[ { "page_no": 1, "width": 612.0, "height": 792.0, "cells": [ { "text": "UNITED STATES", "box": [ 278.2581917786333, 103.95672840642214, 332.7227641710878, 107.44582510254668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SECURITIES AND EXCHANGE COMMISSION", "box": [ 231.1028429497145, 112.30944844239207, 380.9029795489064, 115.7985451385166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Washington, D.C. 20549", "box": [ 269.92993999191873, 120.6621684783621, 341.65910682573144, 124.15126517448664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FORM 10-Q", "box": [ 287.1574250661068, 137.36760855030207, 324.83274339850715, 140.8567052464266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)", "box": [ 206.56672784405265, 154.07304862224203, 403.6028536712624, 157.56214531836656 ], "from_ocr": false, "confidence": 1.0 }, { "text": " OF THE SECURITIES EXCHANGE ACT OF 1934", "box": [ 227.4403735910425, 162.42576865821206, 383.46749324632424, 165.9148653543366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the quarterly period ended June 30, 2026", "box": [ 238.75406501391353, 179.1312087301519, 373.23235703017986, 182.62030542627645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commission File Number: 001-35808", "box": [ 249.95356431299285, 187.48392876612195, 362.02660467606364, 190.97302546224648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "READY CAPITAL CORPORATION", "box": [ 227.25276105813458, 204.43522955402204, 382.40094578995524, 209.31944146985893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Exact Name of Registrant as Specified in its Charter)", "box": [ 245.88324207586447, 215.03111179903885, 366.11238907072345, 217.82134213376435 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maryland", "box": [ 223.49240826154107, 234.46797896845305, 253.26121541629016, 237.9570756645776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "90-0729143", "box": [ 409.22623171763144, 234.46797896845305, 442.8584205460546, 237.9570756645776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(State or Other Jurisdiction of Incorporation or Organization)", "box": [ 170.13777503092575, 243.22154192043752, 306.49357738149905, 246.01177225516312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(IRS Employer Identification No.)", "box": [ 387.7245031875368, 243.22154192043752, 464.3789756049025, 246.01177225516312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1251 Avenue of the Americas , 50th Floor, New York , NY 10020", "box": [ 232.00010779732844, 258.48204907186687, 419.62470158925294, 261.9711457679914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Address of Principal Executive Offices, Including Zip Code)", "box": [ 257.19693871918554, 266.7135670216031, 394.3272054803119, 269.50379735632873 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(212) 257-4600", "box": [ 304.06679157727496, 277.2756691527993, 347.5597649373154, 280.76476584892384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Registrant's Telephone Number, Including Area Code)", "box": [ 263.9590502787058, 286.0292321047837, 386.64425299883123, 288.81946243950927 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securities registered pursuant to Section 12(b) of the Act: ", "box": [ 162.16027484032162, 302.2126271744756, 291.51366422505197, 305.0028575092011 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Title of each class", "box": [ 219.5118151193991, 317.8739772419193, 259.64334482251326, 320.66420757664486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Trading ", "box": [ 349.37866377155507, 317.8739772419193, 368.1903936197178, 320.66420757664486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Symbol(s)", "box": [ 346.58898579079164, 323.61647226664866, 369.77825443654416, 326.4067026013742 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Name of each exchange on which ", "box": [ 387.88764225073936, 317.8739772419193, 464.5258373373025, 320.66420757664486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "registered", "box": [ 414.5527195209693, 323.61647226664866, 436.4920469493395, 326.4067026013742 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Common Stock, $0.0001 par value per share", "box": [ 190.05705464795574, 333.0132823071149, 289.27852860891744, 335.8035126418404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "RC", "box": [ 354.4686025434743, 333.0132823071149, 361.892217847977, 335.8035126418404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "New York Stock Exchange", "box": [ 395.15548490618744, 333.0132823071149, 455.1258673150193, 335.8035126418404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred Stock, 6.25% Series C Cumulative Convertible, par value $0.0001 per share", "box": [ 143.9294845274379, 341.36600234308486, 335.40805049908516, 344.1562326778104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "RC PRC", "box": [ 348.52218629996673, 341.36600234308486, 367.8556382979113, 344.1562326778104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "New York Stock Exchange", "box": [ 395.15548490618744, 341.36600234308486, 455.1258673150193, 344.1562326778104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred Stock, 6.50% Series E Cumulative Redeemable, par value $0.0001 per share", "box": [ 143.46453819731067, 349.71872237905484, 335.8588495140605, 352.50895271378045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "RC PRE", "box": [ 348.6771657997841, 349.71872237905484, 367.69812999134155, 352.50895271378045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "New York Stock Exchange", "box": [ 395.15548490618744, 349.71872237905484, 455.1258673150193, 352.50895271378045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.00% Senior Notes due 2029", "box": [ 206.3628066252745, 358.0714424150248, 272.97963861724224, 360.8616727497504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "RCD", "box": [ 352.46199206608304, 358.0714424150248, 363.90446458620045, 360.8616727497504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "New York Stock Exchange", "box": [ 395.15548490618744, 358.0714424150248, 455.1258673150193, 360.8616727497504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of ", "box": [ 137.10211473241165, 370.07847746673167, 476.2401671855166, 372.8687078014573 ], "from_ocr": false, "confidence": 1.0 }, { "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 ", "box": [ 137.10211473241165, 376.8650624959573, 476.1015015920195, 379.65529283068287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "filing requirements for the past 90 days. Yes ", "box": [ 137.10211473241165, 383.6516475251829, 237.42089256332014, 386.44187785990846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2612", "box": [ 237.42088909172088, 384.29564408405696, 242.04027356937263, 386.19576682399605 ], "from_ocr": false, "confidence": 1.0 }, { "text": " No ", "box": [ 242.04027362168972, 383.6516475251829, 254.4066164043781, 386.44187785990846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 254.40661288057436, 384.29564408405696, 259.0259973582261, 386.19576682399605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of ", "box": [ 137.10211473241165, 394.09254757014537, 476.199385029941, 396.882777904871 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Regulation S-T (\u00a7232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such ", "box": [ 137.10211473241165, 400.879132599371, 476.2156989362613, 403.66936293409657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "files). Yes ", "box": [ 137.10211473241165, 407.6657176285966, 162.75214333551816, 410.45594796332216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2612", "box": [ 162.7521398639189, 408.30971418747066, 167.37152434157065, 410.20983692740975 ], "from_ocr": false, "confidence": 1.0 }, { "text": " No ", "box": [ 167.37152439388774, 407.6657176285966, 179.73786717657615, 410.45594796332216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 179.73786365277238, 408.30971418747066, 184.35724813042413, 410.20983692740975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or ", "box": [ 137.10211473241165, 418.6286626758072, 476.2483267489018, 421.41889301053277 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an emerging growth company. See the definitions of 'large accelerated filer,' 'accelerated filer,' 'smaller reporting company,' and 'emerging growth ", "box": [ 137.10211473241165, 425.4152477050328, 476.2401671855166, 428.2054780397584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "company' in Rule 12b-2 of the Exchange Act.", "box": [ 137.10211473241165, 431.6797877320103, 240.35897311214472, 434.47001806673586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Large accelerated filer ", "box": [ 137.10211473241165, 442.6427327792209, 188.54442922783954, 445.43296311394647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2612", "box": [ 188.5444257562403, 443.286729338095, 193.16381023389204, 445.18685207803406 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Accelerated filer ", "box": [ 193.16381028620913, 442.6427327792209, 238.4715650332497, 445.43296311394647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 238.471561405037, 443.286729338095, 243.09094588268874, 445.18685207803406 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Non-accelerated filer ", "box": [ 243.0909460394148, 442.6427327792209, 298.5533641309346, 445.43296311394647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 298.55335945863203, 443.286729338095, 303.1727439362838, 445.18685207803406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Smaller reporting company ", "box": [ 312.5092354877813, 442.6427327792209, 374.78930514117906, 445.43296311394647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 374.8038893818957, 443.286729338095, 379.4232738595475, 445.18685207803406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Emerging growth company ", "box": [ 387.68371581151115, 442.6427327792209, 451.2572121497676, 445.43296311394647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 451.3732060857823, 443.286729338095, 455.9925905634341, 445.18685207803406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any ", "box": [ 137.10211473241165, 456.21590283767216, 476.19122546655586, 459.0061331723977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ", "box": [ 137.10211473241165, 463.00248786689775, 367.125274389623, 465.7927182016233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 367.1307727503024, 463.6464844257718, 371.75015722795416, 465.5466071657109 ], "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": [ 137.10211473241165, 473.4433879118602, 402.79496093173367, 476.2336182465858 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 402.7985526274514, 474.08738447073426, 407.41793710510314, 475.98750721067336 ], "from_ocr": false, "confidence": 1.0 }, { "text": " No ", "box": [ 407.14620605157404, 473.4433879118602, 419.51671490999394, 476.2336182465858 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2612", "box": [ 419.5167114383946, 474.08738447073426, 424.1360959160464, 475.98750721067336 ], "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: ", "box": [ 137.10211473241165, 484.4063329590708, 418.7907486889676, 487.19656329379643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has 165,190,992 shares of common stock, par value $0.0001 per share, outstanding as of August 6, 2026.", "box": [ 137.10211473241165, 495.36927800628143, 404.42635156375906, 498.15950834100704 ], "from_ocr": false, "confidence": 1.0 }, { "text": " TABLE OF CONTENTS", "box": [ 267.64599310708314, 644.2733209012298, 343.50359308840115, 647.7624175973544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Page", "box": [ 451.3976795554877, 655.7583109506886, 464.9246324809505, 659.2474076468131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PART I. FINANCIAL INFORMATION", "box": [ 139.4513172425282, 668.8094360068917, 257.51399192820304, 672.2985327030162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4", "box": [ 469.5632116328654, 668.8094360068917, 473.0426415467469, 672.2985327030162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UNAUDITED CONSOLIDATED BALANCE SHEETS", "box": [ 162.0052927302792, 698.0439561327867, 319.5376923905719, 701.5330528289112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4", "box": [ 469.5632116328654, 698.0439561327867, 473.0426415467469, 701.5330528289112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS", "box": [ 162.0052927302792, 707.4407661732529, 358.2293234530977, 710.9298628693774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5", "box": [ 469.5632116328654, 707.4407661732529, 473.0426415467469, 710.9298628693774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)", "box": [ 162.0052927302792, 716.3155312114709, 426.65915119666755, 719.8046279075954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6", "box": [ 469.5632116328654, 716.3155312114709, 473.0426415467469, 719.8046279075954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY", "box": [ 162.0052927302792, 725.7123412519372, 385.27982254508015, 729.2014379480618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8", "box": [ 469.5632116328654, 725.7123412519372, 473.0426415467469, 729.2014379480618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS", "box": [ 162.0052927302792, 735.1091512924035, 359.58508231122465, 738.598247988528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9", "box": [ 469.5632116328654, 735.1091512924035, 473.0426415467469, 738.598247988528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)", "box": [ 162.0052927302792, 743.9839163306215, 408.7115760399983, 747.473013026746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11", "box": [ 466.08019524371616, 743.9839163306215, 472.65509329542596, 747.473013026746 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 2, "width": 612.0, "height": 792.0, "cells": [ { "text": "2", "box": [ 304.25439888973284, 406.2207837480859, 307.73382880361436, 409.70988044421046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 1. Financial Statements (Unaudited)", "box": [ 139.4513172425282, 39.74519216990291, 262.19278220696395, 43.23428886602744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4", "box": [ 469.5632116328654, 39.74519216990291, 473.0426415467469, 43.23428886602744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 1. Organization", "box": [ 174.25703637678987, 37.13496715866222, 232.68352685472877, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11", "box": [ 466.08019524371616, 37.13496715866222, 472.7808091450063, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 2. Basis of Presentation", "box": [ 174.25703637678987, 41.83337217889539, 255.238617482809, 45.32246887501992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11", "box": [ 466.08019524371616, 41.83337217889539, 472.7808091450063, 45.32246887501992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 3. Summary of Significant Accounting Policies", "box": [ 174.25703637678987, 51.23018221936161, 320.95356439518883, 54.71927891548614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12", "box": [ 466.08019524371616, 51.23018221936161, 473.0390515998799, 54.71927891548614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 4. Recent Accounting Pronouncements", "box": [ 174.25703637678987, 60.10494725757974, 297.7494860573203, 63.59404395370427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "23", "box": [ 466.08019524371616, 60.10494725757974, 473.0390515998799, 63.59404395370427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 5. Business Combinations", "box": [ 174.25703637678987, 69.50175729804596, 262.0173952475264, 72.9908539941705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "24", "box": [ 466.08019524371616, 69.50175729804596, 473.0390515998799, 72.9908539941705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 6. Loans and Allowance for Credit Losses", "box": [ 174.25703637678987, 78.89856733851218, 306.4446308627969, 82.38766403463671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25", "box": [ 466.08019524371616, 78.89856733851218, 473.0390515998799, 82.38766403463671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 7. Fair Value Measurements", "box": [ 174.25703637678987, 87.77333237673031, 267.4709953708257, 91.26242907285484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33", "box": [ 466.08019524371616, 87.77333237673031, 473.0390515998799, 91.26242907285484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 8. Servicing Rights", "box": [ 174.25703637678987, 97.17014241719653, 243.06742289723866, 100.65923911332106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "38", "box": [ 466.08019524371616, 97.17014241719653, 473.0390515998799, 100.65923911332106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 9. Discontinued Operations and Assets and Liabilities Held for Sale", "box": [ 174.25703637678987, 106.04490745541466, 377.7626543787002, 109.5340041515392 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40", "box": [ 466.08019524371616, 106.04490745541466, 473.0390515998799, 109.5340041515392 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 10. Secured Borrowings", "box": [ 174.25703637678987, 115.44171749588088, 256.97494043610374, 118.93081419200541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41", "box": [ 466.08019524371616, 115.44171749588088, 473.0390515998799, 118.93081419200541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 11. Senior Secured Notes and Corporate Debt, net", "box": [ 174.25703637678987, 124.8385275363471, 328.5987666740172, 128.32762423247163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "42", "box": [ 466.08019524371616, 124.8385275363471, 473.0390515998799, 128.32762423247163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 12. Guaranteed Loan Financing", "box": [ 174.25703637678987, 133.71329257456523, 277.64084498151095, 137.20238927068976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "45", "box": [ 466.08019524371616, 133.71329257456523, 473.0390515998799, 137.20238927068976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 13. Variable Interest Entities and Securitization Activities", "box": [ 174.25703637678987, 143.11010261503145, 349.21367875403143, 146.59919931115599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "45", "box": [ 466.08019524371616, 143.11010261503145, 473.0390515998799, 146.59919931115599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 14. Interest Income and Interest Expense", "box": [ 174.25703637678987, 152.50691265549767, 303.14189100546, 155.9960093516222 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47", "box": [ 466.08019524371616, 152.50691265549767, 473.0390515998799, 155.9960093516222 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 15. Derivative Instruments", "box": [ 174.25703637678987, 161.3816776937158, 263.92699848732786, 164.87077438984034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "48", "box": [ 466.08019524371616, 161.3816776937158, 473.0390515998799, 164.87077438984034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 16. Real Estate Owned", "box": [ 174.25703637678987, 170.77848773418202, 253.29505615529234, 174.26758443030656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "49", "box": [ 466.08019524371616, 170.77848773418202, 473.0390515998799, 174.26758443030656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 17. Agreements and Transactions with Related Parties", "box": [ 174.25703637678987, 179.65325277240004, 339.6962670778495, 183.14234946852469 ], "from_ocr": false, "confidence": 1.0 }, { "text": "50", "box": [ 466.08019524371616, 179.65325277240004, 473.0390515998799, 183.14234946852469 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 18. Other Assets and Other Liabilities", "box": [ 174.25703637678987, 189.05006281286637, 294.66078884317113, 192.5391595089909 ], "from_ocr": false, "confidence": 1.0 }, { "text": "52", "box": [ 466.08019524371616, 189.05006281286637, 473.0390515998799, 192.5391595089909 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 19. Other Income and Operating Expenses", "box": [ 174.25703637678987, 198.4468728533326, 307.7868081459408, 201.93596954945713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "53", "box": [ 466.08019524371616, 198.4468728533326, 473.0390515998799, 201.93596954945713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 20. Redeemable Preferred Stock and Stockholders' Equity", "box": [ 174.25703637678987, 207.32163789155072, 351.52764962474043, 210.81073458767526 ], "from_ocr": false, "confidence": 1.0 }, { "text": "54", "box": [ 466.08019524371616, 207.32163789155072, 473.0390515998799, 210.81073458767526 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 21. Earnings per Share of Common Stock", "box": [ 174.25703637678987, 216.71844793201694, 305.6801006847046, 220.20754462814148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "58", "box": [ 466.08019524371616, 216.71844793201694, 473.0390515998799, 220.20754462814148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 22. Offsetting Assets and Liabilities", "box": [ 174.25703637678987, 225.59321297023507, 289.32271618257494, 229.0823096663596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "58", "box": [ 466.08019524371616, 225.59321297023507, 473.0390515998799, 229.0823096663596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 23. Financial Instruments with Off-Balance Sheet Risk, Credit Risk, and Certain Other ", "box": [ 174.25703637678987, 234.9900230107013, 432.716459195985, 238.47911970682583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Risks", "box": [ 174.25703637678987, 243.34274304667122, 189.727568865046, 246.83183974279575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "60", "box": [ 466.08019524371616, 234.9900230107013, 473.0390515998799, 238.47911970682583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 24. Commitments, Contingencies and Indemnifications", "box": [ 174.25703637678987, 252.73955308713744, 343.36936553378973, 256.228649783262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "62", "box": [ 466.08019524371616, 252.73955308713744, 473.0390515998799, 256.228649783262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 25. Income Taxes", "box": [ 174.25703637678987, 261.61431812535557, 238.57205751838842, 265.1034148214801 ], "from_ocr": false, "confidence": 1.0 }, { "text": "63", "box": [ 466.08019524371616, 261.61431812535557, 473.0390515998799, 265.1034148214801 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 26. Segment Reporting", "box": [ 174.25703637678987, 271.0111281658218, 253.8862759834713, 274.5002248619463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "63", "box": [ 466.08019524371616, 271.0111281658218, 473.0390515998799, 274.5002248619463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 27. Subsequent Events", "box": [ 174.25703637678987, 280.407938206288, 252.72760537220205, 283.89703490241254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "67", "box": [ 466.08019524371616, 280.407938206288, 473.0390515998799, 283.89703490241254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations", "box": [ 139.4513172425282, 301.81178329846114, 425.8922566056412, 305.30087999458567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "68", "box": [ 466.08019524371616, 301.81178329846114, 473.0390515998799, 305.30087999458567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 3. Quantitative and Qualitative Disclosures About Market Risk", "box": [ 139.4513172425282, 322.69358338838606, 342.0972432667423, 326.1826800845106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "90", "box": [ 466.08019524371616, 322.69358338838606, 473.0390515998799, 326.1826800845106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 4. Controls and Procedures", "box": [ 139.4513172425282, 343.57538347831104, 235.90683673670497, 347.0644801744356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "94", "box": [ 466.08019524371616, 343.57538347831104, 473.0390515998799, 347.0644801744356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PART II. OTHER INFORMATION", "box": [ 139.4513172425282, 484.0054886990565, 246.3043866209477, 487.49458539518105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "94", "box": [ 466.08019524371616, 484.0054886990565, 473.0390515998799, 487.49458539518105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 1. Legal Proceedings", "box": [ 139.4513172425282, 504.88728878898144, 216.24333014507448, 508.37638548510597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "94", "box": [ 466.08019524371616, 504.88728878898144, 473.0390515998799, 508.37638548510597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 1A. Risk Factors", "box": [ 139.4513172425282, 525.7690888789064, 204.77549846193165, 529.2581855750309 ], "from_ocr": false, "confidence": 1.0 }, { "text": "97", "box": [ 466.08019524371616, 525.7690888789064, 473.0390515998799, 529.2581855750309 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 2. Unregistered Sales of Equity Securities and Use of Proceeds", "box": [ 139.4513172425282, 546.6508889688314, 338.72656138636165, 550.1399856649559 ], "from_ocr": false, "confidence": 1.0 }, { "text": "97", "box": [ 466.08019524371616, 546.6508889688314, 473.0390515998799, 550.1399856649559 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 3. Defaults Upon Senior Securities", "box": [ 139.4513172425282, 567.5326890587563, 256.45718079687003, 571.0217857548809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "97", "box": [ 466.08019524371616, 567.5326890587563, 473.0390515998799, 571.0217857548809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 4. Mine Safety Disclosures", "box": [ 139.4513172425282, 588.4144891486812, 233.05941478399342, 591.9035858448058 ], "from_ocr": false, "confidence": 1.0 }, { "text": "97", "box": [ 466.08019524371616, 588.4144891486812, 473.0390515998799, 591.9035858448058 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 5. Other Information", "box": [ 139.4513172425282, 609.2962892386063, 217.79275707160912, 612.7853859347308 ], "from_ocr": false, "confidence": 1.0 }, { "text": "97", "box": [ 466.08019524371616, 609.2962892386063, 473.0390515998799, 612.7853859347308 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 6. Exhibits", "box": [ 139.4513172425282, 630.1780893285312, 186.81430179383688, 633.6671860246557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "97", "box": [ 466.08019524371616, 630.1780893285312, 473.0390515998799, 633.6671860246557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SIGNATURES", "box": [ 139.4513172425282, 651.5819344207043, 181.98255397324127, 655.0710311168289 ], "from_ocr": false, "confidence": 1.0 }, { "text": "98", "box": [ 466.08019524371616, 651.5819344207043, 473.0390515998799, 655.0710311168289 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 3, "width": 612.0, "height": 792.0, "cells": [ { "text": "3", "box": [ 304.25439888973284, 243.34274304667122, 307.73382880361436, 246.83183974279575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PART I. FINANCIAL INFORMATION", "box": [ 246.09532285802777, 318.5172208744013, 365.40374366591675, 322.0063175705258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 1. Financial Statements (Unaudited)", "box": [ 137.10211473241165, 335.22266094634125, 259.84357969684737, 338.7117576424658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "READY CAPITAL CORPORATION", "box": [ 249.7577974371498, 351.9281010182812, 360.58979526060807, 355.41719771440575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UNAUDITED CONSOLIDATED BALANCE SHEETS", "box": [ 223.5658182297572, 360.2808210542512, 387.9721395342211, 363.7699177503757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 378.95323904895, 171.44999183189833, 381.7434693836756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 376.7370846706208, 378.95323904895, 409.04825686632796, 381.7434693836756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 426.2661042589116, 378.95323904895, 471.13385434159073, 381.7434693836756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets", 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350.4530594542147, 420.89684455228485 ], "from_ocr": false, "confidence": 1.0 }, { "text": "allowance of $70,867 and $67,612)", "box": [ 147.80403727849819, 423.84910924228865, 226.65886344605565, 426.6393395770142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "278,214", "box": [ 398.53246351448, 423.84910924228865, 416.61867409044504, 426.6393395770142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "585,820", "box": [ 454.39127875502925, 423.84910924228865, 472.4774893309943, 426.6393395770142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage-backed securities", "box": [ 147.80403727849819, 431.67978427601054, 209.456421413432, 434.47001461073603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,587", "box": [ 401.3139871523083, 431.67978427601054, 416.6177048616938, 434.47001461073603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34,501", "box": [ 457.17280239285753, 431.67978427601054, 472.4765201022431, 434.47001461073603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment in unconsolidated joint ventures (including $5,294 and $5,737 held at fair value)", "box": [ 147.80403727849819, 439.51045930973237, 353.1025666489631, 442.3006896444579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "165,658", "box": [ 398.53246351448, 439.51045930973237, 416.61867409044504, 442.3006896444579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "161,424", "box": [ 454.39127875502925, 439.51045930973237, 472.4774893309943, 442.3006896444579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Derivative instruments", "box": [ 147.80403727849819, 447.3411343434542, 198.64979668642252, 450.1313646781798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,096", "box": [ 404.1036651330717, 447.3411343434542, 416.6248899758778, 450.1313646781798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,740", "box": [ 459.96248037362096, 447.3411343434542, 472.48370521642704, 450.1313646781798 ], "from_ocr": false, 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false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 486.49450951206353, 371.4115730392326, 489.2847398467891 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,263,916", "box": [ 394.356103496495, 486.49450951206353, 416.6160533723292, 489.2847398467891 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 486.49450951206353, 427.2703882797819, 489.2847398467891 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,769,796", "box": [ 450.2149187370443, 486.49450951206353, 472.4748686128785, 489.2847398467891 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liabilities", "box": [ 139.4513172425282, 494.3251845457854, 163.26013043731717, 497.1154148805109 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured borrowings", "box": [ 147.80403727849819, 502.15585957950725, 192.4679652932412, 504.9460899142328 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,876,713", "box": [ 394.356103496495, 502.15585957950725, 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"Loss from discontinued operations before income tax benefit", "box": [ 143.6276772605132, 444.2089054179637, 279.1574561547841, 446.99913575268926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 336.9311532492014, 444.2089054179637, 342.49615286875735, 446.99913575268926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6,567)", "box": [ 371.45137902285853, 444.2089054179637, 387.69343273328167, 446.99913575268926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 423.59062362238996, 444.2089054179637, 429.155623241946, 446.99913575268926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7,161)", "box": [ 458.1108493960471, 444.2089054179637, 474.35290310647025, 446.99913575268926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income tax benefit", "box": [ 143.6276772605132, 452.03958045168554, 185.34608994760077, 454.82981078641114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 336.9311532492014, 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1.0 }, { "text": "$", "box": [ 350.3574981507703, 459.8702554854074, 353.1399979605483, 462.660485820133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,926)", "box": [ 371.45137902285853, 459.8702554854074, 387.69343273328167, 462.660485820133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 393.6872333373646, 459.8702554854074, 396.46973314714256, 462.660485820133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 423.59062362238996, 459.8702554854074, 429.155623241946, 462.660485820133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 437.0169685239589, 459.8702554854074, 439.79946833373685, 462.660485820133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5,371)", "box": [ 458.1108493960471, 459.8702554854074, 474.35290310647025, 462.660485820133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net income (loss)", "box": [ 139.4513172425282, 467.70093051912926, 179.94151543785955, 470.49116085385486 ], 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506.8543056877386, 396.46973314714256, 509.64453602246414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1.87)", "box": [ 417.56263784728117, 506.8543056877386, 431.0150135769408, 509.64453602246414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 437.0169685239589, 506.8543056877386, 439.79946833373685, 509.64453602246414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.15", "box": [ 462.7439987909992, 506.8543056877386, 472.48273076722586, 509.64453602246414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Earnings per common share from discontinued operations - basic", "box": [ 139.4513172425282, 514.6849807214604, 294.3526072882369, 517.475211056186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 307.027762964176, 514.6849807214604, 309.81026277395404, 517.475211056186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.00", "box": [ 332.75479323121635, 514.6849807214604, 342.49352520744304, 517.475211056186 ], 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Organization", "box": [ 137.10211473241165, 393.6916964941313, 199.14651984823482, 397.1807931902558 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ready Capital Corporation (the 'Company' or 'Ready Capital' and together with its subsidiaries 'we,' 'us' and 'our'), ", "box": [ 137.10211473241165, 410.39713656607125, 476.57231833124814, 413.8862332621958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "is a Maryland corporation. The Company is a multi-strategy real estate finance company that originates, acquires, ", "box": [ 137.10211473241165, 418.74985660204123, 476.57231833124814, 422.23895329816577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "finances and services lower-to-middle-market commercial real estate ('LMM') loans, Small Business Administration ", "box": [ 137.10211473241165, 427.1025766380112, 476.5886322375684, 430.59167333413575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "('SBA') loans, construction loans, and to a lesser extent, mortgage-backed securities ('MBS') collateralized primarily ", "box": [ 137.10211473241165, 435.4552966739812, 476.564163988313, 438.94439337010573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by LMM loans, or other real estate-related investments. LMM loans represent a special category of commercial loans, ", "box": [ 137.10211473241165, 443.8080167099512, 476.54785008199275, 447.2971134060757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sharing both commercial and residential loan characteristics. LMM loans are generally secured by first mortgages on ", "box": [ 137.10211473241165, 452.1607367459212, 476.5560044249279, 455.64983344204575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commercial properties, but because LMM loans are also often accompanied by collateralization of personal assets and ", "box": [ 137.10211473241165, 460.51345678189114, 476.564163988313, 464.00255347801567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subordinate lien positions, aspects of residential mortgage credit analysis are utilized in the underwriting process.", "box": [ 137.10211473241165, 468.8661768178612, 452.4827957063424, 472.3552735139857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company is externally managed and advised by Waterfall Asset Management, LLC ('Waterfall' or the 'Manager'), ", "box": [ 137.10211473241165, 485.57161688980113, 476.5396905186076, 489.06071358592567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an investment advisor registered with the United States Securities and Exchange Commission ('SEC') under the ", "box": [ 137.10211473241165, 493.92433692577106, 476.54785008199275, 497.4134336218956 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment Advisors Act of 1940, as amended.", "box": [ 137.10211473241165, 502.2770569617411, 267.68882276231096, 505.76615365786563 ], "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": [ 137.10211473241165, 518.982497033681, 476.60494614388864, 522.4715937298056 ], "from_ocr": false, "confidence": 1.0 }, { "text": "substantially all of the Company's business. As of both June 30, 2026 and December 31, 2025, the Company owned ", "box": [ 137.10211473241165, 527.335217069651, 476.54785008199275, 530.8243137657755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately 99.8% of the operating partnership. The Company, as sole general partner of the operating partnership, ", "box": [ 137.10211473241165, 535.687937105621, 476.5967918009535, 539.1770338017456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "has responsibility and discretion in the management and control of the operating partnership, and the limited partners of ", "box": [ 137.10211473241165, 544.040657141591, 476.5560044249279, 547.5297538377156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the operating partnership, in such capacity, have no authority to transact business for, or participate in the management ", "box": [ 137.10211473241165, 552.393377177561, 476.54785008199275, 555.8824738736855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "activities of the operating partnership. Therefore, the Company consolidates the operating partnership.", "box": [ 137.10211473241165, 560.7460972135309, 421.8101664202138, 564.2351939096554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Acquisitions", "box": [ 137.10211473241165, 577.451537285471, 172.68127323867168, 580.9406339815955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "United Development Funding IV.", "box": [ 137.10211473241165, 594.1569773574108, 235.8948753185282, 597.6460740535354 ], "from_ocr": false, "confidence": 1.0 }, { "text": " On March 13, 2025, pursuant to the terms of the Agreement and Plan of Merger, ", "box": [ 235.8991314078691, 594.1569773574108, 476.61310570727375, 597.6460740535354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "dated as of November 29, 2024, by and among the Company, United Development Funding IV ('UDF IV'), and RC ", "box": [ 137.10211473241165, 601.9876523911328, 476.5886322375684, 605.4767490872573 ], "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": [ 137.10211473241165, 609.8183274248546, 476.5560044249279, 613.3074241209791 ], "from_ocr": false, "confidence": 1.0 }, { "text": "IV, a real estate investment trust providing capital solutions to residential real estate developers and regional ", "box": [ 137.10211473241165, 617.6490024585764, 476.564163988313, 621.138099154701 ], "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": [ 137.10211473241165, 625.4796774922984, 476.60494614388864, 628.9687741884229 ], "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": [ 137.10211473241165, 633.3103525260202, 476.61310570727375, 636.7994492221447 ], "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": [ 137.10211473241165, 641.141027559742, 476.5886322375684, 644.6301242558666 ], "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": [ 137.10211473241165, 648.971702593464, 476.5967918009535, 652.4607992895885 ], "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": [ 137.10211473241165, 656.8023776271857, 476.5315361756725, 660.2914743233102 ], "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": [ 137.10211473241165, 664.6330526609077, 476.5886322375684, 668.1221493570322 ], "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": [ 137.10211473241165, 672.4637276946295, 476.564163988313, 675.952824390754 ], "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": [ 137.10211473241165, 680.2944027283513, 476.54785008199275, 683.7834994244758 ], "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": [ 137.10211473241165, 688.1250777620733, 437.8349503840303, 691.6141744581978 ], "from_ocr": false, "confidence": 1.0 }, { "text": "REIT Status", "box": [ 137.10211473241165, 704.3084728317651, 172.87834653213287, 707.7975695278897 ], "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": [ 137.10211473241165, 721.013912903705, 476.629419613594, 724.5030095998295 ], "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": [ 137.10211473241165, 729.366632939675, 476.51522226935225, 732.8557296357995 ], "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": [ 137.10211473241165, 737.719352975645, 476.6212600502089, 741.2084496717696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distributions to shareholders.", "box": [ 137.10211473241165, 746.072073011615, 217.699731908942, 749.5611697077395 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 9, "width": 612.0, "height": 792.0, "cells": [ { "text": "11", "box": [ 302.5169704768508, 130.58102256107645, 309.21758437814094, 134.070119257201 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 2. Basis of Presentation", "box": [ 137.10211473241165, 42.35541718114348, 221.8273263781, 45.844513877268014 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The unaudited interim consolidated financial statements herein, referred to as the 'consolidated financial statements', as ", "box": [ 137.10211473241165, 59.06085725308344, 476.5396905186076, 62.549953949207975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025, have been ", "box": [ 137.10211473241165, 67.41357728905348, 476.5967918009535, 70.90267398517801 ], "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": [ 137.10211473241165, 75.7662973250234, 474.8781264815708, 79.25539402114794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as prescribed by the Financial Accounting Standards Board's ('FASB') Accounting Standards Codification ('ASC') ", "box": [ 137.10211473241165, 84.11901736099344, 476.57231833124814, 87.60811405711797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and the rules and regulations of the SEC.", "box": [ 137.10211473241165, 92.47173739696336, 251.12463966305478, 95.9608340930879 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12", "box": [ 302.5169704768508, 688.1253180500632, 309.47582683301454, 691.6144147461878 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The accompanying consolidated financial statements, including the notes thereto, are unaudited and exclude some of the ", "box": [ 137.10211473241165, 205.75573597279663, 476.5886322375684, 209.24483266892116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "disclosures required in audited financial statements. Accordingly, certain information and footnote disclosures normally ", "box": [ 137.10211473241165, 214.10845600876667, 476.5560044249279, 217.5975527048912 ], "from_ocr": false, "confidence": 1.0 }, { "text": "included in consolidated financial statements have been condensed or omitted. In the opinion of management, the ", "box": [ 137.10211473241165, 222.4611760447366, 476.61310570727375, 225.95027274086124 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accompanying consolidated financial statements contain all normal recurring adjustments necessary for a fair statement ", "box": [ 137.10211473241165, 230.81389608070663, 476.5560044249279, 234.30299277683116 ], "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": [ 137.10211473241165, 239.16661611667655, 476.51522226935225, 242.65571281280108 ], "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": [ 137.10211473241165, 247.5193361526466, 476.60494614388864, 251.00843284877112 ], "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": [ 137.10211473241165, 255.87205618861663, 476.5886322375684, 259.36115288474116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for the fiscal year ended December 31, 2025, as filed with the SEC.", "box": [ 137.10211473241165, 264.22477622458655, 325.06698462186904, 267.7138729207111 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 3. Summary of Significant Accounting Policies", "box": [ 137.10211473241165, 280.9302162965265, 289.9989147050379, 284.41931299265104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Use of estimates", "box": [ 137.10211473241165, 297.63565636846647, 183.48653579365674, 301.124753064591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preparation of the Company's consolidated financial statements in conformity with U.S. GAAP requires certain ", "box": [ 137.10211473241165, 305.9883764044365, 476.5886322375684, 309.47747310056104 ], "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": [ 137.10211473241165, 314.34109644040643, 476.6212600502089, 317.83019313653097 ], "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 ", "box": [ 137.10211473241165, 322.69381647637647, 476.6212600502089, 326.182913172501 ], "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": [ 137.10211473241165, 331.0465365123464, 476.6212600502089, 334.5356332084709 ], "from_ocr": false, "confidence": 1.0 }, { "text": "could be materially different.", "box": [ 137.10211473241165, 339.39925654831643, 218.17680999067198, 342.88835324444096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Basis of consolidation", "box": [ 137.10211473241165, 356.1046966202564, 200.5166728965952, 359.5937933163809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The accompanying consolidated financial statements of the Company include the accounts and results of operations of ", "box": [ 137.10211473241165, 364.45741665622637, 476.5315361756725, 367.9465133523509 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the operating partnership and other consolidated subsidiaries and variable interest entities ('VIEs') in which the ", "box": [ 137.10211473241165, 372.81013669219635, 476.629419613594, 376.2992333883209 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company is the primary beneficiary. The consolidated financial statements are prepared in accordance with ASC 810, ", "box": [ 137.10211473241165, 381.16285672816633, 476.5967918009535, 384.65195342429087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Consolidation", "box": [ 137.10211473241165, 389.5155767641363, 176.54126555746038, 393.00467346026085 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ('ASC 810'). Intercompany balances and transactions have been eliminated.", "box": [ 176.52466935530515, 389.5155767641363, 391.9772576919645, 393.00467346026085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reclassifications", "box": [ 137.10211473241165, 406.2210168360763, 185.42671165933388, 409.7101135322008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Certain amounts reported for the prior periods in the accompanying consolidated financial statements have been ", "box": [ 137.10211473241165, 414.5737368720463, 476.5396905186076, 418.0628335681708 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reclassified in order to conform to the current period's presentation. ", "box": [ 137.10211473241165, 422.92645690801623, 327.3327033135657, 426.41555360414077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash and cash equivalents", "box": [ 137.10211473241165, 439.63189697995625, 213.46938456470332, 443.1209936760808 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company accounts for cash and cash equivalents in accordance with ASC 305, ", "box": [ 137.10211473241165, 447.98461701592623, 380.58823935162906, 451.47371371205077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash and Cash Equivalents", "box": [ 380.60348046852096, 447.98461701592623, 459.86084499507547, 451.47371371205077 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". The ", "box": [ 459.8645969356994, 447.98461701592623, 476.6212600502089, 451.47371371205077 ], "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": [ 137.10211473241165, 456.3373370518962, 476.54785008199275, 459.82643374802075 ], "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": [ 137.10211473241165, 464.6900570878662, 476.5396905186076, 468.1791537839907 ], "from_ocr": false, "confidence": 1.0 }, { "text": "risk. The Company deposits cash with institutions believed to have highly valuable and defensible business franchises, ", "box": [ 137.10211473241165, 473.0427771238362, 476.54785008199275, 476.5318738199607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "strong financial fundamentals, and predictable and stable operating environments. ", "box": [ 137.10211473241165, 481.39549715980615, 366.71447317065855, 484.8845938559307 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Restricted cash", "box": [ 137.10211473241165, 498.1009372317461, 180.59154632333554, 501.59003392787065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Restricted cash represents cash held by the Company as collateral against its derivatives, borrowings under repurchase ", "box": [ 137.10211473241165, 506.4536572677161, 476.5396905186076, 509.94275396384063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreements, borrowings under credit facilities and other financing agreements with counterparties, construction and ", "box": [ 137.10211473241165, 514.8063773036861, 476.5967918009535, 518.2954739998106 ], "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": [ 137.10211473241165, 523.159097339656, 476.5315361756725, 526.6481940357805 ], "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": [ 137.10211473241165, 531.511817375626, 476.52337661228734, 535.0009140717506 ], "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": [ 137.10211473241165, 539.8645374115961, 476.5396905186076, 543.3536341077206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maturity of the swap or repurchase agreement. ", "box": [ 137.10211473241165, 548.217257447566, 268.03165383944287, 551.7063541436905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, net", "box": [ 137.10211473241165, 564.922697519506, 167.26166546919904, 568.4117942156305 ], "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": [ 137.10211473241165, 573.275417555476, 449.825636395788, 576.7645142516005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, held-for-investment.", "box": [ 137.10211473241165, 589.980857627416, 217.08621585194396, 593.4699543235405 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Loans, held-for-investment are loans acquired from third parties ('acquired loans'), loans ", "box": [ 217.09735698400152, 589.980857627416, 476.5886322375684, 593.4699543235405 ], "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": [ 137.10211473241165, 598.333577663386, 476.6212600502089, 601.8226743595105 ], "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": [ 137.10211473241165, 606.6862976993559, 476.61310570727375, 610.1753943954805 ], "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": [ 137.10211473241165, 615.0390177353258, 476.5396905186076, 618.5281144314504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Receivables", "box": [ 137.10211473241165, 623.3917377712959, 170.32996772246804, 626.8808344674204 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ('ASC 310').", "box": [ 170.29275714096815, 623.3917377712959, 210.29935210289165, 626.8808344674204 ], "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": [ 137.10211473241165, 640.0971778432358, 476.6212600502089, 643.5862745393604 ], "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": [ 137.10211473241165, 648.4498978792058, 476.5396905186076, 651.9389945753303 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 10, "width": 612.0, "height": 792.0, "cells": [ { "text": "13", "box": [ 302.5169704768508, 525.2470442606582, 309.47582683301454, 528.7361409567827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "yield necessary to apply the interest method uses the payment terms required by the loan contract, and prepayments of ", "box": [ 137.10211473241165, 42.87746218339157, 476.6212600502089, 46.366558879516106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal are not anticipated to shorten the loan term.", "box": [ 137.10211473241165, 51.23018221936161, 284.5393512518197, 54.71927891548614 ], "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": [ 137.10211473241165, 67.93562229130157, 476.564163988313, 71.4247189874261 ], "from_ocr": false, "confidence": 1.0 }, { "text": "more-than-insignificant deterioration in credit quality since origination, as determined by the Company's assessment ", "box": [ 137.10211473241165, 76.2883423272715, 476.58047789463325, 79.77743902339614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "under ASC 326, ", "box": [ 137.10211473241165, 84.64106236324153, 187.63229451563717, 88.13015905936606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial Instruments-Credit Losses", "box": [ 187.63444216962304, 84.64106236324153, 292.13000916241765, 88.13015905936606 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". An allowance for credit losses is determined using the same ", "box": [ 292.14132605716935, 84.64106236324153, 476.54785008199275, 88.13015905936606 ], "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": [ 137.10211473241165, 92.99378239921157, 476.51522226935225, 96.4828790953361 ], "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": [ 137.10211473241165, 101.34650243518149, 476.629419613594, 104.83559913130603 ], "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": [ 137.10211473241165, 109.69922247115153, 476.54785008199275, 113.18831916727606 ], "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": [ 137.10211473241165, 118.05194250712145, 476.5886322375684, 121.54103920324599 ], "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": [ 137.10211473241165, 126.40466254309149, 476.5967918009535, 129.89375923921602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "allowance for credit losses are recorded through provision for loan losses. ", "box": [ 137.10211473241165, 134.7573825790614, 344.16050029313254, 138.24647927518595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, held at fair value.", "box": [ 137.10211473241165, 151.46282265100137, 209.8923089162338, 154.9519193471259 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 209.89476473338445, 151.46282265100137, 211.63447969032518, 154.9519193471259 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, held at fair value represent certain loans originated by the Company for which the fair ", "box": [ 211.86874739813516, 151.46282265100137, 476.5967918009535, 154.9519193471259 ], "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": [ 137.10211473241165, 159.8155426869714, 476.58047789463325, 163.30463938309595 ], "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": [ 137.10211473241165, 168.16826272294134, 476.564163988313, 171.65735941906587 ], "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": [ 137.10211473241165, 176.52098275891137, 476.629419613594, 180.0100794550359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the fair value hierarchy.", "box": [ 137.10211473241165, 184.8737027948814, 203.50079438917547, 188.36279949100594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for credit losses. ", "box": [ 137.10211473241165, 201.57914286682126, 218.0540044375701, 205.0682395629458 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The allowance for credit losses consists of the allowance for losses on loans, accounted for ", "box": [ 218.32089995802056, 201.57914286682126, 476.564163988313, 205.0682395629458 ], "from_ocr": false, "confidence": 1.0 }, { "text": "at amortized cost, and lending commitments. Such loans and lending commitments are reviewed quarterly considering ", "box": [ 137.10211473241165, 209.9318629027913, 476.5886322375684, 213.42095959891583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit quality indicators, including probable and historical losses, collateral values, loan-to-value ('LTV') ratio and ", "box": [ 137.10211473241165, 218.28458293876133, 476.61310570727375, 221.77367963488587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "economic conditions. The allowance for credit losses increases through provisions charged to earnings and reduced by ", "box": [ 137.10211473241165, 226.63730297473126, 476.5886322375684, 230.1263996708558 ], "from_ocr": false, "confidence": 1.0 }, { "text": "charge-offs, net of recoveries. ", "box": [ 137.10211473241165, 234.9900230107013, 222.0753797352877, 238.47911970682583 ], "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": [ 137.10211473241165, 251.69546308264125, 476.61310570727375, 255.1845597787658 ], "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": [ 137.10211473241165, 260.0481831186112, 476.52337661228734, 263.5372798147357 ], "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": [ 137.10211473241165, 268.4009031545812, 476.5315361756725, 271.88999985070575 ], "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": [ 137.10211473241165, 276.75362319055114, 476.5967918009535, 280.2427198866757 ], "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": [ 137.10211473241165, 285.1063432265212, 476.5396905186076, 288.5954399226457 ], "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": [ 137.10211473241165, 293.45906326249116, 476.51522226935225, 296.9481599586157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "relevant historical market loan loss data.", "box": [ 137.10211473241165, 301.81178329846114, 249.56502854829455, 305.30087999458567 ], "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": [ 137.10211473241165, 318.5172233704011, 476.5967918009535, 322.00632006652563 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan-term, underlying property type, geographic location, and others, and (ii) a macro-economic forecast, including ", "box": [ 137.10211473241165, 326.8699434063711, 476.5560044249279, 330.3590401024956 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unemployment rates, interest rates, commercial real estate prices, and others. These estimates may change in future ", "box": [ 137.10211473241165, 335.22266344234106, 476.58047789463325, 338.7117601384656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "periods based on available future macro-economic data and might result in a material change in the Company's future ", "box": [ 137.10211473241165, 343.57538347831104, 476.629419613594, 347.0644801744356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estimates of expected credit losses for its loan portfolio.", "box": [ 137.10211473241165, 351.928103514281, 292.66706994402523, 355.41720021040555 ], "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": [ 137.10211473241165, 368.633543586221, 476.564163988313, 372.1226402823455 ], "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": [ 137.10211473241165, 376.98626362219096, 476.54785008199275, 380.4753603183155 ], "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": [ 137.10211473241165, 385.33898365816094, 476.61310570727375, 388.8280803542855 ], "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": [ 137.10211473241165, 393.6917036941309, 476.629419613594, 397.1808003902555 ], "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": [ 137.10211473241165, 402.04442373010096, 476.58047789463325, 405.5335204262255 ], "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": [ 137.10211473241165, 410.39714376607094, 476.52337661228734, 413.8862404621955 ], "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": [ 137.10211473241165, 418.7498638020409, 476.54785008199275, 422.23896049816545 ], "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": [ 137.10211473241165, 427.1025838380109, 476.54785008199275, 430.59168053413543 ], "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": [ 137.10211473241165, 435.4553038739809, 476.5886322375684, 438.9444005701054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amortized cost basis of the loan.", "box": [ 137.10211473241165, 443.80802390995086, 226.7686785289448, 447.2971206060754 ], "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": [ 137.10211473241165, 460.5134639818908, 476.5967918009535, 464.00256067801536 ], "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": [ 137.10211473241165, 468.8661840178608, 476.5396905186076, 472.35528071398534 ], "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": [ 137.10211473241165, 477.2189040538308, 476.5396905186076, 480.7080007499553 ], "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": [ 137.10211473241165, 485.57162408980076, 476.564163988313, 489.0607207859253 ], "from_ocr": false, "confidence": 1.0 }, { "text": "management's ongoing assessment of the adequacy of the allowance for credit losses.", "box": [ 137.10211473241165, 493.92434412577074, 375.79827578190367, 497.4134408218953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-accrual loans. ", "box": [ 137.10211473241165, 608.7736027643848, 194.52119196037887, 612.2626994605093 ], "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": [ 194.9267582947765, 608.7736027643848, 476.5560044249279, 612.2626994605093 ], "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": [ 137.10211473241165, 617.1263228003547, 476.5315361756725, 620.6154194964793 ], "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": [ 137.10211473241165, 625.4790428363248, 476.5070627059671, 628.9681395324493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reserves are recorded. Interest income accrued, but not collected, at the date loans are placed on non-accrual status is ", "box": [ 137.10211473241165, 633.8317628722948, 476.54785008199275, 637.3208595684193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reversed, unless the loan is expected to be fully recoverable by the collateral or is in the process of being collected. ", "box": [ 137.10211473241165, 642.1844829082647, 476.5967918009535, 645.6735796043893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income is subsequently recognized only to the extent it is received in cash or until the loan qualifies for return to ", "box": [ 137.10211473241165, 650.5372029442347, 476.6212600502089, 654.0262996403592 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is ", "box": [ 137.10211473241165, 658.8899229802047, 476.58047789463325, 662.3790196763292 ], "from_ocr": false, "confidence": 1.0 }, { "text": "applied to reduce the carrying value of such loans under the cost recovery method. Loans are restored to accrual status ", "box": [ 137.10211473241165, 667.2426430161747, 476.498908363032, 670.7317397122993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "when contractually current and the collection of future payments is reasonably assured. In certain instances, the ", "box": [ 137.10211473241165, 675.5953630521446, 476.54785008199275, 679.0844597482692 ], "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": [ 137.10211473241165, 683.9480830881147, 476.54785008199275, 687.4371797842392 ], "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": [ 137.10211473241165, 692.3008031240846, 476.5396905186076, 695.7898998202091 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that principal and interest will be collected in full.", "box": [ 137.10211473241165, 700.6535231600546, 276.04125577793866, 704.1426198561792 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Paid-In-Kind (", "box": [ 137.10211473241165, 717.3589632319946, 180.15745219371473, 720.8480599281191 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'", "box": [ 180.17082741788187, 717.3589632319946, 183.65025733176338, 720.8480599281191 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PIK", "box": [ 183.64568946409597, 717.3589632319946, 195.24604750508308, 720.8480599281191 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'", "box": [ 195.23672251486136, 717.3589632319946, 198.71615242874284, 720.8480599281191 ], "from_ocr": false, "confidence": 1.0 }, { "text": ") Interest.", "box": [ 198.71973890401054, 717.3589632319946, 227.27295197081742, 720.8480599281191 ], "from_ocr": false, "confidence": 1.0 }, { "text": " PIK interest is computed at the contractual rate specified in each loan agreement and ", "box": [ 227.27723452783994, 717.3589632319946, 476.5315361756725, 720.8480599281191 ], "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": [ 137.10211473241165, 725.7116832679645, 476.5560044249279, 729.2007799640891 ], "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": [ 137.10211473241165, 734.0644033039346, 476.54785008199275, 737.5535000000591 ], "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": [ 137.10211473241165, 742.4171233399045, 476.5967918009535, 745.906220036029 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 11, "width": 612.0, "height": 792.0, "cells": [ { "text": "14", "box": [ 302.5169704768508, 362.3690035592435, 309.47582683301454, 365.8581002553681 ], "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": [ 137.10211473241165, 37.13496715866222, 476.5967918009535, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be distributed to shareholders.", "box": [ 137.10211473241165, 38.70110216540661, 220.9752902244228, 42.190198861531144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan modifications made to borrowers experiencing financial difficulty.", "box": [ 137.10211473241165, 55.40654223734657, 357.1517544094345, 58.895638933471105 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 357.16039708631615, 55.40654223734657, 358.9001120432569, 58.895638933471105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In situations where economic or legal ", "box": [ 360.8065577591179, 55.40654223734657, 476.54785008199275, 58.895638933471105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "circumstances may cause a borrower to experience significant financial difficulties, the Company may grant concessions ", "box": [ 137.10211473241165, 63.75926227331661, 476.58047789463325, 67.24835896944114 ], "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": [ 137.10211473241165, 72.11198230928653, 476.5886322375684, 75.60107900541107 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reductions, principal forgiveness, term extensions, and other-than-insignificant payment delay intended to minimize the ", "box": [ 137.10211473241165, 80.46470234525657, 476.5967918009535, 83.9537990413811 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's economic loss and to avoid foreclosure or repossession of collateral. The Company monitors the ", "box": [ 137.10211473241165, 88.81742238122649, 476.60494614388864, 92.30651907735103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance of loans modified to borrowers experiencing financial difficulty and considers loans that are 90 days past ", "box": [ 137.10211473241165, 97.17014241719653, 476.6212600502089, 100.65923911332106 ], "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": [ 137.10211473241165, 105.52286245316645, 476.61310570727375, 109.01195914929099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company will continue to accrue interest. ", "box": [ 137.10211473241165, 113.87558248913649, 265.3153910473456, 117.36467918526102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, held for sale", "box": [ 137.10211473241165, 130.58102256107645, 193.93498516769517, 134.070119257201 ], "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": [ 137.10211473241165, 138.93374259704638, 476.48259445671175, 142.4228392931709 ], "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": [ 137.10211473241165, 147.2864626330164, 476.5315361756725, 150.77555932914095 ], "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": [ 137.10211473241165, 155.63918266898645, 476.54785008199275, 159.12827936511098 ], "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": [ 137.10211473241165, 163.99190270495637, 476.61310570727375, 167.4809994010809 ], "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": [ 137.10211473241165, 172.3446227409264, 476.51522226935225, 175.83371943705095 ], "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": [ 137.10211473241165, 180.69734277689633, 476.498908363032, 184.18643947302087 ], "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": [ 137.10211473241165, 189.05006281286637, 476.57231833124814, 192.5391595089909 ], "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": [ 137.10211473241165, 197.4027828488363, 476.5886322375684, 200.89187954496083 ], "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": [ 137.10211473241165, 205.75550288480633, 476.498908363032, 209.24459958093087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are recognized as a realized gain (loss) in the consolidated statements of operations. ", "box": [ 137.10211473241165, 214.10822292077626, 371.90229538049925, 217.5973196169008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Paycheck Protection Program loans", "box": [ 137.10211473241165, 230.81366299271622, 240.45566056787544, 234.30275968884075 ], "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": [ 137.10211473241165, 239.16638302868625, 476.5967918009535, 242.6554797248108 ], "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": [ 137.10211473241165, 247.5191030646563, 476.5560044249279, 251.00819976078083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recognized in the consolidated statements of operations as interest income when earned and deemed collectible. ", "box": [ 137.10211473241165, 255.87182310062622, 476.5967918009535, 259.36091979675075 ], "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": [ 137.10211473241165, 264.22454313659614, 476.54785008199275, 267.7136398327207 ], "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": [ 137.10211473241165, 272.5772631725662, 476.564163988313, 276.0663598686907 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on financial instruments in the consolidated statements of operations.", "box": [ 137.10211473241165, 280.92998320853616, 329.77870560058795, 284.4190799046607 ], "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": [ 137.10211473241165, 297.6354232804761, 476.5560044249279, 301.12451997660065 ], "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": [ 137.10211473241165, 305.9881433164461, 476.564163988313, 309.47724001257063 ], "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": [ 137.10211473241165, 314.3408633524161, 476.5560044249279, 317.8299600485406 ], "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": [ 137.10211473241165, 322.69358338838606, 476.5967918009535, 326.1826800845106 ], "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": [ 137.10211473241165, 437.54344471497507, 476.5560044249279, 441.0325414110996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected prepayments from loan forgiveness by the federal government.", "box": [ 137.10211473241165, 445.89616475094505, 338.5228159824819, 449.3852614470696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage-backed securities", "box": [ 137.10211473241165, 462.601604822885, 216.1503297594905, 466.09070151900954 ], "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": [ 137.10211473241165, 470.954324858855, 426.1400114797883, 474.4434215549795 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investments-Debt ", "box": [ 426.1519069146698, 470.954324858855, 476.54785008199275, 474.4434215549795 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and Equity Securities", "box": [ 137.10211473241165, 479.30704489482497, 196.62612074903683, 482.7961415909495 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ('ASC 320'). The Company's MBS portfolio is comprised of asset-backed securities collateralized ", "box": [ 196.6397184584032, 479.30704489482497, 476.6212600502089, 482.7961415909495 ], "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": [ 137.10211473241165, 487.65976493079495, 476.51522226935225, 491.1488616269195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Government National Mortgage Association ('Ginnie Mae'), or guaranteed by federally sponsored enterprises, such as ", "box": [ 137.10211473241165, 496.01248496676493, 476.60494614388864, 499.50158166288946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Federal National Mortgage Association ('Fannie Mae') or the Federal Home Loan Mortgage Corporation ('Freddie ", "box": [ 137.10211473241165, 504.3652050027349, 476.54785008199275, 507.85430169885944 ], "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": [ 137.10211473241165, 512.7179250387048, 476.5886322375684, 516.2070217348294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrowings under repurchase agreements are included in mortgage-backed securities on the consolidated balance sheets.", "box": [ 137.10211473241165, 521.0706450746749, 472.1565702967131, 524.5597417707994 ], "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": [ 137.10211473241165, 537.7760851466148, 476.52337661228734, 541.2651818427394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "independent valuation service providers. The fair values assigned to these investments are based upon available ", "box": [ 137.10211473241165, 546.1288051825849, 476.54785008199275, 549.6179018787094 ], "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": [ 137.10211473241165, 554.4815252185548, 476.60494614388864, 557.9706219146793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "net unrealized gain (loss) on financial instruments in the consolidated statements of operations. Mortgage-backed ", "box": [ 137.10211473241165, 562.8342452545248, 476.629419613594, 566.3233419506494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securities are classified as Level 2 in the fair value hierarchy.", "box": [ 137.10211473241165, 571.1869652904948, 307.16866973602095, 574.6760619866193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Derivative instruments", "box": [ 137.10211473241165, 589.4585403691791, 202.24621360483758, 592.9476370653036 ], "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": [ 137.10211473241165, 597.8112604051491, 476.5967918009535, 601.3003571012737 ], "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": [ 137.10211473241165, 606.1639804411191, 476.564163988313, 609.6530771372436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company accounts for derivative instruments under ASC 815, ", "box": [ 137.10211473241165, 614.5167004770891, 317.8760542823527, 618.0057971732136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Derivatives and Hedging ", "box": [ 317.88467023053, 614.5167004770891, 390.9324697133004, 618.0057971732136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "('ASC 815'). All derivatives ", "box": [ 391.6316811410126, 614.5167004770891, 476.58047789463325, 618.0057971732136 ], "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": [ 137.10211473241165, 622.8694205130591, 476.51522226935225, 626.3585172091837 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the fair value recorded in earnings unless hedge accounting is elected. As of June 30, 2026 and December 31, 2025, the ", "box": [ 137.10211473241165, 631.2221405490291, 476.629419613594, 634.7112372451536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company had offset $9.0 million and $13.0 million of cash collateral payable against gross derivative asset positions, ", "box": [ 137.10211473241165, 639.574860584999, 476.52337661228734, 643.0639572811235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively.", "box": [ 137.10211473241165, 647.927580620969, 172.00851096316873, 651.4166773170936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rate swap agreements. ", "box": [ 137.10211473241165, 664.633020692909, 227.3855588527553, 668.1221173890335 ], "from_ocr": false, "confidence": 1.0 }, { "text": "An interest rate swap is an agreement between two counterparties to exchange periodic ", "box": [ 227.79927953008809, 664.633020692909, 476.5967918009535, 668.1221173890335 ], "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": [ 137.10211473241165, 672.9857407288789, 476.5396905186076, 676.4748374250034 ], "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": [ 137.10211473241165, 681.338460764849, 474.80056357958387, 684.8275574609735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determined dollar principal (notional amount). No principal (notional amount) is exchanged between the two parties at ", "box": [ 137.10211473241165, 689.691180800819, 476.61310570727375, 693.1802774969435 ], "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": [ 137.10211473241165, 698.0439008367889, 476.6212600502089, 701.5329975329134 ], "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": [ 137.10211473241165, 706.3966208727588, 476.629419613594, 709.8857175688835 ], "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": [ 137.10211473241165, 714.749340908729, 476.5967918009535, 718.2384376048535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rate swaps are classified as Level 2 in the fair value hierarchy. ", "box": [ 137.10211473241165, 723.1020609446989, 334.41293865655587, 726.5911576408234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FX forwards.", "box": [ 137.10211473241165, 739.8075010166389, 175.5328086873247, 743.2965977127634 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 175.5458349760899, 739.8075010166389, 177.28554993303067, 743.2965977127634 ], "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": [ 177.46271896871974, 739.8075010166389, 476.5967918009535, 743.2965977127634 ], "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": [ 137.10211473241165, 748.1602210526089, 476.54785008199275, 751.6493177487334 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 12, "width": 612.0, "height": 792.0, "cells": [ { "text": "15", "box": [ 302.5169704768508, 199.4909628578289, 309.47582683301454, 202.98005955395342 ], "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": [ 137.10211473241165, 37.13496715866222, 476.61310570727375, 40.624063854786755 ], "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": [ 137.10211473241165, 44.44359719013596, 476.58047789463325, 47.932693886260495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "hierarchy. ", "box": [ 137.10211473241165, 52.796317226106, 166.83649293490805, 56.28541392223053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Hedge accounting. ", "box": [ 137.10211473241165, 69.50175729804596, 193.1916112055032, 72.9908539941705 ], "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": [ 193.45034716256853, 69.50175729804596, 476.629419613594, 72.9908539941705 ], "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": [ 137.10211473241165, 77.85447733401588, 476.498908363032, 81.34357403014042 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cash flows of an existing asset, liability, or forecasted transaction that may affect earnings.", "box": [ 137.10211473241165, 86.20719736998592, 388.8875570551165, 89.69629406611045 ], "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": [ 137.10211473241165, 102.91263744192588, 476.5886322375684, 106.40173413805041 ], "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": [ 137.10211473241165, 111.2653574778958, 476.5560044249279, 114.75445417402034 ], "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": [ 137.10211473241165, 119.61807751386584, 476.60494614388864, 123.10717420999038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "anticipated issuance of securitized debt obligations. ASC 815 requires that a forecasted transaction be identified as ", "box": [ 137.10211473241165, 127.97079754983588, 476.54785008199275, 131.4598942459604 ], "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": [ 137.10211473241165, 136.3235175858058, 476.5886322375684, 139.81261428193034 ], "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": [ 137.10211473241165, 144.67623762177584, 476.629419613594, 148.16533431790037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fixed, hence involve variability of cash flows.", "box": [ 137.10211473241165, 153.02895765774576, 264.64139607683705, 156.5180543538703 ], "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": [ 137.10211473241165, 274.66601150153497, 476.6212600502089, 278.1551081976595 ], "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": [ 137.10211473241165, 283.018731537505, 476.57231833124814, 286.50782823362954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operations when the hedged cash flows affect earnings. These amounts are recognized consistent with the classification ", "box": [ 137.10211473241165, 291.371451573475, 476.6212600502089, 294.8605482695995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the hedged item, primarily interest expense (for hedges of interest rate risk). If the hedge relationship is terminated, ", "box": [ 137.10211473241165, 299.72417160944497, 476.58047789463325, 303.2132683055695 ], "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": [ 137.10211473241165, 308.07689164541495, 476.60494614388864, 311.5659883415395 ], "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": [ 137.10211473241165, 316.4296116813849, 476.54785008199275, 319.91870837750946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "occurring. ", "box": [ 137.10211473241165, 324.7823317173549, 167.23618363975427, 328.27142841347944 ], "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": [ 137.10211473241165, 341.48777178929487, 476.52337661228734, 344.9768684854194 ], "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": [ 137.10211473241165, 349.84049182526485, 476.58047789463325, 353.3295885213894 ], "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": [ 137.10211473241165, 358.1932118612349, 476.5886322375684, 361.6823085573594 ], "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": [ 137.10211473241165, 366.5459318972048, 476.5560044249279, 370.03502859332934 ], "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": [ 137.10211473241165, 374.89865193317485, 476.498908363032, 378.3877486292994 ], "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": [ 137.10211473241165, 383.25137196914477, 476.6212600502089, 386.7404686652693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the forecasted debt issuance.", "box": [ 137.10211473241165, 391.6040920051148, 216.70757859558438, 395.09318870123934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Servicing rights ", "box": [ 137.10211473241165, 408.30953207705477, 184.27483193329965, 411.7986287731793 ], "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": [ 137.10211473241165, 416.66225211302475, 476.52337661228734, 420.1513488091493 ], "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": [ 137.10211473241165, 425.01497214899473, 476.5886322375684, 428.50406884511926 ], "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": [ 137.10211473241165, 433.3676921849647, 476.51522226935225, 436.85678888108924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "right asset against contractual servicing and ancillary fee income.", "box": [ 137.10211473241165, 441.7204122209347, 318.9258794210391, 445.2095089170592 ], "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": [ 137.10211473241165, 458.42585229287465, 476.564163988313, 461.9149489889992 ], "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": [ 137.10211473241165, 466.77857232884463, 476.5967918009535, 470.26766902496917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "realized gain (loss) in the consolidated statements of operations.", "box": [ 137.10211473241165, 475.1312923648146, 315.46683721775514, 478.62038906093915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Servicing rights are accounted for under ASC 860, ", "box": [ 137.10211473241165, 491.8367324367546, 284.8573769430338, 495.3258291328791 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Transfers and Servicing ", "box": [ 284.87347818127125, 491.8367324367546, 354.7155976823368, 495.3258291328791 ], "from_ocr": false, "confidence": 1.0 }, { "text": "('ASC 860'). A significant portion of the ", "box": [ 355.3413991418329, 491.8367324367546, 476.54785008199275, 495.3258291328791 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's multi-family servicing rights are under the Freddie Mac program.", "box": [ 137.10211473241165, 500.18945247272455, 353.0249867873013, 503.6785491688491 ], "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": [ 137.10211473241165, 516.8948925446646, 476.5315361756725, 520.3839892407891 ], "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": [ 137.10211473241165, 525.2476125806345, 476.60494614388864, 528.736709276759 ], "from_ocr": false, "confidence": 1.0 }, { "text": "impairment quarterly.", "box": [ 137.10211473241165, 533.6003326166045, 197.71761827678293, 537.0894293127291 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For purposes of testing servicing rights for impairment, the Company first determines whether facts and circumstances ", "box": [ 137.10211473241165, 550.3057726885445, 476.6212600502089, 553.794869384669 ], "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": [ 137.10211473241165, 558.6584927245144, 476.5967918009535, 562.147589420639 ], "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": [ 137.10211473241165, 567.0112127604845, 476.498908363032, 570.500309456609 ], "from_ocr": false, "confidence": 1.0 }, { "text": "is determined using discounted cash flow modeling techniques, which require management to make estimates regarding ", "box": [ 137.10211473241165, 575.3639327964545, 476.54785008199275, 578.853029492579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "future net servicing cash flows, taking into consideration historical and forecasted loan prepayment rates, delinquency ", "box": [ 137.10211473241165, 583.7166528324244, 476.5886322375684, 587.205749528549 ], "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": [ 137.10211473241165, 592.0693728683943, 476.564163988313, 595.5584695645189 ], "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": [ 137.10211473241165, 600.4220929043644, 476.5396905186076, 603.9111896004889 ], "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": [ 137.10211473241165, 608.7748129403344, 476.5315361756725, 612.263909636459 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cash flows.", "box": [ 137.10211473241165, 617.1275329763043, 168.41015556956233, 620.6166296724289 ], "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": [ 137.10211473241165, 633.8329730482443, 476.5967918009535, 637.3220697443688 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cash flows using modeling techniques that incorporate management's best estimates of key variables including estimates ", "box": [ 137.10211473241165, 642.1856930842143, 476.60494614388864, 645.6747897803389 ], "from_ocr": false, "confidence": 1.0 }, { "text": "regarding future net servicing cash flows, forecasted loan prepayment rates, delinquency rates, and return requirements ", "box": [ 137.10211473241165, 650.5384131201843, 476.5560044249279, 654.0275098163088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commensurate with the risks involved. Cash flow assumptions are modeled using internally forecasted revenue and ", "box": [ 137.10211473241165, 658.8911331561543, 476.5967918009535, 662.3802298522788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expenses, and where possible, the reasonableness of assumptions is periodically validated through comparisons to ", "box": [ 137.10211473241165, 667.2438531921243, 476.61310570727375, 670.7329498882489 ], "from_ocr": false, "confidence": 1.0 }, { "text": "market data. Prepayment speed estimates are determined from historical prepayment rates or obtained from third-party ", "box": [ 137.10211473241165, 675.5965732280943, 476.5396905186076, 679.0856699242188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "industry data. Return requirement assumptions are determined using data obtained from market participants, where ", "box": [ 137.10211473241165, 683.9492932640642, 476.57231833124814, 687.4383899601887 ], "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": [ 137.10211473241165, 692.3020133000342, 476.58047789463325, 695.7911099961588 ], "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": [ 137.10211473241165, 700.6547333360043, 476.54785008199275, 704.1438300321288 ], "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": [ 137.10211473241165, 709.0074533719742, 476.61310570727375, 712.4965500680987 ], "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": [ 137.10211473241165, 717.3601734079441, 476.5967918009535, 720.8492701040686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "servicing rights, the Company regularly evaluates the major assumptions and modeling techniques used in its estimate ", "box": [ 137.10211473241165, 725.7128934439141, 476.629419613594, 729.2019901400387 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 13, "width": 612.0, "height": 792.0, "cells": [ { "text": "16", "box": [ 302.5169704768508, 37.13496715866222, 309.47582683301454, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17", "box": [ 302.5169704768508, 594.1566939654227, 309.47582683301454, 597.6457906615473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and reviews these assumptions against market comparables, if available. The Company monitors the actual performance ", "box": [ 137.10211473241165, 111.78711188815612, 476.60494614388864, 115.27620858428065 ], "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": [ 137.10211473241165, 120.13983192412616, 473.1056158484192, 123.62892862025069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate owned", "box": [ 137.10211473241165, 136.84527199606612, 188.5153858805935, 140.33436869219065 ], "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": [ 137.10211473241165, 145.19799203203615, 476.61310570727375, 148.6870887281607 ], "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": [ 137.10211473241165, 153.55071206800608, 476.5886322375684, 157.0398087641306 ], "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": [ 137.10211473241165, 161.90343210397612, 476.6212600502089, 165.39252880010065 ], "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": [ 137.10211473241165, 170.25615213994604, 476.498908363032, 173.74524883607057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "market these properties for sale in the near term.", "box": [ 137.10211473241165, 178.60887217591608, 271.7769377026374, 182.0979688720406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate owned, held for use. ", "box": [ 137.10211473241165, 195.31431224785604, 237.11574975510928, 198.80340894398057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Upon acquisition of a property, the Company assesses the fair value of acquired ", "box": [ 237.1308339452733, 195.31431224785604, 476.54785008199275, 198.80340894398057 ], "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": [ 137.10211473241165, 203.14498728157787, 476.60494614388864, 206.6340839777024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets and assumed liabilities. ", "box": [ 137.10211473241165, 210.9756623152997, 221.8714585165095, 214.46475901142423 ], "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": [ 137.10211473241165, 227.15905738499157, 476.60494614388864, 230.6481540811161 ], "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": [ 137.10211473241165, 235.5117774209616, 476.6212600502089, 239.00087411708614 ], "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": [ 137.10211473241165, 243.86449745693153, 476.629419613594, 247.35359415305606 ], "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": [ 137.10211473241165, 252.21721749290145, 476.629419613594, 255.706314189026 ], "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": [ 137.10211473241165, 260.5699375288715, 476.5560044249279, 264.059034224996 ], "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": [ 137.10211473241165, 268.92265756484153, 476.5315361756725, 272.41175426096606 ], "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": [ 137.10211473241165, 277.27537760081145, 476.54785008199275, 280.764474296936 ], "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": [ 137.10211473241165, 285.6280976367815, 476.629419613594, 289.117194332906 ], "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": [ 137.10211473241165, 293.9808176727514, 476.564163988313, 297.46991436887595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's estimates of aggregate future cash flows involve significant judgment and assumptions, including current ", "box": [ 137.10211473241165, 302.33353770872145, 476.564163988313, 305.822634404846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "economic conditions and therefore, actual results could be materially different. ", "box": [ 137.10211473241165, 310.6862577446914, 357.99469285270783, 314.1753544408159 ], "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": [ 137.10211473241165, 327.3916978166314, 476.5886322375684, 330.8807945127559 ], "from_ocr": false, "confidence": 1.0 }, { "text": "information. Intangible assets (including above and below-market leases) are amortized on a straight-line basis over the ", "box": [ 137.10211473241165, 335.7444178526014, 476.5967918009535, 339.2335145487259 ], "from_ocr": false, "confidence": 1.0 }, { "text": "remaining term of the lease and amortization is recorded as an adjustment to income on the consolidated statements of ", "box": [ 137.10211473241165, 344.09713788857135, 476.52337661228734, 347.5862345846959 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operations. ", "box": [ 137.10211473241165, 352.44985792454133, 169.55275833723033, 355.93895462066587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate owned, held for sale. ", "box": [ 137.10211473241165, 369.1552979964813, 233.60107478207073, 372.64439469260583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate owned, held for sale is recorded at acquisition at the property's estimated ", "box": [ 233.61518452303358, 369.1552979964813, 476.61310570727375, 372.64439469260583 ], "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": [ 137.10211473241165, 376.9859730302031, 476.54785008199275, 380.4750697263277 ], "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": [ 137.10211473241165, 384.816648063925, 476.498908363032, 388.30574476004955 ], "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": [ 137.10211473241165, 392.64732309764685, 476.51522226935225, 396.13641979377144 ], "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": [ 137.10211473241165, 400.47799813136874, 476.52337661228734, 403.96709482749327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "impairment