377.18688499999996, 18.246000000000002, 388.67125999999996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "While Distributable Earnings (Loss) excludes the impact of the unrealized non-cash current provision for credit losses, we expect to only ", "box": [ 29.13, 377.84362324, 703.1219999999998, 387.409743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recognize such potential credit losses in Distributable Earnings (Loss) if and when such amounts are deemed non-recoverable. This is ", "box": [ 29.13, 394.04361324, 703.0780000000003, 403.609733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but non-recoverability may also be ", "box": [ 29.13, 410.24362324000003, 702.9020000000006, 419.80974341677495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "concluded if, in our determination, it is nearly certain that all amounts due will not be collected. The realized loss amount reflected in ", "box": [ 29.13, 426.44360324, 703.0780000000001, 436.009723416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss) will equal the difference between the cash received, or expected to be received, and the carrying value of the ", "box": [ 29.13, 442.64361324, 703.001, 452.20973341677495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "asset, and is reflective of our economic experience as it relates to the ultimate realization of the loan.", "box": [ 29.13, 458.84362324, 520.3899999999998, 468.409743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss)", "box": [ 25.2, 51.57308584000003, 374.45799999999986, 74.18391534874087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25", "box": [ 676.73999, 494.230068, 688.4499900000001, 502.6851442438944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A", "box": [ 642.0, 37.0, 711.6666666666666, 88.66666666666666 ], "from_ocr": true, "confidence": 0.65228 } ] }, { "page_no": 26, "width": 720.0, "height": 540.0, "cells": [ { "text": "\u25aa", "box": [ 14.85, 95.776885, 18.366, 107.26126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the quarter ended March\u00a0 31, 2026, we recorded a benefit from credit losses of $0.2 million, which has been excluded from ", "box": [ 29.25, 96.43362323999997, 702.3250100000007, 105.99974341677495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss), consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for ", "box": [ 29.25, 112.63360323999996, 702.5160000000002, 122.19972341677493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reporting Distributable Earnings (Loss) referenced on the previous slide. During the quarter ended March\u00a031, 2026, we recorded $2.0 ", "box": [ 29.25, 128.83361323999998, 702.2099999999999, 138.39973341677495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, in depreciation and amortization on REO and related intangibles, which has been excluded from Distributable Earnings (Loss) ", "box": [ 29.25, 145.03363323999997, 702.3410000000002, 154.59975341677494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable Earnings ", "box": [ 29.25, 161.23361323999995, 702.4940000000001, 170.79973341677493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Loss) referenced above.", "box": [ 29.25, 177.43359324, 148.48999999999998, 186.99971341677497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 14.85, 195.97686499999998, 18.366, 207.46123999999998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss) does not represent Net (loss) income attributable to common stockholders or cash flow from operating ", "box": [ 29.25, 196.63360323999996, 702.4830000000003, 206.19972341677493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "activities and should not be considered as an alternative to GAAP Net (loss) income attributable to common stockholders, or an indication ", "box": [ 29.25, 212.83361323999998, 702.4500000000002, 222.39973341677495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our ", "box": [ 29.25, 229.03363323999997, 702.4500000000006, 238.59975341677494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "methodology for calculating Distributable Earnings (Loss) may differ from the methodologies employed by other companies to calculate the ", "box": [ 29.25, 245.23361323999995, 702.5490000000005, 254.79973341677493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "same or similar supplemental performance measures, and, accordingly, our reported Distributable Earnings (Loss) may not be comparable ", "box": [ 29.25, 261.43362324, 702.4940000000004, 270.99974341677495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the Distributable Earnings (Loss) reported by other companies.", "box": [ 29.25, 277.63360324, 343.84999999999997, 287.199723416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u25aa", "box": [ 14.85, 296.176875, 18.366, 307.66125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We believe it is useful to our stockholders to present Distributable Earnings (Loss) Before Realized Gains and Losses, a non-GAAP ", "box": [ 29.25, 296.83361324, 702.3950000000003, 306.399733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "measure, to reflect our run-rate operating results as (i) our operating results are mainly comprised of net interest income earned on our ", "box": [ 29.25, 313.03360324000005, 702.4610000000002, 322.59972341677496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan investments net of our operating expenses, which comprise our ongoing operations, (ii) it helps our stockholders in assessing the ", "box": [ 29.25, 329.23361324, 702.4170000000006, 338.799733416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "overall run-rate operating performance of our business, and (iii) it has been a useful reference related to our common dividend as it is one ", "box": [ 29.25, 345.43362324, 702.2300000000009, 354.999743416775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the factors we and our Board of Directors consider when declaring the dividend. 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