on real estate on the consolidated statements of operations.", "box": [ 137.10211473241165, 408.30867316509057, 334.5968997456955, 411.79776986121516 ], "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": [ 137.10211473241165, 424.49206823478244, 476.564163988313, 427.98116493090697 ], "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": [ 137.10211473241165, 432.8447882707524, 476.54785008199275, 436.33388496687695 ], "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": [ 137.10211473241165, 441.1975083067224, 476.54785008199275, 444.68660500284693 ], "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": [ 137.10211473241165, 449.5502283426924, 476.54785008199275, 453.0393250388169 ], "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": [ 137.10211473241165, 457.90294837866236, 476.4744348933266, 461.3920450747869 ], "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": [ 137.10211473241165, 466.25566841463234, 476.60494614388864, 469.7447651107569 ], "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": [ 137.10211473241165, 474.6083884506023, 476.54785008199275, 478.09748514672685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the sale.", "box": [ 137.10211473241165, 482.9611084865723, 159.90187186541743, 486.4502051826969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment in unconsolidated joint ventures", "box": [ 137.10211473241165, 499.6665485585123, 262.7657715031822, 503.15564525463685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "According to ASC 323, ", "box": [ 137.10211473241165, 508.0192685944823, 205.5139369546573, 511.50836529060683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Equity Method and Joint Ventures", "box": [ 205.5226378395564, 508.0192685944823, 301.9045774920732, 511.50836529060683 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", investors in unincorporated entities such as partnerships and ", "box": [ 301.9133559430014, 508.0192685944823, 476.5396905186076, 511.50836529060683 ], "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": [ 137.10211473241165, 516.3719886304523, 476.5396905186076, 519.8610853265768 ], "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": [ 137.10211473241165, 524.7247086664222, 476.5967918009535, 528.2138053625467 ], "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": [ 137.10211473241165, 533.0774287023922, 476.60494614388864, 536.5665253985168 ], "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": [ 137.10211473241165, 541.4301487383623, 476.54785008199275, 544.9192454344868 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reported within income on unconsolidated joint ventures in the consolidated statements of operations. Investments in ", "box": [ 137.10211473241165, 549.7828687743322, 476.5560044249279, 553.2719654704567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unconsolidated joint ventures are classified as Level 3 in the fair value hierarchy. ", "box": [ 137.10211473241165, 558.1355888103021, 364.561037536385, 561.6246855064267 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Intangible assets ", "box": [ 137.10211473241165, 669.3315278571378, 186.98294043466632, 672.8206245532624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company accounts for intangible assets under ASC 350, ", "box": [ 137.10211473241165, 677.6842478931078, 321.9765321358089, 681.1733445892323 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Intangibles- Goodwill and Other", "box": [ 321.98761505984885, 677.6842478931078, 417.81086726700073, 681.1733445892323 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ('ASC 350'). The ", "box": [ 417.81550078502005, 677.6842478931078, 476.54785008199275, 681.1733445892323 ], "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": [ 137.10211473241165, 686.0369679290777, 476.5560044249279, 689.5260646252023 ], "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": [ 137.10211473241165, 694.3896879650478, 476.57231833124814, 697.8787846611723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operational benefits, such as replacement systems or new applications that result in significantly increased operational ", "box": [ 137.10211473241165, 702.7424080010178, 476.54785008199275, 706.2315046971423 ], "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": [ 137.10211473241165, 711.0951280369877, 476.5967918009535, 714.5842247331123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "otherwise marketed under ASC 985-20, ", "box": [ 137.10211473241165, 719.4478480729578, 254.9555586921237, 722.9369447690823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Software- costs of software to be sold, leased, or marketed", "box": [ 254.9700878962459, 719.4478480729578, 427.5744169787024, 722.9369447690823 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". All other costs ", "box": [ 427.5875306708521, 719.4478480729578, 476.6212600502089, 722.9369447690823 ], "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": [ 137.10211473241165, 727.8005681089277, 476.52337661228734, 731.2896648050522 ], "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": [ 137.10211473241165, 736.1532881448977, 476.564163988313, 739.6423848410222 ], "from_ocr": false, "confidence": 1.0 }, { "text": "other assets in the consolidated balance sheets. The Company amortizes intangible assets with identified estimated useful ", "box": [ 137.10211473241165, 744.5060081808676, 476.60494614388864, 747.9951048769922 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 14, "width": 612.0, "height": 792.0, "cells": [ { "text": "18", "box": [ 302.5169704768508, 431.27894385599586, 309.47582683301454, 434.7680405521204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "lives on a straight-line basis over their estimated useful lives.", "box": [ 137.10211473241165, 37.13496715866222, 307.1658151417443, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Goodwill", "box": [ 137.10211473241165, 49.14200221036913, 163.00752768907762, 52.63109890649366 ], "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": [ 137.10211473241165, 57.49472224633905, 476.52337661228734, 60.983818942463586 ], "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": [ 137.10211473241165, 65.84744228230909, 476.51522226935225, 69.33653897843362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "frequently if events or changes in circumstances indicate a potential impairment exists. ", "box": [ 137.10211473241165, 74.20016231827901, 380.58129354287433, 77.68925901440366 ], "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": [ 137.10211473241165, 90.90560239021897, 476.5967918009535, 94.39469908634362 ], "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": [ 137.10211473241165, 99.25832242618901, 476.498908363032, 102.74741912231354 ], "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": [ 137.10211473241165, 107.61104246215905, 476.54785008199275, 111.10013915828358 ], "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": [ 137.10211473241165, 115.96376249812897, 476.58047789463325, 119.4528591942535 ], "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": [ 137.10211473241165, 124.31648253409901, 476.54785008199275, 127.80557923022354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "carrying value, including goodwill, or the Company chooses not to perform the qualitative assessment, then the ", "box": [ 137.10211473241165, 132.66920257006893, 476.629419613594, 136.15829926619347 ], "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": [ 137.10211473241165, 141.02192260603897, 476.52337661228734, 144.5110193021635 ], "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": [ 137.10211473241165, 149.3746426420089, 476.5886322375684, 152.86373933813343 ], "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": [ 137.10211473241165, 157.72736267797893, 476.6212600502089, 161.21645937410347 ], "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": [ 137.10211473241165, 166.08008271394885, 476.5315361756725, 169.5691794100734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "participants would use for each of the reporting units.", "box": [ 137.10211473241165, 174.4328027499189, 286.0955768525359, 177.92189944604343 ], "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": [ 137.10211473241165, 191.13824282185885, 476.5886322375684, 194.6273395179834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and projected financial performance of the reporting unit, macroeconomic conditions, industry and market conditions ", "box": [ 137.10211473241165, 199.4909628578289, 476.54785008199275, 202.98005955395342 ], "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": [ 137.10211473241165, 207.8436828937988, 476.5560044249279, 211.33277958992335 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unit is less than its carrying amount, including goodwill. In the fourth quarter of 2025, as a result of the qualitative ", "box": [ 137.10211473241165, 216.19640292976874, 476.5967918009535, 219.68549962589327 ], "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": [ 137.10211473241165, 224.54912296573877, 476.54785008199275, 228.0382196618633 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reporting units exceeded its respective estimated carrying value. Therefore, goodwill for each reporting unit was not ", "box": [ 137.10211473241165, 232.9018430017088, 476.5315361756725, 236.39093969783335 ], "from_ocr": false, "confidence": 1.0 }, { "text": "impaired and a quantitative test was not required.", "box": [ 137.10211473241165, 241.25456303767874, 274.3015784473915, 244.74365973380327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There were no events or changes in circumstances during the three months ended June 30, 2026 that would indicate that ", "box": [ 137.10211473241165, 257.9600031096187, 476.54785008199275, 261.44909980574323 ], "from_ocr": false, "confidence": 1.0 }, { "text": "it was more likely than not that the fair value of each of the reporting units did not exceed its respective carrying value as ", "box": [ 137.10211473241165, 266.31272314558873, 476.60494614388864, 269.80181984171327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of June 30, 2026.", "box": [ 137.10211473241165, 274.66544318155866, 185.23857926415442, 278.1545398776832 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Deferred financing costs", "box": [ 137.10211473241165, 291.3708832534986, 207.84590619485846, 294.85997994962315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Costs incurred in connection with secured borrowings are accounted for under ASC 340, ", "box": [ 137.10211473241165, 299.72360328946866, 397.75556698761915, 303.2126999855932 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other Assets and Deferred ", "box": [ 397.76570991742807, 299.72360328946866, 476.60494614388864, 303.2126999855932 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Costs.", "box": [ 137.10211473241165, 308.07632332543864, 154.29925592779296, 311.56542002156317 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Deferred costs are capitalized and amortized using the effective interest method over the respective financing term ", "box": [ 154.30512894711936, 308.07632332543864, 476.5886322375684, 311.56542002156317 ], "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": [ 137.10211473241165, 316.4290433614086, 476.61310570727375, 319.91814005753315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expense. Establishing secured borrowings may include legal, accounting and other related fees. Unamortized deferred ", "box": [ 137.10211473241165, 324.7817633973786, 476.60494614388864, 328.27086009350313 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financing costs are expensed when the associated debt is refinanced or repaid before maturity. Unamortized deferred ", "box": [ 137.10211473241165, 333.1344834333486, 476.61310570727375, 336.6235801294731 ], "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": [ 137.10211473241165, 341.48720346931856, 476.5886322375684, 344.9763001654431 ], "from_ocr": false, "confidence": 1.0 }, { "text": "deduction from the associated liability.", "box": [ 137.10211473241165, 349.83992350528854, 245.41359362114633, 353.3290202014131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Due from servicers", "box": [ 137.10211473241165, 366.5453635772285, 191.60407424288695, 370.03446027335303 ], "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": [ 137.10211473241165, 374.8980836131985, 474.8320447203767, 378.387180309323 ], "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": [ 137.10211473241165, 383.25080364916846, 476.564163988313, 386.739900345293 ], "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": [ 137.10211473241165, 391.60352368513844, 476.58047789463325, 395.092620381263 ], "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": [ 137.10211473241165, 506.45335064372887, 476.61310570727375, 509.9424473398534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generally received within 30 days of recording the receivable. ", "box": [ 137.10211473241165, 514.8060706796989, 310.88828574274976, 518.2951673758234 ], "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": [ 137.10211473241165, 531.5115107516388, 476.498908363032, 535.0006074477633 ], "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": [ 137.10211473241165, 539.8642307876088, 476.57231833124814, 543.3533274837333 ], "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": [ 137.10211473241165, 548.2169508235788, 476.57231833124814, 551.7060475197034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "aforementioned circumstances is remote.", "box": [ 137.10211473241165, 556.5696708595488, 251.10429504727216, 560.0587675556733 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured borrowings", "box": [ 137.10211473241165, 573.2751109314887, 194.52283761269774, 576.7642076276132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured borrowings include borrowings under credit facilities and other financing agreements and repurchase ", "box": [ 137.10211473241165, 581.6278309674587, 476.5560044249279, 585.1169276635833 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreements.", "box": [ 137.10211473241165, 589.9805510034287, 170.52704419054544, 593.4696476995532 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowings under credit facilities and other financing agreements. ", "box": [ 137.10211473241165, 606.6859910753686, 342.82275997487176, 610.1750877714932 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowings under credit facilities and other ", "box": [ 344.58237531340046, 606.6859910753686, 476.5967918009535, 610.1750877714932 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financing agreements are accounted for under ASC 470, ", "box": [ 137.10211473241165, 615.0387111113387, 299.5013700952743, 618.5278078074632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Debt", "box": [ 299.5152117139241, 615.0387111113387, 313.04216942586174, 618.5278078074632 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ('ASC 470'). The Company partially finances its loans, ", "box": [ 313.0312804900294, 615.0387111113387, 476.60494614388864, 618.5278078074632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "net through credit agreements and other financing agreements with various counterparties. These borrowings are ", "box": [ 137.10211473241165, 623.3914311473086, 476.60494614388864, 626.8805278434331 ], "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": [ 137.10211473241165, 631.7441511832786, 476.5967918009535, 635.2332478794032 ], "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": [ 137.10211473241165, 640.0968712192487, 476.54785008199275, 643.5859679153732 ], "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": [ 137.10211473241165, 648.4495912552186, 476.5967918009535, 651.9386879513431 ], "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": [ 137.10211473241165, 656.8023112911885, 476.5967918009535, 660.291407987313 ], "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": [ 137.10211473241165, 665.1550313271586, 476.5315361756725, 668.6441280232831 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recorded as interest expense in the consolidated statements of operations.", "box": [ 137.10211473241165, 673.5077513631286, 340.6499435765032, 676.9968480592531 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowings under repurchase agreements. ", "box": [ 137.10211473241165, 690.2131914350684, 261.58766084294257, 693.702288131193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowings under repurchase agreements are accounted for under ASC 860. ", "box": [ 261.6669490509351, 690.2131914350684, 476.564163988313, 693.702288131193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment securities financed under repurchase agreements are treated as collateralized borrowings, unless they meet ", "box": [ 137.10211473241165, 698.5659114710385, 476.57231833124814, 702.055008167163 ], "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": [ 137.10211473241165, 706.9186315070085, 476.6212600502089, 710.407728203133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repurchase agreements that have been accounted for as components of linked transactions. All securities financed ", "box": [ 137.10211473241165, 715.2713515429784, 476.58047789463325, 718.760448239103 ], "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": [ 137.10211473241165, 723.6240715789484, 476.5560044249279, 727.1131682750729 ], "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": [ 137.10211473241165, 731.9767916149184, 476.61310570727375, 735.4658883110429 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in connection with repurchase agreements is recorded as interest expense in the consolidated statements of operations.", "box": [ 137.10211473241165, 740.3295116508884, 465.9894037218945, 743.818608347013 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 15, "width": 612.0, "height": 792.0, "cells": [ { "text": "19", "box": [ 302.5169704768508, 268.4009031545812, 309.47582683301454, 271.88999985070575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Paycheck Protection Program Liquidity Facility borrowings", "box": [ 137.10211473241165, 37.13496715866222, 308.82025062498025, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Paycheck Protection Program Liquidity Facility ('PPPLF') is a government loan facility created to enable the ", "box": [ 137.10211473241165, 44.96564219238405, 476.5886322375684, 48.4547388885087 ], "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": [ 137.10211473241165, 53.31836222835409, 476.5967918009535, 56.807458924478624 ], "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": [ 137.10211473241165, 61.67108226432413, 476.5886322375684, 65.16017896044866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recorded as interest expense in the consolidated statements of operations.", "box": [ 137.10211473241165, 70.02380230029405, 340.6499435765032, 73.51289899641858 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securitized debt obligations of consolidated VIEs, net", "box": [ 137.10211473241165, 86.72924237223401, 290.01331946053966, 90.21833906835855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has engaged in several securitization transactions accounted for under ASC 810. Securitization involves ", "box": [ 137.10211473241165, 95.08196240820405, 476.5886322375684, 98.57105910432858 ], "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": [ 137.10211473241165, 103.43468244417397, 476.60494614388864, 106.9237791402985 ], "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": [ 137.10211473241165, 111.78740248014401, 476.5070627059671, 115.27649917626854 ], "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": [ 137.10211473241165, 120.14012251611393, 476.5967918009535, 123.62921921223847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securitized debt obligations of consolidated VIEs in the consolidated balance sheets.", "box": [ 137.10211473241165, 128.49284255208397, 371.7696647838414, 131.9819392482085 ], "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": [ 137.10211473241165, 145.19828262402393, 476.57231833124814, 148.68737932014847 ], "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": [ 137.10211473241165, 153.55100265999386, 476.6212600502089, 157.0400993561184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the consolidated statements of operations.", "box": [ 137.10211473241165, 161.9037226959639, 260.7848220858137, 165.39281939208843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured notes, net", "box": [ 137.10211473241165, 178.60916276790385, 209.0147745282748, 182.0982594640284 ], "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": [ 137.10211473241165, 186.96188280387378, 476.5967918009535, 190.4509794999983 ], "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": [ 137.10211473241165, 195.31460283984381, 476.60494614388864, 198.80369953596835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "secured notes is recorded as interest expense in the consolidated statements of operations.", "box": [ 137.10211473241165, 203.66732287581385, 386.5742159043845, 207.1564195719384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate debt, net", "box": [ 137.10211473241165, 220.3727629477538, 192.17542996546268, 223.86185964387835 ], "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": [ 137.10211473241165, 228.72548298372374, 476.5560044249279, 232.21457967984827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with corporate debt is recorded as interest expense in the consolidated statements of operations.", "box": [ 137.10211473241165, 237.07820301969377, 402.9995315875456, 240.5672997158183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guaranteed loan financing", "box": [ 137.10211473241165, 351.9279078662892, 215.20909476117626, 355.41700456241375 ], "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": [ 137.10211473241165, 360.2806279022592, 476.61310570727375, 363.76972459838373 ], "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": [ 137.10211473241165, 368.6333479382292, 476.52337661228734, 372.1224446343537 ], "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": [ 137.10211473241165, 376.98606797419916, 476.61310570727375, 380.4751646703237 ], "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": [ 137.10211473241165, 385.33878801016914, 476.54785008199275, 388.8278847062937 ], "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": [ 137.10211473241165, 393.6915080461391, 476.5967918009535, 397.18060474226365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan sale is recorded within interest expense in the accompanying consolidated statements of operations.", "box": [ 137.10211473241165, 402.0442280821091, 427.73950688492494, 405.53332477823363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contingent consideration", "box": [ 137.10211473241165, 418.74966815404906, 209.9933556657919, 422.2387648501736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company accounts for certain liabilities recognized in relation to mergers and acquisitions as contingent ", "box": [ 137.10211473241165, 427.10238819001904, 476.5967918009535, 430.5914848861436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consideration whereby the fair value of this liability is dependent on certain criteria. Contingent consideration is ", "box": [ 137.10211473241165, 435.4551082259891, 476.60494614388864, 438.9442049221136 ], "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": [ 137.10211473241165, 443.807828261959, 476.5396905186076, 447.29692495808354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated statements of operations. ", "box": [ 137.10211473241165, 452.16054829792904, 245.05351939759026, 455.6496449940536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan participations sold", "box": [ 137.10211473241165, 468.865988369869, 206.70081121364484, 472.35508506599353 ], "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": [ 137.10211473241165, 477.218708405839, 476.5560044249279, 480.7078051019635 ], "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": [ 137.10211473241165, 485.57142844180896, 476.58047789463325, 489.0605251379335 ], "from_ocr": false, "confidence": 1.0 }, { "text": "non-recourse and remain on the consolidated balance sheets until the loan is repaid.", "box": [ 137.10211473241165, 493.92414847777894, 369.5644356553734, 497.4132451739035 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Due to third parties", "box": [ 137.10211473241165, 510.6295885497189, 192.97339092294925, 514.1186852458434 ], "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": [ 137.10211473241165, 518.9823085856889, 476.5886322375684, 522.4714052818134 ], "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": [ 137.10211473241165, 527.3350286216589, 476.61310570727375, 530.8241253177835 ], "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": [ 137.10211473241165, 535.6877486576288, 476.60494614388864, 539.1768453537534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "these balances earn interest in accordance with the specific loan terms with which they are associated.", "box": [ 137.10211473241165, 544.0404686935989, 420.75008127007567, 547.5295653897234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Repair and denial reserve ", "box": [ 137.10211473241165, 560.7459087655388, 212.48401344133862, 564.2350054616634 ], "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": [ 137.10211473241165, 569.0986288015088, 476.5315361756725, 572.5877254976333 ], "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": [ 137.10211473241165, 577.4513488374788, 476.5315361756725, 580.9404455336033 ], "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": [ 137.10211473241165, 585.8040688734488, 476.629419613594, 589.2931655695734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "deficiencies, undocumented servicing actions or denial of SBA eligibility. This reserve is calculated using an estimated ", "box": [ 137.10211473241165, 594.1567889094188, 476.54785008199275, 597.6458856055433 ], "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": [ 137.10211473241165, 602.5095089453887, 476.629419613594, 605.9986056415132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "percentage of the guaranteed balance.", "box": [ 137.10211473241165, 610.8622289813587, 242.0013821434476, 614.3513256774833 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Variable interest entities", "box": [ 137.10211473241165, 627.5676690532987, 206.3066556182534, 631.0567657494232 ], "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": [ 137.10211473241165, 635.9203890892686, 476.52337661228734, 639.4094857853931 ], "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": [ 137.10211473241165, 644.2731091252386, 476.5967918009535, 647.7622058213632 ], "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": [ 137.10211473241165, 652.6258291612087, 476.5967918009535, 656.1149258573332 ], "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": [ 137.10211473241165, 660.9785491971786, 476.58047789463325, 664.4676458933031 ], "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": [ 137.10211473241165, 669.3312692331485, 476.57231833124814, 672.8203659292731 ], "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": [ 137.10211473241165, 677.6839892691186, 476.57231833124814, 681.1730859652431 ], "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": [ 137.10211473241165, 686.0367093050886, 476.61310570727375, 689.5258060012131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "VIE. ", "box": [ 137.10211473241165, 694.3894293410585, 152.17029115299982, 697.8785260371831 ], "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": [ 137.10211473241165, 711.0948694129986, 476.52337661228734, 714.5839661091231 ], "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": [ 137.10211473241165, 719.4475894489685, 476.5886322375684, 722.9366861450931 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ongoing rights and responsibilities, the design of the VIE, its economic interests, servicing fees and servicing ", "box": [ 137.10211473241165, 727.8003094849385, 476.60494614388864, 731.289406181063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "responsibilities, and other factors. The Company performs ongoing reassessments to evaluate whether changes in the ", "box": [ 137.10211473241165, 736.1530295209085, 476.5560044249279, 739.642126217033 ], "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": [ 137.10211473241165, 744.5057495568785, 476.60494614388864, 747.9948462530031 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 16, "width": 612.0, "height": 792.0, "cells": [ { "text": "20", "box": [ 302.5169704768508, 105.52286245316645, 309.47582683301454, 109.01195914929099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "designation or a change to its consolidation conclusion. ", "box": [ 137.10211473241165, 37.13496715866222, 292.975616603111, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-controlling interests", "box": [ 137.10211473241165, 49.14200221036913, 209.21523879729335, 52.63109890649366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-controlling interests are presented on the consolidated balance sheets and the consolidated statements of operations ", "box": [ 137.10211473241165, 57.49472224633905, 476.6212600502089, 60.983818942463586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and represent direct investment in the operating partnership by third parties, including operating partnership units issued ", "box": [ 137.10211473241165, 65.84744228230909, 476.5886322375684, 69.33653897843362 ], "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": [ 137.10211473241165, 74.20016231827901, 476.564163988313, 77.68925901440366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21", "box": [ 302.5169704768508, 663.0666022941764, 309.47582683301454, 666.5556989903009 ], "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": [ 137.10211473241165, 180.69702021690978, 476.6212600502089, 184.1861169130343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with a focus on construction lending, managed by MREC Management, LLC. In addition, the Company has non-", "box": [ 137.10211473241165, 189.04974025287981, 474.7942233430314, 192.53883694900435 ], "from_ocr": false, "confidence": 1.0 }, { "text": "controlling interests from investments in consolidated joint ventures whereby, net income or loss is generally based upon ", "box": [ 137.10211473241165, 197.40246028884974, 476.60494614388864, 200.8915569849744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "relative ownership interests or contractual arrangements.", "box": [ 137.10211473241165, 205.75518032481978, 294.77377837423745, 209.2442770209443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair value option", "box": [ 137.10211473241165, 222.46062039675974, 186.97953997008068, 225.94971709288427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASC 825, ", "box": [ 137.10211473241165, 230.81334043272977, 168.7029695150288, 234.3024371288543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial Instruments", "box": [ 168.71846518106366, 230.81334043272977, 231.55093625445483, 234.3024371288543 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ('ASC 825') provides a fair value option election that allows entities to make an ", "box": [ 231.55147798374645, 230.81334043272977, 476.57231833124814, 234.3024371288543 ], "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": [ 137.10211473241165, 239.1660604686997, 476.57231833124814, 242.65515716482423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. ", "box": [ 137.10211473241165, 247.51878050466973, 476.51522226935225, 251.00787720079427 ], "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": [ 137.10211473241165, 255.87150054063966, 476.6212600502089, 259.3605972367642 ], "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": [ 137.10211473241165, 264.2242205766097, 476.6212600502089, 267.71331727273423 ], "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": [ 137.10211473241165, 272.5769406125796, 476.57231833124814, 276.06603730870415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "method. ", "box": [ 137.10211473241165, 280.92966064854966, 161.44474689606415, 284.4187573446742 ], "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": [ 137.10211473241165, 297.6351007204896, 476.61310570727375, 301.12419741661415 ], "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": [ 137.10211473241165, 305.98782075645954, 476.4744348933266, 309.4769174525841 ], "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": [ 137.10211473241165, 314.3405407924296, 476.54785008199275, 317.8296374885541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unconsolidated joint ventures due to their short-term tenor.", "box": [ 137.10211473241165, 322.69326082839956, 300.8750521678498, 326.1823575245241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Earnings per share", "box": [ 137.10211473241165, 339.3987009003395, 192.40255333409146, 342.88779759646405 ], "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": [ 137.10211473241165, 347.7514209363095, 476.629419613594, 351.24051763243403 ], "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": [ 137.10211473241165, 356.1041409722795, 476.6212600502089, 359.593237668404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company's share-based compensation, consisting of unvested restricted stock units ('RSUs'), unvested restricted ", "box": [ 137.10211473241165, 364.45686100824946, 476.58047789463325, 367.945957704374 ], "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": [ 137.10211473241165, 372.80958104421944, 476.5315361756725, 376.298677740344 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and CVRs under the if-converted method. Potential dilutive shares are excluded from the calculation if they have an anti-", "box": [ 137.10211473241165, 381.1623010801894, 474.82873077870227, 384.65139777631396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "dilutive effect in the period. ", "box": [ 137.10211473241165, 389.51502111615946, 216.2676290852773, 393.00411781228394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "All of the Company's RSAs, time-based RSUs, and preferred stock contain rights to receive non-forfeitable dividends or ", "box": [ 137.10211473241165, 406.22046118809936, 476.5967918009535, 409.7095578842239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "dividend equivalents and, thus, are participating securities. Due to the existence of these participating securities, the two-", "box": [ 137.10211473241165, 414.5731812240694, 474.79491108511723, 418.06227792019394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-", "box": [ 137.10211473241165, 422.9259012600394, 474.77720838247757, 426.4149979561639 ], "from_ocr": false, "confidence": 1.0 }, { "text": "class method, undistributed earnings are reallocated between shares of common stock and participating securities.", "box": [ 137.10211473241165, 431.27862129600936, 453.81821000089116, 434.7677179921339 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income taxes", "box": [ 137.10211473241165, 447.9840613679493, 175.17873475447368, 451.47315806407386 ], "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": [ 137.10211473241165, 456.3367814039193, 476.51522226935225, 459.82587810004384 ], "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": [ 137.10211473241165, 464.6895014398893, 476.5967918009535, 468.1785981360138 ], "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": [ 137.10211473241165, 473.04222147585926, 476.58047789463325, 476.5313181719838 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through evaluation of carryback availability, projected taxable income and other factors as applicable. Significant ", "box": [ 137.10211473241165, 481.39494151182924, 476.60494614388864, 484.8840382079538 ], "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": [ 137.10211473241165, 489.7476615477992, 476.5315361756725, 493.23675824392376 ], "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": [ 137.10211473241165, 498.1003815837692, 454.3890054448113, 501.58947827989374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company provides for exposure in connection with uncertain tax positions, which requires significant judgment by ", "box": [ 137.10211473241165, 514.8058216557092, 476.58047789463325, 518.2949183518338 ], "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": [ 137.10211473241165, 523.1585416916791, 474.7679679771199, 526.6476383878037 ], "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": [ 137.10211473241165, 531.5112617276491, 476.5070627059671, 535.0003584237736 ], "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": [ 137.10211473241165, 539.8639817636191, 476.5070627059671, 543.3530784597436 ], "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": [ 137.10211473241165, 548.2167017995891, 476.52337661228734, 551.7057984957137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "addition, changes in this position in the next 12 months are not anticipated.", "box": [ 137.10211473241165, 556.5694218355591, 345.83025110515007, 560.0585185316836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Revenue recognition", "box": [ 137.10211473241165, 573.2748619074991, 196.44264105988537, 576.7639586036237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Under ASC 606 ", "box": [ 137.10211473241165, 581.6275819434691, 187.41415179911226, 585.1166786395936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Revenue Recognition ", "box": [ 187.42236138745972, 581.6275819434691, 250.53039557597327, 585.1166786395936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "('ASC 606'), revenue is recognized upon the transfer of promised goods or ", "box": [ 250.53270537713684, 581.6275819434691, 476.54785008199275, 585.1166786395936 ], "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": [ 137.10211473241165, 589.980301979439, 476.6212600502089, 593.4693986755635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for those goods or services. Revenue is recognized through the following five-step process:", "box": [ 137.10211473241165, 598.333022015409, 391.22587720154735, 601.8221187115336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Step 1: Identify the contract(s) with a customer.", "box": [ 149.63119478636662, 615.038462087349, 282.48481871376606, 618.5275587834735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Step 2: Identify the performance obligations in the contract.", "box": [ 149.63119478636662, 623.3911821233189, 316.0115849652655, 626.8802788194434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Step 3: Determine the transaction price.", "box": [ 149.63119478636662, 631.743902159289, 260.16071953041956, 635.2329988554135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Step 4: Allocate the transaction price to the performance obligations in the contract.", "box": [ 149.63119478636662, 738.2414529858908, 382.66846955491815, 741.7305496820153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.", "box": [ 149.63119478636662, 746.5941730218608, 385.9568843770786, 750.0832697179853 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 17, "width": 612.0, "height": 792.0, "cells": [ { "text": "22", "box": [ 302.5169704768508, 500.18888415274824, 309.47582683301454, 503.6779808488728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Most of the Company's revenue streams, such as revenue associated with financial instruments, including interest ", "box": [ 137.10211473241165, 42.87746218339157, 476.6212600502089, 46.366558879516106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income, realized or unrealized gains on financial instruments, loan servicing fees, loan origination fees, hotel income, ", "box": [ 137.10211473241165, 51.23018221936161, 476.5967918009535, 54.71927891548614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "among other revenue streams, follow specific revenue recognition criteria and therefore the guidance referenced above ", "box": [ 137.10211473241165, 59.58290225533153, 476.61310570727375, 63.07199895145618 ], "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": [ 137.10211473241165, 67.93562229130157, 476.5967918009535, 71.4247189874261 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rules regarding the determination of whether a company is acting as a principal or agent in an arrangement and ", "box": [ 137.10211473241165, 76.2883423272715, 476.60494614388864, 79.77743902339614 ], "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": [ 137.10211473241165, 84.64106236324153, 476.58047789463325, 88.13015905936606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company. A further description of the revenue recognition criteria is outlined below.", "box": [ 137.10211473241165, 92.99378239921157, 373.6707925708269, 96.4828790953361 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income.", "box": [ 137.10211473241165, 109.69922247115153, 183.82776877676943, 113.18831916727606 ], "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": [ 183.841456339939, 109.69922247115153, 476.5886322375684, 113.18831916727606 ], "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": [ 137.10211473241165, 118.05194250712145, 476.54785008199275, 121.54103920324599 ], "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": [ 137.10211473241165, 126.40466254309149, 476.629419613594, 129.89375923921602 ], "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": [ 137.10211473241165, 134.7573825790614, 476.61310570727375, 138.24647927518595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "effective interest method, based on contractual cash flows through the maturity date of the investment. ", "box": [ 137.10211473241165, 143.11010261503145, 423.870246573893, 146.59919931115599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lease rental income. ", "box": [ 137.10211473241165, 159.8155426869714, 200.0923935789706, 163.30463938309595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Revenue from real estate owned operations primarily includes lease rental income which arises ", "box": [ 200.87317453828405, 159.8155426869714, 476.58047789463325, 163.30463938309595 ], "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": [ 137.10211473241165, 168.16826272294134, 476.5396905186076, 171.65735941906587 ], "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": [ 137.10211473241165, 176.52098275891137, 476.57231833124814, 180.0100794550359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026, was not material.", "box": [ 137.10211473241165, 184.8737027948814, 267.6972213701026, 188.36279949100594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Realized gains (losses).", "box": [ 137.10211473241165, 202.62323287131755, 203.96770037183217, 206.1123295674421 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Upon the sale or disposition (not including the prepayment of outstanding principal balance) of ", "box": [ 203.98097630251743, 202.62323287131755, 476.5560044249279, 206.1123295674421 ], "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": [ 137.10211473241165, 210.9759529072876, 476.6212600502089, 214.46504960341213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securities is recognized as a realized gain (loss) in the consolidated statements of operations. ", "box": [ 137.10211473241165, 219.32867294325752, 396.03872239153986, 222.81776963938205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Origination income and expense. ", "box": [ 137.10211473241165, 236.03411301519748, 234.1558299756607, 239.523209711322 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Origination income represents fees received for origination of either loans, held at fair ", "box": [ 234.23511296320322, 236.03411301519748, 476.61310570727375, 239.523209711322 ], "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": [ 137.10211473241165, 244.3868330511675, 476.52337661228734, 247.87592974729205 ], "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": [ 137.10211473241165, 252.73955308713744, 476.58047789463325, 256.228649783262 ], "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": [ 137.10211473241165, 261.0922731231075, 476.564163988313, 264.581369819232 ], "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": [ 137.10211473241165, 269.4449931590774, 476.5886322375684, 272.93408985520193 ], "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": [ 137.10211473241165, 277.79771319504744, 476.54785008199275, 281.28680989117197 ], "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": [ 137.10211473241165, 286.1504332310174, 476.58047789463325, 289.63952992714195 ], "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": [ 137.10211473241165, 294.5031532669874, 476.58047789463325, 297.99224996311193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operations as a component of interest income.", "box": [ 137.10211473241165, 302.8558733029574, 264.8350998308312, 306.3449699990819 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets and liabilities held for sale", "box": [ 137.10211473241165, 319.56131337489734, 232.79308489644797, 323.0504100710219 ], "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": [ 137.10211473241165, 327.9140334108673, 476.52337661228734, 331.40313010699185 ], "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": [ 137.10211473241165, 336.2667534468373, 476.61310570727375, 339.75585014296183 ], "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": [ 137.10211473241165, 344.6194734828073, 476.6212600502089, 348.1085701789318 ], "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": [ 137.10211473241165, 352.97219351877726, 476.5967918009535, 356.4612902149018 ], "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": [ 137.10211473241165, 361.32491355474724, 476.60494614388864, 364.8140102508718 ], "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": [ 137.10211473241165, 369.6776335907172, 476.5967918009535, 373.16673028684176 ], "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": [ 137.10211473241165, 378.0303536266872, 476.498908363032, 381.5194503228118 ], "from_ocr": false, "confidence": 1.0 }, { "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": [ 137.10211473241165, 386.38307366265724, 476.6212600502089, 389.8721703587818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unlikely that significant changes to the plan will be made or that the plan will be withdrawn.", "box": [ 137.10211473241165, 394.7357936986272, 393.9339862473459, 398.22489039475175 ], "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": [ 137.10211473241165, 411.4412337705672, 476.57231833124814, 414.9303304666917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company reports the assets and liabilities of the disposal group, if material, in the line items assets or liabilities held for ", "box": [ 137.10211473241165, 419.79395380653716, 476.498908363032, 423.2830505026617 ], "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": [ 137.10211473241165, 428.14667384250714, 476.6212600502089, 431.6357705386317 ], "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": [ 137.10211473241165, 436.4993938784771, 476.5886322375684, 439.98849057460166 ], "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": [ 137.10211473241165, 444.8521139144471, 476.629419613594, 448.34121061057164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value of the asset or disposal group with an offset on the consolidated statements of operations, to the extent that any ", "box": [ 137.10211473241165, 453.2048339504171, 476.5560044249279, 456.6939306465416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subsequent changes in fair value do not exceed the cost basis of the asset or disposal group. Any loss resulting from the ", "box": [ 137.10211473241165, 461.55755398638706, 476.498908363032, 465.0466506825116 ], "from_ocr": false, "confidence": 1.0 }, { "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": [ 137.10211473241165, 575.3632757724818, 476.629419613594, 578.8523724686063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sale criteria are met.", "box": [ 137.10211473241165, 583.7159958084518, 193.51026324631096, 587.2050925045763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Discontinued operations", "box": [ 137.10211473241165, 600.4214358803918, 207.28185771275196, 603.9105325765163 ], "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": [ 137.10211473241165, 608.7741559163617, 476.61310570727375, 612.2632526124862 ], "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": [ 137.10211473241165, 617.1268759523317, 476.54785008199275, 620.6159726484562 ], "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": [ 137.10211473241165, 625.4795959883018, 476.5886322375684, 628.9686926844263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "results.", "box": [ 137.10211473241165, 633.8323160242717, 157.01027185439062, 637.3214127203962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Foreign currency transactions", "box": [ 137.10211473241165, 650.5377560962116, 224.48530992321656, 654.0268527923362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets and liabilities denominated in non-U.S. currencies are translated into U.S. dollars using foreign currency ", "box": [ 137.10211473241165, 658.8904761321817, 476.5967918009535, 662.3795728283062 ], "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": [ 137.10211473241165, 667.2431961681516, 476.629419613594, 670.7322928642761 ], "from_ocr": false, "confidence": 1.0 }, { "text": "exchange rates for each reporting period. Foreign currency remeasurement gains or losses on transactions in ", "box": [ 137.10211473241165, 675.5959162041216, 476.57231833124814, 679.0850129002462 ], "from_ocr": false, "confidence": 1.0 }, { "text": "nonfunctional currencies are recognized in earnings. Gains or losses on translation of the financial statements of a non-", "box": [ 137.10211473241165, 683.9486362400916, 474.8438339582536, 687.4377329362161 ], "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": [ 137.10211473241165, 692.3013562760616, 476.5070627059671, 695.7904529721861 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements of comprehensive income (loss). ", "box": [ 137.10211473241165, 700.6540763120315, 260.7067099016489, 704.143173008156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 4. Recent Accounting Pronouncements", "box": [ 137.10211473241165, 717.3595163839716, 267.05308686153603, 720.8486130800961 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements", "box": [ 137.10211473241165, 734.5870014581596, 391.10017532281364, 738.0760981542842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Issued November 2025", "box": [ 392.1781996129661, 734.5870014581596, 457.69606958076264, 738.0760981542842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "This ASU clarifies certain aspects of the guidance on hedge accounting and addresses several incremental hedge ", "box": [ 137.10211473241165, 750.2483515256033, 476.5967918009535, 753.7374482217278 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 18, "width": 612.0, "height": 792.0, "cells": [ { "text": "23", "box": [ 302.5169704768508, 337.31084345133354, 309.47582683301454, 340.7999401474581 ], "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": [ 137.10211473241165, 38.17905716315852, 476.5396905186076, 41.66815385928305 ], "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": [ 137.10211473241165, 46.53177719912844, 476.54785008199275, 50.020873895252976 ], "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": [ 137.10211473241165, 54.88449723509848, 469.6998614931486, 58.37359393122301 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans ", "box": [ 137.10211473241165, 72.11198230928653, 384.4199204619924, 75.60107900541107 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Issued November 2025 ", "box": [ 385.228475520538, 72.11198230928653, 450.731090719966, 75.60107900541107 ], "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": [ 137.10211473241165, 88.2953773789784, 476.54785008199275, 91.78447407510293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purchased seasoned loans. The ASU is effective in reporting periods beginning after December 15, 2026, including ", "box": [ 137.10211473241165, 96.64809741494832, 476.5967918009535, 100.13719411107297 ], "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": [ 137.10211473241165, 105.00081745091836, 476.5396905186076, 108.4899141470429 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assessing the impact upon adoption of this standard on the consolidated financial statements.", "box": [ 137.10211473241165, 113.3535374868884, 395.1028842129591, 116.84263418301293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASU ", "box": [ 137.10211473241165, 130.05897755882836, 152.76293684269348, 133.5480742549529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025-06, ", "box": [ 157.21172861617327, 130.05897755882836, 183.88505883058815, 133.5480742549529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Intangibles ", "box": [ 188.33385060406795, 130.05897755882836, 223.33197275194505, 133.5480742549529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 227.78076452542484, 130.05897755882836, 231.83782685864946, 133.5480742549529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Goodwill ", "box": [ 236.28661863212926, 130.05897755882836, 265.0938205311313, 133.5480742549529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and ", "box": [ 269.5426123046111, 130.05897755882836, 282.5021207468666, 133.5480742549529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other-Internal-Use ", "box": [ 286.9509045330579, 130.05897755882836, 346.02299147729707, 133.5480742549529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Software ", "box": [ 350.4717911858609, 130.05897755882836, 378.7523198926475, 133.5480742549529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Subtopic ", "box": [ 383.20110367883876, 130.05897755882836, 413.5577204228443, 133.5480742549529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "350-40): ", "box": [ 418.00652013140814, 130.05897755882836, 444.09540932420276, 133.5480742549529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Targeted ", "box": [ 448.4185091055588, 130.05897755882836, 476.5886322375684, 133.5480742549529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Improvements to the Accounting for Internal-Use Software ", "box": [ 137.10211473241165, 137.8896525925502, 314.6481310593966, 141.37874928867473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Issued September 2025", "box": [ 314.6626711220548, 137.8896525925502, 379.2121498554746, 141.37874928867473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "This ASU makes targeted improvements to increase the operability of the recognition guidance considering different ", "box": [ 137.10211473241165, 153.55100265999386, 476.6212600502089, 157.0400993561184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "methods of software development. The ASU is effective in reporting periods beginning after December 15, 2027, ", "box": [ 137.10211473241165, 161.9037226959639, 476.5886322375684, 165.39281939208843 ], "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": [ 137.10211473241165, 170.25644273193393, 476.51522226935225, 173.74553942805846 ], "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": [ 137.10211473241165, 178.60916276790385, 476.52337661228734, 182.0982594640284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the consolidated financial statements.", "box": [ 137.10211473241165, 186.96188280387378, 241.4509153407331, 190.4509794999983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurements of Credit Losses for Accounts ", "box": [ 137.10211473241165, 204.71141288031004, 461.069231948731, 208.20050957643457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Receivable and Contract Assets ", "box": [ 137.10211473241165, 212.54208791403198, 232.19509957990556, 216.03118461015652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Issued July 2025", "box": [ 232.53846670589684, 212.54208791403198, 279.3068469883674, 216.03118461015652 ], "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": [ 137.10211473241165, 228.20343798147564, 476.6212600502089, 231.69253467760018 ], "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": [ 137.10211473241165, 236.55615801744557, 476.5396905186076, 240.0452547135701 ], "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": [ 137.10211473241165, 244.9088780534156, 476.5315361756725, 248.39797474954014 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial statements.", "box": [ 137.10211473241165, 253.26159808938564, 194.23570120999943, 256.7506947855102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASU 2025-03, Compensation - Business Combinations (Topic 805) and Consolidation (Topic 810) Determining ", "box": [ 137.10211473241165, 271.0111281658218, 465.2485871999164, 274.5002248619463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Accounting Acquirer in the Acquisition of a Variable Interest Entity ", "box": [ 137.10211473241165, 278.8418031995436, 350.3290019458398, 282.3308998956682 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Issued May 2025", "box": [ 352.5109337850438, 278.8418031995436, 400.05403344484665, 282.3308998956682 ], "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": [ 137.10211473241165, 294.5031532669874, 476.57231833124814, 297.99224996311193 ], "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": [ 137.10211473241165, 302.8558733029574, 476.60494614388864, 306.3449699990819 ], "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": [ 137.10211473241165, 412.48509615907295, 476.5967918009535, 415.9741928551975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "standard on the consolidated financial statements.", "box": [ 137.10211473241165, 420.83781619504293, 275.46365751338976, 424.32691289116747 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASU 2024-04, Compensation - Debt Conversion and Other Topics (Subtopic 470-20) Induced Conversions of ", "box": [ 137.10211473241165, 437.0212112647348, 476.61310570727375, 440.51030796085934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Convertible Debt Instruments", "box": [ 137.10211473241165, 445.3739313007047, 226.36365832873344, 448.86302799682926 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 226.36365577390575, 445.3739313007047, 228.1033707308465, 448.86302799682926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Issued November 2024", "box": [ 228.10924375017288, 445.3739313007047, 291.88740449047253, 448.86302799682926 ], "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": [ 137.10211473241165, 462.0793713726447, 476.52337661228734, 465.5684680687692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "is effective in reporting periods beginning after December 15, 2025, including interim periods within the fiscal year, on a ", "box": [ 137.10211473241165, 470.4320914086147, 476.60494614388864, 473.92118810473926 ], "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": [ 137.10211473241165, 478.7848114445847, 476.51522226935225, 482.27390814070924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company's consolidated financial statements.", "box": [ 137.10211473241165, 487.1375314805547, 274.1004269905773, 490.6266281766792 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures ", "box": [ 137.10211473241165, 503.84297155249465, 476.6212600502089, 507.3320682486192 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Subtopic 220-40)", "box": [ 137.10211473241165, 512.1956915884646, 189.49055990159962, 515.6847882845891 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 189.48606792674684, 512.1956915884646, 191.2257828836876, 515.6847882845891 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Issued November 2024", "box": [ 191.23165590301403, 512.1956915884646, 255.00981664331368, 515.6847882845891 ], "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": [ 137.10211473241165, 528.3790866581564, 476.564163988313, 531.868183354281 ], "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": [ 137.10211473241165, 536.2097616918784, 476.5967918009535, 539.6988583880029 ], "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": [ 137.10211473241165, 544.0404367256002, 476.6212600502089, 547.5295334217248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "permitted. The Company is currently assessing the impact upon adoption of this standard on the consolidated financial ", "box": [ 137.10211473241165, 551.871111759322, 476.54785008199275, 555.3602084554466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements.", "box": [ 137.10211473241165, 559.7017867930439, 168.21648366031332, 563.1908834891684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures", "box": [ 137.10211473241165, 575.8851818627357, 383.46166651614556, 579.3742785588603 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 383.4747279808857, 575.8851818627357, 385.21444293782645, 579.3742785588603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Issued December 2023", "box": [ 385.2121616142177, 575.8851818627357, 448.9835355084656, 579.3742785588603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "This ASU improves income tax disclosure requirements, primarily through standardization of rate reconciliation ", "box": [ 137.10211473241165, 592.5906219346757, 476.564163988313, 596.0797186308002 ], "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": [ 137.10211473241165, 600.9433419706456, 476.629419613594, 604.4324386667703 ], "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": [ 137.10211473241165, 609.2960620066157, 476.61310570727375, 612.7851587027402 ], "from_ocr": false, "confidence": 1.0 }, { "text": "standard did not have a material impact on the Company's consolidated financial statements.", "box": [ 137.10211473241165, 617.6487820425857, 394.2939600294436, 621.1378787387102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 5. Business Combinations", "box": [ 137.10211473241165, 634.3542221145256, 228.74540627278918, 637.8433188106502 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UDF IV Merger", "box": [ 137.10211473241165, 651.0596621864656, 183.8775916131433, 654.5487588825902 ], "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": [ 137.10211473241165, 667.7651022584056, 476.51522226935225, 671.2541989545301 ], "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": [ 137.10211473241165, 676.1178222943756, 476.51522226935225, 679.6069189905002 ], "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": [ 137.10211473241165, 684.4705423303456, 476.5886322375684, 687.9596390264701 ], "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": [ 137.10211473241165, 692.8232623663155, 476.54785008199275, 696.31235906244 ], "from_ocr": false, "confidence": 1.0 }, { "text": "liabilities assumed are primarily based on future cash flows and discount rates.", "box": [ 137.10211473241165, 701.1759824022855, 356.24475248284784, 704.66507909841 ], "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": [ 137.10211473241165, 717.8814224742255, 445.69825323039265, 721.37051917035 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets", "box": [ 139.4513172425282, 747.4544561667067, 152.43898953179092, 749.8965620984502 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 19, "width": 612.0, "height": 792.0, "cells": [ { "text": "24", "box": [ 302.5169704768508, 174.4328027499189, 309.47582683301454, 177.92189944604343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 44.260065754474, 167.45767368742935, 46.70217168621764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preliminary Purchase ", "box": [ 305.1353498310266, 39.03961573199274, 351.76109719985214, 41.481721663736494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Price Allocation", "box": [ 311.2204368884813, 44.260065754474, 344.35908537754307, 46.70217168621764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Measurement Period ", "box": [ 365.59468665388744, 39.03961573199274, 410.41058611759775, 41.481721663736494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Adjustments", "box": [ 374.1594874720207, 44.260065754474, 400.679433492917, 46.70217168621764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Updated Purchase Price ", "box": [ 421.796093927162, 39.03961573199274, 473.2473242334165, 41.481721663736494 ], "from_ocr": false, 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38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,020", "box": [ 459.3180784637459, 36.42939072075217, 472.71242834952386, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, net", "box": [ 143.6276772605132, 40.60575073873713, 163.916597790909, 43.04785667048077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "158,469", "box": [ 337.8528915665207, 40.60575073873713, 353.6825778900846, 43.04785667048077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,836", "box": [ 399.8049482074598, 40.60575073873713, 413.1992980932377, 43.04785667048077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "169,305", "box": [ 456.879152079093, 40.60575073873713, 472.70883840265685, 43.04785667048077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment in unconsolidated joint ventures", "box": [ 143.6276772605132, 47.39233576796278, 228.8477746828521, 49.83444169970642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,290", "box": [ 342.73074955627663, 47.39233576796278, 353.6897630042685, 49.83444169970642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 408.32896687001744, 47.39233576796278, 413.19964668878794, 49.83444169970642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,290", "box": [ 461.7570100688489, 47.39233576796278, 472.71602351684083, 49.83444169970642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other Assets:", "box": [ 143.6276772605132, 54.178920797188425, 169.73857536793415, 56.621026728932065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accrued interest", "box": [ 147.80403727849819, 60.96550582641396, 179.8534442137776, 63.4076117581576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,231", "box": [ 342.73074955627663, 60.96550582641396, 353.6897630042685, 63.4076117581576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 408.32896687001744, 60.96550582641396, 413.19964668878794, 63.4076117581576 ], 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353.6897630042685, 76.9807818166089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 408.32896687001744, 74.53867588486526, 413.19964668878794, 76.9807818166089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,946", "box": [ 461.7570100688489, 74.53867588486526, 472.71602351684083, 76.9807818166089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total assets acquired", "box": [ 139.4513172425282, 81.32526091409079, 182.75224691335566, 83.76736684583454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 301.80731294169476, 81.32526091409079, 304.24265285108004, 83.76736684583454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "183,694", "box": [ 337.8528915665207, 81.32526091409079, 353.6825778900846, 83.76736684583454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 361.3204431979809, 81.32526091409079, 363.75578310736614, 83.76736684583454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,836", "box": [ 399.8049482074598, 81.32526091409079, 413.1992980932377, 83.76736684583454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 420.833573454267, 81.32526091409079, 423.2689133636523, 83.76736684583454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "194,530", "box": [ 456.879152079093, 81.32526091409079, 472.70883840265685, 83.76736684583454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liabilities", "box": [ 139.4513172425282, 88.11184594331644, 160.2895949385861, 90.55395187506008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accounts payable and other accrued liabilities", "box": [ 143.6276772605132, 94.89843097254209, 233.56387159939345, 97.34053690428573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,214", "box": [ 342.73074955627663, 94.89843097254209, 353.6897630042685, 97.34053690428573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(605)", "box": [ 404.27495853920936, 94.89843097254209, 414.8287992794333, 97.34053690428573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "609", "box": [ 465.41132508458577, 94.89843097254209, 472.717337869543, 97.34053690428573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contract liability ", "box": [ 143.6276772605132, 101.68501600176762, 179.20401123243028, 104.12712193351138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 348.81583661373134, 101.68501600176762, 353.68651643250183, 104.12712193351138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,529", "box": [ 402.24387981256274, 101.68501600176762, 413.2028932605547, 104.12712193351138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,529", "box": [ 461.7570100688489, 101.68501600176762, 472.71602351684083, 104.12712193351138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total liabilities assumed", "box": [ 139.4513172425282, 108.47160103099327, 189.34000624845652, 110.91370696273691 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 301.80731294169476, 108.47160103099327, 304.24265285108004, 110.91370696273691 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,214", "box": [ 342.73074955627663, 108.47160103099327, 353.6897630042685, 110.91370696273691 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 361.3204431979809, 108.47160103099327, 363.75578310736614, 110.91370696273691 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,924", "box": [ 402.24387981256274, 108.47160103099327, 413.2028932605547, 110.91370696273691 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 420.833573454267, 108.47160103099327, 423.2689133636523, 110.91370696273691 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,138", "box": [ 461.7570100688489, 108.47160103099327, 472.71602351684083, 110.91370696273691 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net assets acquired", "box": [ 139.4513172425282, 115.25818606021892, 179.40604802619117, 117.70029199196256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 301.80731294169476, 115.25818606021892, 304.24265285108004, 117.70029199196256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "182,480", "box": [ 337.8528915665207, 115.25818606021892, 353.6825778900846, 117.70029199196256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 361.3204431979809, 115.25818606021892, 363.75578310736614, 117.70029199196256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,912", "box": [ 402.24387981256274, 115.25818606021892, 413.2028932605547, 117.70029199196256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 420.833573454267, 115.25818606021892, 423.2689133636523, 117.70029199196256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "189,392", "box": [ 456.879152079093, 115.25818606021892, 472.70883840265685, 117.70029199196256 ], "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": [ 137.10211473241165, 133.19124757231702, 476.5886322375684, 136.68034426844156 ], "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": [ 137.10211473241165, 141.54396760828706, 476.60494614388864, 145.0330643044116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25", "box": [ 302.5169704768508, 731.97651302293, 309.47582683301454, 735.4656097190546 ], "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": [ 137.10211473241165, 249.6069309456634, 476.5967918009535, 253.09602764178794 ], "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": [ 137.10211473241165, 257.95965098163344, 476.60494614388864, 261.448747677758 ], "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": [ 137.10211473241165, 266.31237101760337, 476.5967918009535, 269.801467713728 ], "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": [ 137.10211473241165, 274.6650910535734, 476.5967918009535, 278.15418774969794 ], "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": [ 137.10211473241165, 283.0178110895434, 476.5315361756725, 286.5069077856679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the assets acquired and liabilities assumed, which impacts the consolidated financial statements. Subsequent to the ", "box": [ 137.10211473241165, 291.37053112551337, 476.54785008199275, 294.8596278216379 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determination of the preliminary purchase price allocation, the Company recorded a measurement period adjustment ", "box": [ 137.10211473241165, 299.72325116148335, 476.60494614388864, 303.2123478576079 ], "from_ocr": false, "confidence": 1.0 }, { "text": "based on the updated valuations obtained by increasing net assets acquired, decreasing the consideration transferred and ", "box": [ 137.10211473241165, 308.0759711974533, 476.61310570727375, 311.56506789357786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "increasing the bargain purchase gain related to this transaction by $7.1 million.", "box": [ 137.10211473241165, 316.4286912334233, 356.6732664407673, 319.91778792954784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below illustrates the aggregate consideration transferred, net assets acquired, and the related bargain purchase ", "box": [ 137.10211473241165, 333.1341313053633, 476.629419613594, 336.62322800148786 ], "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": [ 137.10211473241165, 341.48685134133325, 476.58047789463325, 344.9759480374578 ], "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": [ 137.10211473241165, 349.31752637505514, 476.5886322375684, 352.8066230711797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Merger.", "box": [ 137.10211473241165, 357.148201408777, 159.315782121271, 360.63729810490156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 380.4566950742806, 167.45767368742935, 382.89880100602426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preliminary Purchase ", "box": [ 305.1353498310266, 375.7582900540475, 351.76109719985214, 378.20039598579115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Price Allocation", "box": [ 311.2204368884813, 380.4566950742806, 344.35908537754307, 382.89880100602426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Measurement Period ", "box": [ 365.59468665388744, 375.7582900540475, 410.41058611759775, 378.20039598579115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Adjustments", "box": [ 374.1594874720207, 380.4566950742806, 400.679433492917, 382.89880100602426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Updated Purchase Price ", "box": [ 421.796093927162, 375.7582900540475, 473.2473242334165, 378.20039598579115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allocation", "box": [ 436.25021492690695, 380.4566950742806, 457.62599533737585, 382.89880100602426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair value of net assets acquired", "box": [ 139.4513172425282, 386.7212351012581, 202.07083225019585, 389.16334103300176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 301.80731294169476, 386.7212351012581, 304.24265285108004, 389.16334103300176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "182,480", "box": [ 337.8528915665207, 386.7212351012581, 353.6825778900846, 389.16334103300176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 361.3204431979809, 386.7212351012581, 363.75578310736614, 389.16334103300176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,912", "box": [ 402.24387981256274, 386.7212351012581, 413.2028932605547, 389.16334103300176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 420.833573454267, 386.7212351012581, 423.2689133636523, 389.16334103300176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "189,392", "box": [ 456.879152079093, 386.7212351012581, 472.70883840265685, 389.16334103300176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Consideration transferred based on the value of common stock issued", "box": [ 139.4513172425282, 400.2944051597093, 274.847893413152, 402.73651109145294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "64,600", "box": [ 340.29181795117364, 400.2944051597093, 353.68616783695154, 402.73651109145294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 408.32896687001744, 400.2944051597093, 413.19964668878794, 402.73651109145294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "64,600", "box": [ 459.3180784637459, 400.2944051597093, 472.71242834952386, 402.73651109145294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contingent consideration", "box": [ 139.4513172425282, 407.08099018893495, 188.5551990684404, 409.5230961206786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,409", "box": [ 340.29181795117364, 407.08099018893495, 353.68616783695154, 409.5230961206786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(167)", "box": [ 404.27495853920936, 407.08099018893495, 414.8287992794333, 409.5230961206786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,242", "box": [ 459.3180784637459, 407.08099018893495, 472.71242834952386, 409.5230961206786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total consideration transferred", "box": [ 139.4513172425282, 413.8675752181606, 204.3896325438039, 416.30968114990424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 301.80731294169476, 413.8675752181606, 304.24265285108004, 416.30968114990424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "80,009", "box": [ 340.29181795117364, 413.8675752181606, 353.68616783695154, 416.30968114990424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 361.3204431979809, 413.8675752181606, 363.75578310736614, 416.30968114990424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(167)", "box": [ 404.27495853920936, 413.8675752181606, 414.8287992794333, 416.30968114990424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 420.833573454267, 413.8675752181606, 423.2689133636523, 416.30968114990424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "79,842", "box": [ 459.3180784637459, 413.8675752181606, 472.71242834952386, 416.30968114990424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Bargain purchase gain", "box": [ 139.4513172425282, 427.4407452766118, 186.4528190838337, 429.8828512083554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 301.80731294169476, 427.4407452766118, 304.24265285108004, 429.8828512083554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "102,471", "box": [ 337.8528915665207, 427.4407452766118, 353.6825778900846, 429.8828512083554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 361.3204431979809, 427.4407452766118, 363.75578310736614, 429.8828512083554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,079", "box": [ 402.24387981256274, 427.4407452766118, 413.2028932605547, 429.8828512083554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 420.833573454267, 427.4407452766118, 423.2689133636523, 429.8828512083554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "109,550", "box": [ 456.879152079093, 427.4407452766118, 472.70883840265685, 429.8828512083554 ], "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": [ 137.10211473241165, 445.37380678870994, 476.629419613594, 448.8629034848345 ], "from_ocr": false, "confidence": 1.0 }, { "text": "per CVR. Subsequent to the determination of the preliminary purchase price allocation, based on updated valuations ", "box": [ 137.10211473241165, 453.7265268246799, 476.629419613594, 457.21562352080446 ], "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. ", "box": [ 137.10211473241165, 462.0792468606499, 476.57231833124814, 465.56834355677444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Upon the close of the measurement period on March 13, 2026, the updated purchase price of the CVRs was valued at ", "box": [ 137.10211473241165, 470.4319668966199, 476.54785008199275, 473.9210635927444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately $15.2 million or $1.19 per CVR. See note 7 for more information about the valuation of the CVRs.", "box": [ 137.10211473241165, 478.78468693258986, 454.4050011647026, 482.2737836287144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 6. Loans and Allowance for Credit Losses", "box": [ 137.10211473241165, 503.84284704049986, 275.6429003696575, 507.3319437366244 ], "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": [ 137.10211473241165, 520.5482871124398, 476.61310570727375, 524.0373838085643 ], "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": [ 137.10211473241165, 528.9010071484098, 476.564163988313, 532.3901038445343 ], "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 ", "box": [ 137.10211473241165, 537.2537271843798, 476.5967918009535, 540.7428238805044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "classification for a loan is based on product type and management's strategy for the loan.", "box": [ 137.10211473241165, 545.6064472203498, 384.8725991522028, 549.0955439164743 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 20, "width": 612.0, "height": 792.0, "cells": [ { "text": "26", "box": [ 302.5169704768508, 563.8783744270194, 309.47582683301454, 567.3674711231439 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan portfolio", "box": [ 137.10211473241165, 81.50879234975275, 177.50965679183713, 84.99788904587729 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below summarizes the classification, unpaid principal balance ('UPB'), and carrying value of loans held by ", "box": [ 137.10211473241165, 89.86151238572279, 476.5315361756725, 93.35060908184732 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company including loans of consolidated VIEs.", "box": [ 137.10211473241165, 98.21423242169271, 281.0021971775978, 101.70332911781725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 315.33154128118525, 116.3022760647151, 343.6113986250478, 118.74438199645874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 407.9455874612665, 116.3022760647151, 447.21539383078454, 118.74438199645874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 122.56681609169266, 167.45767368742935, 125.0089220234363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 288.6419905412499, 122.56681609169266, 320.71042289048955, 125.0089220234363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UPB", "box": [ 349.1421147401364, 122.56681609169266, 358.8834680953882, 125.0089220234363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": 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268.5712976416704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 266.1291917099268, 384.6375831972911, 268.5712976416704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "585,820", "box": [ 407.80692186776935, 266.1291917099268, 423.6366081913332, 268.5712976416704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 266.1291917099268, 433.70981340861476, 268.5712976416704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "648,366", "box": [ 456.879152079093, 266.1291917099268, 472.70883840265685, 268.5712976416704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, held for sale in consolidated VIEs", "box": [ 139.4513172425282, 273.9598667436486, 224.11962531334387, 276.40197267539224 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Bridge", "box": [ 143.6276772605132, 281.79054177737044, 156.88408070811062, 284.2326477091141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 320.6254064923326, 281.79054177737044, 325.4960863111031, 284.2326477091141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 369.69763670365626, 281.79054177737044, 374.56831652242676, 284.2326477091141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "125,107", "box": [ 407.80692186776935, 281.79054177737044, 423.6366081913332, 284.2326477091141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "129,238", "box": [ 456.879152079093, 281.79054177737044, 472.70883840265685, 284.2326477091141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Loans, held for sale in consolidated VIEs ", "box": [ 139.4513172425282, 289.6212168110923, 237.20240959091387, 292.06332274283596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 284.05778286525856, 289.6212168110923, 286.4931227746438, 292.06332274283596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 320.6254064923326, 289.6212168110923, 325.4960863111031, 292.06332274283596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 289.6212168110923, 335.5653529859675, 292.06332274283596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 369.69763670365626, 289.6212168110923, 374.56831652242676, 292.06332274283596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 289.6212168110923, 384.6375831972911, 292.06332274283596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "125,107", "box": [ 407.80692186776935, 289.6212168110923, 423.6366081913332, 292.06332274283596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 289.6212168110923, 433.70981340861476, 292.06332274283596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "129,238", "box": [ 456.879152079093, 289.6212168110923, 472.70883840265685, 292.06332274283596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 139.4513172425282, 296.4078018403179, 150.09877494426473, 298.84990777206156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 284.05778286525856, 296.4078018403179, 286.4931227746438, 298.84990777206156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,595,619", "box": [ 306.00814642938514, 296.4078018403179, 325.49083341598373, 298.84990777206156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 296.4078018403179, 335.5653529859675, 298.84990777206156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,975,728", "box": [ 355.0803766407088, 296.4078018403179, 374.5630636273074, 298.84990777206156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 296.4078018403179, 384.6375831972911, 298.84990777206156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,905,304", "box": [ 404.1526068520325, 296.4078018403179, 423.63529383863107, 298.84990777206156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 296.4078018403179, 433.70981340861476, 298.84990777206156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,269,484", "box": [ 453.2248370633561, 296.4078018403179, 472.7075240499547, 298.84990777206156 ], "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": [ 137.10211473241165, 314.3408633524161, 476.54785008199275, 317.8299600485406 ], "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": [ 137.10211473241165, 322.69358338838606, 476.629419613594, 326.1826800845106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateral, or borrower criteria.", "box": [ 137.10211473241165, 331.04630342435604, 222.6521654367906, 334.53540012048063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan vintage and credit quality indicators", "box": [ 137.10211473241165, 347.75174349629606, 254.55310590923335, 351.2408401924206 ], "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": [ 137.10211473241165, 356.10446353226604, 476.51522226935225, 359.5935602283906 ], "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": [ 137.10211473241165, 364.457183568236, 476.51522226935225, 367.94628026436055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "willingness to meet its financial obligations. ", "box": [ 137.10211473241165, 372.809903604206, 261.65291646822357, 376.29900030033053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The tables below summarize the classification, UPB, carrying value and gross write-offs of loans by year of origination. ", "box": [ 137.10211473241165, 639.0532011187348, 472.966945034472, 642.5422978148595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 663.4057847887348, 167.45767368742935, 665.8478907204784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UPB", "box": [ 236.90243925678976, 663.4057847887348, 246.64379261204158, 665.8478907204784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 268.21697982829204, 663.4057847887348, 277.9583290510352, 665.8478907204784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 299.5396799631795, 663.4057847887348, 309.28102918592265, 665.8478907204784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2024", "box": [ 330.8623800980669, 663.4057847887348, 340.6037293208101, 665.8478907204784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2023", "box": [ 362.18508023295436, 663.4057847887348, 371.9264294556976, 665.8478907204784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2022", "box": [ 393.5077803678418, 663.4057847887348, 403.249129590585, 665.8478907204784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pre 2022", "box": [ 420.572550953143, 663.4057847887348, 438.7424464131608, 665.8478907204784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 455.4843104784863, 663.4057847887348, 466.13176818022276, 665.8478907204784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 139.4513172425282, 670.1923698179603, 167.73117458639075, 672.634475749704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Bridge", "box": [ 143.6276772605132, 676.978954847186, 156.88408070811062, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 1,754,129", "box": [ 229.76510263145366, 676.978954847186, 253.44862310574263, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 261.0878027663411, 676.978954847186, 263.5231426757263, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 279.90589631697895, 676.978954847186, 284.77657613574945, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 292.41050290122854, 676.978954847186, 294.84584281061376, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,911", "box": [ 302.70457778930876, 676.978954847186, 315.91817627523426, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 323.733203036116, 676.978954847186, 326.1685429455012, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "216,062", "box": [ 331.5883515395432, 676.978954847186, 347.4180378631071, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 355.0559031710034, 676.978954847186, 357.49124308038864, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "65,097", "box": [ 365.3499780590836, 676.978954847186, 378.74432794486154, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 386.37860330589086, 676.978954847186, 388.81394321527614, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "775,810", "box": [ 394.2337518093181, 676.978954847186, 410.06343813288197, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 417.7013034407783, 676.978954847186, 420.1366433501636, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "585,339", "box": [ 425.55645194420555, 676.978954847186, 441.3861382677694, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 1,656,219", "box": [ 449.02400357566574, 676.978954847186, 472.7075240499547, 679.4210607789296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fixed rate", "box": [ 143.6276772605132, 683.7655398764116, 163.2387852678109, 686.2076458081552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "591,152", "box": [ 237.6202511348809, 683.7655398764116, 253.44993745844477, 686.2076458081552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 279.90589631697895, 683.7655398764116, 284.77657613574945, 686.2076458081552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 311.2285964518664, 683.7655398764116, 316.0992762706369, 686.2076458081552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 342.55129658675384, 683.7655398764116, 347.42197640552433, 686.2076458081552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 373.8739967216413, 683.7655398764116, 378.7446765404117, 686.2076458081552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25,712", "box": [ 396.672678193971, 683.7655398764116, 410.067028079749, 686.2076458081552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "561,755", "box": [ 425.55645194420555, 683.7655398764116, 441.3861382677694, 686.2076458081552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "587,467", "box": [ 456.879152079093, 683.7655398764116, 472.70883840265685, 686.2076458081552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Construction", "box": [ 143.6276772605132, 690.5521249056371, 168.79201675398667, 692.9942308373809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "525,249", "box": [ 237.6202511348809, 690.5521249056371, 253.44993745844477, 692.9942308373809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 279.90589631697895, 690.5521249056371, 284.77657613574945, 692.9942308373809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47,824", "box": [ 302.70457778930876, 690.5521249056371, 316.0989276750866, 692.9942308373809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "90,875", "box": [ 334.0272779241962, 690.5521249056371, 347.42162780997404, 692.9942308373809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,300", "box": [ 365.3499780590836, 690.5521249056371, 378.74432794486154, 692.9942308373809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "121,710", "box": [ 394.2337518093181, 690.5521249056371, 410.06343813288197, 692.9942308373809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "124,545", "box": [ 425.55645194420555, 690.5521249056371, 441.3861382677694, 692.9942308373809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "404,254", "box": [ 456.879152079093, 690.5521249056371, 472.70883840265685, 692.9942308373809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Freddie Mac", "box": [ 143.6276772605132, 698.3827999393591, 168.3782074325852, 700.8249058711027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,782", "box": [ 240.05917751953388, 698.3827999393591, 253.45352740531172, 700.8249058711027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 279.90589631697895, 698.3827999393591, 284.77657613574945, 700.8249058711027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 311.2285964518664, 698.3827999393591, 316.0992762706369, 700.8249058711027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,568", "box": [ 336.46620952929914, 698.3827999393591, 347.42522297729107, 700.8249058711027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,016", "box": [ 367.7889096641866, 698.3827999393591, 378.7479231121785, 700.8249058711027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,377", "box": [ 399.111609799074, 698.3827999393591, 410.07062324706595, 700.8249058711027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 436.51939699141616, 698.3827999393591, 441.3900768101866, 700.8249058711027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,961", "box": [ 459.3180784637459, 698.3827999393591, 472.71242834952386, 700.8249058711027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SBA - 7(a)", "box": [ 143.6276772605132, 705.1693849685846, 164.73232720788394, 707.6114909003284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,538,866", "box": [ 233.96593611914403, 705.1693849685846, 253.44862310574263, 707.6114909003284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "44,149", "box": [ 271.3818776544213, 705.1693849685846, 284.77622754019916, 707.6114909003284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "288,099", "box": [ 300.2656514046558, 705.1693849685846, 316.09533772821965, 707.6114909003284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "358,398", "box": [ 331.5883515395432, 705.1693849685846, 347.4180378631071, 707.6114909003284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "201,332", "box": [ 362.91105167443067, 705.1693849685846, 378.74073799799453, 707.6114909003284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "233,711", "box": [ 394.2337518093181, 705.1693849685846, 409.8826867330296, 707.6114909003284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "351,087", "box": [ 425.55645194420555, 705.1693849685846, 441.3861382677694, 707.6114909003284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,476,776", "box": [ 453.2248370633561, 705.1693849685846, 472.7075240499547, 707.6114909003284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other", "box": [ 143.6276772605132, 711.9559699978103, 154.71750050825082, 714.3980759295539 ], "from_ocr": false, "confidence": 1.0 }, { "text": "210,779", "box": [ 237.6202511348809, 711.9559699978103, 253.44993745844477, 714.3980759295539 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,076", "box": [ 273.82080925952425, 711.9559699978103, 284.7798227075162, 714.3980759295539 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21,005", "box": [ 302.70457778930876, 711.9559699978103, 316.0989276750866, 714.3980759295539 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,997", "box": [ 334.0272779241962, 711.9559699978103, 347.42162780997404, 714.3980759295539 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,104", "box": [ 367.7889096641866, 711.9559699978103, 378.7479231121785, 714.3980759295539 ], 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present delinquency information on loans, net by year of origination.", "box": [ 137.10211473241165, 94.03787240370775, 377.8892117708722, 97.52696909983229 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value by Year of Origination", "box": [ 310.76364751151414, 112.12591604673014, 390.7277953932293, 114.56802197847378 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 118.39045607370758, 167.45767368742935, 120.83256200545134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UPB", "box": [ 236.90243925678976, 118.39045607370758, 246.64379261204158, 120.83256200545134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 268.21697982829204, 118.39045607370758, 277.9583290510352, 120.83256200545134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 299.5396799631795, 118.39045607370758, 309.28102918592265, 120.83256200545134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2024", "box": [ 330.8623800980669, 118.39045607370758, 340.6037293208101, 120.83256200545134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2023", "box": [ 362.18508023295436, 118.39045607370758, 371.9264294556976, 120.83256200545134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2022", "box": [ 393.5077803678418, 118.39045607370758, 403.249129590585, 120.83256200545134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pre 2022", "box": [ 420.572550953143, 118.39045607370758, 438.7424464131608, 120.83256200545134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 455.4843104784863, 118.39045607370758, 466.13176818022276, 120.83256200545134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 139.4513172425282, 125.17704110293323, 167.73117458639075, 127.61914703467687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current", "box": [ 143.6276772605132, 131.96362613215888, 158.50605259830718, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 3,712,136", "box": [ 229.76510263145366, 131.96362613215888, 253.44862310574263, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 261.0878027663411, 131.96362613215888, 263.5231426757263, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47,225", "box": [ 271.3818776544213, 131.96362613215888, 284.77622754019916, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 292.41050290122854, 131.96362613215888, 294.84584281061376, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "367,041", "box": [ 300.2656514046558, 131.96362613215888, 316.09533772821965, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 323.733203036116, 131.96362613215888, 326.1685429455012, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "594,027", "box": [ 331.5883515395432, 131.96362613215888, 347.4180378631071, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 355.0559031710034, 131.96362613215888, 357.49124308038864, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "261,342", "box": [ 362.91105167443067, 131.96362613215888, 378.74073799799453, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 386.37860330589086, 131.96362613215888, 388.81394321527614, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "814,253", "box": [ 394.2337518093181, 131.96362613215888, 410.06343813288197, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 1,438,766", "box": [ 417.7013034407783, 131.96362613215888, 441.3848239150673, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 3,522,654", "box": [ 449.02400357566574, 131.96362613215888, 472.7075240499547, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30 - 59 days past due", "box": [ 143.6276772605132, 138.7502111613844, 184.88568214056414, 141.19231709312817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "161,178", "box": [ 237.6202511348809, 138.7502111613844, 253.44993745844477, 141.19231709312817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 279.90589631697895, 138.7502111613844, 284.77657613574945, 141.19231709312817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "107", "box": [ 308.79782441014856, 138.7502111613844, 316.10383719510577, 141.19231709312817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34", "box": [ 342.55129658675384, 138.7502111613844, 347.4219729339251, 141.19231709312817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,036", "box": [ 367.7889096641866, 138.7502111613844, 378.7479231121785, 141.19231709312817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "131,958", "box": [ 394.2337518093181, 138.7502111613844, 410.06343813288197, 141.19231709312817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,012", "box": [ 430.43430993396146, 138.7502111613844, 441.3933233819534, 141.19231709312817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "148,147", "box": [ 456.879152079093, 138.7502111613844, 472.70883840265685, 141.19231709312817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "60+ days past due", "box": [ 143.6276772605132, 145.53679619061006, 178.70459951652956, 147.9789021223537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "757,643", "box": [ 237.6202511348809, 145.53679619061006, 253.44993745844477, 147.9789021223537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 279.90589631697895, 145.53679619061006, 284.77657613574945, 147.9789021223537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,691", "box": [ 305.1435093944117, 145.53679619061006, 316.10252284240363, 147.9789021223537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "89,839", "box": [ 334.0272779241962, 145.53679619061006, 347.42162780997404, 147.9789021223537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "27,471", "box": [ 365.3499780590836, 145.53679619061006, 378.74432794486154, 147.9789021223537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "217,101", "box": [ 394.2337518093181, 145.53679619061006, 410.06343813288197, 147.9789021223537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "308,502", "box": [ 425.55645194420555, 145.53679619061006, 441.3861382677694, 147.9789021223537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "646,604", "box": [ 456.879152079093, 145.53679619061006, 472.70883840265685, 147.9789021223537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Loans, net", "box": [ 139.4513172425282, 153.3674712243319, 172.96808577573427, 155.80957715607565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 4,630,957", "box": [ 229.76510263145366, 153.3674712243319, 253.44862310574263, 155.80957715607565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 261.0878027663411, 153.3674712243319, 263.5231426757263, 155.80957715607565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47,225", "box": [ 271.3818776544213, 153.3674712243319, 284.77622754019916, 155.80957715607565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 292.41050290122854, 153.3674712243319, 294.84584281061376, 155.80957715607565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "370,839", "box": [ 300.2656514046558, 153.3674712243319, 316.09533772821965, 155.80957715607565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 323.733203036116, 153.3674712243319, 326.1685429455012, 155.80957715607565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "683,900", "box": [ 331.5883515395432, 153.3674712243319, 347.4180378631071, 155.80957715607565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 355.0559031710034, 153.3674712243319, 357.49124308038864, 155.80957715607565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "295,849", "box": [ 362.91105167443067, 153.3674712243319, 378.74073799799453, 155.80957715607565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 1,163,312", "box": [ 386.37860330589086, 153.3674712243319, 410.06212378017983, 155.80957715607565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 1,756,280", "box": [ 417.7013034407783, 153.3674712243319, 441.3848239150673, 155.80957715607565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 4,317,405", "box": [ 449.02400357566574, 153.3674712243319, 472.7075240499547, 155.80957715607565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UPB", "box": [ 236.90243925678976, 160.15405625355754, 246.64379261204158, 162.59616218530118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 268.21697982829204, 160.15405625355754, 277.9583290510352, 162.59616218530118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2024", "box": [ 299.5396799631795, 160.15405625355754, 309.28102918592265, 162.59616218530118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2023", "box": [ 330.8623800980669, 160.15405625355754, 340.6037293208101, 162.59616218530118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2022", "box": [ 362.18508023295436, 160.15405625355754, 371.9264294556976, 162.59616218530118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2021", "box": [ 393.5077803678418, 160.15405625355754, 403.249129590585, 162.59616218530118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pre 2021", "box": [ 420.572550953143, 160.15405625355754, 438.7424464131608, 162.59616218530118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 455.4843104784863, 160.15405625355754, 466.13176818022276, 162.59616218530118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 139.4513172425282, 166.9406412827832, 178.72112361204617, 169.38274721452683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current", "box": [ 143.6276772605132, 173.72722631200884, 158.50605259830718, 176.16933224375248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 4,478,531", "box": [ 229.76510263145366, 173.72722631200884, 253.44862310574263, 176.16933224375248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 261.0878027663411, 173.72722631200884, 263.5231426757263, 176.16933224375248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "286,900", "box": [ 268.94295126976834, 173.72722631200884, 284.7726375933322, 176.16933224375248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 292.41050290122854, 173.72722631200884, 294.84584281061376, 176.16933224375248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "386,892", "box": [ 300.2656514046558, 173.72722631200884, 316.09533772821965, 176.16933224375248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 323.733203036116, 173.72722631200884, 326.1685429455012, 176.16933224375248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "293,829", "box": [ 331.5883515395432, 173.72722631200884, 347.4180378631071, 176.16933224375248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 1,152,549", "box": [ 355.0559031710034, 173.72722631200884, 378.7394236452924, 176.16933224375248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 1,171,991", "box": [ 386.37860330589086, 173.72722631200884, 410.06212378017983, 176.16933224375248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 417.7013034407783, 173.72722631200884, 420.1366433501636, 176.16933224375248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "983,329", "box": [ 425.55645194420555, 173.72722631200884, 441.3861382677694, 176.16933224375248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 4,275,490", "box": [ 449.02400357566574, 173.72722631200884, 472.7075240499547, 176.16933224375248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30 - 59 days past due", "box": [ 143.6276772605132, 180.51381134123437, 184.88568214056414, 182.955917272978 ], "from_ocr": false, "confidence": 1.0 }, { "text": "392,885", "box": [ 237.6202511348809, 180.51381134123437, 253.44993745844477, 182.955917272978 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,788", "box": [ 273.82080925952425, 180.51381134123437, 284.7798227075162, 182.955917272978 ], "from_ocr": false, "confidence": 1.0 }, { "text": "126,870", "box": [ 300.2656514046558, 180.51381134123437, 316.09533772821965, 182.955917272978 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,336", "box": [ 336.46620952929914, 180.51381134123437, 347.42522297729107, 182.955917272978 ], "from_ocr": false, "confidence": 1.0 }, { "text": "147,167", "box": [ 362.91105167443067, 180.51381134123437, 378.74073799799453, 182.955917272978 ], "from_ocr": false, "confidence": 1.0 }, { "text": "92,247", "box": [ 396.672678193971, 180.51381134123437, 410.067028079749, 182.955917272978 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,691", "box": [ 427.99537832885846, 180.51381134123437, 441.208976814784, 182.955917272978 ], "from_ocr": false, "confidence": 1.0 }, { "text": "389,099", "box": [ 456.879152079093, 180.51381134123437, 472.70883840265685, 182.955917272978 ], "from_ocr": false, "confidence": 1.0 }, { "text": "60+ days past due", "box": [ 143.6276772605132, 187.30039637046002, 178.70459951652956, 189.74250230220366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "620,464", "box": [ 237.6202511348809, 187.30039637046002, 253.44993745844477, 189.74250230220366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,089", "box": [ 273.82080925952425, 187.30039637046002, 284.7798227075162, 189.74250230220366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33,502", "box": [ 302.70457778930876, 187.30039637046002, 316.0989276750866, 189.74250230220366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21,555", "box": [ 334.0272779241962, 187.30039637046002, 347.42162780997404, 189.74250230220366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "222,229", "box": [ 362.91105167443067, 187.30039637046002, 378.74073799799453, 189.74250230220366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "181,254", "box": [ 394.2337518093181, 187.30039637046002, 410.06343813288197, 189.74250230220366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "69,159", "box": [ 427.99537832885846, 187.30039637046002, 441.3897282146364, 189.74250230220366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "529,788", "box": [ 456.879152079093, 187.30039637046002, 472.70883840265685, 189.74250230220366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Loans, net", "box": [ 139.4513172425282, 195.13107140418185, 172.96808577573427, 197.5731773359255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 5,491,880", "box": [ 229.76510263145366, 195.13107140418185, 253.44862310574263, 197.5731773359255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 261.0878027663411, 195.13107140418185, 263.5231426757263, 197.5731773359255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "290,777", "box": [ 268.94295126976834, 195.13107140418185, 284.7726375933322, 197.5731773359255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 292.41050290122854, 195.13107140418185, 294.84584281061376, 197.5731773359255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "547,264", "box": [ 300.2656514046558, 195.13107140418185, 316.09533772821965, 197.5731773359255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 323.733203036116, 195.13107140418185, 326.1685429455012, 197.5731773359255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "324,720", "box": [ 331.5883515395432, 195.13107140418185, 347.4180378631071, 197.5731773359255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 1,521,945", "box": [ 355.0559031710034, 195.13107140418185, 378.7394236452924, 197.5731773359255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 1,445,492", "box": [ 386.37860330589086, 195.13107140418185, 410.06212378017983, 197.5731773359255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 1,064,179", "box": [ 417.7013034407783, 195.13107140418185, 441.3848239150673, 197.5731773359255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 5,194,377", "box": [ 449.02400357566574, 195.13107140418185, 472.7075240499547, 197.5731773359255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents delinquency information on loans, net by portfolio.", "box": [ 137.10211473241165, 213.06413291628007, 350.4547655103335, 216.5532296124046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 137.62415973465977, 240.0269415975206, 165.6305161795609, 242.46904752926412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current", "box": [ 255.6960593377222, 240.0269415975206, 272.65066811369184, 242.46904752926412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30 - 59 days ", "box": [ 290.59965929968035, 235.32853657728742, 316.3086130146038, 237.77064250903106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "past due", "box": [ 294.12346306485523, 240.0269415975206, 311.5822426431247, 242.46904752926412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "60+ days past ", "box": [ 327.3712041455326, 235.32853657728742, 356.80688970599675, 237.77064250903106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "due", "box": [ 337.6897525033182, 240.0269415975206, 345.26925896078427, 242.46904752926412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 374.56733513002706, 240.0269415975206, 385.21479283176353, 242.46904752926412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-Accrual ", "box": [ 405.35983591973127, 235.32853657728742, 433.36145101671275, 237.77064250903106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans", "box": [ 412.38296998037555, 240.0269415975206, 425.1066484971793, 242.46904752926412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "90+ days past ", "box": [ 443.2651946446161, 230.63013155705426, 472.7008802050802, 233.072237488798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "due and ", "box": [ 449.0484770453711, 235.32853657728742, 466.91632041240916, 237.77064250903106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accruing", "box": [ 447.7759923523913, 240.0269415975206, 466.9851902988032, 242.46904752926412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 139.4513172425282, 246.29148162449803, 167.73117458639075, 248.73358755624167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Bridge", "box": [ 143.6276772605132, 253.07806665372368, 156.88408070811062, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 248.55872271238616, 253.07806665372368, 250.99406262177138, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,021,211", "box": [ 257.51505728220553, 253.07806665372368, 276.8169928689517, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 287.1900528787473, 253.07806665372368, 289.62539278813256, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "114,373", "box": [ 299.8007024643035, 253.07806665372368, 315.44963738801505, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 325.82138304510846, 253.07806665372368, 328.25672295449374, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "520,635", "box": [ 338.4320326306647, 253.07806665372368, 354.26171895422857, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 364.45271321146964, 253.07806665372368, 366.8880531208549, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,656,219", "box": [ 373.409047781289, 253.07806665372368, 392.8917347678876, 255.5201725854672 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"text": "$", "box": [ 248.55872271238616, 294.8416668335736, 250.99406262177138, 297.28377276531717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,522,654", "box": [ 257.51505728220553, 294.8416668335736, 276.99774426880407, 297.28377276531717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 287.1900528787473, 294.8416668335736, 289.62539278813256, 297.28377276531717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "148,147", "box": [ 299.8007024643035, 294.8416668335736, 315.6303887878674, 297.28377276531717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 325.82138304510846, 294.8416668335736, 328.25672295449374, 297.28377276531717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "646,604", "box": [ 338.4320326306647, 294.8416668335736, 354.26171895422857, 297.28377276531717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 364.45271321146964, 294.8416668335736, 366.8880531208549, 297.28377276531717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,317,405", "box": [ 373.409047781289, 294.8416668335736, 392.8917347678876, 297.28377276531717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 403.0840433778308, 294.8416668335736, 405.5193832872161, 297.28377276531717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "957,873", "box": [ 415.69469296338707, 294.8416668335736, 431.52437928695093, 297.28377276531717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 441.715373544192, 294.8416668335736, 444.1507134535773, 297.28377276531717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,009", "box": [ 459.20388111950416, 294.8416668335736, 470.1628945674961, 297.28377276531717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage of loans outstanding", "box": [ 139.4513172425282, 301.6282518627992, 205.52166947217944, 304.0703577945428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "81.6 %", "box": [ 266.16142763194006, 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"from_ocr": false, "confidence": 1.0 }, { "text": "SBA - 7(a)", "box": [ 143.6276772605132, 341.82571703590474, 164.73232720788394, 344.2678229676483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "971,069", "box": [ 261.1693722979424, 341.82571703590474, 276.99905862150626, 344.2678229676483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,669", "box": [ 302.2396340694065, 341.82571703590474, 315.6339839551844, 344.2678229676483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "51,737", "box": [ 340.8709642357677, 341.82571703590474, 354.26531412154554, 344.2678229676483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,043,475", "box": [ 373.409047781289, 341.82571703590474, 392.8917347678876, 344.2678229676483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "84,795", "box": [ 418.13362456849, 341.82571703590474, 431.52797445426796, 344.2678229676483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "90", "box": [ 465.28896817695886, 341.82571703590474, 470.1596445241301, 344.2678229676483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other", "box": [ 143.6276772605132, 348.61230206513034, 154.71750050825082, 351.054407996874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "239,945", "box": [ 261.1693722979424, 348.61230206513034, 276.99905862150626, 351.054407996874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,817", "box": [ 304.67856045405944, 348.61230206513034, 315.6375739020514, 351.054407996874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,573", "box": [ 343.3098906204206, 348.61230206513034, 354.26890406841255, 351.054407996874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "249,335", "box": [ 377.0633627970259, 348.61230206513034, 392.8930491205898, 351.054407996874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,229", "box": [ 420.572550953143, 348.61230206513034, 431.5315644011349, 351.054407996874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 465.28896817695886, 348.61230206513034, 470.1596479957293, 351.054407996874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Loans, net", "box": [ 139.4513172425282, 356.4429770988522, 172.96808577573427, 358.8850830305958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 248.55872271238616, 356.4429770988522, 250.99406262177138, 358.8850830305958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,275,490", "box": [ 257.51505728220553, 356.4429770988522, 276.99774426880407, 358.8850830305958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 287.1900528787473, 356.4429770988522, 289.62539278813256, 358.8850830305958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "389,099", "box": [ 299.8007024643035, 356.4429770988522, 315.6303887878674, 358.8850830305958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 325.82138304510846, 356.4429770988522, 328.25672295449374, 358.8850830305958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "529,788", "box": [ 338.4320326306647, 356.4429770988522, 354.26171895422857, 358.8850830305958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 364.45271321146964, 356.4429770988522, 366.8880531208549, 358.8850830305958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,194,377", "box": [ 373.409047781289, 356.4429770988522, 392.8917347678876, 358.8850830305958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 403.0840433778308, 356.4429770988522, 405.5193832872161, 358.8850830305958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,327,124", "box": [ 412.0403779476502, 356.4429770988522, 431.5230649342488, 358.8850830305958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 441.715373544192, 356.4429770988522, 444.1507134535773, 358.8850830305958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "90", "box": [ 465.28896817695886, 356.4429770988522, 470.1596445241301, 358.8850830305958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage of loans outstanding", "box": [ 139.4513172425282, 363.2295621280778, 205.52166947217944, 365.67166805982146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "82.3 %", "box": [ 266.16142763194006, 363.2295621280778, 281.1793571819085, 365.67166805982146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.5 %", "box": [ 307.2316894034042, 363.2295621280778, 319.81068734826965, 365.67166805982146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.2 %", "box": [ 343.4240879646624, 363.2295621280778, 358.44201751463083, 365.67166805982146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100 %", "box": [ 383.2708067621075, 363.2295621280778, 397.07334768099196, 365.67166805982146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25.5 %", "box": [ 420.6867482973847, 363.2295621280778, 435.70467784735314, 365.67166805982146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- %", "box": [ 462.9723934794828, 363.2295621280778, 474.3360080137143, 365.67166805982146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition to delinquency rates, the current estimated LTV ratio, geographic distribution of the loan collateral and ", "box": [ 137.10211473241165, 476.1743039053558, 476.61310570727375, 479.66340060148036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateral concentration are primary credit quality indicators that provide insight into a borrower's capacity and ", "box": [ 137.10211473241165, 484.5270239413258, 476.6212600502089, 488.01612063745034 ], "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": [ 137.10211473241165, 492.8797439772958, 476.5967918009535, 496.3688406734203 ], "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": [ 137.10211473241165, 501.23246401326577, 476.6212600502089, 504.7215607093903 ], "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": [ 137.10211473241165, 509.58518404923575, 476.58047789463325, 513.0742807453603 ], "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": [ 137.10211473241165, 517.9379040852057, 476.58047789463325, 521.4270007813302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "impact on certain sectors or property types. ", "box": [ 137.10211473241165, 526.2906241211757, 259.15688880122474, 529.7797208173002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents quantitative information on the credit quality of loans, net.", "box": [ 137.10211473241165, 542.9960641931157, 370.9303588863074, 546.4851608892402 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LTV", "box": [ 346.3850645720135, 561.6061528383862, 355.9527981434078, 564.0482587701299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 356.3854891463291, 561.1702962510017, 360.07428350926193, 562.756487232864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 573.091142887845, 167.45767368742935, 575.5332488195886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.0 - 20.0%", "box": [ 235.06712218553616, 573.091142887845, 259.42047753201746, 575.5332488195886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20.1 - 40.0%", "box": [ 268.8287539255266, 573.091142887845, 295.61744570979386, 575.5332488195886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40.1 - 60.0%", "box": [ 303.8057690761509, 573.091142887845, 330.59446086041817, 575.5332488195886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "60.1 - 80.0%", "box": [ 338.78278422677516, 573.091142887845, 365.5714760110424, 575.5332488195886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "80.1 - 100.0%", "box": [ 373.5885007508118, 573.091142887845, 402.81252897286504, 575.5332488195886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Greater than ", "box": [ 410.63738200410836, 567.3486478631155, 438.8649224123038, 569.7907537948593 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.0%", "box": [ 416.29830749723646, 573.091142887845, 432.1279972923996, 575.5332488195886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 453.6489986276827, 573.091142887845, 464.2964563294192, 575.5332488195886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 139.4513172425282, 579.8777279170705, 167.73117458639075, 582.3198338488141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Bridge", "box": [ 143.6276772605132, 586.6643129462961, 156.88408070811062, 589.1064188780398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 233.41941764719053, 586.6643129462961, 235.85475755657575, 589.1064188780398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 253.3386972642205, 586.6643129462961, 258.209377082991, 589.1064188780398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 268.39643279781484, 586.6643129462961, 270.83177270720006, 589.1064188780398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17,765", "box": [ 279.79169897273715, 586.6643129462961, 293.18604885851505, 589.1064188780398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 303.37344794843915, 586.6643129462961, 305.80878785782437, 589.1064188780398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "103,121", "box": [ 312.3297825182585, 586.6643129462961, 328.1594688418224, 589.1064188780398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 338.35046309906346, 586.6643129462961, 340.7858030084487, 589.1064188780398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "508,402", "box": [ 347.30679766888284, 586.6643129462961, 363.1364839924467, 589.1064188780398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 373.3274782496878, 586.6643129462961, 375.762818159073, 589.1064188780398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "590,044", "box": [ 384.37199282849963, 586.6643129462961, 400.2016791520635, 589.1064188780398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 410.39267340930456, 586.6643129462961, 412.82801331868984, 589.1064188780398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "436,887", "box": [ 419.34900797912394, 586.6643129462961, 435.1786943026878, 589.1064188780398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1,656,219", "box": [ 445.3696885599289, 586.6643129462961, 467.83782040313395, 589.1064188780398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fixed rate", "box": [ 143.6276772605132, 593.4508979755218, 163.2387852678109, 595.8930039072654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 253.3386972642205, 593.4508979755218, 258.209377082991, 595.8930039072654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,353", "box": [ 279.79169897273715, 593.4508979755218, 293.18604885851505, 595.8930039072654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "266,096", "box": [ 312.3297825182585, 593.4508979755218, 328.1594688418224, 595.8930039072654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "273,687", "box": [ 347.30679766888284, 593.4508979755218, 363.1364839924467, 595.8930039072654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,381", "box": [ 386.81092443360257, 593.4508979755218, 400.2052743193805, 595.8930039072654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,950", "box": [ 424.22686596887985, 593.4508979755218, 435.1858794168718, 595.8930039072654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "587,467", "box": [ 452.00944843227217, 593.4508979755218, 467.8391347558361, 595.8930039072654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Construction", "box": [ 143.6276772605132, 600.2374830047474, 168.79201675398667, 602.679588936491 ], "from_ocr": false, "confidence": 1.0 }, { "text": "801", "box": [ 250.90792522250268, 600.2374830047474, 258.2139380074599, 602.679588936491 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,663", "box": [ 282.2306253573901, 600.2374830047474, 293.18963880538206, 602.679588936491 ], "from_ocr": false, "confidence": 1.0 }, { "text": "101,274", "box": [ 312.3297825182585, 600.2374830047474, 328.1594688418224, 602.679588936491 ], "from_ocr": false, "confidence": 1.0 }, { "text": "144,360", "box": [ 347.30679766888284, 600.2374830047474, 363.1364839924467, 602.679588936491 ], "from_ocr": false, "confidence": 1.0 }, { "text": "70,746", "box": [ 386.81092443360257, 600.2374830047474, 400.2052743193805, 602.679588936491 ], "from_ocr": false, "confidence": 1.0 }, { "text": "81,410", "box": [ 421.7879395842269, 600.2374830047474, 435.18228947000483, 602.679588936491 ], "from_ocr": false, "confidence": 1.0 }, { "text": "404,254", "box": [ 452.00944843227217, 600.2374830047474, 467.8391347558361, 602.679588936491 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Freddie Mac", "box": [ 143.6276772605132, 608.0681580384693, 168.3782074325852, 610.5102639702129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 251.02212256674449, 608.0681580384693, 255.89280238551498, 610.5102639702129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 285.9991377173688, 608.0681580384693, 290.8698175361393, 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{ "text": "$", "box": [ 373.3274782496878, 691.5953583981691, 375.762818159073, 694.0374643299127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,143,393", "box": [ 380.71767781276276, 691.5953583981691, 400.20036479936135, 694.0374643299127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 410.39267340930456, 691.5953583981691, 412.82801331868984, 694.0374643299127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "946,812", "box": [ 419.34900797912394, 691.5953583981691, 435.1786943026878, 694.0374643299127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$5,194,377", "box": [ 445.3696885599289, 691.5953583981691, 467.83782040313395, 694.0374643299127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage of loans outstanding", "box": [ 139.4513172425282, 698.3819434273946, 205.52166947217944, 700.8240493591384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.8 %", "box": [ 249.80673915611055, 698.3819434273946, 262.38573710097603, 700.8240493591384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.9 %", "box": [ 284.78375430673486, 698.3819434273946, 297.36275225160034, 700.8240493591384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15.0 %", "box": [ 317.32183785225624, 698.3819434273946, 332.33976740222465, 700.8240493591384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39.1 %", "box": [ 352.2988530028805, 698.3819434273946, 367.3167825528489, 700.8240493591384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22.0 %", "box": [ 389.3640481624973, 698.3819434273946, 404.3819777124657, 700.8240493591384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18.2 %", "box": [ 424.3410633131216, 698.3819434273946, 439.35899286309, 700.8240493591384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100 %", "box": [ 460.53346709482986, 698.3819434273946, 474.3360080137143, 700.8240493591384 ], "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": [ 137.10211473241165, 707.2567084656127, 476.00133161003924, 709.6988143973565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "valuation utilized during the original underwriting process.", "box": [ 143.36665475938915, 712.9992034903421, 258.20554458096484, 715.4413094220859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the geographic concentration of loans, net, secured by real estate.", "box": [ 137.10211473241165, 728.3220399911997, 389.83956223655383, 731.8111366873243 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 22, "width": 612.0, "height": 792.0, "cells": [ { "text": "28", "box": [ 302.5169704768508, 238.12229302418996, 309.47582683301454, 241.6113897203145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Geographic Concentration (% of UPB)", "box": [ 139.4513172425282, 38.51757072974465, 220.6188632990751, 40.95967666148829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 378.7600090543323, 38.51757072974465, 407.0398663981948, 40.95967666148829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 429.0884100523155, 38.51757072974465, 468.35821642183356, 40.95967666148829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Texas", "box": [ 139.4513172425282, 36.42939072075217, 150.7409173607654, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "23.9 %", "box": [ 404.27495853920936, 36.42939072075217, 418.4795225994525, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25.8 %", "box": [ 460.1337737797586, 36.42939072075217, 474.33833784000177, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "California", "box": [ 139.4513172425282, 38.51757072974465, 159.19797893306463, 40.95967666148829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11.2", "box": [ 404.27495853920936, 38.51757072974465, 412.61788414956294, 40.95967666148829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12.7", "box": [ 460.1337737797586, 38.51757072974465, 468.65745078996457, 40.95967666148829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Arizona", "box": [ 139.4513172425282, 45.304155758970296, 155.13830949404766, 47.746261690713936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.8", "box": [ 404.27495853920936, 45.304155758970296, 412.7986355494153, 47.746261690713936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.2", "box": [ 462.5727053848616, 45.304155758970296, 468.66104595728154, 47.746261690713936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Florida", "box": [ 139.4513172425282, 52.090740788195944, 153.52108199513776, 54.532846719939585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.0", "box": [ 406.7138901443123, 52.090740788195944, 412.8022307167323, 54.532846719939585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.9", "box": [ 462.5727053848616, 52.090740788195944, 468.66104595728154, 54.532846719939585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Washington", "box": [ 139.4513172425282, 58.87732581742148, 162.59890579546428, 61.31943174916512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.7", "box": [ 406.7138901443123, 58.87732581742148, 412.8022307167323, 61.31943174916512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.1", "box": [ 462.5727053848616, 58.87732581742148, 468.66104595728154, 61.31943174916512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Georgia", "box": [ 139.4513172425282, 65.66391084664713, 155.0503115524932, 68.10601677839077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.2", "box": [ 406.7138901443123, 65.66391084664713, 412.8022307167323, 68.10601677839077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.0", "box": [ 462.5727053848616, 65.66391084664713, 468.66104595728154, 68.10601677839077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "New York", "box": [ 139.4513172425282, 72.45049587587278, 159.20750908727715, 74.89260180761642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.2", "box": [ 406.7138901443123, 72.45049587587278, 412.8022307167323, 74.89260180761642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.7", "box": [ 462.5727053848616, 72.45049587587278, 468.66104595728154, 74.89260180761642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "North Carolina", "box": [ 139.4513172425282, 79.23708090509831, 168.8037631180903, 81.67918683684195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.5", "box": [ 406.7138901443123, 79.23708090509831, 412.8022307167323, 81.67918683684195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.0", "box": [ 462.5727053848616, 79.23708090509831, 468.66104595728154, 81.67918683684195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ohio", "box": [ 139.4513172425282, 86.02366593432396, 149.1926664652714, 88.4657718660676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.4", "box": [ 406.7138901443123, 86.02366593432396, 412.8022307167323, 88.4657718660676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.8", "box": [ 462.5727053848616, 86.02366593432396, 468.66104595728154, 88.4657718660676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Oregon", "box": [ 139.4513172425282, 92.8102509635496, 154.0585837718954, 95.25235689529325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.2", "box": [ 406.7138901443123, 92.8102509635496, 412.8022307167323, 95.25235689529325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.3", "box": [ 462.5727053848616, 92.8102509635496, 468.66104595728154, 95.25235689529325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other", "box": [ 139.4513172425282, 99.59683599277514, 150.54114049026583, 102.0389419245189 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25.9", "box": [ 404.27495853920936, 99.59683599277514, 412.7986355494153, 102.0389419245189 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25.5", "box": [ 460.1337737797586, 99.59683599277514, 468.65745078996457, 102.0389419245189 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 137.62415973465977, 106.38342102200079, 148.2716174363963, 108.82552695374443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100%", "box": [ 404.5604545100388, 106.38342102200079, 416.739764360283, 108.82552695374443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100%", "box": [ 460.41926975058806, 106.38342102200079, 472.5985796008323, 108.82552695374443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the collateral type concentration of loans, net.", "box": [ 137.10211473241165, 124.31648253409901, 335.3546201370509, 127.80557923022354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Collateral Concentration (% of UPB)", "box": [ 139.4513172425282, 142.4045261771214, 217.09665281524713, 144.84663210886504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 378.7600090543323, 142.4045261771214, 407.0398663981948, 144.84663210886504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 429.0884100523155, 142.4045261771214, 468.35821642183356, 144.84663210886504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Multi-family", "box": [ 139.4513172425282, 148.66906620409884, 164.6132749578834, 151.11117213584248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "44.8 %", "box": [ 403.4592632231967, 148.66906620409884, 418.4795225994525, 151.11117213584248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "56.6 %", "box": [ 459.3180784637459, 148.66906620409884, 474.33833784000177, 151.11117213584248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SBA", "box": [ 139.4513172425282, 155.4556512333245, 148.92629730342006, 157.89775716506813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33.2", "box": [ 403.4592632231967, 155.4556512333245, 411.9829402334026, 157.89775716506813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20.1", "box": [ 459.3180784637459, 155.4556512333245, 467.8417554739519, 157.89775716506813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Land", "box": [ 139.4513172425282, 163.28632626704632, 149.4590339763555, 165.72843219878996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.5", "box": [ 405.8981948282996, 163.28632626704632, 411.9865354007196, 165.72843219878996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.3", "box": [ 461.7570100688489, 163.28632626704632, 467.84535064126885, 165.72843219878996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Retail", "box": [ 139.4513172425282, 170.07291129627197, 151.08337651123327, 172.5150172280155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.0", "box": [ 405.8981948282996, 170.07291129627197, 411.9865354007196, 172.5150172280155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.7", "box": [ 461.7570100688489, 170.07291129627197, 467.84535064126885, 172.5150172280155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Industrial", "box": [ 139.4513172425282, 176.8594963254975, 158.11825480947516, 179.30160225724114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.4", "box": [ 405.8981948282996, 176.8594963254975, 411.9865354007196, 179.30160225724114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.0", "box": [ 461.7570100688489, 176.8594963254975, 467.84535064126885, 179.30160225724114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Office", "box": [ 139.4513172425282, 183.64608135472315, 151.80160582240654, 186.0881872864668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.7", "box": [ 405.8981948282996, 183.64608135472315, 411.9865354007196, 186.0881872864668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.2", "box": [ 461.7570100688489, 183.64608135472315, 467.84535064126885, 186.0881872864668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mixed Use", "box": [ 139.4513172425282, 190.4326663839488, 160.9602870188683, 192.87477231569233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.3", "box": [ 405.8981948282996, 190.4326663839488, 411.9865354007196, 192.87477231569233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.0", "box": [ 461.7570100688489, 190.4326663839488, 467.84535064126885, 192.87477231569233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other", "box": [ 139.4513172425282, 197.21925141317433, 150.54114049026583, 199.66135734491797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.1", "box": [ 405.8981948282996, 197.21925141317433, 411.9865354007196, 199.66135734491797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.1", "box": [ 461.7570100688489, 197.21925141317433, 467.84535064126885, 199.66135734491797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 139.4513172425282, 204.00583644239998, 150.09877494426473, 206.44794237414362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100 %", "box": [ 404.67465185428057, 204.00583644239998, 418.47719277316503, 206.44794237414362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100 %", "box": [ 460.53346709482986, 204.00583644239998, 474.3360080137143, 206.44794237414362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the collateral type concentration of SBA loans within loans, net.", "box": [ 137.10211473241165, 321.6495883278859, 386.38803993491365, 325.13868502401044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Collateral Concentration (% of UPB)", "box": [ 139.4513172425282, 339.7376319709083, 217.09665281524713, 342.17973790265194 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 378.7600090543323, 339.7376319709083, 407.0398663981948, 342.17973790265194 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 429.0884100523155, 339.7376319709083, 468.35821642183356, 342.17973790265194 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lodging", "box": [ 139.4513172425282, 346.00217199788574, 155.95642956636075, 348.44427792962944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20.5 %", "box": [ 403.4592632231967, 346.00217199788574, 418.4795225994525, 348.44427792962944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19.3 %", "box": [ 459.3180784637459, 346.00217199788574, 474.33833784000177, 348.44427792962944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gasoline Service Stations", "box": [ 139.4513172425282, 352.7887570271114, 189.5017471066787, 355.230862958855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16.5", "box": [ 403.4592632231967, 352.7887570271114, 411.9829402334026, 355.230862958855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13.8", "box": [ 459.3180784637459, 352.7887570271114, 467.8417554739519, 355.230862958855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Eating Places", "box": [ 139.4513172425282, 359.575342056337, 165.82619849449435, 362.0174479880807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.0", "box": [ 405.8981948282996, 359.575342056337, 411.9865354007196, 362.0174479880807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.8", "box": [ 461.7570100688489, 359.575342056337, 467.84535064126885, 362.0174479880807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Child Day Care Services", "box": [ 139.4513172425282, 366.36192708556257, 187.7394549432476, 368.80403301730627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.6", "box": [ 405.8981948282996, 366.36192708556257, 411.9865354007196, 368.80403301730627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.9", "box": [ 461.7570100688489, 366.36192708556257, 467.84535064126885, 368.80403301730627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "General Freight Trucking, Local", "box": [ 139.4513172425282, 373.1485121147882, 202.4870296850094, 375.59061804653186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.7", "box": [ 405.8981948282996, 373.1485121147882, 411.9865354007196, 375.59061804653186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.8", "box": [ 461.7570100688489, 373.1485121147882, 467.84535064126885, 375.59061804653186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Grocery Stores", "box": [ 139.4513172425282, 379.9350971440138, 168.80139148355113, 382.3772030757575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.7", "box": [ 405.8981948282996, 379.9350971440138, 411.9865354007196, 382.3772030757575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.2", "box": [ 461.7570100688489, 379.9350971440138, 467.84535064126885, 382.3772030757575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Car Washes", "box": [ 139.4513172425282, 386.7216821732394, 162.37058983339466, 389.1637881049831 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.3", "box": [ 405.8981948282996, 386.7216821732394, 411.9865354007196, 389.1637881049831 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.7", "box": [ 461.7570100688489, 386.7216821732394, 467.84535064126885, 389.1637881049831 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Offices of Physicians", "box": [ 139.4513172425282, 393.50826720246505, 181.0256293097563, 395.9503731342087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.1", "box": [ 405.8981948282996, 393.50826720246505, 411.9865354007196, 395.9503731342087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.6", "box": [ 461.7570100688489, 393.50826720246505, 467.84535064126885, 395.9503731342087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Coin-Operated Laundries and Drycleaners", "box": [ 139.4513172425282, 400.2948522316907, 222.08388415057772, 402.73695816343434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.0", "box": [ 405.8981948282996, 400.2948522316907, 411.9865354007196, 402.73695816343434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.1", "box": [ 461.7570100688489, 400.2948522316907, 467.84535064126885, 402.73695816343434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Funeral Service & Crematories", "box": [ 139.4513172425282, 407.0814372609163, 200.18012281293886, 409.52354319265993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.8", "box": [ 405.8981948282996, 407.0814372609163, 411.9865354007196, 409.52354319265993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.1", "box": [ 461.7570100688489, 407.0814372609163, 467.84535064126885, 409.52354319265993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other", "box": [ 139.4513172425282, 413.8680222901419, 150.54114049026583, 416.3101282218855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "38.8", "box": [ 403.4592632231967, 413.8680222901419, 411.9829402334026, 416.3101282218855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "42.7", "box": [ 459.3180784637459, 413.8680222901419, 467.8417554739519, 416.3101282218855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 139.4513172425282, 420.6546073193675, 150.09877494426473, 423.09671325111117 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100 %", "box": [ 404.67465185428057, 420.6546073193675, 418.47719277316503, 423.09671325111117 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100 %", "box": [ 460.53346709482986, 420.6546073193675, 474.3360080137143, 423.09671325111117 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for credit losses", "box": [ 137.10211473241165, 438.58766883146563, 212.41604632417426, 442.07676552759017 ], "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": [ 137.10211473241165, 446.9403888674357, 476.51522226935225, 450.4294855635602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amortized cost. Such loans and lending commitments are reviewed quarterly considering credit quality indicators, ", "box": [ 137.10211473241165, 455.29310890340565, 476.61310570727375, 458.7822055995302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including probable and historical losses, collateral values, LTV ratios, and economic conditions. ", "box": [ 137.10211473241165, 463.64582893937563, 406.6917032186656, 467.13492563550017 ], "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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360.6235130938774, 390.73053059970215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33,335", "box": [ 377.7648607687968, 388.2884246679585, 391.15921065457474, 390.73053059970215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 395.25336834410894, 388.2884246679585, 397.6887082534942, 390.73053059970215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,282", "box": [ 419.34900797912394, 388.2884246679585, 430.3080214271159, 390.73053059970215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.40674351271826, 388.2884246679585, 436.84208342210354, 390.73053059970215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "232,579", "box": [ 456.7649547348512, 388.2884246679585, 472.5946410584151, 390.73053059970215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)Includes the impact of a measurement period adjustment related to the UDF IV Merger. Refer to Note 5 for further details on assets acquired and liabilities assumed in ", "box": [ 137.10211473241165, 397.16318970617664, 476.00133161003924, 399.6052956379203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "connection with the UDF Merger.", "box": [ 143.36665475938915, 402.905684730906, 209.4639813805847, 405.34779066264963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table above excludes $3.8 million and $2.3 million of allowance for loan losses on unfunded lending commitments ", "box": [ 137.10211473241165, 415.6182962205229, 476.54785008199275, 419.1073929166475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as of June 30, 2026 and June 30, 2025, respectively. Refer to Note 3 - Summary of Significant Accounting Policies for ", "box": [ 137.10211473241165, 423.97101625649293, 476.61310570727375, 427.46011295261746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "more information on accounting policies, methodologies and judgment applied to determine the allowance for loan ", "box": [ 137.10211473241165, 432.3237362924629, 476.58047789463325, 435.81283298858745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses and lending commitments.", "box": [ 137.10211473241165, 440.6764563284329, 229.49040060665305, 444.1655530245574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-accrual loans", "box": [ 137.10211473241165, 457.38189640037285, 189.09642460123004, 460.8709930964974 ], "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": [ 137.10211473241165, 465.73461643634283, 476.52337661228734, 469.22371313246737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "original contractual terms. At that time, interest income is no longer accrued.", "box": [ 137.10211473241165, 474.0873364723128, 351.02906601660305, 477.57643316843735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents information on non-accrual loans.", "box": [ 137.10211473241165, 490.7927765442528, 302.514153456763, 494.2818732403773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 508.35877518502707, 167.45767368742935, 510.80088111677065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 378.7600090543323, 508.35877518502707, 407.0398663981948, 510.80088111677065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 429.0884100523155, 508.35877518502707, 468.35821642183356, 510.80088111677065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-accrual loans", "box": [ 139.4513172425282, 515.1453602142526, 177.199022476815, 517.5874661459964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "With an allowance", "box": [ 143.6276772605132, 521.4099002412302, 179.94605745668622, 523.8520061729738 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 521.4099002412302, 371.0644131388399, 523.8520061729738 ], "from_ocr": false, "confidence": 1.0 }, { "text": "904,919", "box": [ 401.0203368385437, 521.4099002412302, 416.8500231621076, 523.8520061729738 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 521.4099002412302, 426.9232283793892, 523.8520061729738 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,290,859", "box": [ 453.2248370633561, 521.4099002412302, 472.7075240499547, 523.8520061729738 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Without an allowance", "box": [ 143.6276772605132, 528.7185302727039, 186.1699561236252, 531.1606362044474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "52,954", "box": [ 403.4592632231967, 528.1964852704557, 416.85361310897457, 530.6385912021994 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36,265", "box": [ 459.3180784637459, 528.1964852704557, 472.71242834952386, 530.6385912021994 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total carrying value of non-accrual loans", "box": [ 139.4513172425282, 534.9830702996813, 224.9139802649367, 537.425176231425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 534.9830702996813, 371.0644131388399, 537.425176231425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "957,873", "box": [ 401.0203368385437, 534.9830702996813, 416.8500231621076, 537.425176231425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 534.9830702996813, 426.9232283793892, 537.425176231425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,327,124", "box": [ 453.2248370633561, 534.9830702996813, 472.7075240499547, 537.425176231425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for loan losses related to non-accrual loans", "box": [ 139.4513172425282, 541.769655328907, 250.61580687792707, 544.2117612606506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 541.769655328907, 371.0644131388399, 544.2117612606506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(140,644)", "box": [ 399.40526011283856, 541.769655328907, 418.4831142951702, 544.2117612606506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 541.769655328907, 426.9232283793892, 544.2117612606506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(133,750)", "box": [ 455.26407535338785, 541.769655328907, 474.34192953571943, 544.2117612606506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UPB of non-accrual loans", "box": [ 139.4513172425282, 548.5562403581325, 192.62438648617047, 550.9983462898763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 548.5562403581325, 371.0644131388399, 550.9983462898763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,112,311", "box": [ 397.36602182280683, 548.5562403581325, 416.3112261011688, 550.9983462898763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 548.5562403581325, 426.9232283793892, 550.9983462898763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,466,969", "box": [ 453.2248370633561, 548.5562403581325, 472.7075240499547, 550.9983462898763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 378.7600090543323, 562.1294104165838, 407.0398663981948, 564.5715163483275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 434.61882429488156, 562.1294104165838, 462.8986816387441, 564.5715163483275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income on non-accrual loans for the three months ended", "box": [ 139.4513172425282, 569.4380404480576, 273.52555369735853, 571.8801463798012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 568.9159954458094, 371.0644131388399, 571.3581013775531 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,509", "box": [ 405.8981948282996, 568.9159954458094, 416.85720827629154, 571.3581013775531 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 568.9159954458094, 426.9232283793892, 571.3581013775531 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,198", "box": [ 461.7570100688489, 568.9159954458094, 472.71602351684083, 571.3581013775531 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income on non-accrual loans for the six months ended", "box": [ 139.4513172425282, 576.7466704795313, 268.4812668212049, 579.188776411275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 576.7466704795313, 371.0644131388399, 579.188776411275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,618", "box": [ 403.4592632231967, 576.7466704795313, 416.85361310897457, 579.188776411275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 576.7466704795313, 426.9232283793892, 579.188776411275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,366", "box": [ 461.7570100688489, 576.7466704795313, 472.71602351684083, 579.188776411275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan modifications made to borrowers experiencing financial difficulty", "box": [ 137.10211473241165, 707.9638462474578, 336.11573668612084, 711.4529429435825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In certain situations, the Company may provide loan modifications to borrowers experiencing financial difficulty. These ", "box": [ 137.10211473241165, 716.3165662834278, 476.54785008199275, 719.8056629795524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "modifications may include interest rate reductions, principal forgiveness, term extensions, and other-than-insignificant ", "box": [ 137.10211473241165, 724.6692863193978, 476.5560044249279, 728.1583830155223 ], "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": [ 137.10211473241165, 733.0220063553678, 476.5560044249279, 736.5111030514923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateral. ", "box": [ 137.10211473241165, 741.3747263913378, 166.4286452769017, 744.8638230874624 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 24, "width": 612.0, "height": 792.0, "cells": [ { "text": "31", "box": [ 302.5169704768508, 469.91027402235704, 309.47582683301454, 473.3993707184816 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three months ended June 30, 2026.", "box": [ 137.10211473241165, 37.657012160910426, 239.4333760600378, 41.14610885703496 ], "from_ocr": false, "confidence": 1.0 }, { "text": " During the three months ended June 30, 2026, the Company entered into 27 loan ", "box": [ 239.4310947364291, 37.657012160910426, 476.54785008199275, 41.14610885703496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "modifications with an aggregate carrying value of $87.7 million, or 2.0% of total loans, net. These modified loans ", "box": [ 137.10211473241165, 46.00973219688035, 476.54785008199275, 49.498828893004884 ], "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, principal ", "box": [ 137.10211473241165, 54.36245223285039, 476.564163988313, 57.85154892897492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "forgiveness, term extensions and other-than-insignificant payment delays.", "box": [ 137.10211473241165, 62.71517226882031, 342.5914468982119, 66.20426896494484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There was 1 loan with a carrying value of $60.5 million, or 1.4% of loans, net that was modified to include both a 25 ", "box": [ 137.10211473241165, 79.42061234076027, 476.5886322375684, 82.9097090368848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "month term extension added to the original loan term and an interest rate reduction from SOFR + 5.85% to SOFR + ", "box": [ 137.10211473241165, 87.77333237673031, 476.54785008199275, 91.26242907285484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.00% from May 2026 to November 2027. There was 1 loan with a carrying value of $17.8 million, or 0.4% of loans, net ", "box": [ 137.10211473241165, 96.12605241270023, 476.48259445671175, 99.61514910882477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that was modified to include a 39 month term extension added to the original loan term, a 24 month interest payment ", "box": [ 137.10211473241165, 104.47877244867027, 476.54785008199275, 107.9678691447948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "deferral, and principal forgiveness of $1.2 million. There were 23 loans with an aggregate carrying value of $8.9 million, ", "box": [ 137.10211473241165, 112.8314924846402, 476.60494614388864, 116.32058918076473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or 0.2% of loans, net that were modified to include interest payment deferrals which ranged between 3 and 24 months ", "box": [ 137.10211473241165, 121.18421252061023, 476.52337661228734, 124.67330921673476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with a weighted average of 8 months and include payments for periods before the modification date. There were 2 loans ", "box": [ 137.10211473241165, 129.53693255658015, 476.52337661228734, 133.0260292527048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with an aggregate carrying value of $0.5 million, or less than 0.1% of loans, net that were modified to include a 60 ", "box": [ 137.10211473241165, 137.8896525925502, 476.58047789463325, 141.37874928867473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "month term extension added to the original loan term. Interest payment deferral payment modifications include the ", "box": [ 137.10211473241165, 146.24237262852012, 476.61310570727375, 149.73146932464465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reduction of interest payments to equal excess net operating income with the difference between the original rate and the ", "box": [ 137.10211473241165, 154.59509266449015, 476.5560044249279, 158.0841893606147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest collected due at maturity.", "box": [ 137.10211473241165, 162.9478127004602, 229.9430636355134, 166.43690939658472 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended June 30, 2026, $2.6 million of total capital was invested by the borrowers, substantially ", "box": [ 137.10211473241165, 179.65325277240004, 476.57231833124814, 183.14234946852469 ], "from_ocr": false, "confidence": 1.0 }, { "text": "all in the form of payment towards principal or contribution to a reserve account.", "box": [ 137.10211473241165, 188.00597280837007, 362.39495468327334, 191.4950695044946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six months ended June 30, 2026", "box": [ 137.10211473241165, 204.71141288031004, 233.49681663957557, 208.20050957643457 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". During the six months ended June 30, 2026, the Company entered into 72 loan ", "box": [ 233.50914674217694, 204.71141288031004, 476.5315361756725, 208.20050957643457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "modifications with an aggregate carrying value of $251.8 million, or 5.8% of total loans, net. These modified loans ", "box": [ 137.10211473241165, 213.06413291628007, 476.5967918009535, 216.5532296124046 ], "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, principal ", "box": [ 137.10211473241165, 221.41685295225, 476.564163988313, 224.90594964837453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "forgiveness, term extensions and other-than-insignificant payment delays.", "box": [ 137.10211473241165, 229.76957298822003, 342.5943652863882, 233.25866968434457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There were 4 loans with an aggregate carrying value of $138.3 million, or 3.2% of loans, net that were modified to ", "box": [ 137.10211473241165, 246.47501306016, 476.57231833124814, 249.96410975628453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "include both term extensions which ranged between 3 and 60 months with a weighted average of 14 months added to the ", "box": [ 137.10211473241165, 254.82773309613003, 476.60494614388864, 258.31682979225457 ], "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": [ 137.10211473241165, 263.18045313209996, 476.52337661228734, 266.6695498282245 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months. There was 1 loan with a carrying value of $60.5 million, or 1.4% of loans, net that was modified to include a 25 ", "box": [ 137.10211473241165, 271.5331731680699, 476.51522226935225, 275.0222698641944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "month term extension added to the original loan term, a 4 month interest payment deferral, and an interest rate reduction ", "box": [ 137.10211473241165, 279.8858932040399, 476.5396905186076, 283.37498990016445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from SOFR + 5.85% to SOFR + 4.00% from May 2026 to November 2027. There were 63 loans with an aggregate ", "box": [ 137.10211473241165, 288.2386132400099, 476.51522226935225, 291.72770993613443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "carrying value of $34.7 million, or 0.8% of loans, net that were modified to include interest payment deferrals which ", "box": [ 137.10211473241165, 296.5913332759799, 476.5967918009535, 300.0804299721044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ranged between 3 and 24 months with a weighted average of 5 months and include payments for periods before the ", "box": [ 137.10211473241165, 304.94405331194986, 476.61310570727375, 308.4331500080744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "modification date. There was 1 loan with a carrying value of $17.8 million, or 0.4% of loans, net that was modified to ", "box": [ 137.10211473241165, 313.29677334791984, 476.5070627059671, 316.7858700440444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "include a 39 month term extension added to the original loan term, a 24 month interest payment deferral, and principal ", "box": [ 137.10211473241165, 321.6494933838898, 476.564163988313, 325.13859008001435 ], "from_ocr": false, "confidence": 1.0 }, { "text": "forgiveness of $1.2 million. There were 2 loans with an aggregate carrying value of $0.5 million, or less than 0.1% of ", "box": [ 137.10211473241165, 330.0022134198598, 476.5886322375684, 333.49131011598433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans, net that were modified to include a 60 month term extension added to the original loan term. There was 1 loan ", "box": [ 137.10211473241165, 338.3549334558298, 476.498908363032, 341.8440301519543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with a carrying value of less than $0.1 million, or less than 0.1% of loans, net that was modified to include both a 26 ", "box": [ 137.10211473241165, 346.70765349179976, 476.54785008199275, 350.19675018792435 ], "from_ocr": false, "confidence": 1.0 }, { "text": "month interest payment deferral and an interest rate reduction from Prime + 2.75% to a fixed rate of 9.00% from ", "box": [ 137.10211473241165, 355.0603735277698, 476.564163988313, 358.54947022389433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "February 2026 to May 2033. Interest payment deferral payment modifications include the reduction of interest payments ", "box": [ 137.10211473241165, 363.4130935637398, 476.5967918009535, 366.9021902598643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to equal excess net operating income with the difference between the original rate and the interest collected due at ", "box": [ 137.10211473241165, 371.76581359970976, 476.52337661228734, 375.2549102958343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maturity. ", "box": [ 137.10211473241165, 380.11853363567974, 164.13654143890602, 383.6076303318043 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026, $2.6 million of total capital was invested by the borrowers, substantially all ", "box": [ 137.10211473241165, 396.8239737076197, 476.5396905186076, 400.31307040374423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the form of payment towards principal or contribution to a reserve account.", "box": [ 137.10211473241165, 405.1766937435897, 353.72350529163083, 408.6657904397142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three months ended June 30, 2025. ", "box": [ 137.10211473241165, 421.88213381552964, 241.17308528753466, 425.3712305116542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended June 30, 2025, the Company entered into 36 loan ", "box": [ 241.81292505918617, 421.88213381552964, 476.54785008199275, 425.3712305116542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "modifications with an aggregate carrying value of $261.8 million, or 3.6% of total loans, net. These modified loans ", "box": [ 137.10211473241165, 430.2348538514996, 476.5967918009535, 433.72395054762416 ], "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": [ 137.10211473241165, 545.0834850341398, 476.6212600502089, 548.5725817302643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extensions and other-than-insignificant payment delays.", "box": [ 137.10211473241165, 553.4362050701097, 292.5604083715953, 556.9253017662343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There were 9 loans with an aggregate carrying value of $81.4 million, or 1.1% of loans, net that were modified to ", "box": [ 137.10211473241165, 570.1416451420498, 476.57231833124814, 573.6307418381743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "include term extensions which ranged between 2 and 72 months with a weighted average of 21 months added to the ", "box": [ 137.10211473241165, 578.4943651780197, 476.564163988313, 581.9834618741443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "original loan term. There was 1 loan with a carrying value of $33.4 million, or 0.5% of loans, net that was assumed by a ", "box": [ 137.10211473241165, 586.8470852139897, 476.6212600502089, 590.3361819101142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "new borrower with an 18 month term extension added to the original loan term. There was 1 loan with a carrying value ", "box": [ 137.10211473241165, 595.1998052499597, 476.5560044249279, 598.6889019460842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of $31.3 million, or 0.4% of loans, net that was modified to include both a 24 month term extension added to the original ", "box": [ 137.10211473241165, 603.5525252859297, 476.57231833124814, 607.0416219820543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan term and an interest rate reduction from SOFR + 4.50% to SOFR + 4.00% from May 2025 to October 2027. There ", "box": [ 137.10211473241165, 611.9052453218997, 476.5070627059671, 615.3943420180242 ], "from_ocr": false, "confidence": 1.0 }, { "text": "was 1 loan with a carrying value of $31.1 million, or 0.4% of loans, net that was modified to include both a 26 month ", "box": [ 137.10211473241165, 620.2579653578696, 476.54785008199275, 623.7470620539941 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest payment deferral and an interest rate reduction from SOFR + 3.60% to a fixed rate of 6.0% from June 2024 to ", "box": [ 137.10211473241165, 628.6106853938396, 476.564163988313, 632.0997820899642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 2025, 6.25% from January 2026 to December 2026, and 6.5% from January 2027 to September 2027. There ", "box": [ 137.10211473241165, 636.9634054298097, 476.61310570727375, 640.4525021259342 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were 15 loans with an aggregate carrying value of $30.7 million, or 0.4% of loans, net that were modified to include ", "box": [ 137.10211473241165, 645.3161254657796, 476.5070627059671, 648.8052221619041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest payment deferrals which ranged between 6 and 28 months with a weighted average of 7 months and include ", "box": [ 137.10211473241165, 653.6688455017496, 476.54785008199275, 657.1579421978741 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payments for periods before the modification date. There were 8 loans with an aggregate carrying value of $28.5 million, ", "box": [ 137.10211473241165, 662.0215655377195, 476.5967918009535, 665.5106622338441 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or 0.4% of loans, net that were modified to include both term extensions and interest payment deferrals. The term ", "box": [ 137.10211473241165, 670.3742855736896, 476.5315361756725, 673.8633822698141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extensions ranged between 3 and 60 months with a weighted average of 14 months added to the original loan term. ", "box": [ 137.10211473241165, 678.7270056096595, 476.5560044249279, 682.216102305784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest ", "box": [ 137.10211473241165, 687.0797256456295, 159.70818408600036, 690.5688223417541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payment deferrals ", "box": [ 162.75683962625612, 687.0797256456295, 217.58574959503665, 690.5688223417541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ranged ", "box": [ 220.6344051352924, 687.0797256456295, 241.30709340433975, 690.5688223417541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "between 6 ", "box": [ 244.35574894459552, 687.0797256456295, 274.5164342119688, 690.5688223417541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and 11 months with a weighted average of 9 months. Payment ", "box": [ 279.4187573317611, 687.0797256456295, 476.5560044249279, 690.5688223417541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "modifications include the reduction of interest payments to equal excess net operating income with the difference ", "box": [ 137.10211473241165, 695.4324456815996, 476.61310570727375, 698.9215423777241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "between the original rate and the interest collected due at maturity. In most cases, default interest is waived. There was 1 ", "box": [ 137.10211473241165, 703.7851657175695, 476.5886322375684, 707.274262413694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan with a carrying value of $25.4 million, or 0.4% of loans, net that was modified to include a 12 month term extension ", "box": [ 137.10211473241165, 712.1378857535394, 476.49074879964684, 715.626982449664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "added to the original loan term, a 7 month interest payment deferral, and an interest rate reduction from SOFR + 5.75% ", "box": [ 137.10211473241165, 720.4906057895095, 476.5967918009535, 723.979702485634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to SOFR + 3.50% from June 2025 to March 2026. ", "box": [ 137.10211473241165, 728.8433258254795, 278.6356929476079, 732.332422521604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended June 30, 2025, $0.4 million of total capital was invested by the borrowers, substantially ", "box": [ 137.10211473241165, 745.5487658974195, 476.57231833124814, 749.037862593544 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 25, "width": 612.0, "height": 792.0, "cells": [ { "text": "32", "box": [ 302.5169704768508, 307.03223332094234, 309.47582683301454, 310.5213300170669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "all in the form of payments in contribution to reserve accounts. ", "box": [ 137.10211473241165, 37.13496715866222, 314.0124014133034, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six months ended June 30, 2025", "box": [ 137.10211473241165, 50.18609221486531, 233.49681663957557, 53.675188910989846 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". During the six months ended June 30, 2025, the Company entered into 61 loan ", "box": [ 233.50914674217694, 50.18609221486531, 476.5315361756725, 53.675188910989846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "modifications with an aggregate carrying value of $429.8 million, or 6.0% of total loans, net. These modified loans ", "box": [ 137.10211473241165, 58.53881225083535, 476.5967918009535, 62.02790894695988 ], "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": [ 137.10211473241165, 66.89153228680527, 476.6212600502089, 70.38062898292992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extensions and other-than-insignificant payment delays. ", "box": [ 137.10211473241165, 75.24425232277531, 294.3052025784367, 78.73334901889984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There were 15 loans with an aggregate carrying value of $100.4 million, or 1.4% of loans, net that were modified to ", "box": [ 137.10211473241165, 91.94969239471527, 476.57231833124814, 95.4387890908398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "include term extensions which ranged between 2 and 72 months with a weighted average of 20 months added to the ", "box": [ 137.10211473241165, 100.30241243068531, 476.564163988313, 103.79150912680984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "original loan term. There were 2 loans with an aggregate carrying value of $77.6 million, or 1.1% of loans, net that were ", "box": [ 137.10211473241165, 108.65513246665523, 476.51522226935225, 112.14422916277977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assumed by new borrowers and modified to include term extensions. The term extensions ranged between 18 and 35 ", "box": [ 137.10211473241165, 117.00785250262527, 476.57231833124814, 120.4969491987498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months with a weighted average of 28 months added to the original loan term. There were 2 loans with an aggregate ", "box": [ 137.10211473241165, 125.36057253859519, 476.5396905186076, 128.84966923471973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "carrying value of $65.3 million, or 0.9% of loans, net that were assumed by new borrowers and modified to include both ", "box": [ 137.10211473241165, 133.71329257456523, 476.564163988313, 137.20238927068976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "term extensions and interest payment deferrals. The term extensions ranged between 19 and 32 months with a weighted ", "box": [ 137.10211473241165, 142.06601261053515, 476.6212600502089, 145.5551093066597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "average of 25 months added to the original loan term. Interest payment deferrals ranged between 12 and 24 months with ", "box": [ 137.10211473241165, 150.4187326465052, 476.5396905186076, 153.90782934262973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a weighted average of 17 months. There were 11 loans with an aggregate carrying value of $57.5 million, or 0.8% of ", "box": [ 137.10211473241165, 158.77145268247511, 476.5396905186076, 162.26054937859965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans, net that were modified to include both term extensions and interest payment deferrals. The term extensions ranged ", "box": [ 137.10211473241165, 167.12417271844515, 476.5967918009535, 170.6132694145697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "between 3 and 60 months with a weighted average of 14 months added to the original loan term. Interest payment ", "box": [ 137.10211473241165, 175.47689275441508, 476.498908363032, 178.9659894505396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "deferrals ranged between 6 and 24 months with a weighted average of 12 months. Payment modifications include the ", "box": [ 137.10211473241165, 183.8296127903851, 476.58047789463325, 187.31870948650965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reduction of interest payments to equal excess net operating income with the difference between the original rate and the ", "box": [ 137.10211473241165, 192.18233282635515, 476.5560044249279, 195.67142952247968 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest collected due at maturity. In most cases, default interest is waived. There were 28 loans with an aggregate ", "box": [ 137.10211473241165, 200.53505286232507, 476.60494614388864, 204.0241495584496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "carrying value of $41.2 million, or 0.6% of loans, net that were modified to include interest payment deferrals which ", "box": [ 137.10211473241165, 208.887772898295, 476.5967918009535, 212.37686959441953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ranged between 3 and 28 months with a weighted average of 7 months and include payments for periods before the ", "box": [ 137.10211473241165, 217.24049293426503, 476.61310570727375, 220.72958963038957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "modification date. There was 1 loan with a carrying value of $31.3 million, or 0.4% of loans, net that was modified to ", "box": [ 137.10211473241165, 225.59321297023507, 476.5070627059671, 229.0823096663596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "include both a 24 month term extension added to the original loan term and an interest rate reduction from SOFR + ", "box": [ 137.10211473241165, 233.945933006205, 476.52337661228734, 237.43502970232953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.50% to SOFR + 4.00% from May 2025 to October 2027. There was 1 loan with a carrying value of $31.1 million, or ", "box": [ 137.10211473241165, 242.29865304217492, 476.52337661228734, 245.78774973829957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.4% of loans, net that was modified to include both a 26 month interest payment deferral and an interest rate reduction ", "box": [ 137.10211473241165, 250.65137307814496, 476.5886322375684, 254.1404697742695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from SOFR + 3.60% to a fixed rate of 6.0% from June 2024 to December 2025, 6.25% from January 2026 to December ", "box": [ 137.10211473241165, 259.004093114115, 476.51522226935225, 262.4931898102395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026, and 6.5% from January 2027 to September 2027. There was 1 loan with a carrying value of $25.4 million, or 0.4% ", "box": [ 137.10211473241165, 267.3568131500849, 476.52337661228734, 270.84590984620945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of loans, net that was modified to include a 12 month term extension added to the original loan term, a 7 month interest ", "box": [ 137.10211473241165, 382.20604462070014, 476.6212600502089, 385.6951413168247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payment deferral, and an interest rate reduction from SOFR + 5.75% to SOFR + 3.50% from June 2025 to March 2026. ", "box": [ 137.10211473241165, 390.5587646566701, 471.63736427959634, 394.04786135279465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2025, $10.6 million of total capital was invested by the borrowers, substantially all ", "box": [ 137.10211473241165, 407.2642047286101, 476.58047789463325, 410.7533014247346 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the form of payments in contribution to reserve accounts.", "box": [ 137.10211473241165, 415.61692476458006, 303.6829875762724, 419.1060214607046 ], "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": [ 137.10211473241165, 432.32236483652, 476.5315361756725, 435.81146153264456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a material impact on financial results. ", "box": [ 137.10211473241165, 440.67508487249, 243.47107048452563, 444.16418156861454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for loan losses.", "box": [ 137.10211473241165, 457.38052494442996, 211.04342712536493, 460.8696216405545 ], "from_ocr": false, "confidence": 1.0 }, { "text": " The Company's allowance for loan losses reflects estimates of expected life-time loan losses, ", "box": [ 211.05305208212246, 457.38052494442996, 476.5967918009535, 460.8696216405545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which considers historical loan losses including losses from modified loans to borrowers experiencing financial ", "box": [ 137.10211473241165, 465.73324498039995, 476.54785008199275, 469.2223416765245 ], "from_ocr": false, "confidence": 1.0 }, { "text": "difficulty. The Company continues to estimate the allowance for loan losses after modification using loan-specific ", "box": [ 137.10211473241165, 474.08596501637, 476.57231833124814, 477.5750617124945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "inputs. Substantially all of the modified loans during the three and six months ended June 30, 2026 were performing in ", "box": [ 137.10211473241165, 482.4386850523399, 476.5070627059671, 485.92778174846444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accordance with the modified contractual terms, however, $69.8 million ", "box": [ 137.10211473241165, 490.79140508830994, 351.84435016997213, 494.2805017844345 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and $169.7 million, ", "box": [ 354.91951578189605, 490.79140508830994, 412.705655902069, 494.2805017844345 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively were on ", "box": [ 415.7563506545126, 490.79140508830994, 476.6212600502089, 494.2805017844345 ], "from_ocr": false, "confidence": 1.0 }, { "text": "nonaccrual status regarding the ultimate collectability of the contractually due principal and interest. Majority of the ", "box": [ 137.10211473241165, 499.14412512427987, 476.5967918009535, 502.6332218204044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "modified loans during the three and six months ended June 30, 2025 were on accrual status and performing in ", "box": [ 137.10211473241165, 507.4968451602499, 476.57231833124814, 510.98594185637444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accordance with the modified contractual terms.", "box": [ 137.10211473241165, 515.8495651962198, 271.19593006658783, 519.3386618923444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans with modifications disclosed in the previous twelve months are performing in accordance with their modified ", "box": [ 137.10211473241165, 532.5550052681599, 476.564163988313, 536.0441019642844 ], "from_ocr": false, "confidence": 1.0 }, { "text": "terms as of June 30, 2026, except for 34 loans with a carrying value of $107.4 million which did not make payments in ", "box": [ 137.10211473241165, 540.9077253041298, 476.498908363032, 544.3968220002544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accordance with their modified terms during the three months ended June 30, 2026.", "box": [ 137.10211473241165, 549.2604453400997, 369.65913587168933, 552.7495420362243 ], "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": [ 137.10211473241165, 565.9658854120398, 476.5315361756725, 569.4549821081644 ], "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": [ 137.10211473241165, 574.3186054480097, 476.60494614388864, 577.8077021441343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "measurement date. As of June 30, 2026 and December 31, 2025, the Company's total carrying amount of loans in the ", "box": [ 137.10211473241165, 582.6713254839798, 476.5967918009535, 586.1604221801043 ], "from_ocr": false, "confidence": 1.0 }, { "text": "foreclosure process was $10.8 million and $17.9 million, respectively.", "box": [ 137.10211473241165, 591.0240455199497, 332.5745359861119, 594.5131422160742 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lending commitments", "box": [ 137.10211473241165, 607.7294855918897, 200.57939136087361, 611.2185822880142 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". ", "box": [ 200.5876837879046, 607.7294855918897, 204.06710797234223, 611.2185822880142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For ", "box": [ 207.42368846829055, 607.7294855918897, 218.83035677166936, 611.2185822880142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the three and six months ", "box": [ 222.18693726761774, 607.7294855918897, 298.65285600255936, 611.2185822880142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026, lending commitments to borrowers ", "box": [ 303.122860604865, 607.7294855918897, 476.54785008199275, 611.2185822880142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "experiencing financial difficulty for which the Company has modified the loan terms were $0.4 million and $1.9 million, ", "box": [ 137.10211473241165, 616.0822056278597, 476.5886322375684, 619.5713023239842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively. For the three and six months ", "box": [ 137.10211473241165, 624.4349256638297, 264.78518648171234, 627.9240223599543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2025, lending commitments to borrowers experiencing ", "box": [ 267.9337646720774, 624.4349256638297, 476.629419613594, 627.9240223599543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial difficulty for which the Company has modified the loan terms were $22.3 million ", "box": [ 137.10211473241165, 632.7876456997997, 417.8177873290788, 636.2767423959242 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and $28.8 million, ", "box": [ 421.79837474177685, 632.7876456997997, 476.5560044249279, 636.2767423959242 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively.", "box": [ 137.10211473241165, 641.1403657357696, 172.00851096316873, 644.6294624318941 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PCD loans", "box": [ 137.10211473241165, 657.8458058077097, 167.82920850059133, 661.3349025038342 ], "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": [ 137.10211473241165, 666.1985258436796, 476.52337661228734, 669.6876225398041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determination of the preliminary purchase price allocation, based on updated valuations obtained, the Company recorded ", "box": [ 137.10211473241165, 674.5512458796495, 476.60494614388864, 678.040342575774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a measurement period adjustment of $36.3 million to increase the PCD allowance. Refer to Note 5 for further details on ", "box": [ 137.10211473241165, 682.9039659156196, 476.60494614388864, 686.3930626117441 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets acquired and liabilities assumed in connection with the UDF IV Merger. The table below presents a reconciliation ", "box": [ 137.10211473241165, 691.2566859515896, 476.5560044249279, 694.7457826477141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the Company's purchase price with the par value of the purchased loans.", "box": [ 137.10211473241165, 699.6094059875595, 346.6498977275802, 703.098502683684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 723.4399446553113, 167.45767368742935, 725.8820505870549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preliminary Purchase ", "box": [ 305.1353498310266, 718.7415396350782, 351.76109719985214, 721.1836455668217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Price Allocation", "box": [ 311.2204368884813, 723.4399446553113, 344.35908537754307, 725.8820505870549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Measurement Period ", "box": [ 365.59468665388744, 718.7415396350782, 410.41058611759775, 721.1836455668217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Adjustments", "box": [ 374.1594874720207, 723.4399446553113, 400.679433492917, 725.8820505870549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Updated Purchase Price ", "box": [ 421.796093927162, 718.7415396350782, 473.2473242334165, 721.1836455668217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allocation", "box": [ 436.25021492690695, 723.4399446553113, 457.62599533737585, 725.8820505870549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UPB", "box": [ 143.6276772605132, 729.7044846822887, 153.1026630524765, 732.1465906140324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 301.80731294169476, 729.7044846822887, 304.24265285108004, 732.1465906140324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "200,729", "box": [ 337.8528915665207, 729.7044846822887, 353.6825778900846, 732.1465906140324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 361.3204431979809, 729.7044846822887, 363.75578310736614, 732.1465906140324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(37,205)", "box": [ 398.1817171388195, 729.7044846822887, 414.8287992794333, 732.1465906140324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 420.833573454267, 729.7044846822887, 423.2689133636523, 732.1465906140324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "163,524", "box": [ 456.879152079093, 729.7044846822887, 472.70883840265685, 732.1465906140324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for credit losses", "box": [ 143.6276772605132, 737.0131147137624, 196.78173232006108, 739.4552206455062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(16,626)", "box": [ 338.6685868825334, 736.4910697115145, 355.31566902314717, 738.933175643258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(36,291)", "box": [ 398.1817171388195, 736.4910697115145, 414.8287992794333, 738.933175643258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(52,917)", "box": [ 457.6948473951057, 736.4910697115145, 474.34192953571943, 738.933175643258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-credit discount", "box": [ 143.6276772605132, 743.7996997429882, 182.44797670886413, 746.2418056747317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(87,141)", "box": [ 338.6685868825334, 743.27765474074, 355.31566902314717, 745.7197606724836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "48,456", "box": [ 399.8049482074598, 743.27765474074, 413.1992980932377, 745.7197606724836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(38,685)", "box": [ 457.6948473951057, 743.27765474074, 474.34192953571943, 745.7197606724836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Purchase price of loans classified as PCD", "box": [ 139.4513172425282, 750.0642397699655, 224.59292704368573, 752.5063457017093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 301.80731294169476, 750.0642397699655, 304.24265285108004, 752.5063457017093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "96,962", "box": [ 340.29181795117364, 750.0642397699655, 353.68616783695154, 752.5063457017093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 361.3204431979809, 750.0642397699655, 363.75578310736614, 752.5063457017093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(25,040)", "box": [ 398.1817171388195, 750.0642397699655, 414.8287992794333, 752.5063457017093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 420.833573454267, 750.0642397699655, 423.2689133636523, 752.5063457017093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "71,922", "box": [ 459.3180784637459, 750.0642397699655, 472.71242834952386, 752.5063457017093 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 26, "width": 612.0, "height": 792.0, "cells": [ { "text": "33", "box": [ 302.5169704768508, 144.15419261952763, 309.47582683301454, 147.64328931565217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company did not acquire any PCD loans during the three months ended June 30, 2026 or June 30, 2025.", "box": [ 137.10211473241165, 47.57586720362474, 440.4451753952709, 51.06496389974927 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 7. Fair Value Measurements", "box": [ 137.10211473241165, 64.2813072755647, 235.99989287669524, 67.77040397168923 ], "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": [ 137.10211473241165, 80.98674734750466, 476.564163988313, 84.4758440436292 ], "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": [ 137.10211473241165, 89.3394673834747, 476.629419613594, 92.82856407959923 ], "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": [ 137.10211473241165, 97.69218741944462, 476.58047789463325, 101.18128411556916 ], "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": [ 137.10211473241165, 106.04490745541466, 476.5967918009535, 109.5340041515392 ], "from_ocr": false, "confidence": 1.0 }, { "text": "state of the marketplace (including the existence and transparency of transactions between market participants). The ", "box": [ 137.10211473241165, 114.39762749138458, 476.57231833124814, 117.88672418750912 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34", "box": [ 302.5169704768508, 701.6981934845268, 309.47582683301454, 705.1872901806513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's valuation techniques for financial instruments use observable and unobservable inputs. Investments with ", "box": [ 137.10211473241165, 219.32861140726015, 476.5560044249279, 222.8177081033847 ], "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": [ 137.10211473241165, 227.6813314432302, 476.61310570727375, 231.17042813935473 ], "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": [ 137.10211473241165, 236.03405147920012, 476.5396905186076, 239.52314817532465 ], "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": [ 137.10211473241165, 244.38677151517015, 476.52337661228734, 247.8758682112947 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). ", "box": [ 137.10211473241165, 252.7394915511402, 476.564163988313, 256.2285882472647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investments measured and reported at fair value are classified and disclosed into one of the following categories:", "box": [ 137.10211473241165, 261.0922115871101, 451.3003395309753, 264.58130828323465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Level 1 ", "box": [ 137.10211473241165, 277.7976516590501, 161.01481005228666, 281.2867483551746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- Quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company has the ", "box": [ 161.01830139790383, 277.7976516590501, 476.54785008199275, 281.2867483551746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ability to access. ", "box": [ 137.10211473241165, 286.15037169502006, 184.97755676303035, 289.6394683911446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Level 2 ", "box": [ 137.10211473241165, 302.8558117669601, 159.91362137566952, 306.3449084630846 ], "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": [ 159.91711272128668, 302.8558117669601, 476.5967918009535, 306.3449084630846 ], "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": [ 137.10211473241165, 311.20853180293, 476.5967918009535, 314.69762849905453 ], "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": [ 137.10211473241165, 319.56125183890003, 476.60494614388864, 323.05034853502457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated ", "box": [ 137.10211473241165, 327.91397187486996, 476.564163988313, 331.4030685709945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "inputs.", "box": [ 137.10211473241165, 336.26669191084, 155.85499560902107, 339.75578860696453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Level 3 ", "box": [ 137.10211473241165, 352.97213198277996, 159.6607558277056, 356.4612286789045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- One or more pricing inputs is significant to the overall valuation and unobservable. Significant unobservable ", "box": [ 159.6724041264829, 352.97213198277996, 476.54785008199275, 356.4612286789045 ], "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": [ 137.10211473241165, 361.32485201874994, 476.5396905186076, 364.81394871487447 ], "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": [ 137.10211473241165, 369.6775720547199, 476.5560044249279, 373.16666875084445 ], "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": [ 137.10211473241165, 378.0302920906899, 476.5886322375684, 381.51938878681443 ], "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": [ 137.10211473241165, 386.3830121266599, 476.60494614388864, 389.8721088227844 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on public exchanges for comparable securities, current and projected operating performance, and financing transactions ", "box": [ 137.10211473241165, 394.73573216262986, 476.629419613594, 398.2248288587544 ], "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": [ 137.10211473241165, 403.08845219859984, 476.5396905186076, 406.5775488947244 ], "from_ocr": false, "confidence": 1.0 }, { "text": "management judgment. ", "box": [ 137.10211473241165, 411.4411722345698, 204.11376887668814, 414.93026893069435 ], "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": [ 137.10211473241165, 428.14661230650984, 476.5886322375684, 431.6357090026343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cost-based approach. The income approach predominantly considers discounted cash flows which is the measure of ", "box": [ 137.10211473241165, 436.49933234247976, 476.5967918009535, 439.9884290386043 ], "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": [ 137.10211473241165, 444.85205237844974, 476.5967918009535, 448.3411490745743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "current performance whereas the market-based approach predominantly considers pull-through rates, industry multiples ", "box": [ 137.10211473241165, 453.2047724144198, 476.6212600502089, 456.6938691105443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and the UPB. Fair value measurements of loans are sensitive to changes in assumptions regarding prepayments, ", "box": [ 137.10211473241165, 461.55749245038976, 476.54785008199275, 465.0465891465143 ], "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": [ 137.10211473241165, 469.91021248635974, 476.57231833124814, 473.3993091824843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "developments in the real estate market.", "box": [ 137.10211473241165, 478.2629325223297, 245.69486494279516, 481.75202921845425 ], "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": [ 137.10211473241165, 494.9683725942697, 476.52337661228734, 498.4574692903942 ], "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": [ 137.10211473241165, 503.32109263023966, 476.629419613594, 506.8101893263642 ], "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": [ 137.10211473241165, 511.67381266620964, 476.5967918009535, 515.1629093623342 ], "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": [ 137.10211473241165, 520.0265327021796, 476.629419613594, 523.5156293983041 ], "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": [ 137.10211473241165, 528.3792527381496, 476.629419613594, 531.8683494342741 ], "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": [ 137.10211473241165, 536.7319727741196, 476.498908363032, 540.2210694702442 ], "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": [ 137.10211473241165, 545.0846928100896, 476.61310570727375, 548.5737895062141 ], "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": [ 137.10211473241165, 553.4374128460595, 476.52337661228734, 556.926509542184 ], "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": [ 137.10211473241165, 561.7901328820295, 476.6212600502089, 565.2792295781541 ], "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": [ 137.10211473241165, 570.1428529179996, 476.54785008199275, 573.6319496141241 ], "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": [ 137.10211473241165, 578.4955729539695, 476.57231833124814, 581.984669650094 ], "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": [ 137.10211473241165, 586.8482929899395, 476.60494614388864, 590.3373896860641 ], "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": [ 137.10211473241165, 595.2010130259096, 476.57231833124814, 598.6901097220341 ], "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": [ 137.10211473241165, 603.5537330618795, 476.5967918009535, 607.042829758004 ], "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": [ 137.10211473241165, 611.9064530978494, 476.54785008199275, 615.3955497939739 ], "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": [ 137.10211473241165, 620.2591731338194, 476.60494614388864, 623.748269829944 ], "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": [ 137.10211473241165, 628.6118931697895, 476.5967918009535, 632.100989865914 ], "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": [ 137.10211473241165, 636.9646132057594, 476.58047789463325, 640.4537099018839 ], "from_ocr": false, "confidence": 1.0 }, { "text": "discount rate. Fair value measurements of the contingent consideration liability are sensitive to changes in assumptions ", "box": [ 137.10211473241165, 645.3173332417293, 476.6212600502089, 648.8064299378539 ], "from_ocr": false, "confidence": 1.0 }, { "text": "related to future cash proceeds and discount rate. ", "box": [ 137.10211473241165, 653.6700532776994, 274.78561105602796, 657.1591499738239 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 27, "width": 612.0, "height": 792.0, "cells": [ { "text": "35", "box": [ 302.5169704768508, 538.8202143191095, 309.47582683301454, 542.309311015234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, the CVRs associated with the closing of the UDF IV Merger were valued at approximately $21.8 ", "box": [ 137.10211473241165, 56.45063224184287, 476.5560044249279, 59.9397289379674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million or $1.71 per CVR.", "box": [ 137.10211473241165, 64.80335227781279, 210.54153556601958, 68.29244897393733 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition, the fair value of certain contingent consideration in connection with mergers and acquisitions was ", "box": [ 137.10211473241165, 81.50879234975275, 476.5886322375684, 84.99788904587729 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determined using a Monte Carlo simulation model which considers various potential results based on Level 3 inputs, ", "box": [ 137.10211473241165, 89.86151238572279, 476.54785008199275, 93.35060908184732 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including management's latest estimates of future operating results. Fair value measurements of the contingent ", "box": [ 137.10211473241165, 98.21423242169271, 476.6212600502089, 101.70332911781725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consideration liability are sensitive to changes in assumptions related to earnings before tax, discount rate and risk-free ", "box": [ 137.10211473241165, 106.56695245766275, 476.5396905186076, 110.05604915378728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rate of return.", "box": [ 137.10211473241165, 114.91967249363279, 175.16171503345208, 118.40876918975732 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The final purchase price allocation associated with the closing of the Mosaic Mergers valued the contingent equity rights ", "box": [ 137.10211473241165, 131.62511256557275, 476.58047789463325, 135.11420926169728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "at approximately $25.0 million or $0.83 per contingent equity right. On March 17, 2025, the contingent equity rights ", "box": [ 137.10211473241165, 139.97783260154267, 476.51522226935225, 143.4669292976672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expired with an aggregate consideration of zero. ", "box": [ 137.10211473241165, 148.3305526375127, 273.04818264314594, 151.81964933363724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In certain cases, the inputs used to measure fair value may be categorized into different levels of the fair value hierarchy. ", "box": [ 137.10211473241165, 165.03599270945267, 476.61310570727375, 168.5250894055772 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant ", "box": [ 137.10211473241165, 173.3887127454226, 476.5560044249279, 176.87780944154713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value ", "box": [ 137.10211473241165, 181.74143278139263, 476.564163988313, 185.23052947751717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "measurement in its entirety requires judgment and considers factors specific to the investment.", "box": [ 137.10211473241165, 190.09415281736256, 400.10795553838443, 193.5832495134871 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents financial instruments carried at fair value on a recurring basis.", "box": [ 137.10211473241165, 206.79959288930252, 380.9157306584148, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 224.8876365323249, 167.45767368742935, 227.32974246406854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Level 1", "box": [ 297.43518604786675, 224.8876365323249, 312.4491292360957, 227.32974246406854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Level 2", "box": [ 346.5074162591904, 224.8876365323249, 361.52135944741934, 227.32974246406854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Level 3", "box": [ 395.57964647051404, 224.8876365323249, 410.5935896587431, 227.32974246406854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 446.60954544026816, 224.8876365323249, 457.25700314200463, 227.32974246406854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 139.4513172425282, 231.15217655930246, 167.73117458639075, 233.5942824910461 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets:", "box": [ 139.4513172425282, 237.938761588528, 154.06096141750504, 240.38086752027175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Money market funds ", "box": [ 143.6276772605132, 244.72534661775364, 185.42555996599611, 247.16745254949728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 185.40759134668338, 244.28949003036917, 189.0963857096162, 245.87568101223144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 284.05778286525856, 244.72534661775364, 286.4931227746438, 247.16745254949728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "76,269", "box": [ 311.9871904855332, 244.72534661775364, 325.3815403713111, 247.16745254949728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 244.72534661775364, 335.5653529859675, 247.16745254949728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 369.5834393594145, 244.72534661775364, 374.45411917818495, 247.16745254949728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 244.72534661775364, 384.6375831972911, 247.16745254949728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 418.65566957073816, 244.72534661775364, 423.52634938950865, 247.16745254949728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 244.72534661775364, 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"$", "box": [ 382.20224328790584, 424.3088273911083, 384.6375831972911, 426.75093332285195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "98,721", "box": [ 410.1316509081805, 424.3088273911083, 423.5260007939584, 426.75093332285195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 424.3088273911083, 433.70981340861476, 426.75093332285195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "349,760", "box": [ 456.7649547348512, 424.3088273911083, 472.5946410584151, 426.75093332285195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liabilities:", "box": [ 139.4513172425282, 437.88199744955955, 161.91156682430017, 440.3241033813032 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Derivative instruments", "box": [ 143.6276772605132, 444.66858247878514, 188.12963456240237, 447.1106884105288 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 320.51120914809087, 444.66858247878514, 325.38188896686137, 447.1106884105288 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,432", "box": [ 363.49019273857465, 444.66858247878514, 374.4492061865666, 447.1106884105288 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 418.65566957073816, 444.66858247878514, 423.52634938950865, 447.1106884105288 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,432", "box": [ 461.634653161222, 444.66858247878514, 472.5936666092139, 447.1106884105288 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contingent consideration", "box": [ 143.6276772605132, 451.4551675080108, 192.73155908642536, 453.8972734397544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 320.51120914809087, 451.4551675080108, 325.38188896686137, 453.8972734397544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 369.5834393594145, 451.4551675080108, 374.45411917818495, 453.8972734397544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18,698", "box": [ 410.1316509081805, 451.4551675080108, 423.5260007939584, 453.8972734397544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18,698", "box": [ 459.20388111950416, 451.4551675080108, 472.59823100528206, 453.8972734397544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total liabilities", "box": [ 139.4513172425282, 458.2417525372364, 170.25923979177367, 460.68385846898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 284.05778286525856, 458.2417525372364, 286.4931227746438, 460.68385846898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 320.51120914809087, 458.2417525372364, 325.38188896686137, 460.68385846898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 458.2417525372364, 335.5653529859675, 460.68385846898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,432", "box": [ 363.49019273857465, 458.2417525372364, 374.4492061865666, 460.68385846898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 458.2417525372364, 384.6375831972911, 460.68385846898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18,698", "box": [ 410.1316509081805, 458.2417525372364, 423.5260007939584, 460.68385846898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 458.2417525372364, 433.70981340861476, 460.68385846898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,130", "box": [ 459.20388111950416, 458.2417525372364, 472.59823100528206, 460.68385846898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1) Money market funds are included in cash and cash equivalents on the consolidated balance sheets", "box": [ 137.10211473241165, 467.1165175754545, 334.43713564020436, 469.5586235071981 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2) Asset is included in other assets on the consolidated balance sheets", "box": [ 137.10211473241165, 472.85901260018386, 274.31810711200217, 475.3011185319275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3) Preferred equity investment held through consolidated joint ventures is included in assets of consolidated VIEs on the consolidated balance sheets", "box": [ 137.10211473241165, 479.12355262716136, 428.2853456432621, 481.56565855890494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the valuation techniques and significant unobservable inputs used to value Level 3 financial ", "box": [ 137.10211473241165, 493.92434412577074, 476.5560044249279, 497.4134408218953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "instruments, using third party information without adjustment.", "box": [ 137.10211473241165, 502.2770641617407, 310.6690197419934, 505.76616085786526 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 139.4513172425282, 626.8631877833429, 167.73117458639075, 629.3052937150867 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets:", "box": [ 139.4513172425282, 634.6938628170649, 154.06096141750504, 637.1359687488085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment in unconsolidated joint ", "box": [ 143.6276772605132, 642.5245378507867, 212.34742459506484, 644.9666437825304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ventures", "box": [ 143.6276772605132, 647.2229428710198, 160.12803307774436, 649.6650488027635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 230.8091926359499, 647.2229428710198, 233.24453254533518, 649.6650488027635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,294", "box": [ 248.7626491516143, 647.2229428710198, 259.7216625996062, 649.6650488027635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income Approach", "box": [ 274.897527076661, 647.2229428710198, 309.65578164439796, 649.6650488027635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Discount rate", "box": [ 339.40271266694486, 647.2229428710198, 365.5064686825883, 649.6650488027635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.0%", "box": [ 400.7430004310994, 647.2229428710198, 410.89355616053444, 649.6650488027635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.0%", "box": [ 447.2050056311824, 647.2229428710198, 457.35556136061746, 649.6650488027635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred equity investment", "box": [ 143.6276772605132, 654.0095279002454, 197.7282759492894, 656.451633831989 ], "from_ocr": false, "confidence": 1.0 }, { "text": "62,586", "box": [ 246.32371754651138, 654.0095279002454, 259.7180674322892, 656.451633831989 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income Approach", "box": [ 274.897527076661, 654.0095279002454, 309.65578164439796, 656.451633831989 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Discount rate", "box": [ 339.40271266694486, 654.0095279002454, 365.5064686825883, 656.451633831989 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12.0%", "box": [ 399.52761180001545, 654.0095279002454, 412.10894479161834, 656.451633831989 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12.0%", "box": [ 445.9896170000985, 654.0095279002454, 458.5709499917014, 656.451633831989 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Receivable from third party", "box": [ 143.6276772605132, 666.5386079542004, 197.59033105869457, 668.980713885944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,360", "box": [ 246.32371754651138, 666.5386079542004, 259.7180674322892, 668.980713885944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income Approach", "box": [ 274.897527076661, 666.5386079542004, 309.65578164439796, 668.980713885944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Debt Yield | Capitalization ", "box": [ 326.3515876107417, 661.8402029339672, 379.35818334416217, 664.282308865711 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rate", "box": [ 347.9838273913984, 666.5386079542004, 356.9094303326582, 668.980713885944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.3% | 6.0%", "box": [ 393.31201349199875, 666.5386079542004, 417.01943059401475, 668.980713885944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.3% | 6.0%", "box": [ 439.77401869208177, 666.5386079542004, 463.4814357940978, 668.980713885944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total assets", "box": [ 139.4513172425282, 674.3692829879222, 163.22199574219513, 676.8113889196659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 230.8091926359499, 674.3692829879222, 233.24453254533518, 676.8113889196659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "80,240", "box": [ 246.32371754651138, 674.3692829879222, 259.7180674322892, 676.8113889196659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liabilities:", "box": [ 139.4513172425282, 682.1999580216441, 161.91156682430017, 684.6420639533878 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contingent consideration- Madison One ", "box": [ 143.6276772605132, 694.7290380755991, 223.16849926671398, 697.1711440073427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 223.1253427591103, 694.2931814882146, 226.81413712204312, 695.8793724700769 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 230.8091926359499, 694.7290380755991, 233.24453254533518, 697.1711440073427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "496", "box": [ 252.41696416735118, 694.7290380755991, 259.7229769523084, 697.1711440073427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Monte Carlo Simulation ", "box": [ 268.7471843939253, 690.030633055366, 317.31595157298676, 692.4727389871097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Model", "box": [ 286.04807943632954, 694.7290380755991, 298.76463112957185, 697.1711440073427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net income volatility | Risk-", "box": [ 324.7854526039974, 690.030633055366, 380.14176227361867, 692.4727389871097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "adjusted discount rate", "box": [ 331.2212860371125, 694.7290380755991, 373.69220756075276, 697.1711440073427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "64.0% | 47.3%", "box": [ 390.8730871073458, 694.7290380755991, 419.4502026357326, 697.1711440073427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "64.0% | 47.3%", "box": [ 437.33509230742885, 694.7290380755991, 465.91220783581565, 697.1711440073427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contingent consideration - UDF", "box": [ 143.6276772605132, 707.2581181295541, 206.5325853578188, 709.7002240612977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21,769", "box": [ 246.32371754651138, 707.2581181295541, 259.7180674322892, 709.7002240612977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Cash Flow ", "box": [ 268.60851357997814, 702.559713109321, 317.44840389127614, 705.0018190410647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Approach", "box": [ 282.801612078599, 707.2581181295541, 302.00605456047185, 709.7002240612977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Discount factor", "box": [ 337.3716287198482, 707.2581181295541, 367.5326952674869, 709.7002240612977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18.0%", "box": [ 399.52761180001545, 707.2581181295541, 412.10894479161834, 709.7002240612977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18.0%", "box": [ 445.9896170000985, 707.2581181295541, 458.5709499917014, 709.7002240612977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total liabilities", "box": [ 139.4513172425282, 715.088793163276, 170.25923979177367, 717.5308990950195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 230.8091926359499, 715.088793163276, 233.24453254533518, 717.5308990950195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,265", "box": [ 246.32371754651138, 715.088793163276, 259.7180674322892, 717.5308990950195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 139.4513172425282, 721.8753781925016, 178.72112361204617, 724.3174841242452 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets:", "box": [ 139.4513172425282, 729.7060532262234, 154.06096141750504, 732.148159157967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment in unconsolidated joint ", "box": [ 143.6276772605132, 737.5367282599452, 212.34742459506484, 739.978834191689 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ventures", "box": [ 143.6276772605132, 742.2351332801784, 160.12803307774436, 744.677239211922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 230.8091926359499, 742.2351332801784, 233.24453254533518, 744.677239211922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,737", "box": [ 248.7626491516143, 742.2351332801784, 259.7216625996062, 744.677239211922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income Approach", "box": [ 274.897527076661, 742.2351332801784, 309.65578164439796, 744.677239211922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Discount rate", "box": [ 339.40271266694486, 742.2351332801784, 365.5064686825883, 744.677239211922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.0%", "box": [ 400.7430004310994, 742.2351332801784, 410.89355616053444, 744.677239211922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.0%", "box": [ 447.2050056311824, 742.2351332801784, 457.35556136061746, 744.677239211922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred equity investment", "box": [ 143.6276772605132, 749.021718309404, 197.7282759492894, 751.4638242411477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "79,887", "box": [ 246.32371754651138, 749.021718309404, 259.7180674322892, 751.4638242411477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income Approach", "box": [ 274.897527076661, 749.021718309404, 309.65578164439796, 751.4638242411477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Discount rate", "box": [ 339.40271266694486, 749.021718309404, 365.5064686825883, 751.4638242411477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12.0%", "box": [ 399.52761180001545, 749.021718309404, 412.10894479161834, 751.4638242411477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12.0%", "box": [ 445.9896170000985, 749.021718309404, 458.5709499917014, 751.4638242411477 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 28, "width": 612.0, "height": 792.0, "cells": [ { "text": "36", "box": [ 302.5169704768508, 375.9421736176947, 309.47582683301454, 379.43127031381925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 43.73802075222591, 167.45767368742935, 46.18012668396955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair Value", "box": [ 234.26774077584372, 43.73802075222591, 255.9645833245254, 46.18012668396955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Predominant Valuation ", "box": [ 267.85807388924644, 38.51757072974465, 317.56840021581195, 40.95967666148829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Technique ", "box": [ 279.00047190597985, 43.73802075222591, 301.6938062499399, 46.18012668396955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 302.1172771617796, 42.78011916259334, 305.8060715247124, 44.36631014445561 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Type", "box": [ 347.1681320753857, 43.73802075222591, 357.3613446445763, 46.18012668396955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Range", "box": [ 398.5406230778651, 43.73802075222591, 411.7994161864603, 46.18012668396955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted Average", "box": [ 432.36750522268653, 43.73802075222591, 470.0177150914005, 46.18012668396955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Receivable from third party", "box": [ 143.6276772605132, 41.127795740985334, 197.59033105869457, 43.569901672728975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,360", "box": [ 246.32371754651138, 41.127795740985334, 259.7180674322892, 43.569901672728975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income Approach", "box": [ 274.897527076661, 41.127795740985334, 309.65578164439796, 43.569901672728975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Debt Yield | Capitalization ", "box": [ 326.3515876107417, 36.42939072075217, 379.35818334416217, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rate", "box": [ 347.9838273913984, 41.127795740985334, 356.9094303326582, 43.569901672728975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.3% | 6.0%", "box": [ 393.31201349199875, 41.127795740985334, 417.01943059401475, 43.569901672728975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.3% | 6.0%", "box": [ 439.77401869208177, 41.127795740985334, 463.4814357940978, 43.569901672728975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total assets", "box": [ 139.4513172425282, 48.958470774707166, 163.22199574219513, 51.400576706450806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 230.8091926359499, 48.958470774707166, 233.24453254533518, 51.400576706450806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "97,984", "box": [ 246.32371754651138, 48.958470774707166, 259.7180674322892, 51.400576706450806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liabilities:", "box": [ 139.4513172425282, 56.789145808429, 161.91156682430017, 59.23125174017264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contingent consideration- Madison One ", "box": [ 143.6276772605132, 69.318225862384, 223.16849926671398, 71.76033179412764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 223.1253427591103, 68.88236927499952, 226.81413712204312, 70.46856025686179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 230.8091926359499, 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Consideration- Madison One refers to the contingent consideration in connection with the acquisition of Madison One Capital, M1 CUSO and Madison One ", "box": [ 137.10211473241165, 104.29524101300831, 472.9833865807953, 106.73734694475195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lender Services ('Madison One') on June 5, 2024.", "box": [ 137.10211473241165, 110.03773603773766, 237.05790252265956, 112.4798419694813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Included within Level 3 assets of $80.6 million as of June 30, 2026 and $98.7 million as of December 31, 2025, is $0.4 ", "box": [ 137.10211473241165, 124.31648253409901, 476.498908363032, 127.80557923022354 ], "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": [ 137.10211473241165, 132.14715756782084, 476.5315361756725, 135.63625426394537 ], "from_ocr": false, "confidence": 1.0 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Transfers between Level 2 and Level 3 generally relate to whether ", "box": [ 137.10211473241165, 83.07492735649714, 476.629419613594, 86.56402405262168 ], "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": [ 137.10211473241165, 91.42764739246718, 476.54785008199275, 94.91674408859171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "measurements of such financial instruments.", "box": [ 137.10211473241165, 99.7803674284371, 260.9751165205117, 103.26946412456164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial instruments not carried at fair value", "box": [ 137.10211473241165, 116.48580750037706, 270.8866773877933, 119.9749041965016 ], "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": [ 137.10211473241165, 133.19124757231702, 476.61310570727375, 136.68034426844156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value and are classified as Level 3.", "box": [ 137.10211473241165, 141.54396760828706, 234.28818639428323, 145.0330643044116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 315.33154128118525, 289.62039130712674, 343.6113986250478, 292.06249723887044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 407.9455874612665, 289.62039130712674, 447.21539383078454, 292.06249723887044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 301.62742635883365, 167.45767368742935, 304.0695322905773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 288.6419905412499, 301.62742635883365, 320.71042289048955, 304.0695322905773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Estimated ", "box": [ 343.4567157773029, 296.9290213386005, 365.77903639248024, 299.3711272703442 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair Value", "box": [ 342.8531012434535, 301.62742635883365, 364.54994379213514, 304.0695322905773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 386.7864509638972, 301.62742635883365, 418.85488331313684, 304.0695322905773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Estimated ", "box": [ 441.6011761999502, 296.9290213386005, 463.92349681512746, 299.3711272703442 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair Value", "box": [ 440.9975616661008, 301.62742635883365, 462.6944042147825, 304.0695322905773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets:", "box": [ 139.4513172425282, 308.41401138805924, 154.06096141750504, 310.8561173198029 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, net", "box": [ 143.6276772605132, 315.2005964172848, 163.916597790909, 317.64270234902847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 284.05778286525856, 315.2005964172848, 286.4931227746438, 317.64270234902847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,317,017", "box": [ 306.00814642938514, 315.2005964172848, 325.49083341598373, 317.64270234902847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 315.2005964172848, 335.5653529859675, 317.64270234902847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,094,850", "box": [ 355.0803766407088, 315.2005964172848, 374.5630636273074, 317.64270234902847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 315.2005964172848, 384.6375831972911, 317.64270234902847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,193,640", "box": [ 404.1526068520325, 315.2005964172848, 423.63529383863107, 317.64270234902847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 315.2005964172848, 433.70981340861476, 317.64270234902847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,022,286", "box": [ 453.2248370633561, 315.2005964172848, 472.7075240499547, 317.64270234902847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, held for sale", "box": [ 143.6276772605132, 321.9871814465105, 182.03890548767984, 324.4292873782541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "216,900", "box": [ 309.662461445122, 321.9871814465105, 325.49214776868587, 324.4292873782541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "216,900", "box": [ 358.73469165644565, 321.9871814465105, 374.56437798000957, 324.4292873782541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "637,833", "box": [ 407.80692186776935, 321.9871814465105, 423.6366081913332, 324.4292873782541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "637,833", "box": [ 456.879152079093, 321.9871814465105, 472.70883840265685, 324.4292873782541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Servicing rights", "box": [ 143.6276772605132, 328.77376647573607, 174.6068480067991, 331.2158724074797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "117,463", "box": [ 309.662461445122, 328.77376647573607, 325.31139636883347, 331.2158724074797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "133,632", "box": [ 358.73469165644565, 328.77376647573607, 374.56437798000957, 331.2158724074797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "126,279", "box": [ 407.80692186776935, 328.77376647573607, 423.6366081913332, 331.2158724074797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "143,179", "box": [ 456.879152079093, 328.77376647573607, 472.70883840265685, 331.2158724074797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total assets", "box": [ 139.4513172425282, 335.56035150496166, 163.22199574219513, 338.00245743670536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 284.05778286525856, 335.56035150496166, 286.4931227746438, 338.00245743670536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,651,380", "box": [ 306.00814642938514, 335.56035150496166, 325.49083341598373, 338.00245743670536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 335.56035150496166, 335.5653529859675, 338.00245743670536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,445,382", "box": [ 355.0803766407088, 335.56035150496166, 374.5630636273074, 338.00245743670536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 335.56035150496166, 384.6375831972911, 338.00245743670536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,957,752", "box": [ 404.1526068520325, 335.56035150496166, 423.63529383863107, 338.00245743670536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 335.56035150496166, 433.70981340861476, 338.00245743670536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,803,298", "box": [ 453.2248370633561, 335.56035150496166, 472.7075240499547, 338.00245743670536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liabilities:", "box": [ 139.4513172425282, 342.3469365341873, 161.91156682430017, 344.78904246593095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured borrowings", "box": [ 143.6276772605132, 349.1335215634129, 182.71909725268006, 351.57562749515654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,876,713", "box": [ 306.00814642938514, 349.1335215634129, 325.49083341598373, 351.57562749515654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,876,713", "box": [ 355.0803766407088, 349.1335215634129, 374.5630636273074, 351.57562749515654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,788,926", "box": [ 404.1526068520325, 349.1335215634129, 423.63529383863107, 351.57562749515654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,788,926", "box": [ 453.2248370633561, 349.1335215634129, 472.7075240499547, 351.57562749515654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securitized debt obligations of consolidated VIEs, net", "box": [ 143.6276772605132, 355.9201065926385, 248.63962037839502, 358.3622125243822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "638,942", "box": [ 309.662461445122, 355.9201065926385, 325.49214776868587, 358.3622125243822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "617,476", "box": [ 358.73469165644565, 355.9201065926385, 374.56437798000957, 358.3622125243822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,174,785", "box": [ 404.1526068520325, 355.9201065926385, 423.63529383863107, 358.3622125243822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,150,551", "box": [ 453.2248370633561, 355.9201065926385, 472.7075240499547, 358.3622125243822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured notes, net", "box": [ 143.6276772605132, 362.70669162186414, 192.32012036548085, 365.1487975536078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "723,915", "box": [ 309.662461445122, 362.70669162186414, 325.49214776868587, 365.1487975536078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "713,646", "box": [ 358.73469165644565, 362.70669162186414, 374.56437798000957, 365.1487975536078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "722,729", "box": [ 407.80692186776935, 362.70669162186414, 423.6366081913332, 365.1487975536078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "711,705", "box": [ 456.879152079093, 362.70669162186414, 472.52808700280445, 365.1487975536078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guaranteed loan financing", "box": [ 143.6276772605132, 369.49327665108973, 195.28819826636527, 371.9353825828334 ], "from_ocr": false, "confidence": 1.0 }, { "text": "950,103", "box": [ 309.662461445122, 369.49327665108973, 325.49214776868587, 371.9353825828334 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,008,226", "box": [ 355.0803766407088, 369.49327665108973, 374.5630636273074, 371.9353825828334 ], "from_ocr": false, "confidence": 1.0 }, { "text": "524,091", "box": [ 407.80692186776935, 369.49327665108973, 423.6366081913332, 371.9353825828334 ], "from_ocr": false, "confidence": 1.0 }, { "text": "550,556", "box": [ 456.879152079093, 369.49327665108973, 472.70883840265685, 371.9353825828334 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate debt, net", "box": [ 143.6276772605132, 376.2798616803153, 181.09236115209038, 378.72196761205896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "470,372", "box": [ 309.662461445122, 376.2798616803153, 325.49214776868587, 378.72196761205896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "437,260", "box": [ 358.73469165644565, 376.2798616803153, 374.56437798000957, 378.72196761205896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "652,487", "box": [ 407.80692186776935, 376.2798616803153, 423.6366081913332, 378.72196761205896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "617,477", "box": [ 456.879152079093, 376.2798616803153, 472.70883840265685, 378.72196761205896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total liabilities", "box": [ 139.4513172425282, 383.06644670954097, 170.25923979177367, 385.5085526412846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 284.05778286525856, 383.06644670954097, 286.4931227746438, 385.5085526412846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,660,045", "box": [ 306.00814642938514, 383.06644670954097, 325.49083341598373, 385.5085526412846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 383.06644670954097, 335.5653529859675, 385.5085526412846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,653,321", "box": [ 355.0803766407088, 383.06644670954097, 374.5630636273074, 385.5085526412846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 383.06644670954097, 384.6375831972911, 385.5085526412846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,863,018", "box": [ 404.1526068520325, 383.06644670954097, 423.63529383863107, 385.5085526412846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 383.06644670954097, 433.70981340861476, 385.5085526412846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,819,215", "box": [ 453.2248370633561, 383.06644670954097, 472.7075240499547, 385.5085526412846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of both June 30, 2026 and December 31, 2025, other assets and accounts payable and accrued liabilities are not ", "box": [ 137.10211473241165, 400.99950822163913, 476.58047789463325, 404.48860491776367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "carried at fair value but generally approximate fair value. Further details are presented in Note 18 - Other Assets and ", "box": [ 137.10211473241165, 409.3522282576091, 476.5886322375684, 412.84132495373365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other Liabilities.", "box": [ 137.10211473241165, 417.7049482935791, 184.64179929126996, 421.1940449897037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 8. Servicing Rights", "box": [ 137.10211473241165, 434.4103883655191, 208.61978920389262, 437.89948506164365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company performs servicing activities for third parties, which primarily include collecting principal, interest and ", "box": [ 137.10211473241165, 451.1158284374591, 476.58047789463325, 454.6049251335836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "other payments from borrowers, remitting the corresponding payments to investors and monitoring delinquencies. The ", "box": [ 137.10211473241165, 459.468548473429, 476.6212600502089, 462.95764516955353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's servicing fees are specified by pooling and servicing agreements. ", "box": [ 137.10211473241165, 467.82126850939903, 353.9896262408605, 471.31036520552357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents information about servicing rights at amortized cost.", "box": [ 137.10211473241165, 484.526708581339, 354.1176836710938, 488.0158052774635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30,", "box": [ 266.70794610389356, 503.6588422288576, 329.54149555578766, 506.10094816060126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30,", "box": [ 388.6951780033669, 503.6588422288576, 445.671071234602, 506.10094816060126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 510.96747226033136, 167.45767368742935, 513.4095781920751 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 263.51857480805893, 510.96747226033136, 273.2599240308021, 513.4095781920751 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 323.0317050643451, 510.96747226033136, 332.77305428708826, 513.4095781920751 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 382.5448353206312, 510.96747226033136, 392.2861845433744, 513.4095781920751 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 442.05796557691735, 510.96747226033136, 451.7993147996605, 513.4095781920751 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SBA", "box": [ 139.4513172425282, 518.7981472940533, 148.92629730342006, 521.2402532257968 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Beginning net carrying amount", "box": [ 143.6276772605132, 526.6288223277751, 204.36124104049696, 529.0709282595187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 242.29418268540866, 526.6288223277751, 244.72952259479388, 529.0709282595187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39,971", "box": [ 280.77868769488754, 526.6288223277751, 294.17303758066544, 529.0709282595187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 301.80731294169476, 526.6288223277751, 304.24265285108004, 529.0709282595187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "43,289", "box": [ 340.29181795117364, 526.6288223277751, 353.68616783695154, 529.0709282595187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 361.3204431979809, 526.6288223277751, 363.75578310736614, 529.0709282595187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41,056", "box": [ 399.8049482074598, 526.6288223277751, 413.1992980932377, 529.0709282595187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 420.833573454267, 526.6288223277751, 423.2689133636523, 529.0709282595187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39,227", "box": [ 459.3180784637459, 526.6288223277751, 472.71242834952386, 529.0709282595187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Additions", "box": [ 143.6276772605132, 534.4594973614969, 162.8416220075446, 536.9016032932406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,771", "box": [ 283.2176192999905, 534.4594973614969, 294.1766327479824, 536.9016032932406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,229", "box": [ 342.73074955627663, 534.4594973614969, 353.6897630042685, 536.9016032932406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,183", "box": [ 402.24387981256274, 534.4594973614969, 413.2028932605547, 536.9016032932406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,092", "box": [ 461.7570100688489, 534.4594973614969, 472.71602351684083, 536.9016032932406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization", "box": [ 143.6276772605132, 542.2901723952189, 169.59825663430513, 544.7322783269624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,706)", "box": [ 281.59438301090023, 542.2901723952189, 295.80253876686106, 544.7322783269624 ], "from_ocr": false, "confidence": 1.0 }, { "text": 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198.58192222564065, 693.5151039676778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 242.29418268540866, 691.0729980359341, 244.72952259479388, 693.5151039676778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,626", "box": [ 283.2176192999905, 691.0729980359341, 294.1766327479824, 693.5151039676778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 301.80731294169476, 691.0729980359341, 304.24265285108004, 693.5151039676778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,059", "box": [ 342.73074955627663, 691.0729980359341, 353.6897630042685, 693.5151039676778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 361.3204431979809, 691.0729980359341, 363.75578310736614, 693.5151039676778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,626", "box": [ 402.24387981256274, 691.0729980359341, 413.2028932605547, 693.5151039676778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 420.833573454267, 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"$", "box": [ 361.3204431979809, 698.903673069656, 363.75578310736614, 701.3457790013997 ], "from_ocr": false, "confidence": 1.0 }, { "text": "117,463", "box": [ 397.36602182280683, 698.903673069656, 412.9269667922524, 701.3457790013997 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 420.833573454267, 698.903673069656, 423.2689133636523, 701.3457790013997 ], "from_ocr": false, "confidence": 1.0 }, { "text": "124,283", "box": [ 456.879152079093, 698.903673069656, 472.70883840265685, 701.3457790013997 ], "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": [ 137.10211473241165, 716.8367345817542, 476.58047789463325, 720.3258312778787 ], "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": [ 137.10211473241165, 725.1894546177241, 474.84899546939516, 728.6785513138486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "party valuation experts. The assumptions used in the Company's internal models include forward prepayment rates, ", "box": [ 137.10211473241165, 733.5421746536941, 476.5967918009535, 737.0312713498187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "forward default rates, discount rates, and servicing expenses. ", "box": [ 137.10211473241165, 741.8948946896642, 308.0170382303851, 745.3839913857887 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 30, "width": 612.0, "height": 792.0, "cells": [ { "text": "38", "box": [ 302.5169704768508, 50.18609221486531, 309.47582683301454, 53.675188910989846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39", "box": [ 302.5169704768508, 607.729934199871, 309.47582683301454, 611.2190308959955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company's models calculate the present value of expected future cash flows utilizing assumptions that it believes ", "box": [ 137.10211473241165, 133.7130721585744, 476.52337661228734, 137.20216885469893 ], "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": [ 137.10211473241165, 142.06579219454431, 476.58047789463325, 145.55488889066896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "historical experiences adjusted for prevailing market conditions. Components of the estimated future cash flows include ", "box": [ 137.10211473241165, 150.41851223051435, 476.54785008199275, 153.9076089266389 ], "from_ocr": false, "confidence": 1.0 }, { "text": "servicing fees, late fees, other ancillary fees and cost of servicing. ", "box": [ 137.10211473241165, 158.77123226648428, 321.6880917267578, 162.2603289626088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents additional information about servicing rights at amortized cost.", "box": [ 137.10211473241165, 175.47667233842435, 383.6860015640152, 178.96576903454888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026", "box": [ 309.3769654742926, 193.56471598144662, 349.56597443194045, 196.00682191319038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of December 31, 2025", "box": [ 401.99101165437384, 193.56471598144662, 453.1618152947421, 196.00682191319038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 199.82925600842418, 167.45767368742935, 202.27136194016782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UPB", "box": [ 300.06988452881274, 199.82925600842418, 309.8112378840646, 202.27136194016782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 337.71422075257357, 199.82925600842418, 369.7826531018132, 202.27136194016782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UPB", "box": [ 398.21434495146, 199.82925600842418, 407.9556983067119, 202.27136194016782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 435.85868117522085, 199.82925600842418, 467.9271135244605, 202.27136194016782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SBA", "box": [ 139.4513172425282, 206.61584103764972, 148.92629730342006, 209.05794696939347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 284.05778286525856, 206.61584103764972, 286.4931227746438, 209.05794696939347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,886,796", "box": [ 306.065242491281, 206.61584103764972, 325.5479294778796, 209.05794696939347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 206.61584103764972, 335.5653529859675, 209.05794696939347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "38,817", "box": [ 361.23071932344453, 206.61584103764972, 374.62506920922243, 209.05794696939347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 206.61584103764972, 384.6375831972911, 209.05794696939347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,916,211", "box": [ 404.2097029139283, 206.61584103764972, 423.51163850067456, 209.05794696939347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 206.61584103764972, 433.70981340861476, 209.05794696939347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41,056", "box": [ 459.3751797460918, 206.61584103764972, 472.7695296318697, 209.05794696939347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Multi-family", "box": [ 139.4513172425282, 213.40242606687536, 164.6132749578834, 215.844531998619 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,166,547", "box": [ 306.065242491281, 213.40242606687536, 325.5479294778796, 215.844531998619 ], "from_ocr": false, "confidence": 1.0 }, { "text": "59,027", "box": [ 361.23071932344453, 213.40242606687536, 374.62506920922243, 215.844531998619 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,318,735", "box": [ 404.2097029139283, 213.40242606687536, 423.69238990052696, 215.844531998619 ], "from_ocr": false, "confidence": 1.0 }, { "text": "61,331", "box": [ 459.3751797460918, 213.40242606687536, 472.7695296318697, 215.844531998619 ], "from_ocr": false, "confidence": 1.0 }, { "text": "USDA", "box": [ 139.4513172425282, 220.189011096101, 152.71249367682736, 222.63111702784465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "601,222", "box": [ 309.7195575070179, 220.189011096101, 325.54924383058176, 222.63111702784465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,993", "box": [ 361.23071932344453, 220.189011096101, 374.62506920922243, 222.63111702784465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "699,779", "box": [ 407.8640179296652, 220.189011096101, 423.6937042532291, 222.63111702784465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,620", "box": [ 459.3751797460918, 220.189011096101, 472.7695296318697, 222.63111702784465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Small business loans", "box": [ 139.4513172425282, 228.01968612982284, 180.04104361295583, 230.46179206156648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "385,059", "box": [ 309.7195575070179, 228.01968612982284, 325.54924383058176, 230.46179206156648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,626", "box": [ 363.66964570809745, 228.01968612982284, 374.6286591560894, 230.46179206156648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "419,016", "box": [ 407.8640179296652, 228.01968612982284, 423.6937042532291, 230.46179206156648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,272", "box": [ 461.8141061307448, 228.01968612982284, 472.7731195787367, 230.46179206156648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 137.62415973465977, 234.8062711590485, 148.2716174363963, 237.24837709079213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 284.05778286525856, 234.8062711590485, 286.4931227746438, 237.24837709079213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,039,624", "box": [ 306.065242491281, 234.8062711590485, 325.5479294778796, 237.24837709079213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 234.8062711590485, 335.5653529859675, 237.24837709079213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "117,463", "box": [ 358.79178771834154, 234.8062711590485, 374.3527326877871, 237.24837709079213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 234.8062711590485, 384.6375831972911, 237.24837709079213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,353,741", "box": [ 404.2097029139283, 234.8062711590485, 423.69238990052696, 237.24837709079213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 234.8062711590485, 433.70981340861476, 237.24837709079213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "126,279", "box": [ 456.9362481409889, 234.8062711590485, 472.76593446455274, 237.24837709079213 ], "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": [ 137.10211473241165, 252.7393326711467, 464.8635456520827, 256.22842936727125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 281.3986161350572, 266.651016296184, 309.6784734789197, 269.09312222792767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 396.1995749106837, 266.651016296184, 435.4693812802018, 269.09312222792767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Range of input values", "box": [ 246.91917773742563, 277.09191634114654, 291.98000567027105, 279.5340222728902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted Average", "box": [ 309.6869296943774, 277.09191634114654, 347.3371395630913, 279.5340222728902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Range of input values", "box": [ 367.2423911922331, 277.09191634114654, 412.3032191250784, 279.5340222728902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted Average", "box": [ 431.3234152181903, 277.09191634114654, 468.97362508690424, 279.5340222728902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SBA", "box": [ 139.4513172425282, 284.9225913748684, 148.92629730342006, 287.364697306612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Forward prepayment rate", "box": [ 143.6276772605132, 292.75326640859026, 192.85523247326057, 295.19537234033385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.1 %", "box": [ 253.23265948336388, 292.75326640859026, 264.99829193850405, 295.19537234033385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 269.27738373910853, 292.75326640859026, 270.8993581587685, 295.19537234033385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21.7 %", "box": [ 286.29278803113334, 292.75326640859026, 300.49735209137646, 295.19537234033385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.1 %", "box": [ 338.49728825594576, 292.75326640859026, 352.7018523161889, 295.19537234033385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.0 %", "box": [ 372.25891999593614, 292.75326640859026, 384.0245524510763, 295.19537234033385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 389.60875675730114, 292.75326640859026, 391.23073117696106, 295.19537234033385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21.6 %", "box": [ 407.92927355494623, 292.75326640859026, 422.13383761518935, 295.19537234033385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.8 %", "box": [ 462.5727053848616, 292.75326640859026, 474.33833784000177, 295.19537234033385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Forward default rate", "box": [ 143.6276772605132, 300.58394144231215, 183.38737571009887, 303.02604737405574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.0 %", "box": [ 253.23265948336388, 300.58394144231215, 264.99829193850405, 303.02604737405574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 269.27738373910853, 300.58394144231215, 270.8993581587685, 303.02604737405574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.7 %", "box": [ 288.7317196362363, 300.58394144231215, 300.49735209137646, 303.02604737405574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.1 %", "box": [ 340.9362198610487, 300.58394144231215, 352.7018523161889, 303.02604737405574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.0 %", "box": [ 372.25891999593614, 300.58394144231215, 384.0245524510763, 303.02604737405574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 389.60875675730114, 300.58394144231215, 391.23073117696106, 303.02604737405574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.8 %", "box": [ 410.3682051600492, 300.58394144231215, 422.13383761518935, 303.02604737405574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.3 %", "box": [ 462.5727053848616, 300.58394144231215, 474.33833784000177, 303.02604737405574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Discount rate", "box": [ 143.6276772605132, 308.414616476034, 169.73143327615668, 310.8567224077776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.4 %", "box": [ 253.23265948336388, 308.414616476034, 264.99829193850405, 310.8567224077776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 269.27738373910853, 308.414616476034, 270.8993581587685, 310.8567224077776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20.5 %", "box": [ 286.29278803113334, 308.414616476034, 300.49735209137646, 310.8567224077776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12.0 %", "box": [ 338.49728825594576, 308.414616476034, 352.7018523161889, 310.8567224077776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.4 %", "box": [ 372.25891999593614, 308.414616476034, 384.0245524510763, 310.8567224077776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 389.60875675730114, 308.414616476034, 391.23073117696106, 310.8567224077776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19.0 %", "box": [ 407.92927355494623, 308.414616476034, 422.13383761518935, 310.8567224077776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11.9 %", "box": [ 460.1337737797586, 308.414616476034, 474.33833784000177, 310.8567224077776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Servicing expense", "box": [ 143.6276772605132, 316.2452915097558, 179.19928205202984, 318.68739744149946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.4 %", "box": [ 253.23265948336388, 316.2452915097558, 264.99829193850405, 318.68739744149946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 269.27738373910853, 316.2452915097558, 270.8993581587685, 318.68739744149946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.4 %", "box": [ 288.7317196362363, 316.2452915097558, 300.49735209137646, 318.68739744149946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.4 %", "box": [ 340.9362198610487, 316.2452915097558, 352.7018523161889, 318.68739744149946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.4 %", "box": [ 372.25891999593614, 316.2452915097558, 384.0245524510763, 318.68739744149946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 389.60875675730114, 316.2452915097558, 391.23073117696106, 318.68739744149946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.4 %", "box": [ 410.3682051600492, 316.2452915097558, 422.13383761518935, 318.68739744149946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.4 %", "box": [ 462.5727053848616, 316.2452915097558, 474.33833784000177, 318.68739744149946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Multi-family", "box": [ 139.4513172425282, 331.9066415771996, 165.96411897113217, 334.3487475089432 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Forward prepayment rate", "box": [ 143.6276772605132, 339.7373166109214, 192.85523247326057, 342.17942254266507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.0 %", "box": [ 253.23265948336388, 339.7373166109214, 264.99829193850405, 342.17942254266507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 269.27738373910853, 339.7373166109214, 270.8993581587685, 342.17942254266507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.6 %", "box": [ 288.7317196362363, 339.7373166109214, 300.49735209137646, 342.17942254266507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.4 %", "box": [ 340.9362198610487, 339.7373166109214, 352.7018523161889, 342.17942254266507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.0 %", "box": [ 372.25891999593614, 339.7373166109214, 384.0245524510763, 342.17942254266507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 389.60875675730114, 339.7373166109214, 391.23073117696106, 342.17942254266507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.6 %", "box": [ 410.3682051600492, 339.7373166109214, 422.13383761518935, 342.17942254266507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.3 %", "box": [ 462.5727053848616, 339.7373166109214, 474.33833784000177, 342.17942254266507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Forward default rate", "box": [ 143.6276772605132, 347.56799164464326, 183.38737571009887, 350.0100975763869 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.0 %", "box": [ 253.23265948336388, 347.56799164464326, 264.99829193850405, 350.0100975763869 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 269.27738373910853, 347.56799164464326, 270.8993581587685, 350.0100975763869 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.2 %", "box": [ 288.7317196362363, 347.56799164464326, 300.49735209137646, 350.0100975763869 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.1 %", "box": [ 340.9362198610487, 347.56799164464326, 352.7018523161889, 350.0100975763869 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.0 %", "box": [ 372.25891999593614, 347.56799164464326, 384.0245524510763, 350.0100975763869 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 389.60875675730114, 347.56799164464326, 391.23073117696106, 350.0100975763869 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.2 %", "box": [ 410.3682051600492, 347.56799164464326, 422.13383761518935, 350.0100975763869 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.1 %", "box": [ 462.5727053848616, 347.56799164464326, 474.33833784000177, 350.0100975763869 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Discount rate", "box": [ 143.6276772605132, 355.39866667836515, 169.73143327615668, 357.8407726101088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.2 %", "box": [ 253.23265948336388, 355.39866667836515, 264.99829193850405, 357.8407726101088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 269.27738373910853, 355.39866667836515, 270.8993581587685, 357.8407726101088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.2 %", "box": [ 288.7317196362363, 355.39866667836515, 300.49735209137646, 357.8407726101088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.2 %", "box": [ 340.9362198610487, 355.39866667836515, 352.7018523161889, 357.8407726101088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.2 %", "box": [ 372.25891999593614, 355.39866667836515, 384.0245524510763, 357.8407726101088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 389.60875675730114, 355.39866667836515, 391.23073117696106, 357.8407726101088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.2 %", "box": [ 410.3682051600492, 355.39866667836515, 422.13383761518935, 357.8407726101088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.2 %", "box": [ 462.5727053848616, 355.39866667836515, 474.33833784000177, 357.8407726101088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Servicing expense", "box": [ 143.6276772605132, 363.229341712087, 179.19928205202984, 365.6714476438306 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.0 %", "box": [ 253.23265948336388, 363.229341712087, 264.99829193850405, 365.6714476438306 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 269.27738373910853, 363.229341712087, 270.8993581587685, 365.6714476438306 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.7 %", "box": [ 288.7317196362363, 363.229341712087, 300.49735209137646, 365.6714476438306 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.1 %", "box": [ 340.9362198610487, 363.229341712087, 352.7018523161889, 365.6714476438306 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.0 %", "box": [ 372.25891999593614, 363.229341712087, 384.0245524510763, 365.6714476438306 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 389.60875675730114, 363.229341712087, 391.23073117696106, 365.6714476438306 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.8 %", "box": [ 410.3682051600492, 363.229341712087, 422.13383761518935, 365.6714476438306 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.1 %", "box": [ 462.5727053848616, 363.229341712087, 474.33833784000177, 365.6714476438306 ], "from_ocr": false, "confidence": 1.0 }, { "text": "USDA", "box": [ 139.4513172425282, 378.8906917795307, 152.71249367682736, 381.33279771127434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Forward prepayment rate", "box": [ 143.6276772605132, 386.7213668132526, 192.85523247326057, 389.1634727449962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.4 %", "box": [ 253.23265948336388, 386.7213668132526, 264.99829193850405, 389.1634727449962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 269.27738373910853, 386.7213668132526, 270.8993581587685, 389.1634727449962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18.8 %", "box": [ 286.29278803113334, 386.7213668132526, 300.49735209137646, 389.1634727449962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13.6 %", "box": [ 338.49728825594576, 386.7213668132526, 352.7018523161889, 389.1634727449962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.5 %", "box": [ 372.25891999593614, 386.7213668132526, 384.0245524510763, 389.1634727449962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 388.95620050449094, 386.7213668132526, 390.5781749241509, 389.1634727449962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16.9 %", "box": [ 407.92927355494623, 386.7213668132526, 422.13383761518935, 389.1634727449962 ], "from_ocr": false, 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251.5119316469793, 203.67155945884124, 253.95403757872293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 251.5119316469793, 371.0644131388399, 253.95403757872293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(16)", "box": [ 410.3682051600492, 251.5119316469793, 418.4912686381053, 253.95403757872293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 251.5119316469793, 426.9232283793892, 253.95403757872293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(29)", "box": [ 466.22702040059846, 251.5119316469793, 474.3500838786546, 253.95403757872293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Servicing expense", "box": [ 139.4513172425282, 258.2985166762048, 175.02292203404485, 260.7406226079486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Impact of 10% adverse change", "box": [ 143.6276772605132, 265.0851017054305, 203.67155945884124, 267.5272076371741 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 265.0851017054305, 371.0644131388399, 267.5272076371741 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(273)", "box": [ 407.92927355494623, 265.0851017054305, 418.4831142951702, 267.5272076371741 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 265.0851017054305, 426.9232283793892, 267.5272076371741 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(280)", "box": [ 463.78808879549547, 265.0851017054305, 474.34192953571943, 267.5272076371741 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Impact of 20% adverse change", "box": [ 143.6276772605132, 271.8716867346561, 203.67155945884124, 274.31379266639976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 271.8716867346561, 371.0644131388399, 274.31379266639976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(547)", "box": [ 407.92927355494623, 271.8716867346561, 418.4831142951702, 274.31379266639976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 271.8716867346561, 426.9232283793892, 274.31379266639976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(560)", "box": [ 463.78808879549547, 271.8716867346561, 474.34192953571943, 274.31379266639976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents estimated future amortization expense for servicing rights.", "box": [ 137.10211473241165, 289.8047482467543, 370.7265146691673, 293.2938449428788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 307.8927918897767, 167.45767368742935, 310.3348978215203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 434.61882429488156, 307.8927918897767, 462.8986816387441, 310.3348978215203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 139.4513172425282, 314.1573319167542, 149.19266646527143, 316.59943784849776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 314.1573319167542, 426.9232283793892, 316.59943784849776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,546", "box": [ 459.3180784637459, 314.1573319167542, 472.53167694967146, 316.59943784849776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027", "box": [ 139.4513172425282, 320.94391694597977, 149.19266646527143, 323.3860228777234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,263", "box": [ 459.3180784637459, 320.94391694597977, 472.71242834952386, 323.3860228777234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2028", "box": [ 139.4513172425282, 327.73050197520536, 149.19266646527143, 330.172607906949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,868", "box": [ 459.3180784637459, 327.73050197520536, 472.71242834952386, 330.172607906949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2029", "box": [ 139.4513172425282, 334.517087004431, 149.19266646527143, 336.95919293617465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,658", "box": [ 459.3180784637459, 334.517087004431, 472.71242834952386, 336.95919293617465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2030", "box": [ 139.4513172425282, 341.3036720336566, 149.19266646527143, 343.74577796540024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,811", "box": [ 459.3180784637459, 341.3036720336566, 472.53167694967146, 343.74577796540024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Thereafter", "box": [ 139.4513172425282, 348.0902570628822, 159.72834711312694, 350.5323629946258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41,317", "box": [ 459.3180784637459, 348.0902570628822, 472.71242834952386, 350.5323629946258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 139.4513172425282, 354.87684209210784, 150.09877494426473, 357.3189480238515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 354.87684209210784, 426.9232283793892, 357.3189480238515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "117,463", "box": [ 456.879152079093, 354.87684209210784, 472.4400970485386, 357.3189480238515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 9. Discontinued Operations and Assets and Liabilities Held for Sale", "box": [ 137.10211473241165, 372.809903604206, 351.75529252321974, 376.29900030033053 ], "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": [ 137.10211473241165, 389.51534367614596, 476.54785008199275, 393.0044403722705 ], "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": [ 137.10211473241165, 397.86806371211594, 476.629419613594, 401.3571604082405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "disposition of assets and liabilities of the Company's Residential Mortgage Banking segment. Accordingly, the then ", "box": [ 137.10211473241165, 406.2207837480859, 476.5886322375684, 409.70988044421046 ], "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": [ 137.10211473241165, 414.5735037840559, 476.5315361756725, 418.06260048018044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sheets, presented as discontinued operations on the consolidated statements of operations, and excluded from continuing ", "box": [ 137.10211473241165, 520.0258540782079, 476.57231833124814, 523.5149507743324 ], "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": [ 137.10211473241165, 528.3785741141778, 476.5070627059671, 531.8676708103023 ], "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": [ 137.10211473241165, 536.7312941501478, 476.51522226935225, 540.2203908462724 ], "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": [ 137.10211473241165, 545.0840141861179, 476.564163988313, 548.5731108822424 ], "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": [ 137.10211473241165, 553.4367342220878, 476.5967918009535, 556.9258309182123 ], "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": [ 137.10211473241165, 561.7894542580577, 476.629419613594, 565.2785509541823 ], "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": [ 137.10211473241165, 570.1421742940278, 476.5967918009535, 573.6312709901523 ], "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": [ 137.10211473241165, 578.4948943299978, 476.61310570727375, 581.9839910261223 ], "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": [ 137.10211473241165, 586.8476143659677, 476.629419613594, 590.3367110620923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$5.5 million in the approximately 30 months after closing based on the performance of the sold business.", "box": [ 137.10211473241165, 595.2003344019377, 429.1641065645904, 598.6894310980622 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the operating results of the Residential Mortgage Banking segment presented as discontinued ", "box": [ 137.10211473241165, 611.9057744738777, 476.58047789463325, 615.3948711700023 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operations.", "box": [ 137.10211473241165, 620.2584945098477, 167.8153273141233, 623.7475912059722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 637.824493150622, 167.45767368742935, 640.2665990823656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 312.8518275205067, 638.34653815287, 322.59317674324984, 640.7886440846137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 358.26974271609345, 638.34653815287, 368.0110919388366, 640.7886440846137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 403.6876579116802, 638.34653815287, 413.42900713442344, 640.7886440846137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 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"-", "box": [ 422.42418193071677, 646.1772131865919, 427.29486174948727, 648.6193191183356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.92878851496636, 646.1772131865919, 437.36412842435163, 648.6193191183356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,693", "box": [ 461.7570100688489, 646.1772131865919, 472.71602351684083, 648.6193191183356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest expense", "box": [ 143.6276772605132, 653.4858432180656, 175.13721501693104, 655.9279491498094 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 331.5883515395432, 654.0078882203138, 336.4590313583137, 656.4499941520575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,491)", "box": [ 369.29794338858505, 654.0078882203138, 383.5060991445459, 656.4499941520575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 422.42418193071677, 654.0078882203138, 427.29486174948727, 656.4499941520575 ], "from_ocr": false, 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false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 74.53867588486526, 391.94621322876486, 76.9807818166089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 422.42418193071677, 74.53867588486526, 427.29486174948727, 76.9807818166089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.92878851496636, 74.53867588486526, 437.36412842435163, 76.9807818166089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7,161)", "box": [ 460.1337737797586, 74.53867588486526, 474.34192953571943, 76.9807818166089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income tax benefit", "box": [ 143.6276772605132, 81.847305916339, 180.14107237300976, 84.28941184808264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 331.5883515395432, 82.36935091858709, 336.4590313583137, 84.81145685033073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,641", "box": [ 370.9211796776753, 82.36935091858709, 381.88019312566723, 84.81145685033073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 422.42418193071677, 82.36935091858709, 427.29486174948727, 84.81145685033073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,790", "box": [ 461.7570100688489, 82.36935091858709, 472.71602351684083, 84.81145685033073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net loss from discontinued operations", "box": [ 139.4513172425282, 90.20002595230892, 217.83628602819945, 92.64213188405256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 298.67504292820604, 90.20002595230892, 301.11038283759126, 92.64213188405256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 331.5883515395432, 90.20002595230892, 336.4590313583137, 92.64213188405256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 344.0929581237928, 90.20002595230892, 346.52829803317803, 92.64213188405256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,926)", "box": [ 369.29794338858505, 90.20002595230892, 383.5060991445459, 92.64213188405256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 90.20002595230892, 391.94621322876486, 92.64213188405256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 422.42418193071677, 90.20002595230892, 427.29486174948727, 92.64213188405256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.92878851496636, 90.20002595230892, 437.36412842435163, 92.64213188405256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5,371)", "box": [ 460.1337737797586, 90.20002595230892, 474.34192953571943, 92.64213188405256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 10. Secured Borrowings", "box": [ 137.10211473241165, 108.13308746440714, 223.44133951923038, 111.62218416053167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents certain characteristics of secured borrowings.", "box": [ 137.10211473241165, 124.8385275363471, 334.3828275706667, 128.32762423247163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pledged Assets", "box": [ 345.969057350622, 143.97066118386567, 376.4107612588394, 146.4127671156093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value at", "box": [ 409.7319628135593, 143.97066118386567, 447.0753699200428, 146.4127671156093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lenders", "box": [ 139.4513172425282, 155.97769623557258, 156.49867473656698, 158.41980216731622 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 156.47487848771314, 155.5418396481881, 160.9545707106044, 157.12803063005038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Asset 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"from_ocr": false, "confidence": 1.0 }, { "text": "187,486", "box": [ 408.7368145280238, 170.07291129627197, 424.5665008515877, 172.5150172280155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 432.3185635037258, 170.07291129627197, 434.753903413111, 172.5150172280155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "307,522", "box": [ 456.7649547348512, 170.07291129627197, 472.5946410584151, 172.5150172280155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 139.4513172425282, 177.9035863299938, 141.88665715191345, 180.34569226173744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LMM loans - USD", "box": [ 164.50947735043815, 177.9035863299938, 201.44619446183768, 180.34569226173744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Matured ", "box": [ 220.36829259098744, 177.9035863299938, 238.08631582896538, 180.34569226173744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 238.077040511848, 176.94568474036112, 241.7658348747808, 178.5318757222235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR + 1.75%", "box": [ 278.8373328427773, 177.9035863299938, 308.7685025957452, 180.34569226173744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25,000", "box": [ 325.0383155417363, 177.9035863299938, 338.43266542751417, 180.34569226173744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,967", "box": [ 365.5783727475672, 177.9035863299938, 376.5373861955591, 180.34569226173744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,817", "box": [ 413.7288698620215, 177.9035863299938, 424.68788331001343, 180.34569226173744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,425", "box": [ 459.3180784637459, 177.9035863299938, 472.71242834952386, 180.34569226173744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 139.4513172425282, 190.4326663839488, 141.88665715191345, 192.87477231569233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LMM loans - 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false, "confidence": 1.0 }, { "text": "-", "box": [ 419.8139569194762, 190.4326663839488, 424.68463673824664, 192.87477231569233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "29,965", "box": [ 459.3180784637459, 190.4326663839488, 472.71242834952386, 192.87477231569233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2", "box": [ 139.4513172425282, 198.26334141767063, 141.88665715191345, 200.70544734941427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "USDA loans", "box": [ 164.50947735043815, 198.26334141767063, 189.00078750207138, 200.70544734941427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 2027 - August 2028", "box": [ 220.36829259098744, 198.26334141767063, 269.0750088437293, 200.70544734941427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR + 2.75%", "box": [ 278.8373328427773, 198.26334141767063, 308.7685025957452, 200.70544734941427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "198,500", "box": [ 322.59938915708335, 198.26334141767063, 338.4290754806472, 200.70544734941427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33,185", "box": [ 363.14760070584936, 198.26334141767063, 376.54195059162726, 200.70544734941427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,561", "box": [ 411.17574091267676, 198.26334141767063, 424.57009079845466, 200.70544734941427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,204", "box": [ 459.20388111950416, 198.26334141767063, 472.59823100528206, 200.70544734941427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total borrowings under credit facilities and other financing agreements", "box": [ 139.4513172425282, 206.09401645139246, 287.37651824589267, 208.5361223831361 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.77025798890537, 206.09401645139246, 315.20559789829065, 208.5361223831361 ], "from_ocr": false, "confidence": 1.0 }, { "text": "498,500", "box": [ 322.59938915708335, 206.09401645139246, 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"from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 345.6590931305372, 234.28444657279124, 348.0944330399224, 236.72655250453477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,746,190", "box": [ 357.0543593054595, 234.28444657279124, 376.5370462920581, 236.72655250453477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 384.2904232968984, 234.28444657279124, 386.7257632062836, 236.72655250453477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,662,849", "box": [ 405.0824995122869, 234.28444657279124, 424.5651864988855, 236.72655250453477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 432.3185635037258, 234.28444657279124, 434.753903413111, 236.72655250453477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,403,810", "box": [ 453.1106397191143, 234.28444657279124, 472.5933267057129, 236.72655250453477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total secured borrowings", "box": [ 139.4513172425282, 242.11512160651307, 192.13210159895652, 244.5572275382567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.77025798890537, 242.11512160651307, 315.20559789829065, 244.5572275382567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,755,744", "box": [ 318.9450741413465, 242.11512160651307, 338.4277611279451, 244.5572275382567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 345.6590931305372, 242.11512160651307, 348.0944330399224, 244.5572275382567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,003,120", "box": [ 357.0543593054595, 242.11512160651307, 376.5370462920581, 244.5572275382567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 384.2904232968984, 242.11512160651307, 386.7257632062836, 244.5572275382567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,876,713", "box": [ 405.0824995122869, 242.11512160651307, 424.5651864988855, 244.5572275382567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 432.3185635037258, 242.11512160651307, 434.753903413111, 244.5572275382567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,788,926", "box": [ 453.1106397191143, 242.11512160651307, 472.5933267057129, 244.5572275382567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)Represents the total number of facility lenders.", "box": [ 137.10211473241165, 250.9898866447311, 234.66318363966002, 253.43199257647484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)Current maturity does not reflect extension options available beyond original commitment terms.", "box": [ 137.10211473241165, 256.73238166946055, 332.46427141569, 259.1744876012042 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)Asset class pricing is determined using an index rate plus a weighted average spread.", "box": [ 137.10211473241165, 356.44285402685733, 308.9171708800142, 358.88495995860103 ], "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": [ 137.10211473241165, 362.70739405383483, 395.7862633078147, 365.1494999855785 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)Agreement permits advance amounts to be repaid after the maturity date.", "box": [ 137.10211473241165, 368.4498890785642, 285.50798977891407, 370.8919950103078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In the table above, the agreements governing secured borrowings require maintenance of certain financial and debt ", "box": [ 137.10211473241165, 383.2506805771736, 476.60494614388864, 386.73977727329816 ], "from_ocr": false, "confidence": 1.0 }, { "text": "covenants. As of December 31, 2025, certain financing counterparties' covenant calculations were amended to exclude ", "box": [ 137.10211473241165, 391.6034006131436, 476.54785008199275, 395.09249730926814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the PPPLF from certain covenant calculations. As of both June 30, 2026 and December 31, 2025 the Company was in ", "box": [ 137.10211473241165, 399.9561206491136, 476.51522226935225, 403.4452173452381 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compliance with all debt and financial covenants, as amended.", "box": [ 137.10211473241165, 408.30884068508357, 310.8719718364295, 411.7979373812081 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the carrying value of collateral pledged with respect to secured borrowings outstanding.", "box": [ 137.10211473241165, 425.0142807570236, 452.46581264273823, 428.5033774531481 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pledged Assets Carrying Value", "box": [ 388.58098065912515, 443.1023244000459, 452.308778607885, 445.5444303317896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 449.3668644270234, 167.45767368742935, 451.80897035876706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 378.7600090543323, 449.3668644270234, 407.0398663981948, 451.80897035876706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 429.0884100523155, 449.3668644270234, 468.35821642183356, 451.80897035876706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Collateral pledged - borrowings under credit facilities and other financing agreements", "box": [ 139.4513172425282, 456.15344945624906, 317.8538744063413, 458.5955553879927 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, held for sale", "box": [ 143.6276772605132, 462.94003448547465, 182.03890548767984, 465.3821404172183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 462.94003448547465, 371.0644131388399, 465.3821404172183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28,687", "box": [ 403.4592632231967, 462.94003448547465, 416.85361310897457, 465.3821404172183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 462.94003448547465, 426.9232283793892, 465.3821404172183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28,516", "box": [ 459.3180784637459, 462.94003448547465, 472.71242834952386, 465.3821404172183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, net", "box": [ 143.6276772605132, 469.72661951470025, 163.916597790909, 472.1687254464439 ], "from_ocr": false, "confidence": 1.0 }, { "text": "228,243", "box": [ 401.0203368385437, 469.72661951470025, 416.8500231621076, 472.1687254464439 ], "from_ocr": false, "confidence": 1.0 }, { "text": "423,151", "box": [ 456.879152079093, 469.72661951470025, 472.70883840265685, 472.1687254464439 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 139.4513172425282, 476.5132045439259, 150.09877494426473, 478.95531047566953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 476.5132045439259, 371.0644131388399, 478.95531047566953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "256,930", "box": [ 401.0203368385437, 476.5132045439259, 416.8500231621076, 478.95531047566953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 476.5132045439259, 426.9232283793892, 478.95531047566953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "451,667", "box": [ 456.879152079093, 476.5132045439259, 472.70883840265685, 478.95531047566953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Collateral pledged - borrowings under repurchase agreements", "box": [ 139.4513172425282, 483.2997895731515, 268.3386036040477, 485.7418955048951 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, net", "box": [ 143.6276772605132, 490.0863746023771, 163.916597790909, 492.5284805341207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,853,418", "box": [ 397.36602182280683, 490.0863746023771, 416.8487088094054, 492.5284805341207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,284,251", "box": [ 453.2248370633561, 490.0863746023771, 472.7075240499547, 492.5284805341207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "MBS", "box": [ 143.6276772605132, 496.8729596316027, 153.91602347553743, 499.31506556334637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,586", "box": [ 403.4592632231967, 496.8729596316027, 416.85361310897457, 499.31506556334637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34,501", "box": [ 459.3180784637459, 496.8729596316027, 472.71242834952386, 499.31506556334637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Retained interest in assets of consolidated VIEs", "box": [ 143.6276772605132, 503.6595446608283, 236.32976390474192, 506.10165059257196 ], "from_ocr": false, "confidence": 1.0 }, { "text": "157,248", "box": [ 401.0203368385437, 503.6595446608283, 416.8500231621076, 506.10165059257196 ], "from_ocr": false, "confidence": 1.0 }, { "text": "188,113", "box": [ 456.879152079093, 503.6595446608283, 472.52808700280445, 506.10165059257196 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, held for sale", "box": [ 143.6276772605132, 510.4461296900539, 182.03890548767984, 512.8882356217975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "216,900", "box": [ 401.0203368385437, 510.4461296900539, 416.8500231621076, 512.8882356217975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "506,883", "box": [ 456.879152079093, 510.4461296900539, 472.70883840265685, 512.8882356217975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate acquired in settlement of loans", "box": [ 143.6276772605132, 517.2327147192796, 225.85830699966283, 519.6748206510232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "487,038", "box": [ 401.0203368385437, 517.2327147192796, 416.8500231621076, 519.6748206510232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "546,835", "box": [ 456.879152079093, 517.2327147192796, 472.70883840265685, 519.6748206510232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 139.4513172425282, 524.0192997485052, 150.09877494426473, 526.4614056802488 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 524.0192997485052, 371.0644131388399, 526.4614056802488 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,746,190", "box": [ 397.36602182280683, 524.0192997485052, 416.8487088094054, 526.4614056802488 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 524.0192997485052, 426.9232283793892, 526.4614056802488 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,560,583", "box": [ 453.2248370633561, 524.0192997485052, 472.7075240499547, 526.4614056802488 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total collateral pledged on secured borrowings", "box": [ 139.4513172425282, 530.8058847777307, 236.64117758277547, 533.2479907094744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 530.8058847777307, 371.0644131388399, 533.2479907094744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,003,120", "box": [ 397.36602182280683, 530.8058847777307, 416.8487088094054, 533.2479907094744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 530.8058847777307, 426.9232283793892, 533.2479907094744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,012,250", "box": [ 453.2248370633561, 530.8058847777307, 472.7075240499547, 533.2479907094744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 11. Senior Secured Notes and Corporate Debt, net", "box": [ 137.10211473241165, 548.738946289829, 300.36585730280973, 552.2280429859535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured notes, net ", "box": [ 137.10211473241165, 565.4443863617689, 210.71274659345585, 568.9334830578935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ReadyCap Holdings, LLC ('ReadyCap Holdings') 4.50% senior secured notes due 2026. ", "box": [ 137.10211473241165, 582.1498264337089, 408.2496786620249, 585.6389231298334 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On October 20, 2021, ", "box": [ 409.78090453252, 582.1498264337089, 476.5967918009535, 585.6389231298334 ], "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": [ 137.10211473241165, 590.5025464696789, 476.5315361756725, 593.9916431658035 ], "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": [ 137.10211473241165, 598.8552665056488, 476.58047789463325, 602.3443632017734 ], "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": [ 137.10211473241165, 607.2079865416188, 476.5886322375684, 610.6970832377433 ], "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": [ 137.10211473241165, 615.5607065775888, 476.6212600502089, 619.0498032737133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "pledges collateral to secure the 2026 Senior Secured Notes (collectively, the '2026 SSN Guarantors'). ", "box": [ 137.10211473241165, 623.9134266135588, 423.6989479473053, 627.4025233096834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ReadyCap Holdings' and the 2026 SSN Guarantors' respective obligations under the 2026 Senior Secured Notes are ", "box": [ 137.10211473241165, 640.6188666854987, 476.57231833124814, 644.1079633816232 ], "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": [ 137.10211473241165, 648.9715867214687, 476.629419613594, 652.4606834175933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "owned by certain subsidiaries of the Company.", "box": [ 137.10211473241165, 657.3243067574388, 267.86066040036343, 660.8134034535633 ], "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": [ 137.10211473241165, 674.0297468293787, 476.58047789463325, 677.5188435255033 ], "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": [ 137.10211473241165, 682.3824668653488, 476.61310570727375, 685.8715635614733 ], "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": [ 137.10211473241165, 690.7351869013187, 476.60494614388864, 694.2242835974432 ], "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": [ 137.10211473241165, 699.0879069372886, 476.5396905186076, 702.5770036334131 ], "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": [ 137.10211473241165, 707.4406269732586, 476.58047789463325, 710.9297236693832 ], "from_ocr": false, "confidence": 1.0 }, { "text": "set forth more fully in the note purchase agreement governing the 2026 Senior Secured Notes. ", "box": [ 137.10211473241165, 715.7933470092287, 400.5658287851853, 719.2824437053532 ], "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": [ 137.10211473241165, 732.4987870811685, 476.54785008199275, 735.9878837772931 ], "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": [ 137.10211473241165, 740.8515071171386, 476.57231833124814, 744.3406038132631 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guarantors, including maintenance of minimum liquidity, minimum tangible net worth, maximum debt to net worth ", "box": [ 137.10211473241165, 749.2042271531086, 476.5967918009535, 752.6933238492331 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 33, "width": 612.0, "height": 792.0, "cells": [ { "text": "42", "box": [ 302.5169704768508, 119.09603251161775, 309.47582683301454, 122.58512920774228 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ratio, and limitations on transactions with affiliates.", "box": [ 137.10211473241165, 37.13496715866222, 280.35792504811036, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ReadyCap Holdings 9.375% senior secured notes due 2028. ", "box": [ 137.10211473241165, 53.84040723060218, 311.0327210820206, 57.329503926726716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On February 21, 2025, ReadyCap Holdings completed the ", "box": [ 311.03282957602335, 53.84040723060218, 476.564163988313, 57.329503926726716 ], "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": [ 137.10211473241165, 62.19312726657222, 476.57231833124814, 65.68222396269675 ], "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": [ 137.10211473241165, 70.54584730254214, 476.5967918009535, 74.03494399866668 ], "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": [ 137.10211473241165, 78.89856733851218, 476.6212600502089, 82.38766403463671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "43", "box": [ 302.5169704768508, 676.6405769285941, 309.47582683301454, 680.1296736247186 ], "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": [ 137.10211473241165, 194.2709948513275, 476.5070627059671, 197.76009154745202 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(collectively, the '2028 SSN Guarantors'). ", "box": [ 137.10211473241165, 202.62371488729752, 258.58590208001584, 206.11281158342206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ReadyCap Holdings' and the 2028 SSN Guarantors' respective obligations under the 2028 Senior Secured Notes are ", "box": [ 137.10211473241165, 219.32915495923748, 476.57231833124814, 222.81825165536202 ], "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": [ 137.10211473241165, 227.6818749952074, 476.629419613594, 231.17097169133194 ], "from_ocr": false, "confidence": 1.0 }, { "text": "owned by certain subsidiaries of the Company.", "box": [ 137.10211473241165, 236.03459503117745, 267.86066040036343, 239.52369172730198 ], "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": [ 137.10211473241165, 252.7400351031174, 476.5560044249279, 256.22913179924194 ], "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": [ 137.10211473241165, 261.09275513908744, 476.61310570727375, 264.581851835212 ], "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": [ 137.10211473241165, 269.44547517505737, 476.60494614388864, 272.9345718711819 ], "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": [ 137.10211473241165, 277.7981952110274, 476.5396905186076, 281.28729190715194 ], "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": [ 137.10211473241165, 286.15091524699733, 476.58047789463325, 289.64001194312186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "set forth more fully in the note purchase agreement governing the 2028 Senior Secured Notes. ", "box": [ 137.10211473241165, 294.50363528296737, 400.5658287851853, 297.9927319790919 ], "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": [ 137.10211473241165, 311.2090753549073, 476.54785008199275, 314.69817205103186 ], "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": [ 137.10211473241165, 319.56179539087725, 476.57231833124814, 323.0508920870018 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guarantors, including maintenance of minimum tangible net worth, maximum debt to net worth ratio, unencumbered ", "box": [ 137.10211473241165, 327.9145154268473, 476.54785008199275, 331.4036121229718 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cash and asset requirements, and limitations on transactions with affiliates. ", "box": [ 137.10211473241165, 336.26723546281727, 346.80335311701367, 339.7563321589418 ], "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": [ 137.10211473241165, 352.97267553475723, 476.54785008199275, 356.46177223088176 ], "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": [ 137.10211473241165, 361.3253955707272, 476.61310570727375, 364.81449226685174 ], "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": [ 137.10211473241165, 369.6781156066972, 476.54785008199275, 373.1672123028217 ], "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": [ 137.10211473241165, 378.03083564266717, 476.5886322375684, 381.5199323387917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "corporate purposes. ", "box": [ 137.10211473241165, 386.38355567863715, 193.31396289268008, 389.8726523747617 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ready Term Holdings, LLC ('Ready Term Holdings') term loan due 2029.", "box": [ 137.10211473241165, 403.08899575057717, 353.736537623067, 406.57809244670165 ], "from_ocr": false, "confidence": 1.0 }, { "text": " On April 12, 2024, Ready Term Holdings, ", "box": [ 353.742636322448, 403.08899575057717, 476.54785008199275, 406.57809244670165 ], "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": [ 137.10211473241165, 411.4417157865471, 476.498908363032, 414.9308124826716 ], "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": [ 137.10211473241165, 419.7944358225171, 476.61310570727375, 423.2835325186416 ], "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": [ 137.10211473241165, 428.1471558584871, 476.51522226935225, 431.63625255461164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "time that pledge collateral to secure the Term Loan (collectively, the 'Term Loan Guarantors'). ", "box": [ 137.10211473241165, 436.4998758944571, 405.06031258664024, 439.9889725905816 ], "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": [ 137.10211473241165, 453.20531596639705, 476.54785008199275, 456.6944126625216 ], "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": [ 137.10211473241165, 461.55803600236703, 476.57231833124814, 465.04713269849157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "certain subsidiaries of the Company.", "box": [ 137.10211473241165, 469.910756038337, 238.86997261673605, 473.39985273446155 ], "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": [ 137.10211473241165, 486.616196110277, 476.5967918009535, 490.1052928064015 ], "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": [ 137.10211473241165, 494.96891614624695, 476.57231833124814, 498.4580128423715 ], "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": [ 137.10211473241165, 503.32163618221693, 476.5396905186076, 506.81073287834147 ], "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": [ 137.10211473241165, 511.6743562181869, 476.498908363032, 515.1634529143114 ], "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": [ 137.10211473241165, 520.0270762541569, 476.58047789463325, 523.5161729502814 ], "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": [ 137.10211473241165, 528.3797962901269, 476.49074879964684, 531.8688929862515 ], "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": [ 137.10211473241165, 536.7325163260969, 476.5315361756725, 540.2216130222214 ], "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": [ 137.10211473241165, 545.0852363620668, 476.54785008199275, 548.5743330581913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fee of 1.00% per annum.", "box": [ 137.10211473241165, 553.4379563980368, 205.88383032266069, 556.9270530941614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Term Loan was issued pursuant to a credit agreement, which contains certain customary representations and ", "box": [ 137.10211473241165, 570.1433964699768, 476.564163988313, 573.6324931661013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "warranties and affirmative and negative covenants and requirements relating to the collateral and the Company, Ready ", "box": [ 137.10211473241165, 578.4961165059468, 476.564163988313, 581.9852132020713 ], "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": [ 137.10211473241165, 586.8488365419169, 476.5886322375684, 590.3379332380414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maximum debt to equity ratio.", "box": [ 137.10211473241165, 595.2015565778868, 221.55973918112716, 598.6906532740113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, the Company was in compliance with all covenants with respect to the Senior Secured Notes and ", "box": [ 137.10211473241165, 612.951086654323, 476.61310570727375, 616.4401833504476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Term Loan.", "box": [ 137.10211473241165, 621.303806690293, 180.16495439855547, 624.7929033864175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate debt, net", "box": [ 137.10211473241165, 638.0092467622329, 192.1918872253406, 641.4983434583575 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 34, "width": 612.0, "height": 792.0, "cells": [ { "text": "44", "box": [ 302.5169704768508, 513.7620542111995, 309.47582683301454, 517.251150907324 ], "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": [ 137.10211473241165, 37.13496715866222, 476.61310570727375, 40.624063854786755 ], "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": [ 137.10211473241165, 39.74519216990291, 476.54785008199275, 43.23428886602744 ], "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": [ 137.10211473241165, 48.09791220587283, 476.5396905186076, 51.587008901997365 ], "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": [ 137.10211473241165, 56.45063224184287, 476.60494614388864, 59.9397289379674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal balance of the notes, in the event of a change in control or fundamental change pertaining to our company, as ", "box": [ 137.10211473241165, 64.80335227781279, 476.5967918009535, 68.29244897393733 ], "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": [ 137.10211473241165, 73.15607231378283, 476.498908363032, 76.64516900990736 ], "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": [ 137.10211473241165, 81.50879234975275, 476.5396905186076, 84.99788904587729 ], "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": [ 137.10211473241165, 89.86151238572279, 476.5560044249279, 93.35060908184732 ], "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": [ 137.10211473241165, 98.21423242169271, 476.5396905186076, 101.70332911781725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "stock, if any, of our subsidiaries. The supplemental indentures governing the notes often contain customary negative ", "box": [ 137.10211473241165, 106.56695245766275, 476.54785008199275, 110.05604915378728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "covenants and financial covenants relating to maintenance of minimum liquidity, minimum tangible net worth, ", "box": [ 137.10211473241165, 114.91967249363279, 476.5560044249279, 118.40876918975732 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maximum debt to net worth ratio and limitations on transactions with affiliates.", "box": [ 137.10211473241165, 123.27239252960271, 357.68204918444434, 126.76148922572725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition, in connection with the merger among the Company, Broadmark Realty Capital Inc. ('Broadmark'), and ", "box": [ 137.10211473241165, 139.97783260154267, 476.5560044249279, 143.4669292976672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ready Capital Investments, LLC (formerly known as 'RCC Merger Sub, LLC'), a wholly owned subsidiary of the ", "box": [ 137.10211473241165, 148.3305526375127, 476.564163988313, 151.81964933363724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operating partnership ('Ready Capital Investments'), in which Broadmark merged with and into Ready Capital ", "box": [ 137.10211473241165, 156.68327267348263, 476.5560044249279, 160.17236936960717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investments, with Ready Capital Investments remaining as a wholly owned subsidiary of the operating partnership (the ", "box": [ 137.10211473241165, 165.03599270945267, 476.5396905186076, 168.5250894055772 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'Broadmark Merger'), Ready Capital Investments assumed Broadmark's obligations on certain senior unsecured notes. ", "box": [ 137.10211473241165, 173.3887127454226, 476.5560044249279, 176.87780944154713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The note purchase agreement governing these notes contains financial covenants that require compliance with leverage ", "box": [ 137.10211473241165, 181.74143278139263, 476.60494614388864, 185.23052947751717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and coverage ratios and maintenance of minimum tangible net worth, as well as other customary affirmative and ", "box": [ 137.10211473241165, 190.09415281736256, 476.5886322375684, 193.5832495134871 ], "from_ocr": false, "confidence": 1.0 }, { "text": "negative covenants.", "box": [ 137.10211473241165, 198.4468728533326, 191.9437885448836, 201.93596954945713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, the Company was in compliance with all covenants with respect to its Corporate debt.", "box": [ 137.10211473241165, 215.15231292527255, 435.69639428522873, 218.6414096213971 ], "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": [ 137.10211473241165, 231.85775299721251, 476.5967918009535, 235.34684969333705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transactions.", "box": [ 137.10211473241165, 240.21047303318255, 172.07986041976096, 243.6995697293071 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 258.2985166762048, 167.45767368742935, 260.7406226079486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Coupon Rate", "box": [ 323.3090414717894, 258.2985166762048, 350.7779160904051, 260.7406226079486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity Date", "box": [ 377.9606276446398, 258.2985166762048, 407.85056411131814, 260.7406226079486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 434.61882429488156, 258.2985166762048, 462.8986816387441, 260.7406226079486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured notes principal amount", "box": [ 139.4513172425282, 265.0851017054305, 214.11433624968848, 267.5272076371741 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 214.07112475136944, 264.649245118046, 217.75991911430225, 266.23543609990827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.50 %", "box": [ 348.4161432986601, 264.5630567031824, 362.6207073589032, 267.005162634926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10/20/2026", "box": [ 393.2386035237826, 264.5630567031824, 415.4277500804037, 267.005162634926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 264.5630567031824, 426.9232283793892, 267.005162634926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "350,000", "box": [ 456.879152079093, 264.5630567031824, 472.70883840265685, 267.005162634926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured notes principal amount", "box": [ 139.4513172425282, 272.3937317369042, 214.11433624968848, 274.83583766864786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 214.07112475136944, 271.95787514951974, 217.75991911430225, 273.544066131382 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.375 %", "box": [ 345.97721691400716, 272.3937317369042, 362.6207073589032, 274.83583766864786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3/1/2028", "box": [ 398.1164615135385, 272.3937317369042, 415.4349351945877, 274.83583766864786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "270,000", "box": [ 456.879152079093, 272.3937317369042, 472.70883840265685, 274.83583766864786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Term loan principal amount", "box": [ 139.4513172425282, 279.70236176837795, 193.61851775403272, 282.1444677001216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3) ", "box": [ 193.9234504458559, 279.2665051809935, 198.403139478896, 280.85269616285575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR + 5.50%", "box": [ 331.3762707573799, 279.18031676612986, 361.30744051034776, 281.6224226978735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4/12/2029", "box": [ 395.6775299084356, 279.18031676612986, 415.4313400272707, 281.6224226978735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "115,250", "box": [ 456.879152079093, 279.18031676612986, 472.52808700280445, 281.6224226978735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unamortized discount", "box": [ 139.4513172425282, 285.96690179535545, 182.60005922435056, 288.4090077270991 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,606)", "box": [ 460.1337737797586, 285.96690179535545, 474.34192953571943, 288.4090077270991 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unamortized deferred financing costs", "box": [ 139.4513172425282, 292.75348682458105, 212.88715840253215, 295.1955927563247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9,729)", "box": [ 460.1337737797586, 292.75348682458105, 474.34192953571943, 295.1955927563247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total senior secured notes, net", "box": [ 139.4513172425282, 299.5400718538067, 202.00423412563396, 301.98217778555033 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 299.5400718538067, 426.9232283793892, 301.98217778555033 ], "from_ocr": false, "confidence": 1.0 }, { "text": "723,915", "box": [ 456.879152079093, 299.5400718538067, 472.70883840265685, 301.98217778555033 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate debt principal amount", "box": [ 139.4513172425282, 306.84870188528043, 202.886577036298, 309.2908078170241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 202.84715720303478, 306.4128452978959, 206.5359515659676, 307.9990362797582 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.50 %", "box": [ 348.4161432986601, 306.3266568830323, 362.6207073589032, 308.7687628147759 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12/30/2028", "box": [ 393.2386035237826, 306.3266568830323, 415.4277500804037, 308.7687628147759 ], "from_ocr": false, "confidence": 1.0 }, { "text": "110,000", "box": [ 456.879152079093, 306.3266568830323, 472.52808700280445, 308.7687628147759 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate debt principal amount", "box": [ 139.4513172425282, 313.635286914506, 202.886577036298, 316.07739284624967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 202.84715720303478, 313.1994303271215, 206.5359515659676, 314.78562130898376 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.375 %", "box": [ 345.97721691400716, 313.1132419122579, 362.6207073589032, 315.5553478440015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7/31/2027", "box": [ 395.6775299084356, 313.1132419122579, 415.4313400272707, 315.5553478440015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100,000", "box": [ 456.879152079093, 313.1132419122579, 472.70883840265685, 315.5553478440015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate debt principal amount", "box": [ 139.4513172425282, 320.4218719437316, 202.886577036298, 322.86397787547526 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 202.84715720303478, 319.9860153563471, 206.5359515659676, 321.5722063382094 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.00 %", "box": [ 348.4161432986601, 319.8998269414835, 362.6207073589032, 322.34193287322717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11/15/2026", "box": [ 393.2386035237826, 319.8998269414835, 415.2469986805513, 322.34193287322717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100,000", "box": [ 456.879152079093, 319.8998269414835, 472.70883840265685, 322.34193287322717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate debt principal amount", "box": [ 139.4513172425282, 327.73050197520536, 202.886577036298, 330.172607906949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 202.84715720303478, 327.2946453878208, 206.5359515659676, 328.8808363696831 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.00 %", "box": [ 348.4161432986601, 327.73050197520536, 362.6207073589032, 330.172607906949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12/15/2029", "box": [ 393.2386035237826, 327.73050197520536, 415.4277500804037, 330.172607906949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "129,371", "box": [ 456.879152079093, 327.73050197520536, 472.70883840265685, 330.172607906949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unamortized discount - corporate debt", "box": [ 139.4513172425282, 334.517087004431, 214.6494451670954, 336.95919293617465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,179)", "box": [ 460.1337737797586, 334.517087004431, 474.34192953571943, 336.95919293617465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unamortized deferred financing costs - corporate debt", "box": [ 139.4513172425282, 341.3036720336566, 244.93654688149314, 343.74577796540024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,070)", "box": [ 460.1337737797586, 341.3036720336566, 474.34192953571943, 343.74577796540024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Junior subordinated notes principal amount", "box": [ 139.4513172425282, 348.61230206513034, 223.86042968690083, 351.054407996874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8)", "box": [ 223.81868638794612, 348.1764454777458, 227.50748075087893, 349.7626364596081 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR + 3.10%", "box": [ 331.3762707573799, 348.0902570628822, 361.30744051034776, 350.5323629946258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3/30/2035", "box": [ 395.6775299084356, 348.0902570628822, 415.4313400272707, 350.5323629946258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,000", "box": [ 459.3180784637459, 348.0902570628822, 472.71242834952386, 350.5323629946258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Junior subordinated notes principal amount", "box": [ 139.4513172425282, 355.3988870943559, 223.86042968690083, 357.84099302609957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9)", "box": [ 223.81868638794612, 354.9630305069714, 227.50748075087893, 356.54922148883367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR + 3.10%", "box": [ 331.3762707573799, 354.87684209210784, 361.30744051034776, 357.3189480238515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4/30/2035", "box": [ 395.6775299084356, 354.87684209210784, 415.4313400272707, 357.3189480238515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21,250", "box": [ 459.3180784637459, 354.87684209210784, 472.71242834952386, 357.3189480238515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total corporate debt, net", "box": [ 139.4513172425282, 361.6634271213334, 190.94771512199537, 364.10553305307707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 361.6634271213334, 426.9232283793892, 364.10553305307707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "470,372", "box": [ 456.879152079093, 361.6634271213334, 472.70883840265685, 364.10553305307707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total carrying amount of debt", "box": [ 139.4513172425282, 368.4500121505591, 202.04941602428397, 370.89211808230266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 368.4500121505591, 426.9232283793892, 370.89211808230266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,194,287", "box": [ 453.2248370633561, 368.4500121505591, 472.7075240499547, 370.89211808230266 ], "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": [ 137.10211473241165, 377.32477718877715, 340.9830139782281, 379.7668831205208 ], "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": [ 137.10211473241165, 383.0672722135065, 343.68427173523446, 385.50937814525014 ], "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": [ 137.10211473241165, 389.331812240484, 351.95829014602776, 391.77391817222764 ], "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": [ 137.10211473241165, 395.07430726521335, 332.4599380245354, 397.516413196957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)Interest on the corporate debt is payable semiannually on January 31 and July 31 of each year.", "box": [ 137.10211473241165, 400.81680228994276, 326.7959379473665, 403.25890822168634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)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": [ 137.10211473241165, 406.5592973146721, 454.69663121651325, 409.00140324641575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)Interest on the corporate debt is payable quarterly on March 15, June 15, September 15, and December 15 of each year.", "box": [ 137.10211473241165, 412.30179233940146, 375.8586890743575, 414.7438982711451 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8) 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": [ 137.10211473241165, 418.56633236637896, 406.53740399569097, 421.0084382981226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9) 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": [ 137.10211473241165, 424.3088273911083, 394.2605066026322, 426.75093332285195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the contractual maturities for senior secured notes and corporate debt.", "box": [ 137.10211473241165, 588.9364992069309, 402.2112386225188, 592.4255959030554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 607.0245428499533, 167.45767368742935, 609.4666487816969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 434.61882429488156, 607.0245428499533, 462.8986816387441, 609.4666487816969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 139.4513172425282, 613.2890828769307, 149.19266646527143, 615.7311888086745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 613.2890828769307, 426.9232283793892, 615.7311888086745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "450,000", "box": [ 456.879152079093, 613.2890828769307, 472.70883840265685, 615.7311888086745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027", "box": [ 139.4513172425282, 620.0756679061565, 149.19266646527143, 622.5177738379 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100,000", "box": [ 456.879152079093, 620.0756679061565, 472.70883840265685, 622.5177738379 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2028", "box": [ 139.4513172425282, 626.862252935382, 149.19266646527143, 629.3043588671256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "380,000", "box": [ 456.879152079093, 626.862252935382, 472.70883840265685, 629.3043588671256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2029", "box": [ 139.4513172425282, 633.6488379646077, 149.19266646527143, 636.0909438963513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "244,621", "box": [ 456.879152079093, 633.6488379646077, 472.70883840265685, 636.0909438963513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2030", "box": [ 139.4513172425282, 640.4354229938333, 149.19266646527143, 642.8775289255768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 467.8420971263036, 640.4354229938333, 472.71277694507404, 642.8775289255768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Thereafter", "box": [ 139.4513172425282, 647.2220080230588, 159.72834711312694, 649.6641139548025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36,250", "box": [ 459.3180784637459, 647.2220080230588, 472.71242834952386, 649.6641139548025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total contractual amounts", "box": [ 139.4513172425282, 654.0085930522845, 194.20354557603991, 656.4506989840281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 654.0085930522845, 426.9232283793892, 656.4506989840281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,210,871", "box": [ 453.1106397191143, 654.0085930522845, 472.5933267057129, 656.4506989840281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unamortized deferred financing costs, discounts, and premiums, net", "box": [ 139.4513172425282, 660.7951780815101, 272.2746231647763, 663.2372840132537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(16,584)", "box": [ 457.6948473951057, 660.7951780815101, 474.34192953571943, 663.2372840132537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total carrying amount of debt", "box": [ 139.4513172425282, 667.5817631107357, 202.04941602428397, 670.0238690424793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 667.5817631107357, 426.9232283793892, 670.0238690424793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,194,287", "box": [ 453.1106397191143, 667.5817631107357, 472.5933267057129, 670.0238690424793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 12. Guaranteed Loan Financing", "box": [ 137.10211473241165, 685.5148246228339, 247.4847006573342, 689.0039213189584 ], "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": [ 137.10211473241165, 702.2202646947738, 476.5315361756725, 705.7093613908984 ], "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": [ 137.10211473241165, 710.5729847307438, 476.5315361756725, 714.0620814268684 ], "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": [ 137.10211473241165, 718.9257047667138, 476.52337661228734, 722.4148014628383 ], "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": [ 137.10211473241165, 727.2784248026837, 476.5315361756725, 730.7675214988083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest expense in the accompanying consolidated statements of operations. Guaranteed loan financings are secured by ", "box": [ 137.10211473241165, 735.6311448386538, 476.5396905186076, 739.1202415347783 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans of $950.3 million and $524.3 million as of June 30, 2026 and December 31, 2025, respectively.", "box": [ 137.10211473241165, 743.9838648746238, 419.16875073401957, 747.4729615707483 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 35, "width": 612.0, "height": 792.0, "cells": [ { "text": "45", "box": [ 302.5169704768508, 350.8840135097848, 309.47582683301454, 354.3731102059093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents guaranteed loan financing and the related interest rates and maturity dates.", "box": [ 137.10211473241165, 40.267237172151, 415.15374240155825, 43.75633386827553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 63.575730837654646, 167.45767368742935, 66.01783676939829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted Average ", "box": [ 285.6728595909637, 58.35528081517339, 324.54073908891945, 60.79738674691703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest Rate", "box": [ 291.35009899041205, 63.575730837654646, 318.44558598500635, 66.01783676939829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Range of Interest ", "box": [ 336.0257340586523, 58.35528081517339, 373.13606109195695, 60.79738674691703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rates", "box": [ 348.1959081735617, 63.575730837654646, 359.8279728933391, 66.01783676939829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Range of ", "box": [ 393.8095902449915, 58.35528081517339, 413.56102079134854, 60.79738674691703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturities (Years)", "box": [ 383.82547957699614, 63.575730837654646, 421.83003809402487, 66.01783676939829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ending Balance", "box": [ 435.7200155817237, 63.575730837654646, 468.6065488825508, 66.01783676939829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 139.4513172425282, 69.84027086463209, 166.64431641051684, 72.28237679637573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.51 %", "box": [ 312.9170831457877, 69.84027086463209, 327.1216472060308, 72.28237679637573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.45-13.25%", "box": [ 349.7131014613453, 69.84027086463209, 374.88876491173414, 72.28237679637573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026-2051", "box": [ 392.5207916456914, 69.84027086463209, 413.6329335736516, 72.28237679637573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 69.84027086463209, 433.70981340861476, 72.28237679637573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "950,103", "box": [ 456.879152079093, 69.84027086463209, 472.70883840265685, 72.28237679637573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 139.4513172425282, 76.62685589385774, 177.72701090718164, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.97 %", "box": [ 312.9170831457877, 76.62685589385774, 327.1216472060308, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.45-12.75%", "box": [ 349.7131014613453, 76.62685589385774, 374.88876491173414, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026-2048", "box": [ 392.5207916456914, 76.62685589385774, 413.6329335736516, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 76.62685589385774, 433.70981340861476, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "524,091", "box": [ 456.879152079093, 76.62685589385774, 472.70883840265685, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the contractual maturities of guaranteed loan financing.", "box": [ 137.10211473241165, 94.55991740595584, 362.21143623609106, 98.04901410208049 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 112.12591604673014, 167.45767368742935, 114.56802197847378 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 434.61882429488156, 112.12591604673014, 462.8986816387441, 114.56802197847378 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 139.4513172425282, 118.39045607370758, 149.19266646527143, 120.83256200545134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 118.39045607370758, 426.9232283793892, 120.83256200545134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "91", "box": [ 467.7278997820618, 118.39045607370758, 472.59857612923304, 120.83256200545134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027", "box": [ 139.4513172425282, 125.17704110293323, 149.19266646527143, 127.61914703467687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,900", "box": [ 461.634653161222, 125.17704110293323, 472.5936666092139, 127.61914703467687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2028", "box": [ 139.4513172425282, 131.96362613215888, 149.19266646527143, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,203", "box": [ 461.634653161222, 131.96362613215888, 472.5936666092139, 134.40573206390252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2029", "box": [ 139.4513172425282, 138.7502111613844, 149.19266646527143, 141.19231709312817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,863", "box": [ 461.634653161222, 138.7502111613844, 472.5936666092139, 141.19231709312817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2030", "box": [ 139.4513172425282, 145.53679619061006, 149.19266646527143, 147.9789021223537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,131", "box": [ 461.634653161222, 145.53679619061006, 472.5936666092139, 147.9789021223537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Thereafter", "box": [ 139.4513172425282, 152.3233812198357, 159.72834711312694, 154.76548715157935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "929,915", "box": [ 456.7649547348512, 152.3233812198357, 472.5946410584151, 154.76548715157935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 139.4513172425282, 159.10996624906136, 150.09877494426473, 161.552072180805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 159.10996624906136, 426.9232283793892, 161.552072180805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "950,103", "box": [ 456.7649547348512, 159.10996624906136, 472.5946410584151, 161.552072180805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 13. Variable Interest Entities and Securitization Activities", "box": [ 137.10211473241165, 177.04302776115946, 322.91752577966736, 180.532124457284 ], "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": [ 137.10211473241165, 193.74846783309943, 476.57231833124814, 197.23756452922396 ], "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": [ 137.10211473241165, 202.10118786906946, 476.564163988313, 205.590284565194 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transfers assets to securitization vehicles, most notably trusts. The Company primarily securitizes its acquired and ", "box": [ 137.10211473241165, 210.4539079050394, 476.5886322375684, 213.94300460116392 ], "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": [ 137.10211473241165, 218.80662794100942, 476.5070627059671, 222.29572463713396 ], "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": [ 137.10211473241165, 227.15934797697946, 476.60494614388864, 230.648444673104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sponsored by third parties. Third-party securitizations are securitization entities in which it maintains an economic ", "box": [ 137.10211473241165, 235.51206801294938, 476.5560044249279, 239.00116470907392 ], "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": [ 137.10211473241165, 243.8647880489193, 476.49074879964684, 247.35388474504384 ], "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": [ 137.10211473241165, 252.21750808488935, 476.60494614388864, 255.70660478101388 ], "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": [ 137.10211473241165, 260.5702281208594, 476.5560044249279, 264.0593248169839 ], "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": [ 137.10211473241165, 268.9229481568293, 476.5967918009535, 272.41204485295384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securitization.", "box": [ 137.10211473241165, 277.27566819279923, 176.32720341874665, 280.7647648889238 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Consolidated VIEs ", "box": [ 137.10211473241165, 293.98110826473925, 192.78650908657266, 297.4702049608638 ], "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": [ 137.10211473241165, 302.33382830070923, 476.629419613594, 305.82292499683376 ], "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": [ 137.10211473241165, 310.6865483366792, 476.60494614388864, 314.17564503280374 ], "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": [ 137.10211473241165, 319.0392683726492, 476.61310570727375, 322.5283650687738 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operations as Net income attributable to noncontrolling interests, respectively. As of June 30, 2026 and December 31, ", "box": [ 137.10211473241165, 426.05907079349066, 476.54785008199275, 429.5481674896152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025, income and expenses on joint venture investments identified as consolidated VIEs were not material.", "box": [ 137.10211473241165, 434.41179082946064, 435.2899809980707, 437.9008875255852 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents assets and liabilities of consolidated VIEs.", "box": [ 137.10211473241165, 451.1172309014006, 325.97648202797563, 454.60632759752514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 137.62415973465977, 469.205274544423, 165.6305161795609, 471.64738047616663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 378.7600090543323, 469.205274544423, 407.0398663981948, 471.64738047616663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 429.0884100523155, 469.205274544423, 468.35821642183356, 471.64738047616663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets:", "box": [ 139.4513172425282, 475.46981457140043, 154.06096141750504, 477.91192050314413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash and cash equivalents", "box": [ 143.6276772605132, 482.2563996006261, 194.89103175554152, 484.6985055323697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 482.2563996006261, 371.0644131388399, 484.6985055323697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5", "box": [ 414.4222082704073, 482.2563996006261, 416.85754817979256, 484.6985055323697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 482.2563996006261, 426.9232283793892, 484.6985055323697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3", "box": [ 470.2810235109565, 482.2563996006261, 472.7163634203418, 484.6985055323697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Restricted cash", "box": [ 143.6276772605132, 489.0429846298517, 173.24650172839188, 491.48509056159537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,420", "box": [ 405.8981948282996, 489.0429846298517, 416.85720827629154, 491.48509056159537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,944", "box": [ 461.7570100688489, 489.0429846298517, 472.71602351684083, 491.48509056159537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, net", "box": [ 143.6276772605132, 495.8295696590773, 163.916597790909, 498.27167559082096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "907,905", "box": [ 401.0203368385437, 495.8295696590773, 416.8500231621076, 498.27167559082096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,694,079", "box": [ 453.2248370633561, 495.8295696590773, 472.7075240499547, 498.27167559082096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, held for sale", "box": [ 143.6276772605132, 502.6161546883029, 182.03890548767984, 505.05826062004655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 411.9832818857543, 502.6161546883029, 416.8539617045248, 505.05826062004655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "125,107", "box": [ 456.879152079093, 502.6161546883029, 472.70883840265685, 505.05826062004655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred equity investment ", "box": [ 143.6276772605132, 509.40273971752856, 198.94594083382, 511.8448456492722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 198.90735143691847, 508.966883130144, 202.59614579985129, 510.55307411200636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "62,586", "box": [ 403.4592632231967, 509.40273971752856, 416.85361310897457, 511.8448456492722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "79,887", "box": [ 459.3180784637459, 509.40273971752856, 472.71242834952386, 511.8448456492722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Receivable from third parties ", "box": [ 143.6276772605132, 516.1893247467542, 201.78319841372428, 518.6314306784977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 201.7378115732575, 515.7534681593696, 205.42660593619033, 517.3396591412319 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,446", "box": [ 405.8981948282996, 516.1893247467542, 416.85720827629154, 518.6314306784977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,346", "box": [ 461.7570100688489, 516.1893247467542, 472.71602351684083, 518.6314306784977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accrued interest ", "box": [ 143.6276772605132, 522.9759097759797, 176.8947490803232, 525.4180157077234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 176.86726138803047, 522.5400531885953, 180.5560557509633, 524.1262441704575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "54,406", "box": [ 403.4592632231967, 522.9759097759797, 416.85361310897457, 525.4180157077234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "54,030", "box": [ 459.3180784637459, 522.9759097759797, 472.71242834952386, 525.4180157077234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate owned", "box": [ 143.6276772605132, 529.7624948052054, 179.0613498412303, 532.204600736949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,288", "box": [ 403.4592632231967, 529.7624948052054, 416.85361310897457, 532.204600736949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,288", "box": [ 459.3180784637459, 529.7624948052054, 472.71242834952386, 532.204600736949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total assets", "box": [ 139.4513172425282, 536.549079834431, 163.22199574219513, 538.9911857661746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 536.549079834431, 371.0644131388399, 538.9911857661746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,045,056", "box": [ 397.36602182280683, 536.549079834431, 416.8487088094054, 538.9911857661746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 536.549079834431, 426.9232283793892, 538.9911857661746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,978,684", "box": [ 453.2248370633561, 536.549079834431, 472.7075240499547, 538.9911857661746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liabilities:", "box": [ 139.4513172425282, 543.3356648636566, 161.91156682430017, 545.7777707954002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securitized debt obligations of consolidated VIEs, net", "box": [ 143.6276772605132, 550.1222498928822, 248.63962037839502, 552.5643558246259 ], "from_ocr": false, "confidence": 1.0 }, { "text": "638,942", "box": [ 401.0203368385437, 550.1222498928822, 416.8500231621076, 552.5643558246259 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,174,785", "box": [ 453.2248370633561, 550.1222498928822, 472.7075240499547, 552.5643558246259 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Due to third parties ", "box": [ 143.6276772605132, 556.9088349221079, 182.58352295968723, 559.3509408538514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 182.56081730402408, 556.4729783347233, 186.24961166695692, 558.0591693165857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,506", "box": [ 405.8981948282996, 556.9088349221079, 416.85720827629154, 559.3509408538514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,517", "box": [ 461.7570100688489, 556.9088349221079, 472.71602351684083, 559.3509408538514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accounts payable and other accrued liabilities", "box": [ 143.6276772605132, 563.6954199513334, 233.56387159939345, 566.137525883077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,048", "box": [ 405.8981948282996, 563.6954199513334, 416.85720827629154, 566.137525883077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 467.8420971263036, 563.6954199513334, 472.71277694507404, 566.137525883077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total liabilities", "box": [ 139.4513172425282, 570.482004980559, 170.25923979177367, 572.9241109123027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 570.482004980559, 371.0644131388399, 572.9241109123027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "642,496", "box": [ 401.0203368385437, 570.482004980559, 416.8500231621076, 572.9241109123027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 570.482004980559, 426.9232283793892, 572.9241109123027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,177,302", "box": [ 453.2248370633561, 570.482004980559, 472.7075240499547, 572.9241109123027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)Assets are included in Assets of consolidated VIEs on the consolidated balance sheets.", "box": [ 137.10211473241165, 579.3567700187772, 311.90094331325156, 581.7988759505208 ], "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": [ 137.10211473241165, 585.0992650435065, 434.7668849104151, 587.5413709752502 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securitization-related VIEs", "box": [ 137.10211473241165, 600.4221015443641, 215.39937225232103, 603.9111982404886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company sponsored securitizations. ", "box": [ 137.10211473241165, 617.127541616304, 243.9849559233886, 620.6166383124286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In a securitization transaction, assets are transferred to a trust, which generally ", "box": [ 245.0593924169167, 617.127541616304, 476.57231833124814, 620.6166383124286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "meets the definition of a VIE. The Company's primary securitization activity is in the form of LMM and SBL loan ", "box": [ 137.10211473241165, 625.4802616522741, 476.5396905186076, 628.9693583483986 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securitizations, conducted through securitization trusts, which are typically consolidated, as the company is the primary ", "box": [ 137.10211473241165, 633.832981688244, 476.54785008199275, 637.3220783843685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "beneficiary. ", "box": [ 137.10211473241165, 642.1857017242139, 171.8530191283861, 645.6747984203384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As a result of the consolidation, the securitization is viewed as a loan financing to enable the creation of the senior ", "box": [ 137.10211473241165, 658.891141796154, 476.5070627059671, 662.3802384922785 ], "from_ocr": false, "confidence": 1.0 }, { "text": "security and ultimately, sale to a third-party investor. As such, the senior security is presented in the consolidated balance ", "box": [ 137.10211473241165, 667.2438618321239, 476.5967918009535, 670.7329585282484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sheets as securitized debt obligations of consolidated VIEs. The third-party beneficial interest holders in the VIE have no ", "box": [ 137.10211473241165, 675.5965818680938, 476.58047789463325, 679.0856785642185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recourse against the Company, with the exception of an obligation to repurchase assets from the VIE in the event that ", "box": [ 137.10211473241165, 683.949301904064, 476.58047789463325, 687.4383986001885 ], "from_ocr": false, "confidence": 1.0 }, { "text": "certain representations and warranties in relation to the loans sold to the VIE are breached. In the absence of such a ", "box": [ 137.10211473241165, 692.3020219400339, 476.5967918009535, 695.7911186361584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "breach, the Company has no obligation to provide any other explicit or implicit support to any VIE. ", "box": [ 137.10211473241165, 700.6547419760038, 415.8274907580078, 704.1438386721284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The securitization trust receives principal and interest on the underlying loans and distributes those payments to the ", "box": [ 137.10211473241165, 717.3601820479439, 476.61310570727375, 720.8492787440684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "certificate holders. The assets and other instruments held by the securitization trust are restricted in that they can only be ", "box": [ 137.10211473241165, 725.7129020839138, 476.564163988313, 729.2019987800384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "used to fulfill the obligations of the securitization trust. The risks associated with the Company's involvement with the ", "box": [ 137.10211473241165, 734.0656221198838, 476.51522226935225, 737.5547188160083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "VIE is limited to the risks and rights as a certificate holder of the securities retained by the Company. ", "box": [ 137.10211473241165, 742.4183421558538, 420.5829918401368, 745.9074388519783 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 36, "width": 612.0, "height": 792.0, "cells": [ { "text": "46", "box": [ 302.5169704768508, 188.00597280837007, 309.47582683301454, 191.4950695044946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The consolidation of securitization transactions includes the senior securities issued to third parties which are shown as ", "box": [ 137.10211473241165, 38.70110216540661, 476.58047789463325, 42.190198861531144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securitized debt obligations of consolidated VIEs in the consolidated balance sheets. ", "box": [ 137.10211473241165, 47.05382220137665, 373.46843038724364, 50.54291889750118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47", "box": [ 302.5169704768508, 745.5512172573173, 309.47582683301454, 749.0403139534418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents additional information on the Company's securitized debt obligations.", "box": [ 137.10211473241165, 263.18163518005065, 403.2191001133807, 266.6707318761752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 291.05644867664745, 281.2696788230731, 319.33630602051005, 283.71178475481673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 399.85388992642055, 281.2696788230731, 439.12369629593866, 283.71178475481673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 296.9310288905168, 167.45767368742935, 299.37313482226045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current ", "box": [ 258.575461193022, 287.01217384780244, 276.7477326495096, 289.4542797795461 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal ", "box": [ 257.49058903295014, 292.23262387028365, 277.91981931820106, 294.67472980202734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance", "box": [ 258.83648369414607, 296.9310288905168, 275.34159281962565, 299.37313482226045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying ", "box": [ 295.5998741970632, 292.23262387028365, 316.0267386787729, 294.67472980202734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value", "box": [ 299.1155183988529, 296.9310288905168, 310.84508988517666, 299.37313482226045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted ", "box": [ 333.29315213978475, 287.01217384780244, 354.26462863730427, 289.4542797795461 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average ", "box": [ 334.65536592775095, 292.23262387028365, 352.82051601174936, 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Specifically, the Company does not manage these entities or otherwise solely ", "box": [ 137.10211473241165, 471.99963607930033, 476.54785008199275, 475.4887327754248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "hold decision making powers that are significant, which include special servicing decisions. As a result of this ", "box": [ 137.10211473241165, 480.35235611527025, 476.54785008199275, 483.8414528113948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assessment, the Company does not consolidate any of the underlying assets and liabilities of these trusts and only ", "box": [ 137.10211473241165, 488.70507615124023, 476.54785008199275, 492.19417284736477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accounts for its specific interests in them. ", "box": [ 137.10211473241165, 497.0577961872103, 254.11589174826628, 500.5468928833348 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unconsolidated VIEs ", "box": [ 137.10211473241165, 513.7632362591503, 200.12932821067514, 517.2523329552748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company does not consolidate variable interests held in an acquired joint venture investment accounted for as an ", "box": [ 137.10211473241165, 522.1159562951202, 476.54785008199275, 525.6050529912447 ], "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": [ 137.10211473241165, 530.4686763310901, 476.5396905186076, 533.9577730272147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "economic performance and therefore, the Company only accounts for its specific interest in them.", "box": [ 137.10211473241165, 538.8213963670602, 408.979789085097, 542.3104930631847 ], "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": [ 137.10211473241165, 555.5268364390001, 458.0275483325311, 559.0159331351247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Amount", "box": [ 310.7391792622588, 573.6148800820225, 347.947032737708, 576.0569860137662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maximum Exposure to Loss ", "box": [ 395.8896106905989, 574.1369250842706, 455.605276540767, 576.5790310160143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 455.66376344800904, 573.1790234946379, 459.3525578109419, 574.7652144765002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 579.879420109, 167.45767368742935, 582.3215260407437 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 290.7954261755234, 579.879420109, 319.07528351938595, 582.3215260407437 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 334.337242144281, 579.879420109, 373.60704851379893, 582.3215260407437 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 388.9398865981707, 579.879420109, 417.2197439420333, 582.3215260407437 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 432.4817025669283, 579.879420109, 471.7515089364464, 582.3215260407437 ], "from_ocr": false, "confidence": 1.0 }, { "text": "MBS ", "box": [ 139.4513172425282, 587.1880501404737, 150.95732674229282, 589.6301560722175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 150.9526211983072, 586.230148550841, 154.64141556124002, 587.8163395327033 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 284.05778286525856, 586.6660051382256, 286.4931227746438, 589.1081110699693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,587", "box": [ 311.9871904855332, 586.6660051382256, 325.3815403713111, 589.1081110699693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 586.6660051382256, 335.5653529859675, 589.1081110699693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,161", "box": [ 361.0594206968568, 586.6660051382256, 374.4537705826348, 589.1081110699693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 586.6660051382256, 384.6375831972911, 589.1081110699693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,587", "box": [ 410.1316509081805, 586.6660051382256, 423.5260007939584, 589.1081110699693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 586.6660051382256, 433.70981340861476, 589.1081110699693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,161", "box": [ 459.20388111950416, 586.6660051382256, 472.59823100528206, 589.1081110699693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment in unconsolidated joint ventures", "box": [ 139.4513172425282, 593.4525901674513, 224.6714146648671, 595.8946960991948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "165,658", "box": [ 309.662461445122, 593.4525901674513, 325.49214776868587, 595.8946960991948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "161,424", "box": [ 358.73469165644565, 593.4525901674513, 374.56437798000957, 595.8946960991948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "165,658", "box": [ 407.80692186776935, 593.4525901674513, 423.6366081913332, 595.8946960991948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "161,424", "box": [ 456.879152079093, 593.4525901674513, 472.70883840265685, 595.8946960991948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total assets in unconsolidated VIEs", "box": [ 139.4513172425282, 600.2391751966768, 212.803884132976, 602.6812811284206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 284.05778286525856, 600.2391751966768, 286.4931227746438, 602.6812811284206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "197,245", "box": [ 309.54826410088026, 600.2391751966768, 325.3779504244441, 602.6812811284206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 600.2391751966768, 335.5653529859675, 602.6812811284206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "192,585", "box": [ 358.6204943122039, 600.2391751966768, 374.45018063576777, 602.6812811284206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 600.2391751966768, 384.6375831972911, 602.6812811284206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "197,245", "box": [ 407.69272452352754, 600.2391751966768, 423.52241084709146, 602.6812811284206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 600.2391751966768, 433.70981340861476, 602.6812811284206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "192,585", "box": [ 456.7649547348512, 600.2391751966768, 472.5946410584151, 602.6812811284206 ], "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": [ 137.10211473241165, 609.1139402348949, 415.7651003767218, 611.5560461666386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)Retained interest in other third party sponsored securitizations.", "box": [ 137.10211473241165, 614.8564352596243, 265.55194007876423, 617.298541191368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 14. Interest Income and Interest Expense", "box": [ 137.10211473241165, 629.6572267582337, 274.2735574148256, 633.1463234543583 ], "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": [ 137.10211473241165, 646.3626668301737, 476.5315361756725, 649.8517635262983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the underlying asset or liability. ", "box": [ 137.10211473241165, 654.7153868661437, 234.6370876018832, 658.2044835622683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the components of interest income and expense.", "box": [ 137.10211473241165, 671.4208269380837, 341.7426617597319, 674.9099236342082 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 37, "width": 612.0, "height": 792.0, "cells": [ { "text": "48", "box": [ 302.5169704768508, 582.6693896440604, 309.47582683301454, 586.1584863401849 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30,", "box": [ 308.9935912859916, 101.68241113787622, 371.8271407378857, 104.12451706961986 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30,", "box": [ 402.7903930640662, 101.68241113787622, 459.76628629530137, 104.12451706961986 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 107.94695116485377, 167.45767368742935, 110.38905709659741 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 312.8518275205067, 107.94695116485377, 322.59317674324984, 110.38905709659741 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 358.26974271609345, 107.94695116485377, 368.0110919388366, 110.38905709659741 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 403.6876579116802, 107.94695116485377, 413.42900713442344, 110.38905709659741 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 449.105573107267, 107.94695116485377, 458.8469223300102, 110.38905709659741 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income", "box": [ 139.4513172425282, 114.7335361940793, 171.688600140522, 117.17564212582306 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, net", "box": [ 143.6276772605132, 121.52012122330495, 165.27932893689606, 123.9622271550486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Bridge", "box": [ 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}, { "text": "$", "box": [ 434.92878851496636, 128.3067062525306, 437.36412842435163, 130.74881218427424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "179,322", "box": [ 456.879152079093, 128.3067062525306, 472.70883840265685, 130.74881218427424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fixed rate", "box": [ 147.80403727849819, 135.09329128175614, 167.4151452857959, 137.5353972134999 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,464", "box": [ 325.5032644820885, 135.09329128175614, 336.46227793008046, 137.5353972134999 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,969", "box": [ 370.9211796776753, 135.09329128175614, 381.88019312566723, 137.5353972134999 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,491", "box": [ 413.90016326815913, 135.09329128175614, 427.29451315393703, 137.5353972134999 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,184", "box": [ 459.3180784637459, 135.09329128175614, 472.71242834952386, 137.5353972134999 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Construction", "box": [ 147.80403727849819, 141.87987631098179, 172.96837677197163, 144.32198224272543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,345", "box": [ 323.0643328769856, 141.87987631098179, 336.4586827627635, 144.32198224272543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,461", "box": [ 368.48224807257236, 141.87987631098179, 381.87659795835026, 144.32198224272543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "23,280", "box": [ 413.90016326815913, 141.87987631098179, 427.29451315393703, 144.32198224272543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "23,004", "box": [ 459.3180784637459, 141.87987631098179, 472.71242834952386, 144.32198224272543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SBA - 7(a)", "box": [ 147.80403727849819, 148.66646134020743, 168.90868722586896, 151.10856727195107 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,789", "box": 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"(1)Included in Other assets on the consolidated balance sheets.", "box": [ 137.10211473241165, 333.4703921360433, 259.82042198988813, 335.91249806778694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)Includes interest income on assets in consolidated VIEs.", "box": [ 137.10211473241165, 339.21288716077265, 252.84260268834697, 341.6549930925163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)Included in Other liabilities on the consolidated balance sheets.", "box": [ 137.10211473241165, 345.47742718775015, 266.5841691686049, 347.9195331194938 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 15. Derivative Instruments", "box": [ 137.10211473241165, 360.2782186863596, 232.19086658786318, 363.7673153824841 ], "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": [ 137.10211473241165, 376.98365875829955, 476.564163988313, 380.4727554544241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrowings. The Company uses derivative instruments to manage interest rate risk and conditions in the commercial ", "box": [ 137.10211473241165, 385.33637879426954, 476.6212600502089, 388.82547549039407 ], "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": [ 137.10211473241165, 393.6890988302395, 476.58047789463325, 397.17819552636405 ], "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": [ 137.10211473241165, 402.0418188662095, 476.5396905186076, 405.53091556233403 ], "from_ocr": false, "confidence": 1.0 }, { "text": "making payments based on a fixed interest rate over the life of the swap contract.", "box": [ 137.10211473241165, 410.3945389021795, 362.98954906255136, 413.883635598304 ], "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": [ 137.10211473241165, 427.09997897411944, 476.52337661228734, 430.589075670244 ], "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": [ 137.10211473241165, 435.4526990100894, 476.52337661228734, 438.94179570621395 ], "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": [ 137.10211473241165, 443.8054190460594, 476.6212600502089, 447.29451574218393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated statements of operations. ", "box": [ 137.10211473241165, 452.15813908202944, 245.05351939759026, 455.64723577815397 ], "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": [ 137.10211473241165, 468.8635791539694, 476.5967918009535, 472.35267585009393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and not recognized in the consolidated statements of operations. Derivative movements impacting earnings are ", "box": [ 137.10211473241165, 477.2162991899394, 476.629419613594, 480.7053958860639 ], "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": [ 137.10211473241165, 485.56901922590936, 476.6212600502089, 489.0581159220339 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portions of the cash flow hedges are immediately recognized in earnings.", "box": [ 137.10211473241165, 493.92173926187934, 340.5805507967838, 497.4108359580039 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents average notional derivative amounts, as this is the most relevant measure of volume, and ", "box": [ 137.10211473241165, 657.8456803357149, 476.629419613594, 661.3347770318394 ], "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": [ 137.10211473241165, 666.1984003716849, 476.5886322375684, 669.6874970678094 ], "from_ocr": false, "confidence": 1.0 }, { "text": "type.", "box": [ 137.10211473241165, 674.5511204076548, 150.82274495023478, 678.0402171037795 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 326.29448632839586, 692.6391640506772, 354.5743436722584, 695.081269982421 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 411.59990247700335, 692.6391640506772, 450.8697088465214, 695.081269982421 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 704.6461991023841, 167.45767368742935, 707.0883050341278 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Primary Underlying Risk", "box": [ 237.59577766517555, 704.6461991023841, 290.63093155804427, 707.0883050341278 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Notional ", "box": [ 301.2281718775508, 699.947794082151, 320.3065502666734, 702.3899000138947 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 301.6360195355571, 704.6461991023841, 318.6857556128589, 707.0883050341278 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Derivative ", "box": [ 329.62252321772763, 699.947794082151, 352.4775868423616, 702.3899000138947 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Asset", "box": [ 334.89191495916964, 704.6461991023841, 345.98411998502553, 707.0883050341278 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Derivative ", "box": [ 359.90113334811883, 699.947794082151, 382.75619697275283, 702.3899000138947 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liability", "box": [ 361.7853921383331, 704.6461991023841, 379.64846990010807, 707.0883050341278 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Notional ", "box": [ 392.0640022687243, 699.947794082151, 411.1423806578469, 702.3899000138947 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 392.47184992673067, 704.6461991023841, 409.5215860040324, 707.0883050341278 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Derivative ", "box": [ 420.4583536089012, 699.947794082151, 443.31341723353523, 702.3899000138947 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Asset", "box": [ 425.7277453503432, 704.6461991023841, 436.8199503761991, 707.0883050341278 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Derivative ", "box": [ 450.7369637392924, 699.947794082151, 473.59202736392643, 702.3899000138947 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liability", "box": [ 452.6212225295067, 704.6461991023841, 470.4843002912816, 707.0883050341278 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest Rate Swaps - not designated as hedges", "box": [ 139.4513172425282, 711.9548291338579, 230.48149922146905, 714.3969350656015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rate risk", "box": [ 237.59577766517555, 711.4327841316097, 269.2408562764035, 713.8748900633534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 298.67504292820604, 711.4327841316097, 301.11038283759126, 713.8748900633534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26,300", "box": [ 307.92502781178996, 711.4327841316097, 321.31937769756786, 713.8748900633534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 328.95365305859724, 711.4327841316097, 331.38899296798246, 713.8748900633534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,710", "box": [ 340.64256954728415, 711.4327841316097, 351.60158299527603, 713.8748900633534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 359.2322631889884, 711.4327841316097, 361.66760309837366, 713.8748900633534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 377.00626673513, 711.4327841316097, 381.8769465539005, 713.8748900633534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 711.4327841316097, 391.94621322876486, 713.8748900633534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26,300", "box": [ 398.76085820296356, 711.4327841316097, 412.15520808874146, 713.8748900633534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 419.7894834497708, 711.4327841316097, 422.22482335915606, 713.8748900633534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,085", "box": [ 431.4783999384577, 711.4327841316097, 442.43741338644963, 713.8748900633534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 450.068093580162, 711.4327841316097, 452.50343348954726, 713.8748900633534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 467.8420971263036, 711.4327841316097, 472.71277694507404, 713.8748900633534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest Rate Swaps - designated as hedges", "box": [ 139.4513172425282, 718.7414141630834, 223.03993632928137, 721.1835200948271 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rate risk", "box": [ 237.59577766517555, 718.2193691608353, 269.2408562764035, 720.6614750925789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "113,693", "box": [ 305.48610142713704, 718.2193691608353, 321.1350363508485, 720.6614750925789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,012", "box": [ 340.64256954728415, 718.2193691608353, 351.60158299527603, 720.6614750925789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 377.00626673513, 718.2193691608353, 381.8769465539005, 720.6614750925789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "391,693", "box": [ 396.3219318183106, 718.2193691608353, 412.1516181418745, 720.6614750925789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17,322", "box": [ 429.03946833335476, 718.2193691608353, 442.43381821913266, 720.6614750925789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(224)", "box": [ 463.78808879549547, 718.2193691608353, 474.34192953571943, 720.6614750925789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FX forwards", "box": [ 139.4513172425282, 725.005954190061, 164.20659730916373, 727.4480601218046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Foreign exchange rate risk", "box": [ 237.59577766517555, 725.005954190061, 289.3942260406871, 727.4480601218046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,855", "box": [ 307.92502781178996, 725.005954190061, 321.31937769756786, 727.4480601218046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "340", "box": [ 344.296884563021, 725.005954190061, 351.60289734797817, 727.4480601218046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(60)", "box": [ 375.39119000942486, 725.005954190061, 383.51425348748097, 727.4480601218046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,731", "box": [ 398.76085820296356, 725.005954190061, 412.15520808874146, 727.4480601218046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "340", "box": [ 435.13271495419457, 725.005954190061, 442.4387277391518, 727.4480601218046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,208)", "box": [ 460.1337737797586, 725.005954190061, 474.34192953571943, 727.4480601218046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 139.4513172425282, 731.7925392192866, 150.09877494426473, 734.2346451510302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 298.67504292820604, 731.7925392192866, 301.11038283759126, 734.2346451510302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "159,848", "box": [ 305.48610142713704, 731.7925392192866, 321.3157877507009, 734.2346451510302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 328.95365305859724, 731.7925392192866, 331.38899296798246, 734.2346451510302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,062", "box": [ 338.20363794218116, 731.7925392192866, 351.59798782795906, 734.2346451510302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 359.2322631889884, 731.7925392192866, 361.66760309837366, 734.2346451510302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(60)", "box": [ 375.39119000942486, 731.7925392192866, 383.51425348748097, 734.2346451510302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 731.7925392192866, 391.94621322876486, 734.2346451510302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "438,724", "box": [ 396.3219318183106, 731.7925392192866, 412.1516181418745, 734.2346451510302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 419.7894834497708, 731.7925392192866, 422.22482335915606, 734.2346451510302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,747", "box": [ 429.03946833335476, 731.7925392192866, 442.43381821913266, 734.2346451510302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 450.068093580162, 731.7925392192866, 452.50343348954726, 734.2346451510302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,432)", "box": [ 460.1337737797586, 731.7925392192866, 474.34192953571943, 734.2346451510302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents gains and losses on derivatives.", "box": [ 137.10211473241165, 749.7256007313847, 295.7625700310076, 753.2146974275092 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 38, "width": 612.0, "height": 792.0, "cells": [ { "text": "49", "box": [ 302.5169704768508, 419.79395380653716, 309.47582683301454, 423.2830505026617 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 52.612785790444036, 167.45767368742935, 55.054891722187676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Realized ", "box": [ 379.72252952722727, 47.39233576796278, 407.3127044091105, 49.83444169970642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gain (Loss)", "box": [ 380.799247344364, 52.612785790444036, 405.02179707685553, 55.054891722187676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Unrealized ", "box": [ 433.1505727260587, 47.39233576796278, 465.52342254195946, 49.83444169970642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gain (Loss)", "box": [ 436.6580625849133, 52.612785790444036, 460.8806123174048, 55.054891722187676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30, 2026", "box": [ 139.4513172425282, 58.87732581742148, 213.2438744129702, 61.31943174916512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rate swaps", "box": [ 139.4513172425282, 65.66391084664713, 175.69596058181077, 68.10601677839077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 65.66391084664713, 371.0644131388399, 68.10601677839077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9,494)", "box": [ 404.27495853920936, 65.66391084664713, 418.4831142951702, 68.10601677839077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 65.66391084664713, 426.9232283793892, 68.10601677839077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,970", "box": [ 461.7570100688489, 65.66391084664713, 472.71602351684083, 68.10601677839077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 139.4513172425282, 72.45049587587278, 150.09877494426473, 74.89260180761642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 72.45049587587278, 371.0644131388399, 74.89260180761642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9,494)", "box": [ 404.27495853920936, 72.45049587587278, 418.4831142951702, 74.89260180761642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 72.45049587587278, 426.9232283793892, 74.89260180761642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,970", "box": [ 461.7570100688489, 72.45049587587278, 472.71602351684083, 74.89260180761642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30, 2025", "box": [ 139.4513172425282, 79.23708090509831, 213.2438744129702, 81.67918683684195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rate swaps", "box": [ 139.4513172425282, 86.02366593432396, 175.69596058181077, 88.4657718660676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 86.02366593432396, 371.0644131388399, 88.4657718660676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,019", "box": [ 405.8981948282996, 86.02366593432396, 416.85720827629154, 88.4657718660676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 86.02366593432396, 426.9232283793892, 88.4657718660676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(397)", "box": [ 463.78808879549547, 86.02366593432396, 474.34192953571943, 88.4657718660676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 139.4513172425282, 92.8102509635496, 150.09877494426473, 95.25235689529325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 92.8102509635496, 371.0644131388399, 95.25235689529325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,019", "box": [ 405.8981948282996, 92.8102509635496, 416.85720827629154, 95.25235689529325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 92.8102509635496, 426.9232283793892, 95.25235689529325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(397)", "box": [ 463.78808879549547, 92.8102509635496, 474.34192953571943, 95.25235689529325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30, 2026", "box": [ 139.4513172425282, 99.59683599277514, 207.38621819231145, 102.0389419245189 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rate swaps", "box": [ 139.4513172425282, 106.38342102200079, 175.69596058181077, 108.82552695374443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 106.38342102200079, 371.0644131388399, 108.82552695374443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9,576)", "box": [ 404.27495853920936, 106.38342102200079, 418.4831142951702, 108.82552695374443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 106.38342102200079, 426.9232283793892, 108.82552695374443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,490", "box": [ 461.7570100688489, 106.38342102200079, 472.71602351684083, 108.82552695374443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 139.4513172425282, 113.17000605122644, 150.09877494426473, 115.61211198297008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 113.17000605122644, 371.0644131388399, 115.61211198297008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9,576)", "box": [ 404.27495853920936, 113.17000605122644, 418.4831142951702, 115.61211198297008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 113.17000605122644, 426.9232283793892, 115.61211198297008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,490", "box": [ 461.7570100688489, 113.17000605122644, 472.71602351684083, 115.61211198297008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30, 2025", "box": [ 139.4513172425282, 119.95659108045197, 207.38621819231145, 122.39869701219573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rate swaps", "box": [ 139.4513172425282, 126.74317610967762, 175.69596058181077, 129.18528204142126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 126.74317610967762, 371.0644131388399, 129.18528204142126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,965", "box": [ 405.8981948282996, 126.74317610967762, 416.85720827629154, 129.18528204142126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 126.74317610967762, 426.9232283793892, 129.18528204142126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(912)", "box": [ 463.78808879549547, 126.74317610967762, 474.34192953571943, 129.18528204142126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 139.4513172425282, 133.52976113890327, 150.09877494426473, 135.9718670706469 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 133.52976113890327, 371.0644131388399, 135.9718670706469 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,965", "box": [ 405.8981948282996, 133.52976113890327, 416.85720827629154, 135.9718670706469 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 133.52976113890327, 426.9232283793892, 135.9718670706469 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(912)", "box": [ 463.78808879549547, 133.52976113890327, 474.34192953571943, 135.9718670706469 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In the table above:", "box": [ 137.10211473241165, 151.46282265100137, 188.69207633524206, 154.9519193471259 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 159.8155426869714, 152.06747532833447, 163.30463938309595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gains (losses) on interest rate swaps are recorded in net unrealized gain (loss) on financial instruments or net ", "box": [ 162.16027484032162, 159.8155426869714, 476.60494614388864, 163.30463938309595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "realized gain (loss) on financial instruments in the consolidated statements of operations.", "box": [ 162.16027484032162, 168.16826272294134, 409.51888099705286, 171.65735941906587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 176.52098275891137, 152.06747532833447, 180.0100794550359 ], "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": [ 162.16027484032162, 176.52098275891137, 476.5560044249279, 180.0100794550359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "gain (loss) on derivatives are recorded in AOCI.", "box": [ 162.16027484032162, 184.8737027948814, 296.19365406867746, 188.36279949100594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below summarizes the gains and losses on derivatives which have qualified for hedge accounting.", "box": [ 137.10211473241165, 201.57914286682126, 437.0123057093565, 205.0682395629458 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 226.4537715390693, 167.45767368742935, 228.89587747081293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Derivatives - effective portion ", "box": [ 236.60062937964005, 221.75536651883624, 299.3533184980684, 224.19747245057988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reclassified from AOCI to income", "box": [ 232.3426998300538, 226.4537715390693, 301.9638168773471, 228.89587747081293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Derivatives - effective portion ", "box": [ 320.12782973933986, 221.75536651883624, 382.88051885776827, 224.19747245057988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recorded in OCI", "box": [ 333.70915936117626, 226.4537715390693, 367.982241437042, 228.89587747081293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total change in OCI for period", "box": [ 402.0154851240792, 226.4537715390693, 466.28788551077776, 228.89587747081293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rate swaps", "box": [ 139.4513172425282, 232.71831156604685, 178.86142393929094, 235.16041749779038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30, 2026", "box": [ 139.4513172425282, 239.50489659527238, 213.2438744129702, 241.94700252701602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 229.24305762920557, 239.50489659527238, 231.6783975385908, 241.94700252701602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(206)", "box": [ 296.2116430738477, 239.50489659527238, 306.7654838140717, 241.94700252701602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.77025798890537, 239.50489659527238, 315.20559789829065, 241.94700252701602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,145", "box": [ 377.70776470690095, 239.50489659527238, 388.6667781548929, 241.94700252701602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 396.29745834860523, 239.50489659527238, 398.73279825799045, 241.94700252701602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,351", "box": [ 461.23496506660075, 239.50489659527238, 472.1939785145927, 241.94700252701602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30, 2025", "box": [ 139.4513172425282, 246.29148162449803, 213.2438744129702, 248.73358755624167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 229.24305762920557, 246.29148162449803, 231.6783975385908, 248.73358755624167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(244)", "box": [ 296.2116430738477, 246.29148162449803, 306.7654838140717, 248.73358755624167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.77025798890537, 246.29148162449803, 315.20559789829065, 248.73358755624167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,585)", "box": [ 376.08452841781065, 246.29148162449803, 390.2926841737715, 248.73358755624167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 396.29745834860523, 246.29148162449803, 398.73279825799045, 248.73358755624167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,341)", "box": [ 459.6117287775105, 246.29148162449803, 473.81988453347134, 248.73358755624167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30, 2026", "box": [ 139.4513172425282, 253.07806665372368, 207.38621819231145, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 229.24305762920557, 253.07806665372368, 231.6783975385908, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(424)", "box": [ 296.2116430738477, 253.07806665372368, 306.7654838140717, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.77025798890537, 253.07806665372368, 315.20559789829065, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,033", "box": [ 377.70776470690095, 253.07806665372368, 388.6667781548929, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 396.29745834860523, 253.07806665372368, 398.73279825799045, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,457", "box": [ 461.23496506660075, 253.07806665372368, 472.1939785145927, 255.5201725854672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30, 2025", "box": [ 139.4513172425282, 259.8646516829492, 207.38621819231145, 262.30675761469286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 229.24305762920557, 259.8646516829492, 231.6783975385908, 262.30675761469286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(496)", "box": [ 296.2116430738477, 259.8646516829492, 306.7654838140717, 262.30675761469286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.77025798890537, 259.8646516829492, 315.20559789829065, 262.30675761469286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7,781)", "box": [ 376.08452841781065, 259.8646516829492, 390.2926841737715, 262.30675761469286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 396.29745834860523, 259.8646516829492, 398.73279825799045, 262.30675761469286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7,285)", "box": [ 459.6117287775105, 259.8646516829492, 473.81988453347134, 262.30675761469286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In the table above:", "box": [ 137.10211473241165, 277.79771319504744, 188.69207633524206, 281.28680989117197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 286.1504332310174, 152.06747532833447, 289.63952992714195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Forecasted transactions on interest rates consists of benchmark interest rate hedges of SOFR indexed floating-", "box": [ 162.16027484032162, 286.1504332310174, 474.88867376081373, 289.63952992714195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rate liabilities. ", "box": [ 162.16027484032162, 294.5031532669874, 203.6488251567859, 297.99224996311193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 302.8558733029574, 152.06747532833447, 306.3449699990819 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Hedge ineffectiveness is the amount by which the cumulative gain or loss on the designated derivative ", "box": [ 162.16027484032162, 302.8558733029574, 476.629419613594, 306.3449699990819 ], "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": [ 162.16027484032162, 311.20859333892736, 476.6212600502089, 314.6976900350519 ], "from_ocr": false, "confidence": 1.0 }, { "text": "attributable to the hedged risk.", "box": [ 162.16027484032162, 319.56131337489734, 246.99504673336924, 323.0504100710219 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 327.9140334108673, 152.06747532833447, 331.40313010699185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amounts recorded in OCI for the period represents after tax amounts.", "box": [ 162.16027484032162, 327.9140334108673, 355.9819298661469, 331.40313010699185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 16. Real Estate Owned", "box": [ 137.10211473241165, 344.6194734828073, 220.01967706551162, 348.1085701789318 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents details on the real estate owned portfolio.", "box": [ 137.10211473241165, 503.31950315830585, 323.05845985765916, 506.8085998544304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 521.4075468013282, 167.45767368742935, 523.8496527330719 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 378.7600090543323, 521.4075468013282, 407.0398663981948, 523.8496527330719 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 429.0884100523155, 521.4075468013282, 468.35821642183356, 523.8496527330719 ], "from_ocr": false, "confidence": 1.0 }, { "text": "REO, held for sale:", "box": [ 139.4513172425282, 527.6720868283057, 179.40841448615924, 530.1141927600494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mixed use", "box": [ 143.6276772605132, 534.4586718575313, 164.05453639043432, 536.900777789275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 534.4586718575313, 371.0644131388399, 536.900777789275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,420", "box": [ 405.8981948282996, 534.4586718575313, 416.85720827629154, 536.900777789275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 534.4586718575313, 426.9232283793892, 536.900777789275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,709", "box": [ 459.3180784637459, 534.4586718575313, 472.71242834952386, 536.900777789275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Multi-family", "box": [ 143.6276772605132, 541.2452568867569, 168.7896349758684, 543.6873628185006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "80,617", "box": [ 403.4592632231967, 541.2452568867569, 416.85361310897457, 543.6873628185006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "79,141", "box": [ 459.3180784637459, 541.2452568867569, 472.71242834952386, 543.6873628185006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lodging", "box": [ 143.6276772605132, 548.0318419159826, 160.13278958434574, 550.4739478477262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25,030", "box": [ 403.4592632231967, 548.0318419159826, 416.85361310897457, 550.4739478477262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,730", "box": [ 461.7570100688489, 548.0318419159826, 472.71602351684083, 550.4739478477262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Residential", "box": [ 143.6276772605132, 554.8184269452081, 165.5409467145126, 557.2605328769519 ], "from_ocr": false, "confidence": 1.0 }, { "text": "133,553", "box": [ 401.0203368385437, 554.8184269452081, 416.8500231621076, 557.2605328769519 ], "from_ocr": false, "confidence": 1.0 }, { "text": "168,659", "box": [ 456.879152079093, 554.8184269452081, 472.70883840265685, 557.2605328769519 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Office", "box": [ 143.6276772605132, 561.6050119744338, 155.97796584039153, 564.0471179061774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,875", "box": [ 405.8981948282996, 561.6050119744338, 416.85720827629154, 564.0471179061774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,686", "box": [ 461.7570100688489, 561.6050119744338, 472.71602351684083, 564.0471179061774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Retail", "box": [ 143.6276772605132, 568.3915970036594, 155.2597365292183, 570.833702935403 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,880", "box": [ 405.8981948282996, 568.3915970036594, 416.85720827629154, 570.833702935403 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,880", "box": [ 461.7570100688489, 568.3915970036594, 472.71602351684083, 570.833702935403 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Land", "box": [ 143.6276772605132, 575.1781820328849, 153.6353939943405, 577.6202879646287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "54,859", "box": [ 403.4592632231967, 575.1781820328849, 416.85361310897457, 577.6202879646287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "70,152", "box": [ 459.3180784637459, 575.1781820328849, 472.71242834952386, 577.6202879646287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other", "box": [ 143.6276772605132, 582.4868120643587, 154.71750050825082, 584.9289179961024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "594", "box": [ 409.5525098440365, 581.9647670621106, 416.85852262899374, 584.4068729938542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "187", "box": [ 465.41132508458577, 581.9647670621106, 472.717337869543, 584.4068729938542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total REO, held for sale", "box": [ 139.4513172425282, 589.2733970935843, 190.1409744383809, 591.715503025328 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 588.7513520913362, 371.0644131388399, 591.1934580230799 ], "from_ocr": false, "confidence": 1.0 }, { "text": "315,828", "box": [ 401.0203368385437, 588.7513520913362, 416.8500231621076, 591.1934580230799 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 588.7513520913362, 426.9232283793892, 591.1934580230799 ], "from_ocr": false, "confidence": 1.0 }, { "text": "360,144", "box": [ 456.879152079093, 588.7513520913362, 472.70883840265685, 591.1934580230799 ], "from_ocr": false, "confidence": 1.0 }, { "text": "REO, held for use:", "box": [ 139.4513172425282, 596.5820271250581, 178.32868556565404, 599.0241330568017 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Land", "box": [ 143.6276772605132, 603.3686121542837, 153.6353939943405, 605.8107180860274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21,469", "box": [ 403.4592632231967, 603.3686121542837, 416.85361310897457, 605.8107180860274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21,469", "box": [ 459.3180784637459, 603.3686121542837, 472.71242834952386, 605.8107180860274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Building and improvements, net", "box": [ 143.6276772605132, 610.1551971835092, 206.39703012699434, 612.597303115253 ], "from_ocr": false, "confidence": 1.0 }, { "text": "223,174", "box": [ 401.0203368385437, 610.1551971835092, 416.8500231621076, 612.597303115253 ], "from_ocr": false, "confidence": 1.0 }, { "text": "225,355", "box": [ 456.879152079093, 610.1551971835092, 472.70883840265685, 612.597303115253 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Furniture, fixtures and equipment, net", "box": [ 143.6276772605132, 617.9858722172312, 217.4820666219482, 620.4279781489748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,379", "box": [ 403.4592632231967, 617.9858722172312, 416.85361310897457, 620.4279781489748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,257", "box": [ 459.3180784637459, 617.9858722172312, 472.71242834952386, 620.4279781489748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total REO, held for use", "box": [ 139.4513172425282, 625.816547250953, 188.5718283282681, 628.2586531826967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 625.816547250953, 371.0644131388399, 628.2586531826967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "257,022", "box": [ 401.0203368385437, 625.816547250953, 416.8500231621076, 628.2586531826967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 625.816547250953, 426.9232283793892, 628.2586531826967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "260,081", "box": [ 456.879152079093, 625.816547250953, 472.70883840265685, 628.2586531826967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total real estate owned", "box": [ 139.4513172425282, 632.6031322801787, 187.20672400488132, 635.0452382119223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 632.6031322801787, 371.0644131388399, 635.0452382119223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "572,850", "box": [ 401.0203368385437, 632.6031322801787, 416.8500231621076, 635.0452382119223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 632.6031322801787, 426.9232283793892, 635.0452382119223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "620,225", "box": [ 456.879152079093, 632.6031322801787, 472.70883840265685, 635.0452382119223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In the table above: ", "box": [ 137.10211473241165, 650.5361937922768, 190.39377366135466, 654.0252904884013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 658.8889138282468, 152.06747532833447, 662.3780105243713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Depreciation expense related to REO, held for use was $1.6 million and $3.2 million for the three and six ", "box": [ 162.16027484032162, 658.8889138282468, 476.564163988313, 662.3780105243713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026. Accumulated depreciation related to REO, held for use was $6.0 million as of ", "box": [ 162.16027484032162, 667.2416338642167, 476.5967918009535, 670.7307305603413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026. There was no such depreciation expense or accumulated depreciation as of or for the three and ", "box": [ 162.16027484032162, 675.5943539001868, 476.564163988313, 679.0834505963113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "six months ended June 30, 2025.", "box": [ 162.16027484032162, 683.9470739361568, 253.18599908801184, 687.4361706322813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 692.2997939721267, 152.06747532833447, 695.7888906682513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other REO excludes $15.3 million as of both June 30, 2026 and December 31, 2025, of real estate owned, held ", "box": [ 162.16027484032162, 692.2997939721267, 476.54785008199275, 695.7888906682513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for sale within consolidated VIEs.", "box": [ 162.16027484032162, 700.6525140080967, 256.98074274762735, 704.1416107042212 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 17. Agreements and Transactions with Related Parties", "box": [ 137.10211473241165, 717.3579540800367, 312.9923620841234, 720.8470507761613 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management Agreement", "box": [ 137.10211473241165, 734.0633941519766, 207.78476346888243, 737.5524908481011 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has entered into a management agreement with its Manager (the 'Management Agreement'), which ", "box": [ 137.10211473241165, 742.4161141879466, 476.54785008199275, 745.9052108840712 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 39, "width": 612.0, "height": 792.0, "cells": [ { "text": "50", "box": [ 302.5169704768508, 256.9159131051224, 309.47582683301454, 260.40500980124693 ], "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": [ 137.10211473241165, 37.13496715866222, 476.5560044249279, 40.624063854786755 ], "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": [ 137.10211473241165, 38.70110216540661, 476.61310570727375, 42.190198861531144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "oversight of the Board.", "box": [ 137.10211473241165, 47.05382220137665, 201.2642041380604, 50.54291889750118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management fee. ", "box": [ 137.10211473241165, 63.75926227331661, 190.42640147399516, 67.24835896944114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pursuant to the terms of the Management Agreement, the Manager is paid a management fee ", "box": [ 192.17786246958872, 63.75926227331661, 476.5560044249279, 67.24835896944114 ], "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": [ 137.10211473241165, 72.11198230928653, 476.54785008199275, 75.60107900541107 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the Management Agreement) up to $500 million ", "box": [ 137.10211473241165, 80.46470234525657, 294.2073191405152, 83.9537990413811 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and 1.00% per annum of stockholders' equity in excess of ", "box": [ 298.0247674900107, 80.46470234525657, 476.5967918009535, 83.9537990413811 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$500 million.", "box": [ 137.10211473241165, 88.81742238122649, 174.58559843702864, 92.30651907735103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the management fee payable to the Manager.", "box": [ 137.10211473241165, 105.52286245316645, 333.06522492954946, 109.01195914929099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30,", "box": [ 308.9935912859916, 123.61090609618884, 371.8271407378857, 126.05301202793248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30,", "box": [ 402.7903930640662, 123.61090609618884, 459.76628629530137, 126.05301202793248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 312.8518275205067, 129.8754461231664, 322.59317674324984, 132.31755205491004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 358.26974271609345, 129.8754461231664, 368.0110919388366, 132.31755205491004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 403.6876579116802, 129.8754461231664, 413.42900713442344, 132.31755205491004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 449.105573107267, 129.8754461231664, 458.8469223300102, 132.31755205491004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management fee - total", "box": [ 139.4513172425282, 136.66203115239193, 184.75475340471553, 139.1041370841357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 298.67504292820604, 136.66203115239193, 301.11038283759126, 139.1041370841357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.8 million", "box": [ 316.3103756604005, 136.66203115239193, 338.0990030267568, 139.1041370841357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 344.0929581237928, 136.66203115239193, 346.52829803317803, 139.1041370841357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.1 million", "box": [ 361.72829085598727, 136.66203115239193, 383.5169182223436, 139.1041370841357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 136.66203115239193, 391.94621322876486, 139.1041370841357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.8 million", "box": [ 407.14620605157404, 136.66203115239193, 428.9348334179304, 139.1041370841357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.92878851496636, 136.66203115239193, 437.36412842435163, 139.1041370841357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.6 million", "box": [ 450.133349205443, 136.66203115239193, 474.3527486135172, 139.1041370841357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management fee - amount unpaid", "box": [ 139.4513172425282, 143.44861618161758, 205.18161854570707, 145.89072211336122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 298.67504292820604, 143.44861618161758, 301.11038283759126, 145.89072211336122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.2 million", "box": [ 313.87960361868267, 143.44861618161758, 338.0990030267568, 145.89072211336122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 344.0929581237928, 143.44861618161758, 346.52829803317803, 145.89072211336122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.7 million", "box": [ 359.29751881426944, 143.44861618161758, 383.5169182223436, 145.89072211336122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 143.44861618161758, 391.94621322876486, 145.89072211336122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.2 million", "box": [ 404.7154340098562, 143.44861618161758, 428.9348334179304, 145.89072211336122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.92878851496636, 143.44861618161758, 437.36412842435163, 145.89072211336122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.7 million", "box": [ 450.133349205443, 143.44861618161758, 474.3527486135172, 145.89072211336122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Incentive distribution. ", "box": [ 137.10211473241165, 161.3816776937158, 202.64452140261454, 164.87077438984034 ], "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": [ 202.65954989057684, 161.3816776937158, 476.564163988313, 164.87077438984034 ], "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": [ 137.10211473241165, 169.73439772968572, 476.5967918009535, 173.22349442581026 ], "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": [ 137.10211473241165, 178.08711776565576, 476.54785008199275, 181.5762144617803 ], "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": [ 137.10211473241165, 186.43983780162569, 476.629419613594, 189.92893449775022 ], "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": [ 137.10211473241165, 194.79255783759572, 476.5315361756725, 198.28165453372026 ], "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": [ 137.10211473241165, 203.14527787356565, 476.629419613594, 206.63437456969018 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the operating partnership as GAAP net income (loss) of the Operating Partnership excluding non-cash equity ", "box": [ 137.10211473241165, 211.49799790953568, 476.5967918009535, 214.98709460566022 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compensation expense, the expenses incurred in connection with the Operating Partnership's formation or continuation, ", "box": [ 137.10211473241165, 219.85071794550572, 476.54785008199275, 223.33981464163026 ], "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": [ 137.10211473241165, 228.20343798147564, 476.60494614388864, 231.69253467760018 ], "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": [ 137.10211473241165, 332.09081390883483, 476.5967918009535, 335.57991060495937 ], "from_ocr": false, "confidence": 1.0 }, { "text": "regardless of whether such items are included in other comprehensive income or loss, or in net income. The amount will ", "box": [ 137.10211473241165, 340.4435339448048, 476.58047789463325, 343.93263064092935 ], "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": [ 137.10211473241165, 348.7962539807748, 476.54785008199275, 352.2853506768993 ], "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": [ 137.10211473241165, 357.1489740167448, 476.60494614388864, 360.6380707128693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "independent directors. ", "box": [ 137.10211473241165, 365.50169405271475, 200.63890683047407, 368.9907907488393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the Incentive fee payable to the Manager.", "box": [ 137.10211473241165, 382.2071341246547, 323.41795482008064, 385.69623082077925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30,", "box": [ 308.9935912859916, 400.2951777676771, 371.8271407378857, 402.73728369942074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30,", "box": [ 402.7903930640662, 400.2951777676771, 459.76628629530137, 402.73728369942074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 312.8518275205067, 406.5597177946546, 322.59317674324984, 409.00182372639824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 358.26974271609345, 406.5597177946546, 368.0110919388366, 409.00182372639824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 403.6876579116802, 406.5597177946546, 413.42900713442344, 409.00182372639824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 449.105573107267, 406.5597177946546, 458.8469223300102, 409.00182372639824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Incentive fee distribution - total", "box": [ 139.4513172425282, 413.3463028238802, 201.12664274132405, 415.7884087556239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 298.67504292820604, 413.3463028238802, 301.11038283759126, 415.7884087556239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 329.0352225901985, 413.3463028238802, 333.905902408969, 415.7884087556239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 344.0929581237928, 413.3463028238802, 346.52829803317803, 415.7884087556239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 377.00626673513, 413.3463028238802, 381.8769465539005, 415.7884087556239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 413.3463028238802, 391.94621322876486, 415.7884087556239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 419.87105298137203, 413.3463028238802, 424.74173280014253, 415.7884087556239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.92878851496636, 413.3463028238802, 437.36412842435163, 415.7884087556239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 467.8420971263036, 413.3463028238802, 472.71277694507404, 415.7884087556239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Incentive fee distribution - amount unpaid", "box": [ 139.4513172425282, 420.1328878531058, 221.5535078823156, 422.5749937848494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 298.67504292820604, 420.1328878531058, 301.11038283759126, 422.5749937848494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 329.0352225901985, 420.1328878531058, 333.905902408969, 422.5749937848494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 344.0929581237928, 420.1328878531058, 346.52829803317803, 422.5749937848494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 377.00626673513, 420.1328878531058, 381.8769465539005, 422.5749937848494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 420.1328878531058, 391.94621322876486, 422.5749937848494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 419.87105298137203, 420.1328878531058, 424.74173280014253, 422.5749937848494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.92878851496636, 420.1328878531058, 437.36412842435163, 422.5749937848494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 467.8420971263036, 420.1328878531058, 472.71277694507404, 422.5749937848494 ], "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": [ 137.10211473241165, 438.065949365204, 476.5315361756725, 441.55504606132854 ], "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": [ 137.10211473241165, 446.418669401174, 476.57231833124814, 449.9077660972985 ], "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": [ 137.10211473241165, 454.77138943714397, 476.6212600502089, 458.2604861332685 ], "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": [ 137.10211473241165, 463.12410947311395, 476.498908363032, 466.6132061692385 ], "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": [ 137.10211473241165, 471.4768295090839, 476.564163988313, 474.96592620520846 ], "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": [ 137.10211473241165, 479.8295495450539, 476.61310570727375, 483.31864624117844 ], "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": [ 137.10211473241165, 488.1822695810239, 476.54785008199275, 491.6713662771484 ], "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": [ 137.10211473241165, 496.53498961699387, 476.52337661228734, 500.0240863131184 ], "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": [ 137.10211473241165, 504.88770965296385, 476.5315361756725, 508.3768063490884 ], "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": [ 137.10211473241165, 513.2404296889339, 476.54785008199275, 516.7295263850584 ], "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": [ 137.10211473241165, 521.5931497249038, 476.5967918009535, 525.0822464210283 ], "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": [ 137.10211473241165, 529.9458697608738, 476.564163988313, 533.4349664569984 ], "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": [ 137.10211473241165, 538.2985897968438, 476.5967918009535, 541.7876864929683 ], "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": [ 137.10211473241165, 546.6513098328138, 476.564163988313, 550.1404065289383 ], "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": [ 137.10211473241165, 555.0040298687838, 476.54785008199275, 558.4931265649084 ], "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": [ 137.10211473241165, 563.3567499047538, 476.60494614388864, 566.8458466008783 ], "from_ocr": false, "confidence": 1.0 }, { "text": "completed fiscal quarter before the date of termination.", "box": [ 137.10211473241165, 571.7094699407237, 290.5162311182064, 575.1985666368482 ], "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": [ 137.10211473241165, 588.4149100126638, 476.5396905186076, 591.9040067087883 ], "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": [ 137.10211473241165, 596.7676300486337, 476.58047789463325, 600.2567267447582 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may terminate the Management Agreement annually upon 180 days prior notice. Under certain limited circumstances ", "box": [ 137.10211473241165, 605.1203500846036, 476.58047789463325, 608.6094467807281 ], "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": [ 137.10211473241165, 613.4730701205737, 476.564163988313, 616.9621668166982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "termination.", "box": [ 137.10211473241165, 621.8257901565437, 170.92118279017927, 625.3148868526682 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Expense reimbursement", "box": [ 137.10211473241165, 638.5312302284835, 206.50036993751584, 642.0203269246081 ], "from_ocr": false, "confidence": 1.0 }, { "text": ".", "box": [ 206.47700396951626, 638.5312302284835, 208.21671892645702, 642.0203269246081 ], "from_ocr": false, "confidence": 1.0 }, { "text": " In addition to the management fees and incentive distribution described above, the Company is ", "box": [ 208.2144323823983, 638.5312302284835, 476.564163988313, 642.0203269246081 ], "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": [ 137.10211473241165, 646.8839502644536, 476.61310570727375, 650.3730469605781 ], "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": [ 137.10211473241165, 655.2366703004236, 476.57231833124814, 658.7257669965481 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company are typically included in salaries and benefits or general and administrative expense in the consolidated ", "box": [ 137.10211473241165, 663.5893903363935, 476.5886322375684, 667.0784870325181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements of operations.", "box": [ 137.10211473241165, 671.9421103723635, 206.47996228108389, 675.4312070684881 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents reimbursable expenses payable to the Manager.", "box": [ 137.10211473241165, 688.6475504443035, 340.24085835861456, 692.1366471404281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30,", "box": [ 308.9935912859916, 706.7355940873259, 371.8271407378857, 709.1777000190696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30,", "box": [ 402.7903930640662, 706.7355940873259, 459.76628629530137, 709.1777000190696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 312.8518275205067, 713.0001341143034, 322.59317674324984, 715.442240046047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 358.26974271609345, 713.0001341143034, 368.0110919388366, 715.442240046047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 403.6876579116802, 713.0001341143034, 413.42900713442344, 715.442240046047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 449.105573107267, 713.0001341143034, 458.8469223300102, 715.442240046047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reimbursable expenses payable to Manager - total", "box": [ 139.4513172425282, 719.786719143529, 237.91356943434954, 722.2288250752727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 298.67504292820604, 719.786719143529, 301.11038283759126, 722.2288250752727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.2 million", "box": [ 316.3103756604005, 719.786719143529, 338.0990030267568, 722.2288250752727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 344.0929581237928, 719.786719143529, 346.52829803317803, 722.2288250752727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.0 million", "box": [ 361.72829085598727, 719.786719143529, 383.5169182223436, 722.2288250752727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 719.786719143529, 391.94621322876486, 722.2288250752727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.8 million", "box": [ 407.14620605157404, 719.786719143529, 428.9348334179304, 722.2288250752727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.92878851496636, 719.786719143529, 437.36412842435163, 722.2288250752727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.9 million", "box": [ 452.5641212471608, 719.786719143529, 474.3527486135172, 722.2288250752727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reimbursable expenses payable to Manager - amount unpaid", "box": [ 139.4513172425282, 726.5733041727547, 258.3404345753411, 729.0154101044982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 298.67504292820604, 726.5733041727547, 301.11038283759126, 729.0154101044982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.7 million", "box": [ 316.3103756604005, 726.5733041727547, 338.0990030267568, 729.0154101044982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 344.0929581237928, 726.5733041727547, 346.52829803317803, 729.0154101044982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.2 million", "box": [ 361.72829085598727, 726.5733041727547, 383.5169182223436, 729.0154101044982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 726.5733041727547, 391.94621322876486, 729.0154101044982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.7 million", "box": [ 407.14620605157404, 726.5733041727547, 428.9348334179304, 729.0154101044982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.92878851496636, 726.5733041727547, 437.36412842435163, 729.0154101044982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.2 million", "box": [ 452.5641212471608, 726.5733041727547, 474.3527486135172, 729.0154101044982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Co-Investment with Manager", "box": [ 137.10211473241165, 744.5063656848528, 221.34907315077822, 747.9954623809773 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 40, "width": 612.0, "height": 792.0, "cells": [ { "text": "51", "box": [ 302.5169704768508, 94.03787240370775, 309.47582683301454, 97.52696909983229 ], "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": [ 137.10211473241165, 37.13496715866222, 476.5886322375684, 40.624063854786755 ], "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": [ 137.10211473241165, 40.78928217439909, 476.5886322375684, 44.278378870523625 ], "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": [ 137.10211473241165, 49.14200221036913, 476.61310570727375, 52.63109890649366 ], "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": [ 137.10211473241165, 57.49472224633905, 476.5315361756725, 60.983818942463586 ], "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": [ 137.10211473241165, 65.84744228230909, 476.498908363032, 69.33653897843362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "52", "box": [ 302.5169704768508, 651.5814963727225, 309.47582683301454, 655.0705930688471 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distressed and value-add real estate across property types with local operating partners. As ", "box": [ 137.10211473241165, 169.21191429545593, 408.8459195190355, 172.70101099158046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of June 30, 2026, the ", "box": [ 411.9047712246392, 169.21191429545593, 476.60494614388864, 172.70101099158046 ], "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": [ 137.10211473241165, 177.56463433142596, 438.2591119483569, 181.0537310275505 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan Referrals with Clients of the Manager", "box": [ 137.10211473241165, 194.27007440336592, 262.7647838462425, 197.75917109949046 ], "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": [ 137.10211473241165, 202.62279443933585, 476.54785008199275, 206.11189113546038 ], "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": [ 137.10211473241165, 210.97551447530589, 476.57231833124814, 214.46461117143042 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$23.5 million was the refinance of one of the Company's existing loans.", "box": [ 137.10211473241165, 219.32823451127592, 337.7900446438288, 222.81733120740046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company received a fee of 0.6% of UPB in exchange for these referrals.", "box": [ 137.10211473241165, 236.03367458321588, 351.33572464773357, 239.52277127934042 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 18. Other Assets and Other Liabilities", "box": [ 137.10211473241165, 252.73911465515584, 264.62018012559946, 256.2282113512804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the composition of other assets and other liabilities.", "box": [ 137.10211473241165, 269.4445547270958, 351.61343530924, 272.93365142322034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 287.5325983701182, 167.45767368742935, 289.97470430186183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 378.7600090543323, 287.5325983701182, 407.0398663981948, 289.97470430186183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 429.0884100523155, 287.5325983701182, 468.35821642183356, 289.97470430186183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other assets:", "box": [ 139.4513172425282, 293.79713839709564, 166.5515667547943, 296.2392443288393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Goodwill", "box": [ 143.6276772605132, 300.5837234263213, 162.02826318654414, 303.0258293580649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 300.5837234263213, 371.0644131388399, 303.0258293580649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "49,501", "box": [ 403.34506587895487, 300.5837234263213, 416.73941576473277, 303.0258293580649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 300.5837234263213, 426.9232283793892, 303.0258293580649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "49,501", "box": [ 459.20388111950416, 300.5837234263213, 472.59823100528206, 303.0258293580649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Deferred loan exit fees", "box": [ 143.6276772605132, 307.3703084555469, 188.1153598682699, 309.8124143872905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,419", "box": [ 405.8981948282996, 307.3703084555469, 416.85720827629154, 309.8124143872905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,179", "box": [ 459.3180784637459, 307.3703084555469, 472.71242834952386, 309.8124143872905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accrued interest", "box": [ 143.6276772605132, 314.15689348477247, 175.67708419579265, 316.5989994165161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26,243", "box": [ 403.4592632231967, 314.15689348477247, 416.85361310897457, 316.5989994165161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "42,143", "box": [ 459.3180784637459, 314.15689348477247, 472.71242834952386, 316.5989994165161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Due from servicers", "box": [ 143.6276772605132, 320.9434785139981, 180.9544312462147, 323.38558444574176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,887", "box": [ 403.4592632231967, 320.9434785139981, 416.85361310897457, 323.38558444574176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "71,999", "box": [ 459.3180784637459, 320.9434785139981, 472.71242834952386, 323.38558444574176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Intangible assets", "box": [ 143.6276772605132, 327.7300635432237, 175.9553341515907, 330.17216947496735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36,459", "box": [ 403.4592632231967, 327.7300635432237, 416.85361310897457, 330.17216947496735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "38,172", "box": [ 459.3180784637459, 327.7300635432237, 472.71242834952386, 330.17216947496735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Receivable from third party", "box": [ 143.6276772605132, 334.5166485724493, 197.59033105869457, 336.95875450419294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "51,214", "box": [ 403.4592632231967, 334.5166485724493, 416.85361310897457, 336.95875450419294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "43,968", "box": [ 459.3180784637459, 334.5166485724493, 472.71242834952386, 336.95875450419294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Deferred financing costs", "box": [ 143.6276772605132, 341.30323360167495, 191.50200100750905, 343.7453395334186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,704", "box": [ 405.8981948282996, 341.30323360167495, 416.85720827629154, 343.7453395334186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,489", "box": [ 459.3180784637459, 341.30323360167495, 472.71242834952386, 343.7453395334186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Deferred tax asset", "box": [ 143.6276772605132, 348.0898186309006, 178.785464855729, 350.5319245626442 ], "from_ocr": false, "confidence": 1.0 }, { "text": "201,573", "box": [ 401.0203368385437, 348.0898186309006, 416.8500231621076, 350.5319245626442 ], "from_ocr": false, "confidence": 1.0 }, { "text": "201,573", "box": [ 456.879152079093, 348.0898186309006, 472.70883840265685, 350.5319245626442 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Tax receivable", "box": [ 143.6276772605132, 354.87640366012613, 172.08591705453847, 357.31850959186977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "29,277", "box": [ 403.4592632231967, 354.87640366012613, 416.85361310897457, 357.31850959186977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "719", "box": [ 465.41132508458577, 354.87640366012613, 472.717337869543, 357.31850959186977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Right-of-use lease asset", "box": [ 143.6276772605132, 361.6629886893518, 189.88478403210388, 364.1050946210954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,026", "box": [ 405.8981948282996, 361.6629886893518, 416.85720827629154, 364.1050946210954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,368", "box": [ 461.7570100688489, 361.6629886893518, 472.71602351684083, 364.1050946210954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PPP receivables", "box": [ 143.6276772605132, 368.4495737185774, 174.69485377902862, 370.891679650321 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,758", "box": [ 405.8981948282996, 368.4495737185774, 416.85720827629154, 370.891679650321 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,783", "box": [ 461.7570100688489, 368.4495737185774, 472.71602351684083, 370.891679650321 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other", "box": [ 143.6276772605132, 375.23615874780296, 154.71750050825082, 377.6782646795466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "27,100", "box": [ 403.4592632231967, 375.23615874780296, 416.85361310897457, 377.6782646795466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,344", "box": [ 459.3180784637459, 375.23615874780296, 472.71242834952386, 377.6782646795466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other assets", "box": [ 139.4513172425282, 382.0227437770286, 164.92959486908023, 384.46484970877225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 382.0227437770286, 371.0644131388399, 384.46484970877225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "466,161", "box": [ 400.90613949430195, 382.0227437770286, 416.7358258178658, 384.46484970877225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 382.0227437770286, 426.9232283793892, 384.46484970877225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "508,238", "box": [ 456.7649547348512, 382.0227437770286, 472.5946410584151, 384.46484970877225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accounts payable and other accrued liabilities:", "box": [ 139.4513172425282, 388.8093288062542, 236.90990770254552, 391.25143473799784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accrued salaries, wages and commissions", "box": [ 143.6276772605132, 395.59591383547985, 225.4587915453239, 398.0380197672235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "27,319", "box": [ 403.4592632231967, 395.59591383547985, 416.85361310897457, 398.0380197672235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "35,691", "box": [ 459.3180784637459, 395.59591383547985, 472.71242834952386, 398.0380197672235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accrued interest payable", "box": [ 143.6276772605132, 402.38249886470544, 192.03949732521417, 404.8246047964491 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34,959", "box": [ 403.4592632231967, 402.38249886470544, 416.85361310897457, 404.8246047964491 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40,306", "box": [ 459.3180784637459, 402.38249886470544, 472.71242834952386, 404.8246047964491 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Servicing principal and interest payable", "box": [ 143.6276772605132, 409.1690838939311, 220.99000575863005, 411.61118982567467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17,465", "box": [ 403.4592632231967, 409.1690838939311, 416.85361310897457, 411.61118982567467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,388", "box": [ 459.3180784637459, 409.1690838939311, 472.71242834952386, 411.61118982567467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Repair and denial reserve", "box": [ 143.6276772605132, 415.9556689231567, 193.25715361537885, 418.3977748549003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,035", "box": [ 403.4592632231967, 415.9556689231567, 416.85361310897457, 418.3977748549003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,328", "box": [ 459.3180784637459, 415.9556689231567, 472.71242834952386, 418.3977748549003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Payable to related parties", "box": [ 143.6276772605132, 422.74225395238227, 192.71966512834877, 425.1843598841259 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,185", "box": [ 405.8981948282996, 422.74225395238227, 416.85720827629154, 425.1843598841259 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,720", "box": [ 461.7570100688489, 422.74225395238227, 472.71602351684083, 425.1843598841259 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PPP liabilities", "box": [ 143.6276772605132, 429.5288389816079, 170.91816060843323, 431.9709449133515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 411.9832818857543, 429.5288389816079, 416.8539617045248, 431.9709449133515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,592", "box": [ 461.7570100688489, 429.5288389816079, 472.71602351684083, 431.9709449133515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accrued professional fees", "box": [ 143.6276772605132, 436.3154240108335, 194.20608673449738, 438.75752994257715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "514", "box": [ 409.5525098440365, 436.3154240108335, 416.85852262899374, 438.75752994257715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,697", "box": [ 461.7570100688489, 436.3154240108335, 472.71602351684083, 438.75752994257715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lease payable", "box": [ 143.6276772605132, 443.1020090400591, 171.34628687982786, 445.54411497180274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,918", "box": [ 405.8981948282996, 443.1020090400591, 416.85720827629154, 445.54411497180274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,565", "box": [ 461.7570100688489, 443.1020090400591, 472.71602351684083, 445.54411497180274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liabilities of consolidated VIEs", "box": [ 143.6276772605132, 450.932684073781, 205.62645847121377, 453.37479000552463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,554", "box": [ 405.8981948282996, 450.932684073781, 416.85720827629154, 453.37479000552463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,517", "box": [ 461.7570100688489, 450.932684073781, 472.71602351684083, 453.37479000552463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other", "box": [ 143.6276772605132, 457.7192691030066, 154.71750050825082, 460.1613750347502 ], "from_ocr": false, "confidence": 1.0 }, { "text": "50,671", "box": [ 403.4592632231967, 457.7192691030066, 416.85361310897457, 460.1613750347502 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,832", "box": [ 459.3180784637459, 457.7192691030066, 472.71242834952386, 460.1613750347502 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total accounts payable and other accrued liabilities", "box": [ 139.4513172425282, 464.50585413223223, 246.07094202723562, 466.9479600639758 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 464.50585413223223, 371.0644131388399, 466.9479600639758 ], "from_ocr": false, "confidence": 1.0 }, { "text": "165,620", "box": [ 400.90613949430195, 464.50585413223223, 416.7358258178658, 466.9479600639758 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 464.50585413223223, 426.9232283793892, 466.9479600639758 ], "from_ocr": false, "confidence": 1.0 }, { "text": "171,636", "box": [ 456.7649547348512, 464.50585413223223, 472.5946410584151, 466.9479600639758 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Goodwill", "box": [ 137.10211473241165, 482.4389156443304, 163.00752768907762, 485.9280123404549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the carrying value of goodwill by reportable segment.", "box": [ 137.10211473241165, 490.7916356803004, 357.7806016230363, 494.2807323764249 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 508.87967932332276, 167.45767368742935, 511.3217852550664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 378.7600090543323, 508.87967932332276, 407.0398663981948, 511.3217852550664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 429.0884100523155, 508.87967932332276, 468.35821642183356, 511.3217852550664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LMM Commercial Real Estate", "box": [ 139.4513172425282, 515.1442193503003, 199.64264593570022, 517.5863252820438 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 515.1442193503003, 371.0644131388399, 517.5863252820438 ], "from_ocr": false, "confidence": 1.0 }, { "text": "27,324", "box": [ 403.5163645055425, 515.1442193503003, 416.9107143913205, 517.5863252820438 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 515.1442193503003, 426.9232283793892, 517.5863252820438 ], "from_ocr": false, "confidence": 1.0 }, { "text": "27,324", "box": [ 459.3751797460918, 515.1442193503003, 472.7695296318697, 517.5863252820438 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Small Business Lending", "box": [ 139.4513172425282, 521.9308043795259, 186.80480765169855, 524.3729103112695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,177", "box": [ 403.4592632231967, 521.9308043795259, 416.85361310897457, 524.3729103112695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,177", "box": [ 459.3180784637459, 521.9308043795259, 472.71242834952386, 524.3729103112695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 139.4513172425282, 528.7173894087514, 150.09877494426473, 531.1594953404951 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 528.7173894087514, 371.0644131388399, 531.1594953404951 ], "from_ocr": false, "confidence": 1.0 }, { "text": "49,501", "box": [ 403.5163645055425, 528.7173894087514, 416.9107143913205, 531.1594953404951 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 528.7173894087514, 426.9232283793892, 531.1594953404951 ], "from_ocr": false, "confidence": 1.0 }, { "text": "49,501", "box": [ 459.3751797460918, 528.7173894087514, 472.7695296318697, 531.1594953404951 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Intangible assets", "box": [ 137.10211473241165, 726.7548614644988, 185.24322803255325, 730.2439581606234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents information on intangible assets.", "box": [ 137.10211473241165, 735.1075815004689, 299.0483087460772, 738.5966781965934 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 41, "width": 612.0, "height": 792.0, "cells": [ { "text": "53", "box": [ 302.5169704768508, 488.70389410328954, 309.47582683301454, 492.1929907994141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 42.69393074772961, 167.45767368742935, 45.136036679473364 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gross Carrying Amount", "box": [ 285.50972052776115, 42.69393074772961, 336.0239304631231, 45.136036679473364 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accumulated Amortization", "box": [ 348.91372005165283, 42.69393074772961, 405.32362216774646, 45.136036679473364 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Carrying Value", "box": [ 422.98700908854056, 42.69393074772961, 463.5743594074389, 45.136036679473364 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 139.4513172425282, 44.260065754474, 167.73117458639075, 46.70217168621764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortized intangible assets:", "box": [ 139.4513172425282, 52.090740788195944, 198.43447588741017, 54.532846719939585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Internally developed software", "box": [ 143.6276772605132, 59.921415821917776, 201.78082720619003, 62.363521753661416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 281.44755785401793, 59.921415821917776, 283.8828977634032, 62.363521753661416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28,083", "box": [ 326.60445054848066, 59.921415821917776, 339.99880043425856, 62.363521753661416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 347.7472731395297, 59.921415821917776, 350.1826130489149, 62.363521753661416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,691", "box": [ 392.9041658339924, 59.921415821917776, 406.2985157197703, 62.363521753661416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 414.04698842504143, 59.921415821917776, 416.4823283344267, 62.363521753661416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,392", "box": [ 459.20388111950416, 59.921415821917776, 472.59823100528206, 62.363521753661416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Customer relationships", "box": [ 143.6276772605132, 67.75209085563961, 188.67662840853492, 70.19419678738325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,299", "box": [ 326.71864789272246, 67.75209085563961, 340.11299777850036, 70.19419678738325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,632", "box": [ 395.45729478333715, 67.75209085563961, 406.4163082313291, 70.19419678738325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,667", "box": [ 461.7570100688489, 67.75209085563961, 472.71602351684083, 70.19419678738325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Broker network", "box": [ 143.6276772605132, 75.58276588936144, 174.330978282761, 78.02487182110508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,000", "box": [ 329.1575794978254, 75.58276588936144, 340.11659294581733, 78.02487182110508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,000", "box": [ 395.45729478333715, 75.58276588936144, 406.4163082313291, 78.02487182110508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,000", "box": [ 461.7570100688489, 75.58276588936144, 472.71602351684083, 78.02487182110508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Trade name", "box": [ 143.6276772605132, 83.41344092308327, 166.5778786526543, 85.85554685482703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,500", "box": [ 329.1575794978254, 83.41344092308327, 340.11659294581733, 85.85554685482703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "416", "box": [ 399.111609799074, 83.41344092308327, 406.4176225840312, 85.85554685482703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,084", "box": [ 461.7570100688489, 83.41344092308327, 472.71602351684083, 85.85554685482703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Above market leases", "box": [ 143.6276772605132, 91.24411595680522, 184.2007710683512, 93.68622188854886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,958", "box": [ 329.1575794978254, 91.24411595680522, 340.11659294581733, 93.68622188854886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "189", "box": [ 399.111609799074, 91.24411595680522, 406.4176225840312, 93.68622188854886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,769", "box": [ 461.7570100688489, 91.24411595680522, 472.71602351684083, 93.68622188854886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other", "box": [ 143.6276772605132, 99.07479099052705, 154.71750050825082, 101.51689692227069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,536", "box": [ 329.1575794978254, 99.07479099052705, 340.11659294581733, 101.51689692227069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,251", "box": [ 395.45729478333715, 99.07479099052705, 406.4163082313291, 101.51689692227069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,285", "box": [ 461.7570100688489, 99.07479099052705, 472.71602351684083, 101.51689692227069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unamortized intangible assets:", "box": [ 139.4513172425282, 106.90546602424888, 203.5786456338439, 109.34757195599252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Trademark", "box": [ 143.6276772605132, 114.73614105797083, 164.82034520431964, 117.17824698971447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "262", "box": [ 332.81189451356227, 114.73614105797083, 340.11790729851947, 117.17824698971447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 401.54238184079185, 114.73614105797083, 406.4130616595623, 117.17824698971447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "262", "box": [ 465.41132508458577, 114.73614105797083, 472.717337869543, 117.17824698971447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SBA license", "box": [ 143.6276772605132, 122.56681609169266, 167.5743572132645, 125.0089220234363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,000", "box": [ 329.1575794978254, 122.56681609169266, 340.11659294581733, 125.0089220234363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 401.54238184079185, 122.56681609169266, 406.4130616595623, 125.0089220234363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,000", "box": [ 461.7570100688489, 122.56681609169266, 472.71602351684083, 125.0089220234363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total intangible assets", "box": [ 139.4513172425282, 130.3974911254145, 185.28031680326512, 132.83959705715813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 281.44755785401793, 130.3974911254145, 283.8828977634032, 132.83959705715813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "56,638", "box": [ 326.71864789272246, 130.3974911254145, 340.11299777850036, 132.83959705715813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 347.7472731395297, 130.3974911254145, 350.1826130489149, 132.83959705715813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,179", "box": [ 393.01836317823415, 130.3974911254145, 406.4127130640121, 132.83959705715813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 414.04698842504143, 130.3974911254145, 416.4823283344267, 132.83959705715813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36,459", "box": [ 459.3180784637459, 130.3974911254145, 472.71242834952386, 132.83959705715813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortized intangible liabilities:", "box": [ 139.4513172425282, 138.22816615913632, 205.47171993698868, 140.67027209087996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Below market leases", "box": [ 143.6276772605132, 146.05884119285815, 183.93202177914884, 148.5009471246019 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 281.44755785401793, 146.05884119285815, 283.8828977634032, 148.5009471246019 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(418)", "box": [ 331.188658224472, 146.05884119285815, 341.742498964696, 148.5009471246019 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 347.7472731395297, 146.05884119285815, 350.1826130489149, 148.5009471246019 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(30)", "box": [ 399.9273051150867, 146.05884119285815, 408.0503685931428, 148.5009471246019 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 414.04698842504143, 146.05884119285815, 416.4823283344267, 148.5009471246019 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(388)", "box": [ 463.78808879549547, 146.05884119285815, 474.34192953571943, 148.5009471246019 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total intangible liabilities", "box": [ 139.4513172425282, 153.8895162265801, 192.31756085284366, 156.33162215832374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 281.44755785401793, 153.8895162265801, 283.8828977634032, 156.33162215832374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(418)", "box": [ 331.188658224472, 153.8895162265801, 341.742498964696, 156.33162215832374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 347.7472731395297, 153.8895162265801, 350.1826130489149, 156.33162215832374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(30)", "box": [ 399.9273051150867, 153.8895162265801, 408.0503685931428, 156.33162215832374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 414.04698842504143, 153.8895162265801, 416.4823283344267, 156.33162215832374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(388)", "box": [ 463.78808879549547, 153.8895162265801, 474.34192953571943, 156.33162215832374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 139.4513172425282, 161.72019126030193, 178.72112361204617, 164.16229719204557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortized intangible assets:", "box": [ 139.4513172425282, 169.55086629402376, 198.43447588741017, 171.9929722257674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Internally developed software", "box": [ 143.6276772605132, 177.3815413277457, 201.78082720619003, 179.82364725948923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 281.44755785401793, 177.3815413277457, 283.8828977634032, 179.82364725948923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26,120", "box": [ 326.60445054848066, 177.3815413277457, 339.99880043425856, 179.82364725948923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 347.7472731395297, 177.3815413277457, 350.1826130489149, 179.82364725948923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,520", "box": [ 392.9041658339924, 177.3815413277457, 406.1177643199179, 179.82364725948923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 414.04698842504143, 177.3815413277457, 416.4823283344267, 179.82364725948923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,600", "box": [ 459.20388111950416, 177.3815413277457, 472.59823100528206, 179.82364725948923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Customer relationships", "box": [ 143.6276772605132, 185.21221636146754, 188.67662840853492, 187.65432229321118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,299", "box": [ 326.71864789272246, 185.21221636146754, 340.11299777850036, 187.65432229321118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,236", "box": [ 395.45729478333715, 185.21221636146754, 406.4163082313291, 187.65432229321118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,063", "box": [ 461.634653161222, 185.21221636146754, 472.5936666092139, 187.65432229321118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Broker network", "box": [ 143.6276772605132, 193.04289139518937, 174.330978282761, 195.484997326933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,000", "box": [ 329.1575794978254, 193.04289139518937, 340.11659294581733, 195.484997326933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,500", "box": [ 395.45729478333715, 193.04289139518937, 406.4163082313291, 195.484997326933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,500", "box": [ 461.634653161222, 193.04289139518937, 472.5936666092139, 195.484997326933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Above market leases", "box": [ 143.6276772605132, 200.8735664289112, 184.2007710683512, 203.31567236065484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,958", "box": [ 329.1575794978254, 200.8735664289112, 340.11659294581733, 203.31567236065484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "89", "box": [ 401.54238184079185, 200.8735664289112, 406.4130581879631, 203.31567236065484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,869", "box": [ 461.634653161222, 200.8735664289112, 472.5936666092139, 203.31567236065484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other", "box": [ 143.6276772605132, 208.70424146263304, 154.71750050825082, 211.1463473943768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,536", "box": [ 329.1575794978254, 208.70424146263304, 340.11659294581733, 211.1463473943768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,158", "box": [ 395.45729478333715, 208.70424146263304, 406.4163082313291, 211.1463473943768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,378", "box": [ 461.634653161222, 208.70424146263304, 472.5936666092139, 211.1463473943768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unamortized intangible assets:", "box": [ 139.4513172425282, 216.53491649635498, 203.5786456338439, 218.97702242809862 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Trade name", "box": [ 143.6276772605132, 224.3655915300768, 166.5778786526543, 226.80769746182045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,500", "box": [ 329.1575794978254, 224.3655915300768, 340.11659294581733, 226.80769746182045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 401.54238184079185, 224.3655915300768, 406.4130616595623, 226.80769746182045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,500", "box": [ 461.634653161222, 224.3655915300768, 472.5936666092139, 226.80769746182045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Trademark", "box": [ 143.6276772605132, 232.19626656379864, 164.82034520431964, 234.63837249554228 ], "from_ocr": false, "confidence": 1.0 }, { "text": "262", "box": [ 332.81189451356227, 232.19626656379864, 340.11790729851947, 234.63837249554228 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 401.54238184079185, 232.19626656379864, 406.4130616595623, 234.63837249554228 ], "from_ocr": false, "confidence": 1.0 }, { "text": "262", "box": [ 465.28896817695886, 232.19626656379864, 472.59498096191606, 234.63837249554228 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SBA license", "box": [ 143.6276772605132, 240.0269415975206, 167.5743572132645, 242.46904752926412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,000", "box": [ 329.1575794978254, 240.0269415975206, 340.11659294581733, 242.46904752926412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 401.54238184079185, 240.0269415975206, 406.4130616595623, 242.46904752926412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,000", "box": [ 461.634653161222, 240.0269415975206, 472.5936666092139, 242.46904752926412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total intangible assets", "box": [ 139.4513172425282, 247.85761663124242, 185.28031680326512, 250.29972256298606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 281.44755785401793, 247.85761663124242, 283.8828977634032, 250.29972256298606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "54,675", "box": [ 326.71864789272246, 247.85761663124242, 340.11299777850036, 250.29972256298606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 347.7472731395297, 247.85761663124242, 350.1826130489149, 250.29972256298606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,503", "box": [ 393.01836317823415, 247.85761663124242, 406.4127130640121, 250.29972256298606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 414.04698842504143, 247.85761663124242, 416.4823283344267, 250.29972256298606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "38,172", "box": [ 459.3180784637459, 247.85761663124242, 472.71242834952386, 250.29972256298606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortized intangible liabilities:", "box": [ 139.4513172425282, 255.68829166496425, 205.47171993698868, 258.1303975967079 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Below market leases", "box": [ 143.6276772605132, 263.5189666986861, 183.93202177914884, 265.9610726304297 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 281.44755785401793, 263.5189666986861, 283.8828977634032, 265.9610726304297 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(418)", "box": [ 331.188658224472, 263.5189666986861, 341.742498964696, 265.9610726304297 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 347.7472731395297, 263.5189666986861, 350.1826130489149, 265.9610726304297 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(14)", "box": [ 399.9273051150867, 263.5189666986861, 408.0503685931428, 265.9610726304297 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 414.04698842504143, 263.5189666986861, 416.4823283344267, 265.9610726304297 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(404)", "box": [ 463.78808879549547, 263.5189666986861, 474.34192953571943, 265.9610726304297 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total intangible liabilities", "box": [ 139.4513172425282, 271.3496417324079, 192.31756085284366, 273.79174766415167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 281.44755785401793, 271.3496417324079, 283.8828977634032, 273.79174766415167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(418)", "box": [ 331.188658224472, 271.3496417324079, 341.742498964696, 273.79174766415167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 347.7472731395297, 271.3496417324079, 350.1826130489149, 273.79174766415167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(14)", "box": [ 399.9273051150867, 271.3496417324079, 408.0503685931428, 273.79174766415167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 414.04698842504143, 271.3496417324079, 416.4823283344267, 273.79174766415167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(404)", "box": [ 463.78808879549547, 271.3496417324079, 474.34192953571943, 273.79174766415167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The amortization expense related to intangible assets was $1.8 million and $3.6 million for the three and six months ", "box": [ 137.10211473241165, 289.28270324450614, 476.5315361756725, 292.7717999406307 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026 and $1.7 million and $3.3 million for the three and six months ended June 30, 2025, respectively. ", "box": [ 137.10211473241165, 297.6354232804761, 476.5070627059671, 301.12451997660065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Such amounts are recorded as other operating expenses in the consolidated statements of operations.", "box": [ 137.10211473241165, 305.9881433164461, 416.3658496665762, 309.47724001257063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents amortization expense related to finite-lived intangible assets for the subsequent five years.", "box": [ 137.10211473241165, 322.69358338838606, 459.0339124939172, 326.1826800845106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 340.7816270314085, 167.45767368742935, 343.2237329631521 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 434.61882429488156, 340.7816270314085, 462.8986816387441, 343.2237329631521 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 139.4513172425282, 347.04616705838595, 149.19266646527143, 349.4882729901296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 347.04616705838595, 426.9232283793892, 349.4882729901296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,640", "box": [ 461.634653161222, 347.04616705838595, 472.5936666092139, 349.4882729901296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027", "box": [ 139.4513172425282, 353.8327520876116, 149.19266646527143, 356.27485801935524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,157", "box": [ 461.7570100688489, 353.8327520876116, 472.71602351684083, 356.27485801935524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2028", "box": [ 139.4513172425282, 360.6193371168372, 149.19266646527143, 363.0614430485808 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,131", "box": [ 461.7570100688489, 360.6193371168372, 472.71602351684083, 363.0614430485808 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2029", "box": [ 139.4513172425282, 367.4059221460628, 149.19266646527143, 369.8480280778064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,926", "box": [ 461.7570100688489, 367.4059221460628, 472.71602351684083, 369.8480280778064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2030", "box": [ 139.4513172425282, 374.1925071752884, 149.19266646527143, 376.63461310703207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,504", "box": [ 461.7570100688489, 374.1925071752884, 472.71602351684083, 376.63461310703207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Thereafter", "box": [ 139.4513172425282, 380.979092204514, 159.72834711312694, 383.42119813625766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,451", "box": [ 459.3180784637459, 380.979092204514, 472.53167694967146, 383.42119813625766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 139.4513172425282, 387.7656772337396, 150.09877494426473, 390.20778316548325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 387.7656772337396, 426.9232283793892, 390.20778316548325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34,809", "box": [ 459.3180784637459, 387.7656772337396, 472.71242834952386, 390.20778316548325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 19. Other Income and Operating Expenses", "box": [ 137.10211473241165, 405.6987387458378, 279.0509851860225, 409.18783544196236 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the composition of other income and operating expenses.", "box": [ 137.10211473241165, 572.2316122869679, 367.0636285619701, 575.7207089830924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30,", "box": [ 309.25461378711566, 590.3196559299903, 372.08816323900976, 592.7617618617339 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30,", "box": [ 402.7903930640662, 590.3196559299903, 459.76628629530137, 592.7617618617339 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 596.5841959569677, 167.45767368742935, 599.0263018887115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 313.1128500216307, 596.5841959569677, 322.8541992443739, 599.0263018887115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 358.26974271609345, 596.5841959569677, 368.0110919388366, 599.0263018887115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 403.6876579116802, 596.5841959569677, 413.42900713442344, 599.0263018887115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 449.105573107267, 596.5841959569677, 458.8469223300102, 599.0263018887115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other income:", "box": [ 139.4513172425282, 603.3707809861934, 169.5243937314919, 605.812886917937 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Origination income", "box": [ 143.6276772605132, 610.157366015419, 181.63699233285004, 612.5994719471627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 299.19708793045413, 610.157366015419, 301.6324278398394, 612.5994719471627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,618", "box": [ 325.5032644820885, 610.157366015419, 336.46227793008046, 612.5994719471627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 344.0929581237928, 610.157366015419, 346.52829803317803, 612.5994719471627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,530", "box": [ 370.9211796776753, 610.157366015419, 381.88019312566723, 612.5994719471627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 610.157366015419, 391.94621322876486, 612.5994719471627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,294", "box": [ 413.90016326815913, 610.157366015419, 427.29451315393703, 612.5994719471627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.92878851496636, 610.157366015419, 437.36412842435163, 612.5994719471627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,542", "box": [ 459.3180784637459, 610.157366015419, 472.71242834952386, 612.5994719471627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Hotel income", "box": [ 143.6276772605132, 616.9439510446446, 170.0025642912728, 619.3860569763883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,094", "box": [ 323.0643328769856, 616.9439510446446, 336.4586827627635, 619.3860569763883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 377.00626673513, 616.9439510446446, 381.8769465539005, 619.3860569763883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18,533", "box": [ 413.90016326815913, 616.9439510446446, 427.29451315393703, 619.3860569763883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 467.8420971263036, 616.9439510446446, 472.71277694507404, 619.3860569763883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Change in repair and denial reserve", "box": [ 143.6276772605132, 623.7305360738702, 212.73269978331194, 626.1726420056139 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,318)", "box": [ 323.8800281929983, 623.7305360738702, 338.0881839489591, 626.1726420056139 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(511)", "box": [ 372.9522584043219, 623.7305360738702, 383.3266461750231, 626.1726420056139 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,672)", "box": [ 414.7158585841718, 623.7305360738702, 428.92401434013266, 626.1726420056139 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,334)", "box": [ 460.1337737797586, 623.7305360738702, 474.34192953571943, 626.1726420056139 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loss on deconsolidation of trust", "box": [ 143.6276772605132, 631.561211107592, 206.12827295491246, 634.0033170393358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,840)", "box": [ 323.8800281929983, 631.561211107592, 338.0881839489591, 634.0033170393358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 377.00626673513, 631.561211107592, 381.8769465539005, 634.0033170393358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,840)", "box": [ 414.7158585841718, 631.561211107592, 428.92401434013266, 634.0033170393358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 467.8420971263036, 631.561211107592, 472.71277694507404, 634.0033170393358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other", "box": [ 143.6276772605132, 638.3477961368177, 154.71750050825082, 640.7899020685613 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,660", "box": [ 325.5032644820885, 638.3477961368177, 336.46227793008046, 640.7899020685613 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,285", "box": [ 370.9211796776753, 638.3477961368177, 381.88019312566723, 640.7899020685613 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,964", "box": [ 416.33909487326207, 638.3477961368177, 427.298108321254, 640.7899020685613 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,686", "box": [ 461.7570100688489, 638.3477961368177, 472.71602351684083, 640.7899020685613 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total other income", "box": [ 139.4513172425282, 645.1343811660433, 178.41430276765493, 647.576487097787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 299.19708793045413, 645.1343811660433, 301.6324278398394, 647.576487097787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,214", "box": [ 323.0643328769856, 645.1343811660433, 336.4586827627635, 647.576487097787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 344.0929581237928, 645.1343811660433, 346.52829803317803, 647.576487097787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,304", "box": [ 368.48224807257236, 645.1343811660433, 381.6078566042319, 647.576487097787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 645.1343811660433, 391.94621322876486, 647.576487097787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32,279", "box": [ 413.90016326815913, 645.1343811660433, 427.29451315393703, 647.576487097787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.92878851496636, 645.1343811660433, 437.36412842435163, 647.576487097787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,894", "box": [ 459.3180784637459, 645.1343811660433, 472.71242834952386, 647.576487097787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other operating expenses:", "box": [ 139.4513172425282, 651.9209661952689, 194.01568537460219, 654.3630721270125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Origination costs", "box": [ 143.6276772605132, 658.7075512244945, 177.04219243187362, 661.1496571562382 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,176", "box": [ 325.5032644820885, 658.7075512244945, 336.46227793008046, 661.1496571562382 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,571", "box": [ 370.9211796776753, 658.7075512244945, 381.88019312566723, 661.1496571562382 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,365", "box": [ 416.33909487326207, 658.7075512244945, 427.298108321254, 661.1496571562382 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,027", "box": [ 459.3180784637459, 658.7075512244945, 472.71242834952386, 661.1496571562382 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Hotel expense", "box": [ 143.6276772605132, 666.5382262582164, 171.35341629181005, 668.98033218996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,067", "box": [ 325.5032644820885, 666.5382262582164, 336.46227793008046, 668.98033218996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 377.00626673513, 666.5382262582164, 381.8769465539005, 668.98033218996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17,438", "box": [ 413.90016326815913, 666.5382262582164, 427.29451315393703, 668.98033218996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 467.8420971263036, 666.5382262582164, 472.71277694507404, 668.98033218996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Technology expense", "box": [ 143.6276772605132, 673.324811287442, 183.456375233318, 675.7669172191856 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,881", "box": [ 325.5032644820885, 673.324811287442, 336.46227793008046, 675.7669172191856 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,907", "box": [ 370.9211796776753, 673.324811287442, 381.88019312566723, 675.7669172191856 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,902", "box": [ 416.33909487326207, 673.324811287442, 427.298108321254, 675.7669172191856 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,792", "box": [ 461.7570100688489, 673.324811287442, 472.71602351684083, 675.7669172191856 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rent and property tax expense", "box": [ 143.6276772605132, 680.1113963166677, 202.86769336935248, 682.5535022484112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,682", "box": [ 325.5032644820885, 680.1113963166677, 336.46227793008046, 682.5535022484112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,337", "box": [ 370.9211796776753, 680.1113963166677, 381.88019312566723, 682.5535022484112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,792", "box": [ 416.33909487326207, 680.1113963166677, 427.298108321254, 682.5535022484112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,691", "box": [ 461.7570100688489, 680.1113963166677, 472.71602351684083, 682.5535022484112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Depreciation and amortization expense", "box": [ 143.6276772605132, 686.8979813458932, 219.76760982188995, 689.3400872776368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,461", "box": [ 325.5032644820885, 686.8979813458932, 336.46227793008046, 689.3400872776368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,721", "box": [ 370.9211796776753, 686.8979813458932, 381.88019312566723, 689.3400872776368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,922", "box": [ 416.33909487326207, 686.8979813458932, 427.298108321254, 689.3400872776368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,366", "box": [ 461.7570100688489, 686.8979813458932, 472.71602351684083, 689.3400872776368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recruiting, training and travel expense", "box": [ 143.6276772605132, 693.6845663751188, 219.2324691641469, 696.1266723068625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "585", "box": [ 329.1575794978254, 693.6845663751188, 336.4635922827826, 696.1266723068625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "665", "box": [ 374.57549469341217, 693.6845663751188, 381.88150747836943, 696.1266723068625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,796", "box": [ 416.33909487326207, 693.6845663751188, 427.298108321254, 696.1266723068625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,445", "box": [ 461.7570100688489, 693.6845663751188, 472.71602351684083, 696.1266723068625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Marketing expense", "box": [ 143.6276772605132, 700.4711514043445, 180.8212571848037, 702.913257336088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "815", "box": [ 329.1575794978254, 700.4711514043445, 336.4635922827826, 702.913257336088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "340", "box": [ 374.57549469341217, 700.4711514043445, 381.88150747836943, 702.913257336088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,103", "box": [ 416.33909487326207, 700.4711514043445, 427.298108321254, 702.913257336088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "703", "box": [ 465.41132508458577, 700.4711514043445, 472.717337869543, 702.913257336088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other", "box": [ 143.6276772605132, 707.25773643357, 154.71750050825082, 709.6998423653137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,601", "box": [ 325.5032644820885, 707.25773643357, 336.46227793008046, 709.6998423653137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,592", "box": [ 370.9211796776753, 707.25773643357, 381.88019312566723, 709.6998423653137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,964", "box": [ 413.90016326815913, 707.25773643357, 427.29451315393703, 709.6998423653137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,232", "box": [ 461.7570100688489, 707.25773643357, 472.71602351684083, 709.6998423653137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total other operating expenses", "box": [ 139.4513172425282, 714.0443214627957, 202.90559661926028, 716.4864273945393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 299.19708793045413, 714.0443214627957, 301.6324278398394, 716.4864273945393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33,268", "box": [ 323.0643328769856, 714.0443214627957, 336.4586827627635, 716.4864273945393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 344.0929581237928, 714.0443214627957, 346.52829803317803, 716.4864273945393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,133", "box": [ 368.48224807257236, 714.0443214627957, 381.87659795835026, 716.4864273945393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 714.0443214627957, 391.94621322876486, 716.4864273945393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "62,282", "box": [ 413.90016326815913, 714.0443214627957, 427.29451315393703, 716.4864273945393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.92878851496636, 714.0443214627957, 437.36412842435163, 716.4864273945393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32,256", "box": [ 459.3180784637459, 714.0443214627957, 472.71242834952386, 716.4864273945393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 20. Redeemable Preferred Stock and Stockholders' Equity", "box": [ 137.10211473241165, 731.9773829748938, 326.0410585118621, 735.4664796710183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Common stock dividends", "box": [ 137.10211473241165, 748.6828230468338, 208.627428445024, 752.1719197429584 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 42, "width": 612.0, "height": 792.0, "cells": [ { "text": "54", "box": [ 302.5169704768508, 325.82585340187484, 309.47582683301454, 329.3149500979994 ], "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": [ 137.10211473241165, 37.13496715866222, 435.2963822094792, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Declaration Date", "box": [ 139.4513172425282, 54.70096579943652, 174.75179895401277, 57.14307173118016 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Record Date", "box": [ 224.0226076067243, 54.70096579943652, 250.1239977144176, 57.14307173118016 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Payment Date", "box": [ 309.1159429731685, 54.70096579943652, 338.4660229407805, 57.14307173118016 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dividend per Share", "box": [ 394.2092783396127, 54.70096579943652, 434.62538030485706, 57.14307173118016 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 13, 2025", "box": [ 139.4513172425282, 60.96550582641396, 166.64431641051684, 63.4076117581576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 224.0226076067243, 60.96550582641396, 251.2156067747129, 63.4076117581576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "July 31, 2025", "box": [ 309.1159429731685, 60.96550582641396, 335.50032841780444, 63.4076117581576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 394.2092783396127, 60.96550582641396, 396.644618248998, 63.4076117581576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.125", "box": [ 460.77001612624855, 60.96550582641396, 471.7290295742405, 63.4076117581576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "September 15, 2025", "box": [ 139.4513172425282, 67.75209085563961, 178.54511984605773, 70.19419678738325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "September 30, 2025", "box": [ 224.0226076067243, 67.75209085563961, 263.1164102102538, 70.19419678738325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "October 31, 2025", "box": [ 309.1159429731685, 67.75209085563961, 343.0679496732985, 70.19419678738325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 394.2092783396127, 67.75209085563961, 396.644618248998, 70.19419678738325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.125", "box": [ 460.77001612624855, 67.75209085563961, 471.7290295742405, 70.19419678738325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 15, 2025", "box": [ 139.4513172425282, 74.53867588486526, 177.72701090718164, 76.9807818166089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 224.0226076067243, 74.53867588486526, 262.2983012713777, 76.9807818166089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "January 30, 2025", "box": [ 309.1159429731685, 74.53867588486526, 342.52808523914814, 76.9807818166089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 394.2092783396127, 74.53867588486526, 396.644618248998, 76.9807818166089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.010", "box": [ 460.77001612624855, 74.53867588486526, 471.7290295742405, 76.9807818166089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "March 13, 2026", "box": [ 139.4513172425282, 81.32526091409079, 170.42812307072188, 83.76736684583454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "March 31, 2026", "box": [ 224.0226076067243, 81.32526091409079, 254.99941343491793, 83.76736684583454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "April 30, 2026", "box": [ 309.1159429731685, 81.32526091409079, 337.6621599974401, 83.76736684583454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 394.2092783396127, 81.32526091409079, 396.644618248998, 83.76736684583454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.010", "box": [ 460.77001612624855, 81.32526091409079, 471.7290295742405, 83.76736684583454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 15, 2026", "box": [ 139.4513172425282, 88.11184594331644, 166.64431641051684, 90.55395187506008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 224.0226076067243, 88.11184594331644, 251.2156067747129, 90.55395187506008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "July 31, 2026", "box": [ 309.1159429731685, 88.11184594331644, 335.50032841780444, 90.55395187506008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 394.2092783396127, 88.11184594331644, 396.644618248998, 90.55395187506008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.010", "box": [ 460.77001612624855, 88.11184594331644, 471.7290295742405, 90.55395187506008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stock incentive plans", "box": [ 137.10211473241165, 106.04490745541466, 197.7983799536015, 109.5340041515392 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company currently maintains the Amended and Restated Ready Capital Corporation 2023 Equity Incentive Plan ", "box": [ 137.10211473241165, 114.39762749138458, 476.629419613594, 117.88672418750912 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(the '2023 Equity Incentive Plan')which authorizes the Compensation Committee of the Board to approve grants of ", "box": [ 137.10211473241165, 122.75034752735462, 476.57231833124814, 126.23944422347915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equity-based awards to the Company's directors, officers, advisors, consultants, key employees, and others expected to ", "box": [ 137.10211473241165, 131.10306756332454, 476.61310570727375, 134.59216425944908 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provide significant services to the Company and its subsidiaries, including the Manager and personnel, employees, ", "box": [ 137.10211473241165, 139.45578759929458, 476.6212600502089, 142.94488429541912 ], "from_ocr": false, "confidence": 1.0 }, { "text": "officers and directors of certain participating companies. On July 17, 2026, the Company's stockholders approved the ", "box": [ 137.10211473241165, 147.8085076352645, 476.5560044249279, 151.29760433138904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2023 Equity Incentive Plan which provided for grants of equity-based awards up to 20.5 million shares of the ", "box": [ 137.10211473241165, 156.16122767123454, 476.54785008199275, 159.65032436735908 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's common stock. The Company currently settles stock-based incentive awards with newly issued shares. The ", "box": [ 137.10211473241165, 164.51394770720458, 476.60494614388864, 168.0030444033291 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fair value of the RSUs and RSAs granted, which is generally determined based upon the stock price on the grant date, is ", "box": [ 137.10211473241165, 172.8666677431745, 476.5886322375684, 176.35576443929904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recorded as compensation expense on a straight-line basis over the vesting periods for the awards, with an offsetting ", "box": [ 137.10211473241165, 181.21938777914443, 476.5967918009535, 184.70848447526896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "increase in stockholders' equity. ", "box": [ 137.10211473241165, 189.57210781511446, 228.8374965152579, 193.061204511239 ], "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": [ 137.10211473241165, 206.27754788705442, 476.564163988313, 209.76664458317896 ], "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": [ 137.10211473241165, 214.63026792302435, 476.57231833124814, 218.11936461914888 ], "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": [ 137.10211473241165, 222.98298795899439, 476.61310570727375, 226.47208465511892 ], "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": [ 137.10211473241165, 231.33570799496442, 476.564163988313, 234.82480469108896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "employees at a grant date fair value of $1.85 per Employee RSU. The Employee RSUs will vest, in full, on December ", "box": [ 137.10211473241165, 239.68842803093435, 476.498908363032, 243.17752472705888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31, 2028, based solely upon continued employment or service. The Company also granted in 2026, 2025 and 2024 ", "box": [ 137.10211473241165, 248.04114806690438, 476.5967918009535, 251.53024476302892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "291,260, 89,285, and 126,930, respectively, time-based RSAs and RSUs to non-employee directors of the Company, ", "box": [ 137.10211473241165, 256.3938681028743, 476.57231833124814, 259.88296479899884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which vest ratably in equal installments quarterly over a one-year period. Directors may elect to receive time-based ", "box": [ 137.10211473241165, 264.74658813884434, 476.5886322375684, 268.2356848349689 ], "from_ocr": false, "confidence": 1.0 }, { "text": "RSAs or time-based RSUs that have a deferred settlement date of their choosing. Dividends or dividend equivalents are ", "box": [ 137.10211473241165, 273.09930817481427, 476.6212600502089, 276.5884048709388 ], "from_ocr": false, "confidence": 1.0 }, { "text": "currently paid on all time-based RSAs and Employee RSUs, and dividend equivalents are paid on deferred RSU awards ", "box": [ 137.10211473241165, 281.4520282107843, 476.5967918009535, 284.94112490690884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "during their deferral period. ", "box": [ 137.10211473241165, 289.8047482467543, 216.09633567913963, 293.2938449428788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below summarizes RSU and RSA activity, excluding Employee RSUs and performance-based equity awards. ", "box": [ 137.10211473241165, 400.99999023761904, 476.5886322375684, 404.4890869337436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "See above and below for further details on Employee RSUs and performance-based equity awards, respectively.", "box": [ 137.10211473241165, 409.352710273589, 449.1876419618616, 412.84180696971356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Restricted Stock Units/Awards", "box": [ 360.86365382101377, 426.91870891436326, 424.6271168039389, 429.3608148461069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands, except share data)", "box": [ 139.4513172425282, 442.580058981807, 204.0661909788915, 445.0221649135507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number of ", "box": [ 325.7479730768923, 437.3596089593258, 349.46871720005026, 439.8017148910694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "shares", "box": [ 330.41375028448493, 442.580058981807, 343.5845477122253, 445.0221649135507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Grant date fair value", "box": [ 370.92933402061044, 442.580058981807, 414.8057924896365, 445.0221649135507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted-average ", "box": [ 429.83069540011206, 432.6612039390926, 468.65100333842, 435.1033098708363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "grant date fair value ", "box": [ 427.4570194202901, 437.3596089593258, 471.19791379210693, 439.8017148910694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(per share)", "box": [ 437.33509230742885, 442.580058981807, 460.0165354367189, 445.0221649135507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding, December 31, 2025", "box": [ 139.4513172425282, 449.3666440110326, 203.94213607604343, 451.8087499427763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,553,572", "box": [ 341.5643026441535, 449.3666440110326, 361.0469896307521, 451.8087499427763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 449.3666440110326, 371.0644131388399, 451.8087499427763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,940", "box": [ 403.4592632231967, 449.3666440110326, 416.6728617091222, 451.8087499427763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 449.3666440110326, 426.9232283793892, 451.8087499427763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.69", "box": [ 464.18778211056673, 449.3666440110326, 472.71145912077264, 451.8087499427763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Granted", "box": [ 139.4513172425282, 456.1532290402582, 155.13831264019612, 458.59533497200187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,476,947", "box": [ 341.5643026441535, 456.1532290402582, 361.0469896307521, 458.59533497200187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,103", "box": [ 405.8981948282996, 456.1532290402582, 416.85720827629154, 458.59533497200187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.06", "box": [ 464.18778211056673, 456.1532290402582, 472.71145912077264, 458.59533497200187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Vested", "box": [ 139.4513172425282, 462.9398140694838, 152.43661662641009, 465.3819200012275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(605,926)", "box": [ 343.5464448722893, 462.9398140694838, 362.6242990546209, 465.3819200012275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,614)", "box": [ 404.27495853920936, 462.9398140694838, 418.4831142951702, 465.3819200012275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.61", "box": [ 464.18778211056673, 462.9398140694838, 472.71145912077264, 465.3819200012275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Forfeited", "box": [ 139.4513172425282, 469.7263990987094, 157.30489180149124, 472.1685050304531 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(16,628)", "box": [ 345.97721691400716, 469.7263990987094, 362.6242990546209, 472.1685050304531 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(75)", "box": [ 410.3682051600492, 469.7263990987094, 418.4912686381053, 472.1685050304531 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.51", "box": [ 464.18778211056673, 469.7263990987094, 472.71145912077264, 472.1685050304531 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding, March 31, 2026", "box": [ 139.4513172425282, 476.51298412793506, 200.1817832794499, 478.9550900596787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,407,965", "box": [ 341.5643026441535, 476.51298412793506, 361.0469896307521, 478.9550900596787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 476.51298412793506, 371.0644131388399, 478.9550900596787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,354", "box": [ 403.4592632231967, 476.51298412793506, 416.85361310897457, 478.9550900596787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 476.51298412793506, 426.9232283793892, 478.9550900596787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.63", "box": [ 464.18778211056673, 476.51298412793506, 472.71145912077264, 478.9550900596787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Vested", "box": [ 139.4513172425282, 483.29956915716065, 152.43661662641009, 485.74167508890434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(214,448)", "box": [ 343.5464448722893, 483.29956915716065, 362.6242990546209, 485.74167508890434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,269)", "box": [ 404.27495853920936, 483.29956915716065, 418.4831142951702, 485.74167508890434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.92", "box": [ 464.18778211056673, 483.29956915716065, 472.71145912077264, 485.74167508890434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Forfeited", "box": [ 139.4513172425282, 490.0861541863863, 157.30489180149124, 492.5282601181299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(78,636)", "box": [ 345.97721691400716, 490.0861541863863, 362.6242990546209, 492.5282601181299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(282)", "box": [ 407.92927355494623, 490.0861541863863, 418.4831142951702, 492.5282601181299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.59", "box": [ 464.18778211056673, 490.0861541863863, 472.71145912077264, 492.5282601181299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding, June 30, 2026", "box": [ 139.4513172425282, 496.8727392156119, 196.14408885496204, 499.3148451473555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,114,881", "box": [ 341.5643026441535, 496.8727392156119, 360.77824827663375, 499.3148451473555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 496.8727392156119, 371.0644131388399, 499.3148451473555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,803", "box": [ 403.4592632231967, 496.8727392156119, 416.85361310897457, 499.3148451473555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 496.8727392156119, 426.9232283793892, 499.3148451473555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.47", "box": [ 464.18778211056673, 496.8727392156119, 472.71145912077264, 499.3148451473555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company recognized $2.5 million and $4.1 million for the three and six months ended June 30, 2026, respectively ", "box": [ 137.10211473241165, 514.80580072771, 476.564163988313, 518.2948974238346 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and $1.6 million ", "box": [ 137.10211473241165, 523.15852076368, 188.26481149678654, 526.6476174598046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and $3.4 million for ", "box": [ 191.886492970439, 523.15852076368, 252.9147724342513, 526.6476174598046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the three and six months ", "box": [ 256.53645390790376, 523.15852076368, 331.7293036770991, 526.6476174598046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2025, respectively, of non-cash ", "box": [ 335.35098515075157, 523.15852076368, 476.5886322375684, 526.6476174598046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compensation expense related to its stock-based incentive plan in the consolidated statements of operations. As of ", "box": [ 137.10211473241165, 531.5112407996501, 476.5396905186076, 535.0003374957746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026 ", "box": [ 137.10211473241165, 539.86396083562, 180.84198151084598, 543.3530575317445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and December 31, 2025, ", "box": [ 183.97424579489086, 539.86396083562, 257.0709896068471, 543.3530575317445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately $10.8 million ", "box": [ 260.1787830314115, 539.86396083562, 342.91248384940815, 543.3530575317445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and $11.9 million, respectively, of non-cash ", "box": [ 346.04474813345297, 539.86396083562, 476.5560044249279, 543.3530575317445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compensation expense related to unvested awards had not yet been charged to net income. These costs are expected to be ", "box": [ 137.10211473241165, 548.21668087159, 476.5315361756725, 551.7057775677146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amortized into compensation expense ratably over the course of the remaining vesting periods.", "box": [ 137.10211473241165, 556.56940090756, 400.87588806966505, 560.0584976036845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Performance-based equity awards under the 2023 Equity Incentive Plan", "box": [ 137.10211473241165, 573.2748409794999, 343.85087141470257, 576.7639376756244 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 performance-based RSUs. ", "box": [ 137.10211473241165, 581.62756101547, 235.6883149012412, 585.1166577115945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In March of 2026, the Company granted, to certain key employees, 7,650,000 ", "box": [ 235.70336453202606, 581.62756101547, 476.6212600502089, 585.1166577115945 ], "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": [ 137.10211473241165, 589.4582360491918, 476.5560044249279, 592.9473327453163 ], "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": [ 137.10211473241165, 597.2889110829136, 476.54785008199275, 600.7780077790383 ], "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": [ 137.10211473241165, 605.6416311188837, 476.5967918009535, 609.1307278150082 ], "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": [ 137.10211473241165, 613.4723061526055, 476.52337661228734, 616.96140284873 ], "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": [ 137.10211473241165, 621.3029811863273, 476.5886322375684, 624.7920778824518 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equally spaced milestones between specified points, and further conditioned upon the key employee's continued ", "box": [ 137.10211473241165, 629.6557012222974, 476.57231833124814, 633.1447979184219 ], "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": [ 137.10211473241165, 637.4863762560192, 476.5967918009535, 640.9754729521437 ], "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 fair ", "box": [ 137.10211473241165, 645.3170512897411, 476.498908363032, 648.8061479858657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value of the performance-based RSUs is recorded as compensation expense over the performance period and will cliff ", "box": [ 137.10211473241165, 653.669771325711, 476.54785008199275, 657.1588680218356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "vest at the end of the three-year performance period, with an offsetting increase in stockholders' equity. Dividend ", "box": [ 137.10211473241165, 661.5004463594329, 476.61310570727375, 664.9895430555574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equivalents are accrued by the Company during the performance period and paid to the holder if and when the ", "box": [ 137.10211473241165, 669.3311213931547, 476.60494614388864, 672.8202180892793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance-based RSUs vest.", "box": [ 137.10211473241165, 677.6838414291248, 223.0955882169066, 681.1729381252493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025 performance-based RSUs.", "box": [ 137.10211473241165, 693.8672364988166, 233.13291035773165, 697.3563331949412 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 233.14208123974623, 694.7901244170791, 234.5333311446352, 697.5803547518047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In ", "box": [ 237.2287173831948, 693.8672364988166, 244.7652061587017, 697.3563331949412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "February ", "box": [ 247.75516984989872, 693.8672364988166, 274.6153850231018, 697.3563331949412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025, ", "box": [ 277.6053487142989, 693.8672364988166, 295.0024786678654, 697.3563331949412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the ", "box": [ 297.9924423590624, 693.8672364988166, 308.2336461346033, 697.3563331949412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company granted, to certain key employees, 238,096 ", "box": [ 311.22360982580034, 693.8672364988166, 476.54785008199275, 697.3563331949412 ], "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": [ 137.10211473241165, 702.2199565347867, 476.5560044249279, 705.7090532309112 ], "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": [ 137.10211473241165, 710.5726765707566, 476.629419613594, 714.0617732668811 ], "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": [ 137.10211473241165, 718.9253966067265, 476.60494614388864, 722.414493302851 ], "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": [ 137.10211473241165, 727.2781166426965, 476.6212600502089, 730.7672133388211 ], "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": [ 137.10211473241165, 735.6308366786666, 476.5396905186076, 739.1199333747911 ], "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": [ 137.10211473241165, 743.9835567146365, 476.5396905186076, 747.472653410761 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 43, "width": 612.0, "height": 792.0, "cells": [ { "text": "55", "box": [ 302.5169704768508, 162.9478127004602, 309.47582683301454, 166.43690939658472 ], "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": [ 137.10211473241165, 37.13496715866222, 476.498908363032, 40.624063854786755 ], "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": [ 137.10211473241165, 40.267237172151, 476.5886322375684, 43.75633386827553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance period, with an offsetting increase in stockholders' equity. Dividend equivalents are accrued by the ", "box": [ 137.10211473241165, 48.61995720812092, 476.54785008199275, 52.10905390424557 ], "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. In ", "box": [ 137.10211473241165, 56.97267724409096, 476.6212600502089, 60.461773940215494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "connection with a previously announced mutual separation of a former officer and the Company (the 'Separation') on ", "box": [ 137.10211473241165, 65.325397280061, 476.6212600502089, 68.81449397618553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "February 26, 2026 (the 'Separation Date'), the former officer was entitled to the accelerated vesting, as of the Separation ", "box": [ 137.10211473241165, 73.67811731603092, 476.5560044249279, 77.16721401215545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Date, of 89,286 performance-based RSUs (at target) that he held as of the Separation Date. ", "box": [ 137.10211473241165, 82.03083735200096, 391.64212202800644, 85.51993404812549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2024 performance-based RSUs.", "box": [ 137.10211473241165, 98.73627742394092, 233.1362082204198, 102.22537412006545 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 233.14208123974623, 99.65916534220344, 234.5333311446352, 102.44939567692904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In ", "box": [ 237.2287173831948, 98.73627742394092, 244.7652061587017, 102.22537412006545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "February ", "box": [ 247.75516984989872, 98.73627742394092, 274.6153850231018, 102.22537412006545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2024, ", "box": [ 277.6053487142989, 98.73627742394092, 295.0024786678654, 102.22537412006545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the ", "box": [ 297.9924423590624, 98.73627742394092, 308.2336461346033, 102.22537412006545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company granted, to certain key employees, 132,450 ", "box": [ 311.22360982580034, 98.73627742394092, 476.54785008199275, 102.22537412006545 ], "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": [ 137.10211473241165, 107.08899745991084, 476.5560044249279, 110.57809415603538 ], "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": [ 137.10211473241165, 115.44171749588088, 476.5967918009535, 118.93081419200541 ], "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": [ 137.10211473241165, 123.7944375318508, 476.5315361756725, 127.28353422797534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "achievement of performance goals related to relative TSR for such three-year forward-looking performance period ", "box": [ 137.10211473241165, 132.14715756782084, 476.564163988313, 135.63625426394537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "56", "box": [ 302.5169704768508, 720.4936031013846, 309.47582683301454, 723.9826997975091 ], "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": [ 137.10211473241165, 238.12402102411795, 476.6212600502089, 241.61311772024249 ], "from_ocr": false, "confidence": 1.0 }, { "text": "achieved during the performance period, the actual number of shares that the key employees receive at the end of the ", "box": [ 137.10211473241165, 246.476741060088, 476.58047789463325, 249.96583775621252 ], "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": [ 137.10211473241165, 254.8294610960579, 476.498908363032, 258.31855779218245 ], "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": [ 137.10211473241165, 263.18218113202795, 476.58047789463325, 266.6712778281525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance period, with an offsetting increase in stockholders' equity. Dividend equivalents are accrued by the ", "box": [ 137.10211473241165, 271.534901167998, 476.54785008199275, 275.0239978641225 ], "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. In ", "box": [ 137.10211473241165, 279.8876212039679, 476.6212600502089, 283.37671790009244 ], "from_ocr": false, "confidence": 1.0 }, { "text": "connection with the Separation, the former officer was entitled to the accelerated vesting, as of the Separation Date, of ", "box": [ 137.10211473241165, 288.2403412399379, 476.57231833124814, 291.7294379360624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "44,150 performance-based RSUs (at target) that he held as of the Separation Date. ", "box": [ 137.10211473241165, 296.59306127590787, 367.4975406740307, 300.0821579720324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Performance-based equity awards under the 2013 Equity Incentive Plan", "box": [ 137.10211473241165, 313.29850134784783, 343.93086891218854, 316.78759804397237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2023 performance-based RSUs.", "box": [ 137.10211473241165, 321.65122138381787, 228.8689985378511, 325.1403180799424 ], "from_ocr": false, "confidence": 1.0 }, { "text": " In June 2023, the Company granted, to certain key employees, 222,552 performance-", "box": [ 228.87599734722482, 321.65122138381787, 474.86150507717065, 325.1403180799424 ], "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": [ 137.10211473241165, 330.0039414197878, 476.54785008199275, 333.4930381159123 ], "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": [ 137.10211473241165, 337.8346164535097, 476.52337661228734, 341.3237131496342 ], "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": [ 137.10211473241165, 345.66529148723157, 476.60494614388864, 349.1543881833561 ], "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": [ 137.10211473241165, 354.0180115232015, 476.57231833124814, 357.507108219326 ], "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": [ 137.10211473241165, 361.8486865569234, 476.5886322375684, 365.3377832530479 ], "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": [ 137.10211473241165, 369.67936159064527, 476.54785008199275, 373.1684582867698 ], "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": [ 137.10211473241165, 378.0320816266152, 476.5315361756725, 381.52117832273973 ], "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": [ 137.10211473241165, 385.8627566603371, 476.52337661228734, 389.3518533564616 ], "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": [ 137.10211473241165, 393.693431694059, 476.5560044249279, 397.1825283901835 ], "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": [ 137.10211473241165, 402.0461517300289, 476.6212600502089, 405.53524842615343 ], "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": [ 137.10211473241165, 409.8768267637508, 476.60494614388864, 413.3659234598753 ], "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": [ 137.10211473241165, 417.7075017974727, 476.5886322375684, 421.1965984935972 ], "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": [ 137.10211473241165, 426.0602218334426, 476.5315361756725, 429.54931852956713 ], "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": [ 137.10211473241165, 433.8908968671645, 476.5967918009535, 437.379993563289 ], "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": [ 137.10211473241165, 441.7215719008864, 476.54785008199275, 445.2106685970109 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Board determined that the cost savings, product origination volumes and incremental liquidity generation goals were ", "box": [ 137.10211473241165, 450.07429193685635, 476.5315361756725, 453.5633886329809 ], "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": [ 137.10211473241165, 457.9049669705782, 476.5967918009535, 461.3940636667027 ], "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": [ 137.10211473241165, 465.7356420043001, 476.54785008199275, 469.2247387004246 ], "from_ocr": false, "confidence": 1.0 }, { "text": "was recorded as compensation expense over the performance period with an offsetting increase in stockholders' equity. ", "box": [ 137.10211473241165, 474.08836204027006, 471.0174358394267, 477.5774587363946 ], "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": [ 137.10211473241165, 490.27175710996187, 476.57231833124814, 493.7608538060864 ], "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": [ 137.10211473241165, 498.10243214368376, 476.5396905186076, 501.5915288398083 ], "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": [ 137.10211473241165, 505.9331071774056, 474.82060624453703, 509.4222038735301 ], "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": [ 137.10211473241165, 513.7637822111275, 476.5070627059671, 517.252878907252 ], "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": [ 137.10211473241165, 521.5944572448493, 476.5967918009535, 525.0835539409738 ], "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": [ 137.10211473241165, 529.4251322785713, 476.564163988313, 532.9142289746958 ], "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": [ 137.10211473241165, 537.255807312293, 476.57231833124814, 540.7449040084175 ], "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": [ 137.10211473241165, 545.0864823460149, 476.52337661228734, 548.5755790421395 ], "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": [ 137.10211473241165, 552.9171573797368, 476.52337661228734, 556.4062540758613 ], "from_ocr": false, "confidence": 1.0 }, { "text": "offsetting increase in stockholders' equity. Dividend equivalents were accrued by the Company during the performance ", "box": [ 137.10211473241165, 560.7478324134586, 476.57231833124814, 564.2369291095831 ], "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": [ 137.10211473241165, 568.0564624449323, 476.564163988313, 571.5455591410569 ], "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": [ 137.10211473241165, 575.8871374786543, 476.60494614388864, 579.3762341747788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were not achieved and were therefore forfeited. ", "box": [ 137.10211473241165, 583.7178125123761, 270.7152940393496, 587.2069092085006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2022 performance-based RSUs.", "box": [ 137.10211473241165, 599.9012075820679, 233.62232754733924, 603.3903042781924 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 233.62334408641874, 599.9012075820679, 235.36305904335944, 603.3903042781924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In February ", "box": [ 241.2442165423671, 599.9012075820679, 275.6502480910014, 603.3903042781924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2022, ", "box": [ 278.9517691792211, 599.9012075820679, 296.34889913278766, 603.3903042781924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the ", "box": [ 299.6504202210074, 599.9012075820679, 309.8916239965482, 603.3903042781924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company granted, ", "box": [ 313.19314508476793, 599.9012075820679, 369.64086779431204, 603.3903042781924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to ", "box": [ 372.9423888825318, 599.9012075820679, 380.0949193535847, 603.3903042781924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "certain ", "box": [ 383.3964404418045, 599.9012075820679, 404.0657272744351, 603.3903042781924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "key ", "box": [ 407.3672483626549, 599.9012075820679, 419.15448950864806, 603.3903042781924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "employees, 84,566 ", "box": [ 422.4560105968678, 599.9012075820679, 476.58047789463325, 603.3903042781924 ], "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": [ 137.10211473241165, 608.2539276180379, 476.564163988313, 611.7430243141624 ], "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": [ 137.10211473241165, 616.0846026517597, 476.5886322375684, 619.5736993478843 ], "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": [ 137.10211473241165, 623.9152776854817, 476.629419613594, 627.4043743816062 ], "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": [ 137.10211473241165, 632.2679977214516, 476.60494614388864, 635.7570944175761 ], "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": [ 137.10211473241165, 640.0986727551735, 476.5967918009535, 643.5877694512981 ], "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": [ 137.10211473241165, 647.9293477888953, 476.61310570727375, 651.4184444850198 ], "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": [ 137.10211473241165, 656.2820678248653, 476.5886322375684, 659.7711645209898 ], "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": [ 137.10211473241165, 664.1127428585871, 476.61310570727375, 667.6018395547117 ], "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": [ 137.10211473241165, 671.9434178923091, 476.5315361756725, 675.4325145884336 ], "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": [ 137.10211473241165, 680.296137928279, 476.61310570727375, 683.7852346244035 ], "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": [ 137.10211473241165, 688.1268129620009, 476.564163988313, 691.6159096581255 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 44, "width": 612.0, "height": 792.0, "cells": [ { "text": "57", "box": [ 302.5169704768508, 557.6138344000419, 309.47582683301454, 561.1029310961665 ], "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": [ 137.10211473241165, 75.24425232277531, 476.51522226935225, 78.73334901889984 ], "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": [ 137.10211473241165, 83.59697235874523, 474.82887465430514, 87.08606905486988 ], "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": [ 137.10211473241165, 91.42764739246718, 476.5315361756725, 94.91674408859171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance period with an offsetting increase in stockholders' equity. ", "box": [ 137.10211473241165, 99.25832242618901, 336.01986103932586, 102.74741912231354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred Stock ", "box": [ 137.10211473241165, 115.96376249812897, 183.87049722052245, 119.4528591942535 ], "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": [ 137.10211473241165, 124.31648253409901, 476.629419613594, 127.80557923022354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding common stock with respect to payment of dividends and the distribution of assets.", "box": [ 137.10211473241165, 132.66920257006893, 399.95163521818324, 136.15829926619347 ], "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": [ 137.10211473241165, 149.3746426420089, 476.60494614388864, 152.86373933813343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sheets using the guidance in ASC 480-10-S99. The Series C Preferred Stock contains certain fundamental change ", "box": [ 137.10211473241165, 157.72736267797893, 476.54785008199275, 161.21645937410347 ], "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": [ 137.10211473241165, 166.08008271394885, 476.5886322375684, 169.5691794100734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "control. As of June 30, 2026, the conversion rate was 1.8391 shares of common stock per $25 principal amount of the ", "box": [ 137.10211473241165, 174.4328027499189, 476.52337661228734, 177.92189944604343 ], "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": [ 137.10211473241165, 182.78552278588882, 476.5967918009535, 186.27461948201335 ], "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": [ 137.10211473241165, 191.13824282185885, 476.629419613594, 194.6273395179834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "been classified as temporary equity. The Company has analyzed whether the conversion features should be bifurcated ", "box": [ 137.10211473241165, 199.4909628578289, 476.5967918009535, 202.98005955395342 ], "from_ocr": false, "confidence": 1.0 }, { "text": "under the guidance in ASC 815 and has determined that bifurcation is not necessary.", "box": [ 137.10211473241165, 207.8436828937988, 372.3454314534998, 211.33277958992335 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents details on preferred equity by series.", "box": [ 137.10211473241165, 224.54912296573877, 309.4661875461216, 228.0382196618633 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferential Cash Dividends", "box": [ 333.8151971420329, 247.85761663124242, 392.35362179674735, 250.29972256298606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value ", "box": [ 437.6858386830893, 243.15921161100925, 470.9719406615708, 245.6013175427529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 439.1622498152973, 247.85761663124242, 468.8048319686255, 250.29972256298606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Series", "box": [ 152.2822045634079, 259.8646516829492, 164.72525674516325, 262.30675761469286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Shares Issued and Outstanding ", "box": [ 180.91311276567842, 255.16624666271616, 246.87406515330076, 257.6083525944598 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 198.49950377891213, 259.8646516829492, 228.14208593224043, 262.30675761469286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Par Value", "box": [ 261.83008811413765, 259.8646516829492, 282.1737048714523, 262.30675761469286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidation ", "box": [ 305.4126862384709, 255.16624666271616, 331.26670461791554, 257.6083525944598 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preference", "box": [ 306.5220318682481, 259.8646516829492, 328.7849143441064, 262.30675761469286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rate per Annum", "box": [ 345.6998805065628, 259.8646516829492, 380.2488335730686, 262.30675761469286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Annual Dividend ", "box": [ 390.7670441060391, 255.16624666271616, 427.5824620706696, 257.6083525944598 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(per share)", "box": [ 397.1376271343233, 259.8646516829492, 419.81907026361336, 262.30675761469286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 439.8392743173628, 259.8646516829492, 468.11913166122537, 262.30675761469286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "C", "box": [ 139.4513172425282, 266.65123671217486, 142.70002264163875, 269.0933426439185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "335", "box": [ 238.32174910665185, 266.65123671217486, 245.627761891609, 269.0933426439185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.0001", "box": [ 277.6464176813988, 266.65123671217486, 291.04076756717666, 269.0933426439185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 298.67504292820604, 266.65123671217486, 301.11038283759126, 269.0933426439185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25.00", "box": [ 325.5603605439844, 266.65123671217486, 336.51937399197635, 269.0933426439185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.25%", "box": [ 369.35504467093097, 266.65123671217486, 381.9363724420838, 269.0933426439185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 266.65123671217486, 391.94621322876486, 269.0933426439185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.56", "box": [ 418.7698669149799, 266.65123671217486, 427.2935439251859, 269.0933426439185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.92878851496636, 266.65123671217486, 437.36412842435163, 269.0933426439185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,361", "box": [ 461.8141061307448, 266.65123671217486, 472.7731195787367, 269.0933426439185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "E", "box": [ 139.4513172425282, 273.4378217414005, 142.4265225237172, 275.87992767314415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,600", "box": [ 234.66743409091498, 273.4378217414005, 245.62644753890686, 275.87992767314415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.0001", "box": [ 277.6464176813988, 273.4378217414005, 291.04076756717666, 275.87992767314415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 298.67504292820604, 273.4378217414005, 301.11038283759126, 275.87992767314415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25.00", "box": [ 325.5603605439844, 273.4378217414005, 336.51937399197635, 275.87992767314415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.50%", "box": [ 369.35504467093097, 273.4378217414005, 381.9363724420838, 275.87992767314415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.5108733193796, 273.4378217414005, 391.94621322876486, 275.87992767314415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.63", "box": [ 418.7698669149799, 273.4378217414005, 427.2935439251859, 275.87992767314415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.92878851496636, 273.4378217414005, 437.36412842435163, 275.87992767314415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "111,378", "box": [ 456.9362481409889, 273.4378217414005, 472.40443166484795, 275.87992767314415 ], "from_ocr": false, "confidence": 1.0 }, { "text": " In the table above,", "box": [ 137.10211473241165, 291.3708832534986, 190.23810636724676, 294.85997994962315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 299.72360328946866, 152.06747532833447, 303.2126999855932 ], "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": [ 162.16027484032162, 299.72360328946866, 476.5315361756725, 303.2126999855932 ], "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": [ 162.16027484032162, 308.07632332543864, 476.5967918009535, 311.56542002156317 ], "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": [ 162.16027484032162, 316.4290433614086, 476.61310570727375, 319.91814005753315 ], "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": [ 162.16027484032162, 324.7817633973786, 476.5396905186076, 328.27086009350313 ], "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": [ 162.16027484032162, 333.1344834333486, 476.5560044249279, 336.6235801294731 ], "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": [ 162.16027484032162, 341.48720346931856, 476.61310570727375, 344.9763001654431 ], "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": [ 162.16027484032162, 349.83992350528854, 476.564163988313, 353.3290202014131 ], "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": [ 162.16027484032162, 358.1926435412585, 476.5396905186076, 361.68174023738305 ], "from_ocr": false, "confidence": 1.0 }, { "text": "applicable dividend payment date.", "box": [ 162.16027484032162, 366.5453635772285, 257.61684153174167, 370.03446027335303 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 383.25080364916846, 152.06747532833447, 386.739900345293 ], "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": [ 162.16027484032162, 383.25080364916846, 476.57231833124814, 386.739900345293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred Stock, respectively, during the three months ended June 30, 2026. The dividends were paid on ", "box": [ 162.16027484032162, 391.60352368513844, 476.60494614388864, 395.092620381263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "July 15, 2026 for Series C Preferred Stock and on July 31, 2026 for Series E Preferred Stock to the holders of ", "box": [ 162.16027484032162, 399.9562437211084, 476.629419613594, 403.44534041723296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "record as of the close of business on June 30, 2026.", "box": [ 162.16027484032162, 408.3089637570784, 305.1376363750853, 411.79806045320294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 425.01440382901836, 152.06747532833447, 428.5035005251429 ], "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": [ 162.16027484032162, 425.01440382901836, 476.51522226935225, 428.5035005251429 ], "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": [ 162.16027484032162, 433.3671238649884, 476.5886322375684, 436.85622056111293 ], "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": [ 162.16027484032162, 441.7198439009584, 476.52337661228734, 445.2089405970829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "prior to June 10, 2026, except under certain conditions.", "box": [ 162.16027484032162, 450.07256393692836, 315.7961930604709, 453.5616606330529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Equity ATM Program", "box": [ 137.10211473241165, 466.7780040088683, 199.48372894209825, 470.26710070499286 ], "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": [ 137.10211473241165, 475.1307240448383, 476.5396905186076, 478.61982074096284 ], "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": [ 137.10211473241165, 483.4834440808083, 476.564163988313, 486.9725407769328 ], "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": [ 137.10211473241165, 491.83616411677826, 476.58047789463325, 495.3252608129028 ], "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": [ 137.10211473241165, 500.18888415274824, 476.498908363032, 503.6779808488728 ], "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": [ 137.10211473241165, 508.5416041887182, 476.58047789463325, 512.0307008848428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three and six months ended June 30, 2026 or June 30, 2025. As of June 30, 2026, shares representing approximately ", "box": [ 137.10211473241165, 516.8943242246883, 476.58047789463325, 520.3834209208128 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$78.4 million remain available for sale under the Equity ATM Program.", "box": [ 137.10211473241165, 525.2470442606582, 337.58599604607025, 528.7361409567827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 21. Earnings per Share of Common Stock", "box": [ 137.10211473241165, 641.1407934157519, 276.0268626639453, 644.6298901118764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below provides information on the basic and diluted EPS computations, including the number of shares of ", "box": [ 137.10211473241165, 657.8462334876918, 476.5967918009535, 661.3353301838164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "common stock used for purposes of these computations. ", "box": [ 137.10211473241165, 666.1989535236619, 294.9414449249266, 669.6880502197864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands, except for share and per share amounts)", "box": [ 139.4513172425282, 682.1988171576917, 246.9104999055113, 684.6409230894353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 315.2010300306232, 682.1988171576917, 324.94237925336637, 684.6409230894353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 364.27326024194684, 682.1988171576917, 374.01460946469007, 684.6409230894353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 411.51833294540205, 682.1988171576917, 421.2596821681453, 684.6409230894353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 456.9362481409889, 682.1988171576917, 466.67759736373205, 684.6409230894353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Basic Earnings", "box": [ 139.4513172425282, 688.9854021869173, 170.71113014182617, 691.427508118661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net income (loss) from continuing operations", "box": [ 139.4513172425282, 695.771987216143, 228.32203360198804, 698.2140931478866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 299.19708793045413, 695.771987216143, 301.6324278398394, 698.2140931478866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(99,683)", "box": [ 325.6174618263303, 695.771987216143, 342.2645439669441, 698.2140931478866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 348.26931814177783, 695.771987216143, 350.70465805116305, 698.2140931478866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(48,751)", "box": [ 372.9522584043219, 695.771987216143, 389.59934054493567, 698.2140931478866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 397.3415483531015, 695.771987216143, 399.77688826248675, 698.2140931478866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(299,770)", "box": [ 417.6768351915229, 695.771987216143, 436.7546893738545, 698.2140931478866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 442.75946354868825, 695.771987216143, 445.1948034580735, 698.2140931478866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33,659", "box": [ 467.1487534974678, 695.771987216143, 480.5431033832457, 698.2140931478866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Less: Income attributable to non-controlling interest", "box": [ 139.4513172425282, 702.5585722453685, 241.0314294918457, 705.0006781771121 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,848", "box": [ 329.67962450007354, 702.5585722453685, 340.6386379480654, 705.0006781771121 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,814", "box": [ 378.7518547113972, 702.5585722453685, 389.7108681593891, 705.0006781771121 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,490", "box": [ 424.16976990698396, 702.5585722453685, 435.1287833549759, 705.0006781771121 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,274", "box": [ 469.58768510257073, 702.5585722453685, 480.54669855056267, 705.0006781771121 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Less: Income attributable to participating shares", "box": [ 139.4513172425282, 709.3451572745942, 233.18081350934136, 711.7872632063378 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,055", "box": [ 329.55726759244664, 709.3451572745942, 340.5162810404385, 711.7872632063378 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,214", "box": [ 378.7518547113972, 709.3451572745942, 389.7108681593891, 711.7872632063378 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,114", "box": [ 424.16976990698396, 709.3451572745942, 434.9480319551235, 711.7872632063378 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,442", "box": [ 469.58768510257073, 709.3451572745942, 480.54669855056267, 711.7872632063378 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Basic earnings - continuing operations", "box": [ 139.4513172425282, 716.1317423038198, 219.01351593645754, 718.5738482355634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 299.19708793045413, 716.1317423038198, 301.6324278398394, 718.5738482355634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(103,586)", "box": [ 323.1866897846125, 716.1317423038198, 342.2645439669441, 718.5738482355634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 348.26931814177783, 716.1317423038198, 350.70465805116305, 718.5738482355634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(52,779)", "box": [ 374.68969203765397, 716.1317423038198, 391.3367741782677, 718.5738482355634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 397.3415483531015, 716.1317423038198, 399.77688826248675, 718.5738482355634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(307,374)", "box": [ 417.6768351915229, 716.1317423038198, 436.7546893738545, 718.5738482355634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 442.75946354868825, 716.1317423038198, 445.1948034580735, 718.5738482355634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "24,943", "box": [ 467.1487534974678, 716.1317423038198, 480.5431033832457, 718.5738482355634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Basic earnings - discontinued operations", "box": [ 139.4513172425282, 722.9183273330455, 223.34432432567462, 725.360433264789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 299.19708793045413, 722.9183273330455, 301.6324278398394, 725.360433264789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 335.76471155752824, 722.9183273330455, 340.63539137629874, 725.360433264789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 348.26931814177783, 722.9183273330455, 350.70465805116305, 725.360433264789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,926)", "box": [ 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An OP unit and a share of common stock of the Company ", "box": [ 137.10211473241165, 203.14527787356565, 476.5070627059671, 206.63437456969018 ], "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": [ 137.10211473241165, 211.49799790953568, 476.5560044249279, 214.98709460566022 ], "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": [ 137.10211473241165, 219.85071794550572, 476.60494614388864, 223.33981464163026 ], "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": [ 137.10211473241165, 228.20343798147564, 476.5560044249279, 231.69253467760018 ], "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": [ 137.10211473241165, 236.55615801744557, 476.5396905186076, 240.0452547135701 ], "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": [ 137.10211473241165, 244.9088780534156, 476.60494614388864, 248.39797474954014 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the operating partnership is reduced and the Company's equity is increased. As of both June 30, 2026 and ", "box": [ 137.10211473241165, 253.26159808938564, 476.5315361756725, 256.7506947855102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025, the non-controlling interest OP unit holders owned 320,005 OP units.", "box": [ 137.10211473241165, 261.61431812535557, 388.65362091113883, 265.1034148214801 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 22. Offsetting Assets and Liabilities", "box": [ 137.10211473241165, 278.3197581972955, 257.3385142405369, 281.80885489342006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty ", "box": [ 137.10211473241165, 295.0251982692355, 476.5967918009535, 298.51429496536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "risk, the Company may enter into an International Swaps and Derivatives Association ('ISDA') Master Agreement with ", "box": [ 137.10211473241165, 303.37791830520547, 476.629419613594, 306.86701500133006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "multiple derivative counterparties. An ISDA Master Agreement, published by ISDA, is a bilateral trading agreement ", "box": [ 137.10211473241165, 311.7306383411755, 476.5396905186076, 315.21973503730004 ], "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": [ 137.10211473241165, 320.0833583771455, 476.5967918009535, 323.57245507327 ], "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": [ 137.10211473241165, 328.43607841311547, 476.58047789463325, 331.92517510924 ], "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": [ 137.10211473241165, 336.78879844908545, 476.5396905186076, 340.27789514521 ], "from_ocr": false, "confidence": 1.0 }, { "text": "termination event). Under an ISDA Master Agreement, the Company may, under certain circumstances, offset with the ", "box": [ 137.10211473241165, 345.1415184850554, 476.6212600502089, 348.63061518117996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and ", "box": [ 137.10211473241165, 353.4942385210254, 476.60494614388864, 356.98333521714994 ], "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": [ 137.10211473241165, 361.8469585569954, 476.629419613594, 365.3360552531199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the event of default, including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency ", "box": [ 137.10211473241165, 469.9121041662808, 476.5315361756725, 473.40120086240535 ], "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": [ 137.10211473241165, 478.2648242022508, 476.5967918009535, 481.7539208983753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative ", "box": [ 137.10211473241165, 486.6175442382208, 476.5967918009535, 490.1066409343453 ], "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": [ 137.10211473241165, 494.97026427419075, 476.5315361756725, 498.4593609703153 ], "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": [ 137.10211473241165, 503.32298431016073, 476.57231833124814, 506.81208100628527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payment of any net liability owed to the counterparty. As of June 30, 2026 and December 31, 2025, the Company was in ", "box": [ 137.10211473241165, 511.6757043461307, 476.5315361756725, 515.1648010422552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "good standing on all of its ISDA Master Agreements or similar arrangements with its counterparties.", "box": [ 137.10211473241165, 520.0284243821006, 416.9540713381028, 523.5175210782252 ], "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": [ 137.10211473241165, 536.7338644540407, 476.52337661228734, 540.2229611501652 ], "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": [ 137.10211473241165, 545.0865844900106, 476.6212600502089, 548.5756811861352 ], "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": [ 137.10211473241165, 553.4393045259807, 476.629419613594, 556.9284012221052 ], "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": [ 137.10211473241165, 561.7920245619506, 476.5967918009535, 565.2811212580751 ], "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": [ 137.10211473241165, 570.1447445979206, 476.61310570727375, 573.6338412940452 ], "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": [ 137.10211473241165, 578.4974646338906, 476.58047789463325, 581.9865613300151 ], "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": [ 137.10211473241165, 586.8501846698606, 476.5560044249279, 590.3392813659851 ], "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": [ 137.10211473241165, 595.2029047058305, 476.5967918009535, 598.692001401955 ], "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": [ 137.10211473241165, 603.5556247418006, 476.61310570727375, 607.0447214379251 ], "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": [ 137.10211473241165, 611.9083447777705, 476.52337661228734, 615.397441473895 ], "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": [ 137.10211473241165, 620.2610648137405, 476.58047789463325, 623.750161509865 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreements with only high-grade counterparties that have the financial health to honor their obligations and ", "box": [ 137.10211473241165, 628.6137848497106, 476.564163988313, 632.1028815458351 ], "from_ocr": false, "confidence": 1.0 }, { "text": "diversification by entering into agreements with multiple counterparties.", "box": [ 137.10211473241165, 636.9665048856805, 338.4636621235962, 640.455601581805 ], "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": [ 137.10211473241165, 653.6719449576204, 476.5967918009535, 657.161041653745 ], "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": [ 137.10211473241165, 662.0246649935905, 476.5315361756725, 665.513761689715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments ", "box": [ 137.10211473241165, 670.3773850295604, 476.5315361756725, 673.8664817256849 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and derivative instruments that are either subject to enforceable master netting arrangements or ISDA Master ", "box": [ 137.10211473241165, 678.7301050655304, 476.5886322375684, 682.2192017616549 ], "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": [ 137.10211473241165, 687.0828251015004, 476.5967918009535, 690.5719217976249 ], "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": [ 137.10211473241165, 695.4355451374704, 476.51522226935225, 698.9246418335949 ], "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 June 30, 2026 and ", "box": [ 137.10211473241165, 703.7882651734403, 476.51522226935225, 707.2773618695649 ], "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": [ 137.10211473241165, 712.1409852094104, 476.5560044249279, 715.6300819055349 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the consolidated balances sheets. ", "box": [ 137.10211473241165, 720.4937052453804, 237.50833511424787, 723.9828019415049 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 46, "width": 612.0, "height": 792.0, "cells": [ { "text": "59", "box": [ 302.5169704768508, 231.85775299721251, 309.47582683301454, 235.34684969333705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the gross fair value of derivative contracts by product type, Paycheck Protection Program ", "box": [ 137.10211473241165, 315.38591738887226, 476.6212600502089, 318.8750140849968 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidity Facility borrowings and secured borrowings, the amount of netting reflected in the consolidated balance sheets, ", "box": [ 137.10211473241165, 323.73863742484224, 476.54785008199275, 327.2277341209668 ], "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": [ 137.10211473241165, 332.0913574608122, 476.6212600502089, 335.58045415693675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "criteria for netting under U.S. GAAP. 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instrument. In certain cases, there is ", "box": [ 137.10211473241165, 526.1085668614523, 476.1073746113459, 528.5506727931961 ], "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": [ 143.36665475938915, 531.8510618861817, 476.05843289238516, 534.2931678179255 ], "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": [ 143.36665475938915, 538.1156019131593, 476.05843289238516, 540.5577078449029 ], "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": [ 143.36665475938915, 543.8580969378886, 476.00949117342435, 546.3002028696322 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated balance sheets as assets or liabilities, respectively.", "box": [ 143.36665475938915, 549.600591962618, 266.724223506217, 552.0426978943616 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 23. Financial Instruments with Off-Balance Sheet Risk, Credit Risk, and Certain Other Risks", "box": [ 137.10211473241165, 564.4013834612274, 429.51228735994533, 567.8904801573519 ], "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": [ 137.10211473241165, 581.1068235331674, 476.60494614388864, 584.5959202292919 ], "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": [ 137.10211473241165, 589.4595435691374, 476.60494614388864, 592.9486402652619 ], "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": [ 137.10211473241165, 597.8122636051073, 474.80805179309607, 601.3013603012319 ], "from_ocr": false, "confidence": 1.0 }, { "text": "balance sheet risk and prepayment risk.", "box": [ 137.10211473241165, 606.1649836410772, 246.85693607370945, 609.6540803372018 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Market Risk ", "box": [ 137.10211473241165, 622.8704237130173, 174.73440705169247, 626.3595204091419 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 174.74645356639746, 623.79331163128, 180.3114531859535, 626.5835419660054 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 180.31765257476417, 622.8704237130173, 182.05736753170493, 626.3595204091419 ], "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": [ 182.3242630521554, 622.8704237130173, 476.5315361756725, 626.3595204091419 ], "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": [ 137.10211473241165, 631.2231437489872, 476.58047789463325, 634.7122404451118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial instruments. The Company attempts to mitigate its exposure to market risk by entering into offsetting ", "box": [ 137.10211473241165, 639.5758637849573, 476.61310570727375, 643.0649604810818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transactions, which may include purchase or sale of interest-bearing securities and equity securities.", "box": [ 137.10211473241165, 647.9285838209273, 414.9736520150878, 651.4176805170518 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit Risk ", "box": [ 137.10211473241165, 664.6340238928672, 171.81362832715047, 668.1231205889917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 171.82626433507204, 665.5569118111298, 178.78250790820402, 668.3471421458553 ], "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": [ 179.14305131970588, 664.6340238928672, 476.5967918009535, 668.1231205889917 ], "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": [ 137.10211473241165, 672.9867439288372, 476.5396905186076, 676.4758406249617 ], "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": [ 137.10211473241165, 681.3394639648072, 476.5886322375684, 684.8285606609318 ], "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": [ 137.10211473241165, 689.6921840007772, 476.629419613594, 693.1812806969017 ], "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": [ 137.10211473241165, 698.0449040367471, 476.54785008199275, 701.5340007328716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "appropriate prices given anticipated and unanticipated losses and by deploying a value-driven approach to underwriting ", "box": [ 137.10211473241165, 706.3976240727171, 476.60494614388864, 709.8867207688417 ], "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": [ 137.10211473241165, 714.7503441086872, 476.5315361756725, 718.2394408048117 ], "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": [ 137.10211473241165, 723.1030641446571, 476.5396905186076, 726.5921608407816 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performing various workout and loss mitigation strategies with delinquent borrowers. Nevertheless, unanticipated credit ", "box": [ 137.10211473241165, 731.455784180627, 476.5560044249279, 734.9448808767515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses could occur, which may adversely impact operating results.", "box": [ 137.10211473241165, 739.808504216597, 320.9497120586454, 743.2976009127216 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 47, "width": 612.0, "height": 792.0, "cells": [ { "text": "60", "box": [ 302.5169704768508, 68.97971229579775, 309.47582683301454, 72.4688089919224 ], "from_ocr": false, "confidence": 1.0 }, { "text": "61", "box": [ 302.5169704768508, 626.520949416912, 309.47582683301454, 630.0100461130365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company is also subject to credit risk with respect to the counterparties to derivative contracts. If a counterparty ", "box": [ 137.10211473241165, 144.1513673396454, 476.5967918009535, 147.64046403576992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fails to perform its obligation under a derivative contract due to financial difficulties, the Company may experience ", "box": [ 137.10211473241165, 152.50408737561543, 476.60494614388864, 155.99318407173996 ], "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": [ 137.10211473241165, 160.85680741158535, 476.5967918009535, 164.34590410770988 ], "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": [ 137.10211473241165, 169.2095274475554, 476.5967918009535, 172.69862414367992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "counterparty to a derivative transaction, the derivative transaction would typically be terminated at its fair market value. ", "box": [ 137.10211473241165, 177.56224748352543, 476.5886322375684, 181.05134417964996 ], "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": [ 137.10211473241165, 185.91496751949535, 476.6212600502089, 189.40406421561988 ], "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": [ 137.10211473241165, 194.2676875554654, 476.5886322375684, 197.75678425158992 ], "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": [ 137.10211473241165, 202.6204075914353, 476.51522226935225, 206.10950428755984 ], "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": [ 137.10211473241165, 210.97312762740535, 476.629419613594, 214.46222432352988 ], "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": [ 137.10211473241165, 219.32584766337527, 476.52337661228734, 222.8149443594998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "its commitments, if any, at the then current market price.", "box": [ 137.10211473241165, 227.6785676993453, 295.02936852727265, 231.16766439546984 ], "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": [ 137.10211473241165, 244.38400777128527, 476.51522226935225, 247.8731044674098 ], "from_ocr": false, "confidence": 1.0 }, { "text": "additional collateral in circumstances where their pledged collateral value becomes inadequate. The Company attempts ", "box": [ 137.10211473241165, 252.7367278072552, 476.54785008199275, 256.2258245033797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to manage its exposure to counterparty risk through diversification, use of financial instruments and monitoring the ", "box": [ 137.10211473241165, 261.08944784322523, 476.5886322375684, 264.57854453934976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "creditworthiness of counterparties.", "box": [ 137.10211473241165, 269.44216787919515, 233.52704880075197, 272.9312645753197 ], "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": [ 137.10211473241165, 286.14760795113517, 476.5967918009535, 289.6367046472597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and borrowings under credit facilities and other financing agreements. In connection with these financing arrangements, ", "box": [ 137.10211473241165, 294.50032798710515, 476.5396905186076, 297.9894246832297 ], "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": [ 137.10211473241165, 302.85304802307513, 476.5315361756725, 306.34214471919967 ], "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": [ 137.10211473241165, 311.2057680590451, 474.81573044862495, 314.69486475516965 ], "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": [ 137.10211473241165, 319.5584880950151, 476.60494614388864, 323.0475847911396 ], "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": [ 137.10211473241165, 327.9112081309851, 476.5886322375684, 331.4003048271096 ], "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": [ 137.10211473241165, 336.26392816695505, 476.6212600502089, 339.7530248630796 ], "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": [ 137.10211473241165, 344.61664820292503, 476.51522226935225, 348.10574489904957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "receivable on such collateral.", "box": [ 137.10211473241165, 352.9693682388951, 218.24681314540794, 356.45846493501955 ], "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": [ 137.10211473241165, 369.674808310835, 476.5967918009535, 373.1639050069595 ], "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": [ 137.10211473241165, 378.027528346805, 476.629419613594, 381.51662504292955 ], "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": [ 137.10211473241165, 386.380248382775, 476.61310570727375, 389.8693450788995 ], "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": [ 137.10211473241165, 394.732968418745, 476.58047789463325, 398.2220651148695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "contract.", "box": [ 137.10211473241165, 403.08568845471495, 161.25082800732457, 406.5747851508395 ], "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": [ 137.10211473241165, 419.7911285266549, 476.57231833124814, 423.28022522277945 ], "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": [ 137.10211473241165, 428.1438485626249, 476.5967918009535, 431.63294525874943 ], "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": [ 137.10211473241165, 436.4965685985949, 476.54785008199275, 439.9856652947194 ], "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": [ 137.10211473241165, 444.84928863456486, 476.5967918009535, 448.3383853306894 ], "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": [ 137.10211473241165, 453.20200867053484, 476.5886322375684, 456.6911053666594 ], "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": [ 137.10211473241165, 461.5547287065048, 476.51522226935225, 465.04382540262935 ], "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": [ 137.10211473241165, 469.9074487424748, 476.57231833124814, 473.39654543859933 ], "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": [ 137.10211473241165, 478.2601687784448, 476.5886322375684, 481.7492654745693 ], "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": [ 137.10211473241165, 486.61288881441476, 476.498908363032, 490.1019855105393 ], "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": [ 137.10211473241165, 494.96560885038474, 476.5886322375684, 498.4547055465093 ], "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": [ 137.10211473241165, 503.3183288863547, 476.5967918009535, 506.80742558247925 ], "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": [ 137.10211473241165, 511.67104892232476, 476.5315361756725, 515.1601456184493 ], "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": [ 137.10211473241165, 520.0237689582948, 476.60494614388864, 523.5128656544193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as intended.", "box": [ 137.10211473241165, 528.3764889942647, 170.34015119226413, 531.8655856903893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidity Risk -", "box": [ 137.10211473241165, 545.0819290662047, 186.38427390860386, 548.5710257623292 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 186.39458528928373, 546.0048169844672, 187.78583519417276, 548.7950473191928 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidity risk arises from investments and the general financing of the Company's investing activities. ", "box": [ 187.89546467074712, 545.0819290662047, 476.52337661228734, 548.5710257623292 ], "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": [ 137.10211473241165, 553.4346491021747, 476.51522226935225, 556.9237457982993 ], "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": [ 137.10211473241165, 561.7873691381446, 476.5967918009535, 565.2764658342692 ], "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": [ 137.10211473241165, 570.1400891741146, 476.58047789463325, 573.6291858702391 ], "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": [ 137.10211473241165, 578.4928092100846, 476.5315361756725, 581.9819059062091 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repossession of collateral. Such modifications may include interest rate reductions, principal forgiveness, term ", "box": [ 137.10211473241165, 586.8455292460546, 476.5967918009535, 590.3346259421792 ], "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": [ 137.10211473241165, 595.1982492820246, 476.629419613594, 598.6873459781491 ], "from_ocr": false, "confidence": 1.0 }, { "text": "requirements and make it more reliant on financing strategies. Additionally, if the Company was forced to dispose of an ", "box": [ 137.10211473241165, 701.6972545085658, 476.58047789463325, 705.1863512046905 ], "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": [ 137.10211473241165, 710.0499745445359, 476.5396905186076, 713.5390712406604 ], "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": [ 137.10211473241165, 718.4026945805058, 476.5315361756725, 721.8917912766303 ], "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": [ 137.10211473241165, 726.7554146164758, 476.5967918009535, 730.2445113126004 ], "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": [ 137.10211473241165, 735.1081346524459, 476.498908363032, 738.5972313485704 ], "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": [ 137.10211473241165, 743.4608546884158, 476.5886322375684, 746.9499513845403 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 48, "width": 612.0, "height": 792.0, "cells": [ { "text": "62", "box": [ 302.5169704768508, 463.64573399537954, 309.47582683301454, 467.1348306915041 ], "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": [ 137.10211473241165, 37.13496715866222, 476.5396905186076, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financing arrangements. While the Company may finance certain investments in security positions using traditional ", "box": [ 137.10211473241165, 39.74519216990291, 476.5560044249279, 43.23428886602744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "margin arrangements and reverse repurchase agreements, other financial instruments such as collateralized debt ", "box": [ 137.10211473241165, 48.09791220587283, 476.564163988313, 51.587008901997365 ], "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": [ 137.10211473241165, 56.45063224184287, 467.752835248543, 59.9397289379674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Off-Balance Sheet Risk ", "box": [ 137.10211473241165, 73.15607231378283, 207.69739544921464, 76.64516900990736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 207.70870128647044, 74.07896023204546, 213.27370090602642, 76.86919056677095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has undrawn commitments on outstanding loans. Refer to Note 24 for further ", "box": [ 213.271743341677, 73.15607231378283, 476.5967918009535, 76.64516900990736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "information.", "box": [ 137.10211473241165, 81.50879234975275, 171.69589423242746, 84.99788904587729 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest Rate Risk ", "box": [ 137.10211473241165, 98.21423242169271, 192.72666226515094, 101.70332911781725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 193.9805517282018, 98.21423242169271, 200.9394115559648, 101.70332911781725 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 200.93843016356507, 99.13712033995535, 202.32968006845408, 101.92735067468084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rates are highly sensitive to many factors, including governmental monetary and tax ", "box": [ 203.5812829874462, 98.21423242169271, 476.6212600502089, 101.70332911781725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "policies, domestic and international economic and political considerations and other factors beyond the Company's ", "box": [ 137.10211473241165, 106.56695245766275, 476.60494614388864, 110.05604915378728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "control.", "box": [ 137.10211473241165, 114.91967249363279, 158.55290784063078, 118.40876918975732 ], "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": [ 137.10211473241165, 131.62511256557275, 476.60494614388864, 135.11420926169728 ], "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": [ 137.10211473241165, 139.97783260154267, 476.5967918009535, 143.4669292976672 ], "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": [ 137.10211473241165, 148.3305526375127, 476.57231833124814, 151.81964933363724 ], "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": [ 137.10211473241165, 156.68327267348263, 476.5967918009535, 160.17236936960717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which could materially and adversely affect the Company's business, financial condition, liquidity, results of operations ", "box": [ 137.10211473241165, 165.03599270945267, 476.5560044249279, 168.5250894055772 ], "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": [ 137.10211473241165, 173.3887127454226, 474.8124167157686, 176.87780944154713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "earning assets and interest-bearing liabilities.", "box": [ 137.10211473241165, 181.74143278139263, 262.5143270562651, 185.23052947751717 ], "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": [ 137.10211473241165, 198.4468728533326, 474.83217230817513, 201.93596954945713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performing ", "box": [ 137.10211473241165, 206.79959288930252, 170.1464634650515, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans ", "box": [ 173.8421788551068, 206.79959288930252, 190.27091752209208, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are ", "box": [ 193.96663291214736, 206.79959288930252, 204.20104185434798, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "often ", "box": [ 207.89675724440326, 206.79959288930252, 223.93473483851028, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generated ", "box": [ 227.63045022856556, 206.79959288930252, 256.4138741784187, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from ", "box": [ 260.109589568474, 206.79959288930252, 275.37625715674943, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "restructuring ", "box": [ 279.07197254680466, 206.79959288930252, 316.36704963586084, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the ", "box": [ 320.0627650259161, 206.79959288930252, 330.303968801457, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets ", "box": [ 333.9996841915123, 206.79959288930252, 351.97446022894985, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through ", "box": [ 355.67017561900514, 206.79959288930252, 379.0577590788574, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loss ", "box": [ 382.7534744689126, 206.79959288930252, 395.3222138510013, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mitigation ", "box": [ 399.01792924105655, 206.79959288930252, 429.3643656376778, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "strategies ", "box": [ 433.0600810277331, 206.79959288930252, 461.0789818178065, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and ", "box": [ 464.77476094955654, 206.79959288930252, 476.57231833124814, 210.28868958542705 ], "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": [ 137.10211473241165, 215.15231292527255, 476.5396905186076, 218.6414096213971 ], "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": [ 137.10211473241165, 223.50503296124248, 476.6212600502089, 226.994129657367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest rates.", "box": [ 137.10211473241165, 231.85775299721251, 174.20012651529515, 235.34684969333705 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 137.10211473241165, 240.21047303318255, 138.8418296893524, 243.6995697293071 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Prepayment Risk -", "box": [ 137.10211473241165, 248.56319306915248, 194.99658259689474, 252.052289765277 ], "from_ocr": false, "confidence": 1.0 }, { "text": " As the Company receives prepayments of principal on its assets, any premiums paid on such assets ", "box": [ 195.00016826299264, 248.56319306915248, 476.5886322375684, 252.052289765277 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are amortized against interest income. In general, an increase in prepayment rates accelerates the amortization of ", "box": [ 137.10211473241165, 256.9159131051224, 476.58047789463325, 260.40500980124693 ], "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": [ 137.10211473241165, 265.26863314109244, 476.6212600502089, 268.75772983721697 ], "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": [ 137.10211473241165, 273.6213531770625, 476.6212600502089, 277.110449873187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thereby increasing the interest income earned on the assets.", "box": [ 137.10211473241165, 281.9740732130324, 301.9263110509305, 285.46316990915693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 24. Commitments, Contingencies and Indemnifications", "box": [ 137.10211473241165, 298.67951328497236, 315.520364172238, 302.1686099810969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Litigation", "box": [ 137.10211473241165, 315.3849533569124, 165.3282700307526, 318.8740500530369 ], "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": [ 137.10211473241165, 323.73767339288236, 476.5396905186076, 327.2267700890069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as such, has entered into agreements which provide for indemnifications against losses, costs, claims, and liabilities ", "box": [ 137.10211473241165, 332.09039342885234, 476.5967918009535, 335.57949012497687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "arising from the performance of individual obligations under such agreements. Such indemnification obligations may not ", "box": [ 137.10211473241165, 339.92106846257417, 476.5560044249279, 343.4101651586987 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be subject to maximum loss clauses.", "box": [ 137.10211473241165, 347.75174349629606, 238.3758476775027, 351.2408401924206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "While the outcome of any particular litigation, administrative proceeding or indemnification claim cannot be predicted ", "box": [ 137.10211473241165, 364.457183568236, 476.60494614388864, 367.94628026436055 ], "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": [ 137.10211473241165, 372.809903604206, 476.60494614388864, 376.29900030033053 ], "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": [ 137.10211473241165, 381.162623640176, 476.52337661228734, 384.6517203363005 ], "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": [ 137.10211473241165, 389.51534367614596, 476.57231833124814, 393.0044403722705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial statements.", "box": [ 137.10211473241165, 397.86806371211594, 194.29858027761225, 401.3571604082405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unfunded Loan Commitments", "box": [ 137.10211473241165, 538.8183332951878, 224.48871151624667, 542.3074299913123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents unfunded loan commitments.", "box": [ 137.10211473241165, 547.1710533311577, 289.57845260276144, 550.6601500272823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 565.2590969741802, 167.45767368742935, 567.7012029059238 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 378.7600090543323, 565.2590969741802, 407.0398663981948, 567.7012029059238 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 429.0884100523155, 565.2590969741802, 468.35821642183356, 567.7012029059238 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, net", "box": [ 139.4513172425282, 571.5236370011577, 159.74023777292405, 573.9657429329013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 571.5236370011577, 371.0644131388399, 573.9657429329013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "333,383", "box": [ 401.0774329004396, 571.5236370011577, 416.9071192240035, 573.9657429329013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 571.5236370011577, 426.9232283793892, 573.9657429329013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "438,030", "box": [ 456.9362481409889, 571.5236370011577, 472.76593446455274, 573.9657429329013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, held for sale", "box": [ 139.4513172425282, 578.3102220303833, 177.86254546969485, 580.7523279621269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 578.3102220303833, 371.0644131388399, 580.7523279621269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "43,805", "box": [ 403.5163645055425, 578.3102220303833, 416.9107143913205, 580.7523279621269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 578.3102220303833, 426.9232283793892, 580.7523279621269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "54,327", "box": [ 459.3751797460918, 578.3102220303833, 472.7695296318697, 580.7523279621269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 25. Income Taxes", "box": [ 137.10211473241165, 596.2432835424814, 203.59774269774277, 599.732380238606 ], "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": [ 137.10211473241165, 612.9487236144214, 476.51522226935225, 616.4378203105459 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's ", "box": [ 137.10211473241165, 621.3014436503913, 170.5440273063541, 624.790540346516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ability to meet various requirements imposed by the Internal Revenue Code, which relate to its ", "box": [ 176.2620457421592, 621.3014436503913, 476.54785008199275, 624.790540346516 ], "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": [ 137.10211473241165, 629.6541636863614, 476.52337661228734, 633.1432603824859 ], "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": [ 137.10211473241165, 638.0068837223314, 476.60494614388864, 641.4959804184559 ], "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": [ 137.10211473241165, 646.3596037583013, 476.61310570727375, 649.8487004544259 ], "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": [ 137.10211473241165, 654.7123237942714, 476.52337661228734, 658.2014204903959 ], "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": [ 137.10211473241165, 663.0650438302413, 476.5967918009535, 666.5541405263658 ], "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": [ 137.10211473241165, 671.4177638662113, 476.54785008199275, 674.9068605623359 ], "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": [ 137.10211473241165, 679.7704839021812, 476.5560044249279, 683.2595805983058 ], "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": [ 137.10211473241165, 688.1232039381513, 476.629419613594, 691.6123006342758 ], "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": [ 137.10211473241165, 696.4759239741213, 476.49074879964684, 699.9650206702458 ], "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": [ 137.10211473241165, 704.8286440100912, 476.5315361756725, 708.3177407062158 ], "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 June 30, 2026 and ", "box": [ 137.10211473241165, 713.1813640460612, 476.48259445671175, 716.6704607421857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025, the Company was in compliance with all REIT requirements.", "box": [ 137.10211473241165, 721.5340840820312, 365.7686832481999, 725.0231807781557 ], "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": [ 137.10211473241165, 738.2395241539712, 476.60494614388864, 741.7286208500957 ], "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": [ 137.10211473241165, 746.5922441899411, 476.51522226935225, 750.0813408860656 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 49, "width": 612.0, "height": 792.0, "cells": [ { "text": "63", "box": [ 302.5169704768508, 300.7676932939649, 309.47582683301454, 304.25678999008943 ], "from_ocr": false, "confidence": 1.0 }, { "text": "these activities meet specific criteria, are conducted within the parameters of certain limitations established by the ", "box": [ 137.10211473241165, 37.13496715866222, 476.629419613594, 40.624063854786755 ], "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": [ 137.10211473241165, 42.87746218339157, 476.52337661228734, 46.366558879516106 ], "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": [ 137.10211473241165, 51.23018221936161, 476.564163988313, 54.71927891548614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company's TRSs engage in various real estate - related operations, including originating and securitizing ", "box": [ 137.10211473241165, 59.58290225533153, 476.60494614388864, 63.07199895145618 ], "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": [ 137.10211473241165, 67.93562229130157, 476.5560044249279, 71.4247189874261 ], "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": [ 137.10211473241165, 76.2883423272715, 476.54785008199275, 79.77743902339614 ], "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": [ 137.10211473241165, 84.64106236324153, 466.6757029276746, 88.13015905936606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company recognizes deferred tax assets and liabilities for the future tax consequences arising from differences ", "box": [ 137.10211473241165, 101.34650243518149, 476.5967918009535, 104.83559913130603 ], "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": [ 137.10211473241165, 109.69922247115153, 476.5967918009535, 113.18831916727606 ], "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": [ 137.10211473241165, 118.05194250712145, 476.60494614388864, 121.54103920324599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "negative and positive evidence, including historical profitability and projections of future taxable income.", "box": [ 137.10211473241165, 126.40466254309149, 431.21548401926367, 129.89375923921602 ], "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": [ 137.10211473241165, 143.11010261503145, 476.60494614388864, 146.59919931115599 ], "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": [ 137.10211473241165, 151.46282265100137, 476.4744348933266, 154.9519193471259 ], "from_ocr": false, "confidence": 1.0 }, { "text": "realized. ", "box": [ 137.10211473241165, 159.8155426869714, 162.57040643216166, 163.30463938309595 ], "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": [ 137.10211473241165, 176.52098275891137, 476.5886322375684, 180.0100794550359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "evidence, including the sustainability of profitability required to realize the deferred tax assets, the cumulative net ", "box": [ 137.10211473241165, 184.8737027948814, 476.5967918009535, 188.36279949100594 ], "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": [ 137.10211473241165, 193.22642283085133, 476.5396905186076, 196.71551952697587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "temporary differences, and the carryforward periods for any carryforwards of net operating losses.", "box": [ 137.10211473241165, 201.57914286682126, 410.5849247166424, 205.0682395629458 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 26. Segment Reporting", "box": [ 137.10211473241165, 218.28458293876133, 220.5973119324185, 221.77367963488587 ], "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": [ 137.10211473241165, 234.9900230107013, 476.5967918009535, 238.47911970682583 ], "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": [ 137.10211473241165, 243.34274304667122, 476.54785008199275, 246.83183974279575 ], "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": [ 137.10211473241165, 251.69546308264125, 476.5967918009535, 255.1845597787658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Operating Decision Maker ('CODM'), the Chief Executive Officer and Chief Investment Officer, evaluates financial ", "box": [ 137.10211473241165, 260.0481831186112, 476.5967918009535, 263.5372798147357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "information for making decisions regarding business operations and assessing Company performance. The CODM's ", "box": [ 137.10211473241165, 268.4009031545812, 476.564163988313, 271.88999985070575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial considerations include an analysis of net interest income before provision for loan losses, provision for loan ", "box": [ 137.10211473241165, 375.94237368168643, 476.5886322375684, 379.43147037781097 ], "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": [ 137.10211473241165, 384.2950937176564, 476.564163988313, 387.78419041378095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance with income (loss) before unallocated expenses and provision for (benefit from) income taxes being the ", "box": [ 137.10211473241165, 392.6478137536264, 476.61310570727375, 396.1369104497509 ], "from_ocr": false, "confidence": 1.0 }, { "text": "primary performance measure used for each reportable business segment. ", "box": [ 137.10211473241165, 401.0005337895964, 343.352959320055, 404.4896304857209 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LMM Commercial Real Estate", "box": [ 137.10211473241165, 417.70597386153634, 225.05275778985816, 421.19507055766087 ], "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": [ 137.10211473241165, 426.0586938975063, 476.5315361756725, 429.54779059363085 ], "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": [ 137.10211473241165, 434.4114139334763, 476.54785008199275, 437.90051062960083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LMM originations include construction and permanent financing activities for the preservation and construction of ", "box": [ 137.10211473241165, 442.7641339694463, 476.54785008199275, 446.2532306655708 ], "from_ocr": false, "confidence": 1.0 }, { "text": "affordable housing, primarily utilizing tax-exempt bonds. This segment also reflects the impact of LMM securitization ", "box": [ 137.10211473241165, 451.11685400541626, 476.58047789463325, 454.6059507015408 ], "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": [ 137.10211473241165, 459.4695740413863, 476.5315361756725, 462.95867073751083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans as part of the Company's business strategy.", "box": [ 137.10211473241165, 467.8222940773562, 274.25284408470554, 471.31139077348075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Small Business Lending", "box": [ 137.10211473241165, 484.5277341492962, 206.71100732678826, 488.0168308454207 ], "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": [ 137.10211473241165, 492.8804541852662, 476.57231833124814, 496.36955088139075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "originates and services small business loans and services government guaranteed loans focused on the USDA. This ", "box": [ 137.10211473241165, 501.23317422123614, 476.629419613594, 504.7222709173607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "segment also reflects the impact of SBA securitization activities.", "box": [ 137.10211473241165, 509.5858942572062, 316.8246832640055, 513.0749909533307 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Results of business segments and all other. ", "box": [ 137.10211473241165, 526.2913343291461, 262.4196700652755, 529.7804310252707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The tables below present operating and reportable business segments, along ", "box": [ 262.5723682414842, 526.2913343291461, 476.52337661228734, 529.7804310252707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with remaining unallocated amounts primarily including interest expense relating to senior secured notes, allocated ", "box": [ 137.10211473241165, 534.6440543651161, 476.54785008199275, 538.1331510612406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "employee compensation from the Manager, management and incentive fees paid to the Manager and other general ", "box": [ 137.10211473241165, 542.9967744010861, 476.629419613594, 546.4858710972106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "corporate overhead expenses. Unallocated assets were $439.8 million and $400.9 million as ", "box": [ 137.10211473241165, 551.3494944370561, 409.64170570920646, 554.8385911331807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of June 30, 2026 and ", "box": [ 412.44769186684624, 551.3494944370561, 476.5886322375684, 554.8385911331807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025, respectively.", "box": [ 137.10211473241165, 559.7022144730261, 214.76674970381393, 563.1913111691506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 592.4075181789959, 167.45767368742935, 594.8496241107396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LMM Commercial ", "box": [ 334.337242144281, 587.7091131587629, 374.82234125826716, 590.1512190905064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate", "box": [ 342.176076741388, 592.4075181789959, 365.8468701622798, 594.8496241107396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Small Business ", "box": [ 387.59399193697476, 587.7091131587629, 419.8051046937308, 590.1512190905064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lending", "box": [ 394.421359121776, 592.4075181789959, 411.74696205819384, 594.8496241107396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 446.60954544026816, 592.4075181789959, 457.25700314200463, 594.8496241107396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income", "box": [ 143.6276772605132, 599.1941032082216, 173.78636301639375, 601.6362091399651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 599.1941032082216, 335.5653529859675, 601.6362091399651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "53,941", "box": [ 361.1736180410986, 599.1941032082216, 374.5679679268765, 601.6362091399651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 599.1941032082216, 384.6375831972911, 601.6362091399651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "23,460", "box": [ 410.24584825242226, 599.1941032082216, 423.64019813820016, 601.6362091399651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 599.1941032082216, 433.70981340861476, 601.6362091399651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "77,401", "box": [ 459.3180784637459, 599.1941032082216, 472.71242834952386, 601.6362091399651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest expense", "box": [ 143.6276772605132, 605.9806882374471, 175.13721501693104, 608.4227941691909 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(65,245)", "box": [ 359.55038697245834, 605.9806882374471, 376.19746911307215, 608.4227941691909 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(17,608)", "box": [ 408.62261718378204, 605.9806882374471, 425.2696993243958, 608.4227941691909 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(82,853)", "box": [ 457.6948473951057, 605.9806882374471, 474.34192953571943, 608.4227941691909 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net interest income (loss) before provision for loan losses", "box": [ 139.4513172425282, 612.7672732666728, 257.0584936134227, 615.2093791984164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 612.7672732666728, 335.5653529859675, 615.2093791984164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(11,304)", "box": [ 359.55038697245834, 612.7672732666728, 375.92828704856294, 615.2093791984164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 612.7672732666728, 384.6375831972911, 615.2093791984164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,852", "box": [ 412.68477985752526, 612.7672732666728, 423.6437933055172, 615.2093791984164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 612.7672732666728, 433.70981340861476, 615.2093791984164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5,452)", "box": [ 460.1337737797586, 612.7672732666728, 474.34192953571943, 615.2093791984164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for loan losses", "box": [ 143.6276772605132, 619.5538582958984, 191.6565689270467, 621.9959642276419 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(13,689)", "box": [ 359.55038697245834, 619.5538582958984, 376.19746911307215, 621.9959642276419 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7,865)", "box": [ 411.06154356843496, 619.5538582958984, 425.2696993243958, 621.9959642276419 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(21,554)", "box": [ 457.6948473951057, 619.5538582958984, 474.34192953571943, 621.9959642276419 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net interest income (loss) after provision for loan losses", "box": [ 139.4513172425282, 626.3404433251239, 253.80978793554056, 628.7825492568677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 626.3404433251239, 335.5653529859675, 628.7825492568677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(24,993)", "box": [ 359.55038697245834, 626.3404433251239, 376.19746911307215, 628.7825492568677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 626.3404433251239, 384.6375831972911, 628.7825492568677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,013)", "box": [ 411.06154356843496, 626.3404433251239, 425.2696993243958, 628.7825492568677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 626.3404433251239, 433.70981340861476, 628.7825492568677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(27,006)", "box": [ 457.6948473951057, 626.3404433251239, 474.34192953571943, 628.7825492568677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-interest income", "box": [ 139.4513172425282, 633.1270283543496, 181.4299379043774, 635.5691342860932 ], 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"box": [ 382.20224328790584, 283.3566767841148, 384.6375831972911, 285.79878271585847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,530,810", "box": [ 404.1526068520325, 283.3566767841148, 423.63529383863107, 285.79878271585847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 283.3566767841148, 433.70981340861476, 285.79878271585847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,907,914", "box": [ 453.2248370633561, 283.3566767841148, 472.7075240499547, 285.79878271585847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 622.6862160533835, 167.45767368742935, 625.1283219851272 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LMM Commercial ", "box": [ 334.337242144281, 617.9878110331504, 374.82234125826716, 620.429916964894 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate", "box": [ 342.176076741388, 622.6862160533835, 365.8468701622798, 625.1283219851272 ], 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44.782110756722204, 433.70981340861476, 47.224216688465845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(113,067)", "box": [ 455.26407535338785, 44.782110756722204, 474.0727474712103, 47.224216688465845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income (loss) before unallocated expenses and provision for income taxes", "box": [ 139.4513172425282, 51.56869578594774, 290.84401982300653, 54.01080171769138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 51.56869578594774, 335.5653529859675, 54.01080171769138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(82,722)", "box": [ 359.55038697245834, 51.56869578594774, 376.19746911307215, 54.01080171769138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 51.56869578594774, 384.6375831972911, 54.01080171769138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,525", "box": [ 410.24584825242226, 51.56869578594774, 423.3714567840819, 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false, "confidence": 1.0 }, { "text": "(8,512)", "box": [ 460.1337737797586, 71.92845087362457, 474.34192953571943, 74.37055680536821 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Professional fees", "box": [ 143.6276772605132, 78.71503590285022, 176.76631373068912, 81.15714183459386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,913)", "box": [ 460.1337737797586, 78.71503590285022, 474.34192953571943, 81.15714183459386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management fees - related party", "box": [ 143.6276772605132, 85.50162093207587, 207.45774305602444, 87.9437268638195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(10,649)", "box": [ 457.6948473951057, 85.50162093207587, 474.34192953571943, 87.9437268638195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Transaction related expenses", "box": [ 143.6276772605132, 92.2882059613014, 199.71414100654965, 94.73031189304515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,333)", "box": [ 460.1337737797586, 92.2882059613014, 474.34192953571943, 94.73031189304515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other operating expenses - net", "box": [ 143.6276772605132, 99.07479099052705, 203.136439468182, 101.51689692227069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,973)", "box": [ 460.1337737797586, 99.07479099052705, 474.34192953571943, 101.51689692227069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total unallocated corporate income", "box": [ 139.4513172425282, 105.8613760197527, 212.9989237842249, 108.30348195149634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 105.8613760197527, 433.70981340861476, 108.30348195149634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "59,710", "box": [ 459.3180784637459, 105.8613760197527, 472.71242834952386, 108.30348195149634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income before provision for income taxes", "box": [ 139.4513172425282, 112.64796104897823, 225.08285472335194, 115.09006698072199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 112.64796104897823, 433.70981340861476, 115.09006698072199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(11,487)", "box": [ 457.6948473951057, 112.64796104897823, 474.0727474712103, 115.09006698072199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total assets", "box": [ 139.4513172425282, 119.43454607820388, 163.22199574219513, 121.87665200994752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 333.1300130765822, 119.43454607820388, 335.5653529859675, 121.87665200994752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,377,104", "box": [ 355.0803766407088, 119.43454607820388, 374.5630636273074, 121.87665200994752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.20224328790584, 119.43454607820388, 384.6375831972911, 121.87665200994752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,530,810", "box": [ 404.1526068520325, 119.43454607820388, 423.63529383863107, 121.87665200994752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.27447349922954, 119.43454607820388, 433.70981340861476, 121.87665200994752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,907,914", "box": [ 453.2248370633561, 119.43454607820388, 472.7075240499547, 121.87665200994752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 27. Subsequent Events", "box": [ 137.10211473241165, 137.3676075903021, 219.4624031913121, 140.85670428642663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has evaluated subsequent events through the issuance date of the consolidated financial statements and ", "box": [ 137.10211473241165, 154.07304766224206, 476.5396905186076, 157.5621443583666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determined that no additional disclosure is necessary.", "box": [ 137.10211473241165, 162.42576769821198, 285.5989267816266, 165.91486439433652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations", "box": [ 137.10211473241165, 444.85155001047065, 423.54305409552467, 448.3406467065952 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Forward-Looking Statements ", "box": [ 137.10211473241165, 461.5569900824106, 226.78906297676116, 465.04608677853514 ], "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": [ 137.10211473241165, 478.26243015435057, 476.564163988313, 481.7515268504751 ], "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": [ 137.10211473241165, 486.61515019032055, 476.5560044249279, 490.1042468864451 ], "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 ", "box": [ 137.10211473241165, 494.96787022629053, 476.51522226935225, 498.45696692241506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securities Act of 1933, as amended (the 'Securities Act'), and Section 21E of the Securities Exchange Act of 1934, as ", "box": [ 137.10211473241165, 503.3205902622605, 476.498908363032, 506.80968695838504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amended (the 'Exchange Act'). We intend such statements to be covered by the safe harbor provisions for forward-", "box": [ 137.10211473241165, 511.6733102982305, 474.7613081968215, 515.162406994355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "looking statements contained therein. Forward-looking statements contained in this Form 10-Q reflect our current views ", "box": [ 137.10211473241165, 520.0260303342004, 476.57231833124814, 523.515127030325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "about future events and are inherently subject to substantial risks and uncertainties, many of which are difficult to predict ", "box": [ 137.10211473241165, 528.3787503701705, 476.57231833124814, 531.867847066295 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and beyond our control, that may cause our actual results to materially differ. These forward-looking statements include ", "box": [ 137.10211473241165, 536.7314704061405, 476.5560044249279, 540.220567102265 ], "from_ocr": false, "confidence": 1.0 }, { "text": "information about possible or assumed future results of our operations, financial condition, liquidity, plans and ", "box": [ 137.10211473241165, 545.0841904421104, 476.5560044249279, 548.573287138235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "objectives. When we use the words 'believe,' 'expect,' 'anticipate,' 'estimate,' 'plan,' 'continue,' 'intend,' 'should,' ", "box": [ 137.10211473241165, 553.4369104780804, 476.6212600502089, 556.926007174205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'could,' 'would,' 'may,' 'potential' or other comparable terminology, we intend to identify forward-looking ", "box": [ 137.10211473241165, 561.7896305140504, 476.6212600502089, 565.2787272101749 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements, although not all forward-looking statements may contain such words. Statements regarding the following ", "box": [ 137.10211473241165, 570.1423505500204, 476.5967918009535, 573.631447246145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subjects, among others, may be forward-looking, and the occurrence of events impacting these subjects, or otherwise ", "box": [ 137.10211473241165, 578.4950705859903, 476.5967918009535, 581.9841672821149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "impacting our business, may cause our financial condition, liquidity and consolidated results of operations to vary ", "box": [ 137.10211473241165, 586.8477906219604, 476.57231833124814, 590.3368873180849 ], "from_ocr": false, "confidence": 1.0 }, { "text": "materially from those expressed in, or implied by, any such forward-looking statements:", "box": [ 137.10211473241165, 595.2005106579304, 382.5776909704771, 598.6896073540549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 611.9059507298703, 152.06747532833447, 615.3950474259948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our investment objectives and business strategy;", "box": [ 162.16027484032162, 611.9059507298703, 296.4783421002745, 615.3950474259948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 628.6113908018103, 152.06747532833447, 632.1004874979349 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our expected leverage;", "box": [ 162.16027484032162, 628.6113908018103, 225.13993187585538, 632.1004874979349 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 645.3168308737503, 152.06747532833447, 648.8059275698748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our expected investments;", "box": [ 162.16027484032162, 645.3168308737503, 234.82048287626247, 648.8059275698748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 662.0222709456903, 152.06747532833447, 665.5113676418148 ], 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162.16027484032162, 737.19675126942, 464.2111076722828, 740.6858479655446 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 53, "width": 612.0, "height": 792.0, "cells": [ { "text": "68", "box": [ 302.5169704768508, 206.79959288930252, 309.47582683301454, 210.28868958542705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 37.13496715866222, 152.06747532833447, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "availability of qualified personnel;", "box": [ 162.16027484032162, 37.13496715866222, 258.20124196807836, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 50.18609221486531, 152.06747532833447, 53.675188910989846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "prepayment rates; ", "box": [ 162.16027484032162, 50.18609221486531, 213.51873848053953, 53.675188910989846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 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"text": "changes in prepayments or acceleration of the disposition of our assets;", "box": [ 162.16027484032162, 290.3283008329397, 360.4297627119285, 293.81739752906424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 307.03374090487966, 152.06747532833447, 310.5228376010042 ], "from_ocr": false, "confidence": 1.0 }, { "text": "risks associated with achieving expected synergies, cost savings and other benefits from recent acquisitions, ", "box": [ 162.16027484032162, 307.03374090487966, 476.5967918009535, 310.5228376010042 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including the acquisition of United Development Funding IV ('UDF IV');", "box": [ 162.16027484032162, 315.38646094084964, 369.8201872545409, 318.8755576369742 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 332.0919010127896, 152.06747532833447, 335.58099770891414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "risks associated with the completed divestiture of our Residential Mortgage Banking segment;", "box": [ 162.16027484032162, 332.0919010127896, 424.2270648325876, 335.58099770891414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 348.79734108472957, 152.06747532833447, 352.2864377808541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "market, industry and economic trends;", "box": [ 162.16027484032162, 348.79734108472957, 269.0268969581682, 352.2864377808541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 365.5027811566696, 152.06747532833447, 368.9918778527941 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ability to compete in the marketplace;", "box": [ 162.16027484032162, 365.5027811566696, 278.48658074138814, 368.9918778527941 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 382.20822122860955, 152.06747532833447, 385.6973179247341 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the availability of attractive risk-adjusted investment opportunities in lower-to-middle-market commercial real ", "box": [ 162.16027484032162, 382.20822122860955, 476.629419613594, 385.6973179247341 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate loans ('LMM'), loans guaranteed by the U.S. Small Business Administration (the 'SBA') under its ", "box": [ 162.16027484032162, 390.56094126457947, 476.564163988313, 394.050037960704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Section 7(a) loan program (the 'SBA Section 7(a) Program'), mortgage backed securities ('MBS'), residential ", "box": [ 162.16027484032162, 398.9136613005495, 476.61310570727375, 402.40275799667404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mortgage loans and other real estate-related investments that satisfy our investment objectives and strategies; ", "box": [ 162.16027484032162, 407.26638133651943, 467.47986402479376, 410.75547803264396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 423.97182140845945, 152.06747532833447, 427.460918104584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "general volatility of the capital markets;", "box": [ 162.16027484032162, 423.97182140845945, 273.267429097032, 427.460918104584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 440.6772614803994, 152.06747532833447, 444.16635817652394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "changes in our investment objectives and business strategy;", "box": [ 162.16027484032162, 440.6772614803994, 327.7829757715646, 444.16635817652394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 457.38270155233937, 152.06747532833447, 460.8717982484639 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the availability, terms and deployment of capital;", "box": [ 162.16027484032162, 457.38270155233937, 298.64829868391615, 460.8717982484639 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 474.08814162427933, 152.06747532833447, 477.57723832040386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the availability of suitable investment opportunities;", "box": [ 162.16027484032162, 474.08814162427933, 307.3005478346255, 477.57723832040386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 490.79358169621935, 152.06747532833447, 494.2826783923438 ], "from_ocr": false, "confidence": 1.0 }, { "text": "market developments and actions recently taken and which may be taken by the U.S. Government, including ", "box": [ 162.16027484032162, 490.79358169621935, 476.58047789463325, 494.2826783923438 ], "from_ocr": false, "confidence": 1.0 }, { "text": "pursuant to policies of the U.S. administration, the U.S. Department of the Treasury ('Treasury') and the Board ", "box": [ 162.16027484032162, 499.1463017321893, 476.60494614388864, 502.6353984283138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal National ", "box": [ 162.16027484032162, 507.49902176815925, 476.54785008199275, 510.9881184642838 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage Association ('Fannie Mae'), the Federal Home Loan Mortgage Corporation ('Freddie Mac'), the ", "box": [ 162.16027484032162, 515.8517418041292, 476.5967918009535, 519.3408385002538 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Government National Mortgage Association ('Ginnie Mae'), Federal Housing Administration ('FHA') ", "box": [ 162.16027484032162, 524.2044618400993, 476.5967918009535, 527.6935585362238 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgagee, USDA, U.S. Department of Veterans Affairs ('VA') and the U.S. Securities and Exchange ", "box": [ 162.16027484032162, 532.5571818760693, 476.54785008199275, 536.0462785721938 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commission ('SEC');", "box": [ 162.16027484032162, 540.9099019120392, 224.5962599586856, 544.3989986081638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 557.6153419839792, 152.06747532833447, 561.1044386801037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ability to obtain a license for the Freddie Mac Conventional Small program, which is replacing the Freddie ", "box": [ 162.16027484032162, 557.6153419839792, 476.6212600502089, 561.1044386801037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mac Small Balance Loan program that expired on April 30, 2026;", "box": [ 162.16027484032162, 565.9680620199492, 345.8264429210852, 569.4571587160738 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 582.6735020918891, 152.06747532833447, 586.1625987880136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "applicable regulatory changes; ", "box": [ 162.16027484032162, 582.6735020918891, 248.84650000682427, 586.1625987880136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 599.3789421638292, 152.06747532833447, 602.8680388599537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "changes in our assets, interest rates or the general economy;", "box": [ 162.16027484032162, 599.3789421638292, 328.7275890567924, 602.8680388599537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 616.084382235769, 152.06747532833447, 619.5734789318935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mortgage loan modification programs and future legislative actions;", "box": [ 162.16027484032162, 616.084382235769, 351.3472345691472, 619.5734789318935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 632.7898223077091, 152.06747532833447, 636.2789190038336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ability to maintain our qualification as a real estate investment trust ('REIT') and limitations on our ", "box": [ 162.16027484032162, 632.7898223077091, 476.5396905186076, 636.2789190038336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "business as a result of our qualifications as a REIT;", "box": [ 162.16027484032162, 641.142542343679, 304.8697757407032, 644.6316390398035 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 657.8479824156191, 152.06747532833447, 661.3370791117436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ability to maintain our exemption from qualification under the Investment Company Act of 1940, as ", "box": [ 162.16027484032162, 657.8479824156191, 476.5967918009535, 661.3370791117436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amended (the '1940 Act');", "box": [ 162.16027484032162, 666.200702451589, 237.6591583303928, 669.6897991477135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 682.906142523529, 152.06747532833447, 686.3952392196535 ], "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": [ 162.16027484032162, 682.906142523529, 476.6212600502089, 686.3952392196535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Factors' and 'Business';", "box": [ 162.16027484032162, 691.258862559499, 232.07906163921234, 694.7479592556235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 707.9643026314388, 152.06747532833447, 711.4533993275634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our dependence on our external advisor, Waterfall Asset Management, LLC ('Waterfall' or the 'Manager'), ", "box": [ 162.16027484032162, 707.9643026314388, 476.5886322375684, 711.4533993275634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and our ability to find a suitable replacement if we or Waterfall were to terminate the management agreement ", "box": [ 162.16027484032162, 716.3170226674089, 476.51522226935225, 719.8061193635334 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we have entered into with Waterfall (the 'management agreement');", "box": [ 162.16027484032162, 724.6697427033789, 352.8771253487024, 728.1588393995034 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 54, "width": 612.0, "height": 792.0, "cells": [ { "text": "69", "box": [ 302.5169704768508, 43.92155218788787, 309.47582683301454, 47.4106488840124 ], "from_ocr": false, "confidence": 1.0 }, { "text": "70", "box": [ 302.5169704768508, 601.4662632608573, 309.47582683301454, 604.9553599569819 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 119.0966811835907, 152.06747532833447, 122.58577787971524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the degree and nature of our competition, including competition for LMM loans, MBS, residential mortgage ", "box": [ 162.16027484032162, 119.0966811835907, 476.60494614388864, 122.58577787971524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans, construction loans and other real estate-related investments that satisfy our investment objectives and ", "box": [ 162.16027484032162, 127.44940121956074, 476.6212600502089, 130.93849791568528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "strategies;", "box": [ 162.16027484032162, 135.80212125553066, 190.3728468385986, 139.2912179516552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 152.50756132747074, 152.06747532833447, 155.99665802359527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "geopolitical events such as acts of terrorism, war or other military conflict, and the related impact on ", "box": [ 162.16027484032162, 152.50756132747074, 476.57231833124814, 155.99665802359527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "macroeconomic conditions; and", "box": [ 162.16027484032162, 160.86028136344066, 251.05214895083196, 164.3493780595652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 177.56572143538062, 152.06747532833447, 181.05481813150516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the impact of future pandemics and epidemics on our borrowers, the real estate industry and global markets, and ", "box": [ 162.16027484032162, 177.56572143538062, 476.54785008199275, 181.05481813150516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on our business and operations, financial condition, results of operations, liquidity and capital resources.", "box": [ 162.16027484032162, 185.91844147135066, 452.62429991953917, 189.4075381674752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot ", "box": [ 137.10211473241165, 202.62388154329062, 476.5967918009535, 206.11297823941516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "guarantee future results, levels of activity, performance or achievements, and we caution readers not to place undue ", "box": [ 137.10211473241165, 210.97660157926055, 476.54785008199275, 214.46569827538508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reliance on any forward-looking statements. These forward-looking statements apply only as of the date of this Form 10-", "box": [ 137.10211473241165, 219.32932161523058, 474.86910986333197, 222.81841831135512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Q. We are not obligated, and do not intend, to update or revise any forward-looking statements, whether as a result of ", "box": [ 137.10211473241165, 227.6820416512005, 476.498908363032, 231.17113834732504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "new information, future events or otherwise, except to the extent required by law. Refer to Item 1A. 'Risk Factors' and ", "box": [ 137.10211473241165, 236.03476168717054, 476.498908363032, 239.52385838329508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 7. 'Management's Discussion and Analysis of Financial Condition and Results of Operations' of our Annual ", "box": [ 137.10211473241165, 244.38748172314047, 476.5967918009535, 247.876578419265 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Report on Form 10-K for the fiscal year ended December 31, 2025 (our 'Form 10-K').", "box": [ 137.10211473241165, 252.7402017591105, 379.3623468096685, 256.22929845523504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Introduction", "box": [ 137.10211473241165, 269.44564183105047, 174.86950747540578, 272.934738527175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management's Discussion and Analysis of Financial Condition and Results of Operations ('MD&A') is intended to ", "box": [ 137.10211473241165, 277.7983618670205, 476.6212600502089, 281.287458563145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provide a reader of ", "box": [ 137.10211473241165, 286.1510819029904, 199.83645856300694, 289.64017859911496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our interim consolidated financial statements with a narrative from the perspective of our ", "box": [ 202.58738531291812, 286.1510819029904, 476.5396905186076, 289.64017859911496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "management on our financial condition, results of operations, liquidity and certain other factors that may affect our ", "box": [ 137.10211473241165, 294.5038019389604, 476.564163988313, 297.99289863508494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "future results. Our MD&A is presented in five main sections:", "box": [ 137.10211473241165, 302.8565219749304, 307.4533633012951, 306.3456186710549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 319.56196204687035, 152.06747532833447, 323.0510587429949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Overview", "box": [ 162.16027484032162, 319.56196204687035, 189.59814027004057, 323.0510587429949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 327.9146820828404, 152.06747532833447, 331.40377877896486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Results of Operations", "box": [ 162.16027484032162, 327.9146820828404, 222.4623856961186, 331.40377877896486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 336.2674021188103, 152.06747532833447, 339.75649881493484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidity and Capital Resources", "box": [ 162.16027484032162, 336.2674021188103, 252.02731013991183, 339.75649881493484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 344.6201221547803, 152.06747532833447, 348.1092188509048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contractual Obligations and Off-Balance Sheet Arrangements ", "box": [ 162.16027484032162, 344.6201221547803, 336.7295133540319, 348.1092188509048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 352.9728421907503, 152.06747532833447, 356.46193888687486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Critical Accounting Estimates", "box": [ 162.16027484032162, 352.9728421907503, 245.93499813623953, 356.46193888687486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following discussion should be read in conjunction with our unaudited interim consolidated financial statements and ", "box": [ 137.10211473241165, 369.6782822626903, 476.5560044249279, 373.1673789588148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accompanying Notes included in Part I, Item 1, 'Financial Statements,' of this Form 10-Q and with Items 6, 7, 8, and 9A ", "box": [ 137.10211473241165, 378.03100229866027, 476.5886322375684, 381.5200989947848 ], "from_ocr": false, "confidence": 1.0 }, { "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": [ 137.10211473241165, 386.38372233463025, 476.54785008199275, 389.8728190307548 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accounting Estimates' in our Form 10-K for certain other factors that may cause actual results to differ, materially, from ", "box": [ 137.10211473241165, 394.73644237060023, 476.6212600502089, 398.22553906672476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "those anticipated in the forward-looking statements included in this Form 10-Q.", "box": [ 137.10211473241165, 403.0891624065702, 359.1601144684464, 406.57825910269474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Overview", "box": [ 137.10211473241165, 419.79460247851017, 165.69866577900086, 423.2836991746347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our Business", "box": [ 137.10211473241165, 436.50004255045013, 175.97382260504514, 439.98913924657467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We are a multi-strategy real estate finance company that originates, acquires, finances, and services LMM loans, SBA ", "box": [ 137.10211473241165, 444.8527625864201, 476.61310570727375, 448.34185928254465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans, construction loans and, to a lesser extent, MBS collateralized primarily by LMM loans, or other real estate-related ", "box": [ 137.10211473241165, 453.2054826223901, 476.629419613594, 456.6945793185146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investments. Our loans generally range in original principal amounts up to $40 million and are used by businesses to ", "box": [ 137.10211473241165, 461.5582026583601, 476.564163988313, 465.0472993544846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purchase real estate used in their operations or by investors seeking to acquire multi-family, office, retail, mixed use or ", "box": [ 137.10211473241165, 469.91092269433005, 476.51522226935225, 473.4000193904546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "warehouse properties. Our objective is to provide attractive risk-adjusted returns to our stockholders. In order to achieve ", "box": [ 137.10211473241165, 478.26364273030003, 476.58047789463325, 481.75273942642457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "this objective, we intend to grow our investment portfolio and believe that the breadth of our full-service real estate ", "box": [ 137.10211473241165, 486.6163627662701, 476.5070627059671, 490.1054594623946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "finance platform will allow us to adapt to market conditions and deploy capital in our asset classes and segments with the ", "box": [ 137.10211473241165, 494.96908280224005, 476.54785008199275, 498.4581794983646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "most attractive risk-adjusted returns.", "box": [ 137.10211473241165, 503.32180283821003, 238.74957786745466, 506.81089953433457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We completed the disposition of our Residential Mortgage Banking segment effective on June 30, 2025. In connection ", "box": [ 137.10211473241165, 520.02724291015, 476.5886322375684, 523.5163396062745 ], "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": [ 137.10211473241165, 528.37996294612, 476.5315361756725, 531.8690596422446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "presented, the operating results for these operations have been removed from continuing operations. Our MD&A has ", "box": [ 137.10211473241165, 536.73268298209, 476.5560044249279, 540.2217796782145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "been adjusted to exclude discontinued operations unless otherwise noted. We report our activities in the following two ", "box": [ 137.10211473241165, 545.0854030180599, 476.5967918009535, 548.5744997141844 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operating segments:", "box": [ 137.10211473241165, 553.4381230540299, 192.9530249754853, 556.9272197501544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 160.0720948313291, 676.6396235526338, 162.50837537329693, 680.1287202487583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LMM Commercial Real Estate.", "box": [ 172.60117488528408, 676.6396235526338, 264.567322485014, 680.1287202487583 ], "from_ocr": false, "confidence": 1.0 }, { "text": " We originate LMM loans across the full life-cycle of an LMM property ", "box": [ 264.5789787188754, 676.6396235526338, 476.61310570727375, 680.1287202487583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including construction, bridge, stabilized and agency loan origination channels through our subsidiary, ", "box": [ 172.60117488528408, 684.9923435886038, 476.5967918009535, 688.4814402847284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ReadyCap Commercial, LLC. These originated loans are generally held-for-investment or placed into ", "box": [ 172.60117488528408, 693.3450636245738, 476.5967918009535, 696.8341603206984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securitization structures. As part of this segment, we service Freddie Mac multi-family loan products. We ", "box": [ 172.60117488528408, 701.6977836605438, 476.54785008199275, 705.1868803566683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provide construction and permanent financing for the preservation and construction of affordable housing, ", "box": [ 172.60117488528408, 710.0505036965137, 476.57231833124814, 713.5396003926382 ], "from_ocr": false, "confidence": 1.0 }, { "text": "primarily utilizing tax-exempt bonds through Ready Capital Affordable, a subsidiary. In addition, we ", "box": [ 172.60117488528408, 718.4032237324838, 476.54785008199275, 721.8923204286083 ], "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": [ 172.60117488528408, 726.7559437684538, 476.51522226935225, 730.2450404645783 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maximize the value of the non-performing LMM loans acquired by us through borrower-based resolution ", "box": [ 172.60117488528408, 735.1086638044237, 476.54785008199275, 738.5977605005482 ], "from_ocr": false, "confidence": 1.0 }, { "text": "strategies. We typically acquire non-performing loans at a discount to their unpaid principal balance ", "box": [ 172.60117488528408, 743.4613838403938, 476.5886322375684, 746.9504805365183 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 55, "width": 612.0, "height": 792.0, "cells": [ { "text": "71", "box": [ 302.5169704768508, 438.5875738874696, 309.47582683301454, 442.07667058359414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "('UPB') when we believe that resolution of the loans will provide attractive risk-adjusted returns. ", "box": [ 172.60117488528408, 37.13496715866222, 446.63630023358223, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 160.0720948313291, 48.09791220587283, 162.50837537329693, 51.587008901997365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Small Business Lending.", "box": [ 172.60117488528408, 48.09791220587283, 244.90669424070796, 51.587008901997365 ], "from_ocr": false, "confidence": 1.0 }, { "text": " We acquire, originate and service owner-occupied loans guaranteed by the SBA ", "box": [ 244.9125672600344, 48.09791220587283, 476.5560044249279, 51.587008901997365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "under the SBA Section 7(a) Program through our subsidiary, ReadyCap Lending, LLC. We hold an SBA ", "box": [ 172.60117488528408, 56.45063224184287, 476.57231833124814, 59.9397289379674 ], "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": [ 172.60117488528408, 64.80335227781279, 476.629419613594, 68.29244897393733 ], "from_ocr": false, "confidence": 1.0 }, { "text": "lender status by the SBA. These originated loans are either held-for-investment, placed into securitization ", "box": [ 172.60117488528408, 73.15607231378283, 476.54785008199275, 76.64516900990736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "structures, ", "box": [ 172.60117488528408, 81.50879234975275, 203.134488357814, 84.99788904587729 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or sold. In addition, we originate and service small business loans through our subsidiary ", "box": [ 206.57671686194368, 81.50879234975275, 476.5886322375684, 84.99788904587729 ], "from_ocr": false, "confidence": 1.0 }, { "text": "iBusiness Funding LLC and we service USDA loans through our subsidiary, ReadyCap Commercial.", "box": [ 172.60117488528408, 89.86151238572279, 454.2548944851408, 93.35060908184732 ], "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": [ 137.10211473241165, 106.56695245766275, 476.51522226935225, 110.05604915378728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amended. To qualify as a REIT, we are required to annually distribute substantially all of our net taxable income, ", "box": [ 137.10211473241165, 114.91967249363279, 476.5967918009535, 118.40876918975732 ], "from_ocr": false, "confidence": 1.0 }, { "text": "excluding capital gain, to stockholders. To the extent that we do not distribute all of our net capital gain, or distribute at ", "box": [ 137.10211473241165, 123.27239252960271, 476.54785008199275, 126.76148922572725 ], "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": [ 137.10211473241165, 131.62511256557275, 476.564163988313, 135.11420926169728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "corporate income tax on the undistributed income. We are organized in a traditional umbrella partnership REIT ", "box": [ 137.10211473241165, 139.97783260154267, 476.54785008199275, 143.4669292976672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(UpREIT) format pursuant to which we serve as the general partner of, and conduct substantially all of our business ", "box": [ 137.10211473241165, 148.3305526375127, 476.61310570727375, 151.81964933363724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through, Sutherland Partners, LP (our 'operating partnership'). We also intend to operate our business in a manner that ", "box": [ 137.10211473241165, 156.68327267348263, 476.5967918009535, 160.17236936960717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "will permit us to be excluded from registration as an investment company under the 1940 Act.", "box": [ 137.10211473241165, 165.03599270945267, 398.9959578155868, 168.5250894055772 ], "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": [ 137.10211473241165, 181.74143278139263, 405.3610016331701, 185.23052947751717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Acquisitions", "box": [ 137.10211473241165, 197.4027828488363, 172.68127323867168, 200.89187954496083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "United Development Funding IV.", "box": [ 137.10211473241165, 213.58617791852816, 235.8948753185282, 217.0752746146527 ], "from_ocr": false, "confidence": 1.0 }, { "text": " On March 13, 2025, pursuant to the terms of the Agreement and Plan of Merger, ", "box": [ 235.8991314078691, 213.58617791852816, 476.61310570727375, 217.0752746146527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "dated as of November 29, 2024, by and among the Company, UDF IV, and RC Merger Sub IV, LLC, a wholly owned ", "box": [ 137.10211473241165, 221.41685295225, 476.564163988313, 224.90594964837453 ], "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": [ 137.10211473241165, 229.24752798597183, 476.5560044249279, 232.73662468209636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "providing capital solutions to residential real estate developers and regional homebuilders, (the 'UDF IV Merger'). At ", "box": [ 137.10211473241165, 237.07820301969377, 476.5396905186076, 240.5672997158183 ], "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": [ 137.10211473241165, 244.9088780534156, 476.51522226935225, 248.39797474954014 ], "from_ocr": false, "confidence": 1.0 }, { "text": "par value $0.01 per share, of UDF IV ('UDF IV Common Shares'), excluding any UDF IV Common Shares held by ", "box": [ 137.10211473241165, 252.73955308713744, 476.5070627059671, 256.228649783262 ], "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": [ 137.10211473241165, 260.5702281208594, 476.5315361756725, 264.0593248169839 ], "from_ocr": false, "confidence": 1.0 }, { "text": "into the right to receive (i) ", "box": [ 137.10211473241165, 268.4009031545812, 219.3264891305499, 271.88999985070575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.416 shares of Company common stock, (ii) ", "box": [ 222.24667263243145, 268.4009031545812, 356.8853472229306, 271.88999985070575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.416 contingent value rights ('CVRs') ", "box": [ 359.8055307248121, 268.4009031545812, 476.61310570727375, 271.88999985070575 ], "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": [ 137.10211473241165, 276.23157818830305, 476.5967918009535, 279.7206748844276 ], "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": [ 137.10211473241165, 284.0622532220249, 476.564163988313, 287.5513499181494 ], "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": [ 137.10211473241165, 291.89292825574677, 476.5070627059671, 295.3820249518713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans and (iii) cash consideration in lieu of any fractional shares of Company common stock. Refer to Notes 1 and 5, ", "box": [ 137.10211473241165, 299.72360328946866, 476.52337661228734, 303.2126999855932 ], "from_ocr": false, "confidence": 1.0 }, { "text": "included in Part I, Item 1, 'Financial Statements,' of this Form 10-Q, for more information about the UDF IV Merger ", "box": [ 137.10211473241165, 307.03223332094234, 476.54785008199275, 310.5213300170669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and the assets acquired and liabilities assumed as a result of the UDF IV Merger.", "box": [ 137.10211473241165, 314.8629083546642, 362.08948333909154, 318.35200505078876 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Factors Impacting Operating Results", "box": [ 137.10211473241165, 331.04630342435604, 243.62554486345715, 334.53540012048063 ], "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": [ 137.10211473241165, 339.3990234603261, 476.54785008199275, 342.8881201564506 ], "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": [ 137.10211473241165, 347.75174349629606, 476.49074879964684, 351.2408401924206 ], "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": [ 137.10211473241165, 355.5824185300179, 476.60494614388864, 359.0715152261424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "trends, construction costs, the availability of alternative real estate financing from other lenders, changes in credit ", "box": [ 137.10211473241165, 363.4130935637398, 476.58047789463325, 366.9021902598643 ], "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": [ 137.10211473241165, 371.76581359970976, 476.5967918009535, 375.2549102958343 ], "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": [ 137.10211473241165, 379.5964886334316, 476.58047789463325, 383.0855853295561 ], "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": [ 137.10211473241165, 387.4271636671535, 476.58047789463325, 390.916260363278 ], "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": [ 137.10211473241165, 395.77988370312346, 476.5315361756725, 399.268980399248 ], "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": [ 137.10211473241165, 403.6105587368453, 476.5315361756725, 407.0996554329698 ], "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": [ 137.10211473241165, 411.4412337705672, 476.61310570727375, 414.9303304666917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "impacted by changes in our provision for loan losses. Increases in the provision for loan loss are primarily driven by a ", "box": [ 137.10211473241165, 513.7636543391328, 476.498908363032, 517.2527510352573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "deterioration in the contractual performance of a loan. Macroeconomic factors including interest rates and inflation, as ", "box": [ 137.10211473241165, 522.1163743751029, 476.61310570727375, 525.6054710712274 ], "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": [ 137.10211473241165, 529.9470494088246, 476.61310570727375, 533.4361461049492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In certain circumstances, the Company may choose to modify a loan which had experienced financial difficulty due to ", "box": [ 137.10211473241165, 537.7777244425465, 476.5396905186076, 541.266821138671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the factors previously described. Our operating results may also be impacted by our available borrowing capacity, ", "box": [ 137.10211473241165, 546.1304444785164, 476.5396905186076, 549.619541174641 ], "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": [ 137.10211473241165, 553.9611195122384, 476.57231833124814, 557.4502162083629 ], "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": [ 137.10211473241165, 561.7917945459602, 476.5396905186076, 565.2808912420847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "inflation, energy costs, geopolitical issues, health epidemics and outbreaks of contagious diseases, unemployment and ", "box": [ 137.10211473241165, 570.1445145819303, 476.564163988313, 573.6336112780548 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the availability and cost of credit are factors which could also impact our operating results. ", "box": [ 137.10211473241165, 577.9751896156521, 391.21796046367984, 581.4642863117766 ], "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": [ 137.10211473241165, 594.1585846853438, 476.54785008199275, 597.6476813814684 ], "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": [ 137.10211473241165, 602.5113047213139, 476.52337661228734, 606.0004014174384 ], "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": [ 137.10211473241165, 610.8640247572839, 476.54785008199275, 614.3531214534084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'Risk Factors' in our Form 10-K.", "box": [ 137.10211473241165, 619.2167447932538, 231.03639809286727, 622.7058414893784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Changes in Market Interest Rates.", "box": [ 137.10211473241165, 635.9221848651938, 238.3058444705622, 639.4112815613183 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 238.32174910665185, 636.8450727834564, 239.71299901154083, 639.6353031181819 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We own and expect to acquire or originate fixed rate and floating rate loans with ", "box": [ 240.42624302196458, 635.9221848651938, 476.5886322375684, 639.4112815613183 ], "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": [ 137.10211473241165, 644.2749049011638, 476.564163988313, 647.7640015972884 ], "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": [ 137.10211473241165, 652.6276249371338, 476.498908363032, 656.1167216332583 ], "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": [ 137.10211473241165, 660.9803449731038, 476.629419613594, 664.4694416692283 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rate loans. As of June 30, 2026, all fixed rate loans are match funded in securitization. Floating rate loans generally have ", "box": [ 137.10211473241165, 669.3330650090737, 476.5967918009535, 672.8221617051983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an adjustable interest rate equal to the sum of a fixed spread plus an index rate, such as the Secured Overnight Financing ", "box": [ 137.10211473241165, 677.6857850450438, 476.5886322375684, 681.1748817411683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rate ('SOFR'), which typically resets monthly. As of June 30, 2026, approximately 81% of the loans in our portfolio ", "box": [ 137.10211473241165, 686.0385050810137, 476.629419613594, 689.5276017771382 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were floating rate loans, and 19% were fixed rate loans, based on carrying value.", "box": [ 137.10211473241165, 694.3912251169837, 361.9607083580023, 697.8803218131083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current market conditions.", "box": [ 137.10211473241165, 711.0966651889237, 217.74324091438234, 714.5857618850482 ], "from_ocr": false, "confidence": 1.0 }, { "text": " During the second ", "box": [ 217.7580675797468, 711.0966651889237, 276.41700168805335, 714.5857618850482 ], "from_ocr": false, "confidence": 1.0 }, { "text": "quarter, macroeconomic concerns persisted including global market ", "box": [ 279.45953948733677, 711.0966651889237, 476.5560044249279, 714.5857618850482 ], "from_ocr": false, "confidence": 1.0 }, { "text": "volatility, uncertainty about trade policies, ", "box": [ 137.10211473241165, 719.4493852248936, 262.79488991064136, 722.9384819210181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "geopolitical tensions, inflationary pressures and interest rates. The U.S. ", "box": [ 265.84558466308494, 719.4493852248936, 476.5886322375684, 722.9384819210181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Federal Reserve held interest rates steady during the quarter and there is uncertainty regarding if and when decreases will ", "box": [ 137.10211473241165, 727.8021052608636, 476.6212600502089, 731.2912019569882 ], "from_ocr": false, "confidence": 1.0 }, { "text": "occur. Although the full impact of these changes remains uncertain and difficult to predict, concerns and uncertainties ", "box": [ 137.10211473241165, 736.1548252968337, 476.5315361756725, 739.6439219929582 ], "from_ocr": false, "confidence": 1.0 }, { "text": "about the economic outlook may adversely impact our financial condition, results of operations and cash flows.", "box": [ 137.10211473241165, 744.5075453328036, 447.2670616295934, 747.9966420289281 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 56, "width": 612.0, "height": 792.0, "cells": [ { "text": "72", "box": [ 302.5169704768508, 275.70953318605495, 309.47582683301454, 279.1986298821795 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Results of Operations", "box": [ 137.10211473241165, 40.78928217439909, 201.27780650029274, 44.278378870523625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Key Financial Measures and Indicators", "box": [ 137.10211473241165, 57.49472224633905, 251.16542918932322, 60.983818942463586 ], "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": [ 137.10211473241165, 65.84744228230909, 476.60494614388864, 69.33653897843362 ], "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": [ 137.10211473241165, 74.20016231827901, 476.54785008199275, 77.68925901440366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "described below, distributable earnings and distributable return on equity are measures which are not prepared in ", "box": [ 137.10211473241165, 82.55288235424905, 476.5560044249279, 86.04197905037358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accordance with GAAP. We use distributable earnings to evaluate our performance and determine dividends, excluding ", "box": [ 137.10211473241165, 90.90560239021897, 476.54785008199275, 94.39469908634362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current ", "box": [ 137.10211473241165, 99.25832242618901, 476.5396905186076, 102.74741912231354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan activity and operations. We use distributable return on equity because we believe it is the most relevant metric for ", "box": [ 137.10211473241165, 107.61104246215905, 476.57231833124814, 111.10013915828358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determining ongoing profitability period over period. Refer to '-Non-GAAP Financial Measures' below for a ", "box": [ 137.10211473241165, 115.96376249812897, 476.629419613594, 119.4528591942535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reconciliation of net income to distributable earnings and for the calculation of distributable return on equity.", "box": [ 137.10211473241165, 124.31648253409901, 440.26796841996105, 127.80557923022354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below sets forth certain information on our operating results.", "box": [ 137.10211473241165, 350.8847571257538, 333.96805796136186, 354.37385382187836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30,", "box": [ 308.73256878486757, 375.23734079575365, 371.56611823676167, 377.67944672749735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30,", "box": [ 402.26834806181813, 375.23734079575365, 459.2442412930532, 377.67944672749735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "($ in thousands, except share data)", "box": [ 139.4513172425282, 381.50188082273115, 207.7191916419262, 383.94398675447485 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 313.37387252275477, 381.50188082273115, 323.11522174549793, 383.94398675447485 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 357.22565271159715, 381.50188082273115, 366.9670019343404, 383.94398675447485 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 402.904590408308, 381.50188082273115, 412.64593963105125, 383.94398675447485 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 448.84455060614295, 381.50188082273115, 458.58589982888617, 383.94398675447485 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Income (loss) from continuing operations", "box": [ 139.4513172425282, 388.28846585195674, 228.59077495610637, 390.73057178370044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 299.19708793045413, 388.28846585195674, 301.6324278398394, 390.73057178370044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(99,683)", "box": [ 317.9091384797853, 388.28846585195674, 334.54742645910926, 390.73057178370044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 343.04886811929657, 388.28846585195674, 345.4842080286818, 390.73057178370044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(48,751)", "box": [ 361.76091866862777, 388.28846585195674, 378.39920664795164, 390.73057178370044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 388.46678331488334, 388.28846585195674, 390.9021232242686, 390.73057178370044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(299,770)", "box": [ 405.2619524818097, 388.28846585195674, 424.3355768989196, 390.73057178370044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.40674351271826, 388.28846585195674, 436.84208342210354, 390.73057178370044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33,659", "box": [ 455.26407535338785, 388.28846585195674, 468.65842523916575, 390.73057178370044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Earnings per common share from continuing operations - basic", "box": [ 139.4513172425282, 395.0750508811824, 262.26690521004156, 397.51715681292603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 299.19708793045413, 395.0750508811824, 301.6324278398394, 397.51715681292603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.63)", "box": [ 322.77884212660615, 395.0750508811824, 334.5464572303581, 397.51715681292603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 343.04886811929657, 395.0750508811824, 345.4842080286818, 397.51715681292603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.31)", "box": [ 366.63062231544853, 395.0750508811824, 378.3982374192005, 397.51715681292603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 388.46678331488334, 395.0750508811824, 390.9021232242686, 397.51715681292603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1.87)", "box": [ 412.57058251328345, 395.0750508811824, 424.3381976170354, 397.51715681292603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.40674351271826, 395.0750508811824, 436.84208342210354, 397.51715681292603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.15", "box": [ 460.1337737797586, 395.0750508811824, 468.65745078996457, 397.51715681292603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Earnings per common share from continuing operations - diluted", "box": [ 139.4513172425282, 401.861635910408, 265.7867212961406, 404.3037418421517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 299.19708793045413, 401.861635910408, 301.6324278398394, 404.3037418421517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.63)", "box": [ 322.77884212660615, 401.861635910408, 334.5464572303581, 404.3037418421517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 343.04886811929657, 401.861635910408, 345.4842080286818, 404.3037418421517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.31)", "box": [ 366.63062231544853, 401.861635910408, 378.3982374192005, 404.3037418421517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 388.46678331488334, 401.861635910408, 390.9021232242686, 404.3037418421517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1.87)", "box": [ 412.57058251328345, 401.861635910408, 424.3381976170354, 404.3037418421517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.40674351271826, 401.861635910408, 436.84208342210354, 404.3037418421517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.15", "box": [ 460.1337737797586, 401.861635910408, 468.65745078996457, 404.3037418421517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable earnings before realized losses", "box": [ 139.4513172425282, 408.6482209396336, 225.7392506693581, 411.0903268713773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 299.19708793045413, 408.6482209396336, 301.6324278398394, 411.0903268713773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(35,125)", "box": [ 317.9091384797853, 408.6482209396336, 334.54742645910926, 411.0903268713773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 343.04886811929657, 408.6482209396336, 345.4842080286818, 411.0903268713773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12,704)", "box": [ 361.76091866862777, 408.6482209396336, 378.39920664795164, 411.0903268713773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 388.46678331488334, 408.6482209396336, 390.9021232242686, 411.0903268713773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(84,333)", "box": [ 407.7008788664627, 408.6482209396336, 424.33916684578656, 411.0903268713773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.40674351271826, 408.6482209396336, 436.84208342210354, 411.0903268713773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8,564)", "box": [ 456.0716111060154, 408.6482209396336, 470.2745626475533, 411.0903268713773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable earnings before realized losses per common share - basic", "box": [ 139.4513172425282, 415.4348059688592, 276.997836865709, 417.87691190060286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 299.19708793045413, 415.4348059688592, 301.6324278398394, 417.87691190060286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.24)", "box": [ 322.77884212660615, 415.4348059688592, 334.5464572303581, 417.87691190060286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 343.04886811929657, 415.4348059688592, 345.4842080286818, 417.87691190060286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.10)", "box": [ 366.63062231544853, 415.4348059688592, 378.3982374192005, 417.87691190060286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 388.46678331488334, 415.4348059688592, 390.9021232242686, 417.87691190060286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.56)", "box": [ 412.57058251328345, 415.4348059688592, 424.3381976170354, 417.87691190060286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.40674351271826, 415.4348059688592, 436.84208342210354, 417.87691190060286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.10)", "box": [ 458.5105427111184, 415.4348059688592, 470.2781578148703, 417.87691190060286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable earnings before realized losses per common share - diluted", "box": [ 139.4513172425282, 422.2213909980848, 280.5176450167241, 424.6634969298285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 299.19708793045413, 422.2213909980848, 301.6324278398394, 424.6634969298285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.24)", "box": [ 322.77884212660615, 422.2213909980848, 334.5464572303581, 424.6634969298285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 343.04886811929657, 422.2213909980848, 345.4842080286818, 424.6634969298285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.10)", "box": [ 366.63062231544853, 422.2213909980848, 378.3982374192005, 424.6634969298285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 388.46678331488334, 422.2213909980848, 390.9021232242686, 424.6634969298285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.56)", "box": [ 412.57058251328345, 422.2213909980848, 424.3381976170354, 424.6634969298285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.40674351271826, 422.2213909980848, 436.84208342210354, 424.6634969298285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.10)", "box": [ 458.5105427111184, 422.2213909980848, 470.2781578148703, 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456.1543161442129, 382.45841744433193, 458.5964220759565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.3 %", "box": [ 416.63274518702667, 456.1543161442129, 428.39837764216685, 458.5964220759565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11.4 %", "box": [ 460.1337737797586, 456.1543161442129, 474.33833784000177, 458.5964220759565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Return on equity from continuing operations", "box": [ 139.4513172425282, 462.94090117343853, 226.43130923221634, 465.3830071051822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(34.1)%", "box": [ 322.77884212660615, 462.94090117343853, 338.60663725548955, 465.3830071051822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(11.3)%", "box": [ 366.63062231544853, 462.94090117343853, 382.45841744433193, 465.3830071051822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(47.4)%", "box": [ 412.57058251328345, 462.94090117343853, 428.39837764216685, 465.3830071051822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.4 %", "box": [ 462.5727053848616, 462.94090117343853, 474.33833784000177, 465.3830071051822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable return on equity before realized losses", "box": [ 139.4513172425282, 469.7274862026641, 240.3488715955832, 472.16959213440776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12.4)%", "box": [ 322.77884212660615, 469.7274862026641, 338.60663725548955, 472.16959213440776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2.2)%", "box": [ 369.0695487001015, 469.7274862026641, 382.45841744433193, 472.16959213440776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(13.8)%", "box": [ 412.57058251328345, 469.7274862026641, 428.39837764216685, 472.16959213440776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1.6)%", "box": [ 460.9494690957713, 469.7274862026641, 474.33833784000177, 472.16959213440776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable return on equity", "box": [ 139.4513172425282, 476.5140712318897, 197.2096626818448, 478.95617716363336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(25.4)%", "box": [ 322.77884212660615, 476.5140712318897, 338.60663725548955, 478.95617716363336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4.9)%", "box": [ 369.0695487001015, 476.5140712318897, 382.45841744433193, 478.95617716363336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(37.0)%", "box": [ 412.57058251328345, 476.5140712318897, 428.39837764216685, 478.95617716363336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4.0)%", "box": [ 460.9494690957713, 476.5140712318897, 474.33833784000177, 478.95617716363336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Book value per common share", "box": [ 139.4513172425282, 483.30065626111536, 198.96484614460184, 485.742762192859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 299.19708793045413, 483.30065626111536, 301.6324278398394, 485.742762192859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.83", "box": [ 324.4020731952464, 483.30065626111536, 332.92575020545235, 485.742762192859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 343.04886811929657, 483.30065626111536, 345.4842080286818, 485.742762192859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.44", "box": [ 365.81492699943584, 483.30065626111536, 376.7739404474278, 485.742762192859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 388.46678331488334, 483.30065626111536, 390.9021232242686, 485.742762192859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.83", "box": [ 414.19381358192373, 483.30065626111536, 422.71749059212965, 485.742762192859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.40674351271826, 483.30065626111536, 436.84208342210354, 485.742762192859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.44", "box": [ 457.6948473951057, 483.30065626111536, 468.6538608430976, 485.742762192859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)Dividend yield is based on the respective period end closing share price.", "box": [ 137.10211473241165, 492.1754212993335, 284.3021946644274, 494.61752723107713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three months ended June 30, 2026.", "box": [ 137.10211473241165, 504.8880327889504, 246.00835025201116, 508.37712948507493 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Earnings from continuing operations was a loss of $0.63 per common share, ", "box": [ 246.02191288981163, 504.8880327889504, 476.54785008199275, 508.37712948507493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compared to $1.25 per common share in the prior quarter, principally due to a decrease in the provision for loan losses ", "box": [ 137.10211473241165, 513.2407528249204, 476.564163988313, 516.7298495210449 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and net realized losses on financial instruments and real estate owned, which were primarily driven by the sale of sub- ", "box": [ 137.10211473241165, 521.5934728608904, 476.51522226935225, 525.082569557015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and non-performing assets pursuant to the balance sheet repositioning strategy which included strategic loan sales, and ", "box": [ 137.10211473241165, 529.9461928968603, 476.60494614388864, 533.4352895929849 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transfers of loans to held-for-sale classifications. Book value per common share was $6.83, a decline of $0.60 quarter ", "box": [ 137.10211473241165, 538.2989129328303, 476.57231833124814, 541.7880096289548 ], "from_ocr": false, "confidence": 1.0 }, { "text": "over quarter compared to a decline of $1.36 in the prior quarter. The quarter over quarter decrease in the rate at which ", "box": [ 137.10211473241165, 546.6516329688003, 476.6212600502089, 550.1407296649248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "book value per common share decreased was primarily driven by the wind down of the large portfolio sales that were ", "box": [ 137.10211473241165, 555.0043530047703, 476.54785008199275, 558.4934497008949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "part of our balance sheet repositioning strategy.", "box": [ 137.10211473241165, 563.3570730407403, 269.3767703925628, 566.8461697368648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our Loan Pipeline ", "box": [ 137.10211473241165, 580.0625131126802, 192.58264101197577, 583.5516098088048 ], "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": [ 137.10211473241165, 588.4152331486503, 476.6212600502089, 591.9043298447748 ], "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": [ 137.10211473241165, 596.7679531846202, 476.5967918009535, 600.2570498807447 ], "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": [ 137.10211473241165, 605.1206732205902, 476.5315361756725, 608.6097699167148 ], "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": [ 137.10211473241165, 613.4733932565603, 476.57231833124814, 616.9624899526848 ], "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": [ 137.10211473241165, 621.8261132925302, 476.5315361756725, 625.3152099886547 ], "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": [ 137.10211473241165, 630.1788333285001, 476.54785008199275, 633.6679300246246 ], "from_ocr": false, "confidence": 1.0 }, { "text": "have issued an LOI, and the borrower has paid a deposit.", "box": [ 137.10211473241165, 638.5315533644701, 295.17472772958416, 642.0206500605947 ], "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": [ 137.10211473241165, 655.2369934364101, 476.5315361756725, 658.7260901325346 ], "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": [ 137.10211473241165, 663.58971347238, 476.54785008199275, 667.0788101685046 ], "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": [ 137.10211473241165, 671.9424335083501, 476.54785008199275, 675.4315302044746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "satisfactory completion of our due diligence investigation and investment process, approval of our Manager's Investment ", "box": [ 137.10211473241165, 680.2951535443201, 476.54785008199275, 683.7842502404446 ], "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": [ 137.10211473241165, 688.64787358029, 476.5967918009535, 692.1369702764146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "execution and delivery of satisfactory transaction documentation. Historically, we have acquired less than a majority of ", "box": [ 137.10211473241165, 697.00059361626, 476.629419613594, 700.4896903123845 ], "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": [ 137.10211473241165, 705.35331365223, 476.5070627059671, 708.8424103483545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "acquired or originated by us in the future.", "box": [ 137.10211473241165, 713.7060336882, 252.66047288087066, 717.1951303843246 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents information on our investment portfolio originations (based on fully committed amounts).", "box": [ 137.10211473241165, 730.41147376014, 458.49701938330645, 733.9005704562645 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 57, "width": 612.0, "height": 792.0, "cells": [ { "text": "73", "box": [ 302.5169704768508, 112.8314924846402, 309.47582683301454, 116.32058918076473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30,", "box": [ 309.25461378711566, 39.561660734240945, 372.08816323900976, 42.003766665984585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30,", "box": [ 402.53753012632734, 39.561660734240945, 459.51342335756243, 42.003766665984585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 36.42939072075217, 167.45767368742935, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 313.6348950238788, 36.42939072075217, 323.37624424662204, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 358.00872021496934, 36.42939072075217, 367.75006943771257, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 403.94868041280426, 36.42939072075217, 413.6900296355475, 38.87149665249581 ], 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1.0 }, { "text": "As of June 30, 2026, total assets in our consolidated balance sheet were $6.3 billion, a decrease of $1.5 billion from ", "box": [ 137.10211473241165, 561.2680341197837, 476.5967918009535, 564.7571308159082 ], "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": [ 137.10211473241165, 569.6207541557537, 476.5560044249279, 573.1098508518783 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets of consolidated VIEs decreased $0.9 billion, primarily due to the collapse of RCMF 2021-FL7, RCMF 2023-", "box": [ 137.10211473241165, 577.9734741917237, 474.8264238618377, 581.4625708878482 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FL11, RCMF 2023-FL12 and RCMT 2016-3 and paydowns on securitized loans, partially offset by the closing of RCLT ", "box": [ 137.10211473241165, 586.3261942276936, 476.6212600502089, 589.8152909238181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026-4. Loans, held for sale decreased $0.3 billion, primarily due to loans sold, partially offset by loans transferred from ", "box": [ 137.10211473241165, 594.6789142636636, 476.60494614388864, 598.1680109597881 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, net. Loans, net decreased $0.1 billion, primarily due to loan sales, loans transferred from Loans, net to Loans, ", "box": [ 137.10211473241165, 603.0316342996337, 476.6212600502089, 606.5207309957582 ], "from_ocr": false, "confidence": 1.0 }, { "text": "held for sale, and the closing of RCLT 2026-4, partially offset by the collapse of RCMF 2021-FL7, RCMF 2023-FL11, ", "box": [ 137.10211473241165, 611.3843543356036, 476.51522226935225, 614.8734510317281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "RCMF 2023-FL12 and RCMT 2016-3.", "box": [ 137.10211473241165, 619.7370743715735, 245.91164580052265, 623.226171067698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, total liabilities in our consolidated balance sheet were $4.9 billion, a decrease of $1.2 billion from ", "box": [ 137.10211473241165, 636.4425144435136, 476.6212600502089, 639.9316111396381 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025, ", "box": [ 137.10211473241165, 644.7952344794835, 199.75207714041005, 648.284331175608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "primarily ", "box": [ 203.09234373003815, 644.7952344794835, 230.7272703454895, 648.284331175608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reflecting a decrease in Secured borrowings and Securitized debt obligations of ", "box": [ 234.06753693511763, 644.7952344794835, 476.61310570727375, 648.284331175608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated VIEs, net, partially offset by an increase in Guaranteed loan financing. Secured borrowings decreased $0.9 ", "box": [ 137.10211473241165, 745.5488046814179, 476.6212600502089, 749.0379013775424 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 58, "width": 612.0, "height": 792.0, "cells": [ { "text": "75", "box": [ 302.5169704768508, 507.497514184222, 309.47582683301454, 510.9866108803465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "billion due to the closing of RCLT 2026-4 and payoffs, partially offset by the collapse of RCMF 2021-FL7, RCMF ", "box": [ 137.10211473241165, 37.13496715866222, 476.58047789463325, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2023-FL11, RCMF 2023-FL12 and RCMT 2016-3. Securitized debt obligations of consolidated VIEs, net decreased ", "box": [ 137.10211473241165, 41.83337217889539, 476.60494614388864, 45.32246887501992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$0.5 billion due to the collapse of RCMF 2021-FL7, RCMF 2023-FL11, RCMF 2023-FL12 and RCMT 2016-3, partially ", "box": [ 137.10211473241165, 50.18609221486531, 476.6212600502089, 53.675188910989846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "offset by the closing of RCLT 2026-4. Guaranteed loan financing increased $0.4 billion due to the closing of RCLT ", "box": [ 137.10211473241165, 58.53881225083535, 476.5560044249279, 62.02790894695988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026-4.", "box": [ 137.10211473241165, 66.89153228680527, 158.55630927704743, 70.38062898292992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, total stockholders' equity was $1.3 billion, a decrease of $0.3 billion from December 31, 2025, ", "box": [ 137.10211473241165, 83.59697235874523, 476.52337661228734, 87.08606905486988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "primarily due to net losses.", "box": [ 137.10211473241165, 91.94969239471527, 212.28352294570172, 95.4387890908398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Selected Balance Sheet Information by Business Segment.", "box": [ 137.10211473241165, 108.65513246665523, 305.3183289926704, 112.14422916277977 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.33111670686964, 109.57802038491786, 306.7223666117586, 112.36825071964336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents certain selected balance sheet data ", "box": [ 306.90541127699913, 108.65513246665523, 476.5396905186076, 112.14422916277977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by business segments, with the remaining amounts reflected in ", "box": [ 137.10211473241165, 117.00785250262527, 313.35678357537296, 120.4969491987498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unallocated -Corporate", "box": [ 313.2515208355779, 117.00785250262527, 381.8682492650641, 120.4969491987498 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". ", "box": [ 381.83518300592516, 117.00785250262527, 385.31232637574794, 120.4969491987498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 140.838391170377, 167.45767368742935, 143.28049710212065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LMM Commercial ", "box": [ 317.3789391346021, 136.13998615014384, 357.8640382485882, 138.58209208188748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate", "box": [ 325.21776851125907, 140.838391170377, 348.8885619321508, 143.28049710212065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Small Business ", "box": [ 377.41411439313634, 136.13998615014384, 409.6252271498924, 138.58209208188748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lending", "box": [ 384.2414815779376, 140.838391170377, 401.56708451435543, 143.28049710212065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 443.20809858272025, 140.838391170377, 453.8555562844567, 143.28049710212065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 139.4513172425282, 147.10293119735445, 167.73117458639075, 149.5450371290981 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets", "box": [ 139.4513172425282, 153.8895162265801, 152.43898953179092, 156.33162215832374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, net", "box": [ 143.6276772605132, 160.67610125580563, 163.916597790909, 163.1182071875494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.77025798890537, 160.67610125580563, 315.20559789829065, 163.1182071875494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,812,983", "box": [ 341.3930092380158, 160.67610125580563, 360.8756962246144, 163.1182071875494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 368.62907322945466, 160.67610125580563, 371.0644131388399, 163.1182071875494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,504,422", "box": [ 397.2518244785651, 160.67610125580563, 416.7345114651637, 163.1182071875494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 160.67610125580563, 426.9232283793892, 163.1182071875494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,317,405", "box": [ 453.1106397191143, 160.67610125580563, 472.5933267057129, 163.1182071875494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, held for sale", "box": [ 143.6276772605132, 167.46268628503128, 182.03890548767984, 169.90479221677492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "226,867", "box": [ 345.16152159799447, 167.46268628503128, 360.9912079215583, 169.90479221677492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "51,347", "box": [ 403.4592632231967, 167.46268628503128, 416.85361310897457, 169.90479221677492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "278,214", "box": [ 456.879152079093, 167.46268628503128, 472.70883840265685, 169.90479221677492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "MBS", "box": [ 143.6276772605132, 174.24927131425693, 153.91602347553743, 176.69137724600057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,587", "box": [ 347.6004479826474, 174.24927131425693, 360.9947978684253, 176.69137724600057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 411.9832818857543, 174.24927131425693, 416.8539617045248, 176.69137724600057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,587", "box": [ 459.3180784637459, 174.24927131425693, 472.71242834952386, 176.69137724600057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment in unconsolidated joint ventures", "box": [ 143.6276772605132, 181.03585634348246, 228.8477746828521, 183.47796227522622 ], "from_ocr": false, "confidence": 1.0 }, { "text": "165,401", "box": [ 345.16152159799447, 181.03585634348246, 360.9912079215583, 183.47796227522622 ], "from_ocr": false, "confidence": 1.0 }, { "text": "257", "box": [ 409.5525098440365, 181.03585634348246, 416.85852262899374, 183.47796227522622 ], "from_ocr": false, "confidence": 1.0 }, { "text": "165,658", "box": [ 456.879152079093, 181.03585634348246, 472.70883840265685, 183.47796227522622 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Servicing rights", "box": [ 143.6276772605132, 187.8224413727081, 174.6068480067991, 190.26454730445175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "59,027", "box": [ 347.6004479826474, 187.8224413727081, 360.9947978684253, 190.26454730445175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "58,436", "box": [ 403.4592632231967, 187.8224413727081, 416.85361310897457, 190.26454730445175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "117,463", "box": [ 456.879152079093, 187.8224413727081, 472.52808700280445, 190.26454730445175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate owned", "box": [ 143.6276772605132, 194.60902640193376, 179.0613498412303, 197.0511323336774 ], "from_ocr": false, 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416.8500231621076, 217.41088742135423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,876,713", "box": [ 453.2248370633561, 214.9687814896106, 472.7075240499547, 217.41088742135423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securitized debt obligations of consolidated VIEs", "box": [ 143.6276772605132, 221.75536651883624, 240.25388764780865, 224.19747245057988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "436,668", "box": [ 345.16152159799447, 221.75536651883624, 360.9912079215583, 224.19747245057988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "202,274", "box": [ 401.0203368385437, 221.75536651883624, 416.8500231621076, 224.19747245057988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "638,942", "box": [ 456.879152079093, 221.75536651883624, 472.70883840265685, 224.19747245057988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured notes, net", "box": [ 143.6276772605132, 228.54195154806177, 192.32012036548085, 230.98405747980541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "716,260", "box": [ 345.16152159799447, 228.54195154806177, 360.9912079215583, 230.98405747980541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,655", "box": [ 405.8981948282996, 228.54195154806177, 416.85720827629154, 230.98405747980541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "723,915", "box": [ 456.879152079093, 228.54195154806177, 472.70883840265685, 230.98405747980541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate debt, net", "box": [ 143.6276772605132, 235.32853657728742, 181.09236115209038, 237.77064250903106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "470,372", "box": [ 345.16152159799447, 235.32853657728742, 360.9912079215583, 237.77064250903106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 411.9832818857543, 235.32853657728742, 416.8539617045248, 237.77064250903106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "470,372", "box": [ 456.879152079093, 235.32853657728742, 472.70883840265685, 237.77064250903106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guaranteed loan financing", "box": [ 143.6276772605132, 242.11512160651307, 195.28819826636527, 244.5572275382567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 356.124466645205, 242.11512160651307, 360.9951464639755, 244.5572275382567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "950,103", "box": [ 401.0203368385437, 242.11512160651307, 416.8500231621076, 244.5572275382567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "950,103", "box": [ 456.879152079093, 242.11512160651307, 472.70883840265685, 244.5572275382567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan participations sold", "box": [ 143.6276772605132, 248.90170663573872, 190.7005255166715, 251.34381256748225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "56,616", "box": [ 347.6004479826474, 248.90170663573872, 360.9947978684253, 251.34381256748225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 411.9832818857543, 248.90170663573872, 416.8539617045248, 251.34381256748225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "56,616", "box": [ 459.3180784637459, 248.90170663573872, 472.71242834952386, 251.34381256748225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In the table above, ", "box": [ 137.10211473241165, 266.8347681478368, 190.20616634889672, 270.32386484396136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 275.18748818380686, 152.06747532833447, 278.6765848799314 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, net includes assets of consolidated VIEs.", "box": [ 162.16027484032162, 275.18748818380686, 296.18816554854635, 278.6765848799314 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 283.5402082197768, 152.06747532833447, 287.0293049159013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, held for sale includes assets of consolidated VIEs, net of valuation allowance.", "box": [ 162.16027484032162, 283.5402082197768, 399.1451642807467, 287.0293049159013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 291.89292825574677, 152.06747532833447, 295.3820249518713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate owned includes assets of consolidated VIEs.", "box": [ 162.16027484032162, 291.89292825574677, 317.80138294900206, 295.3820249518713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Statement of Operations Analysis and Metrics", "box": [ 137.10211473241165, 582.6699074680388, 268.4945894186932, 586.1590041641634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 609.1106711470312, 167.45767368742935, 611.5527770787749 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 267.955957327168, 609.1106711470312, 277.69730654991116, 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", "box": [ 137.10211473241165, 91.42764739246718, 211.58553797136443, 94.91674408859171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income of $53.9 million represented a decrease of $68.3 million, due to a decrease in ", "box": [ 211.8442791488798, 91.42764739246718, 476.60494614388864, 94.91674408859171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan balances and an increase in non-accrual loans. Decreased loan balances were primarily driven by reduced ", "box": [ 137.10211473241165, 99.25832242618901, 476.54785008199275, 102.74741912231354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "origination activity, portfolio runoff, loan maturities, strategic loan sales, and transfers of loans to held-for-sale ", "box": [ 137.10211473241165, 107.61104246215905, 476.5886322375684, 111.10013915828358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "classifications in connection with a broader balance sheet repositioning and liquidity strategy in response to upcoming ", "box": [ 137.10211473241165, 115.44171749588088, 476.60494614388864, 118.93081419200541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 debt maturities. Increase in non-accrual loans was principally driven by adverse macroeconomic conditions ", "box": [ 137.10211473241165, 123.27239252960271, 476.5886322375684, 126.76148922572725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including elevated interest rates, inflationary pressures, supply absorption challenges, and cap rate movements. Interest ", "box": [ 137.10211473241165, 131.62511256557275, 476.629419613594, 135.11420926169728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expense of $65.2 million represented a decrease of $50.8 million, driven by decreased loan balances as described above. ", "box": [ 137.10211473241165, 139.45578759929458, 476.5967918009535, 142.94488429541912 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for loan losses of $13.7 million represented an increase of $8.5 million, primarily due to an increase in asset ", "box": [ 137.10211473241165, 147.2864626330164, 476.57231833124814, 150.77555932914095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "specific reserves. Non-interest loss of $19.3 million represented a decrease of $17.3 million, primarily due to an increase ", "box": [ 137.10211473241165, 155.63918266898645, 476.57231833124814, 159.12827936511098 ], "from_ocr": false, "confidence": 1.0 }, { "text": "78", "box": [ 302.5169704768508, 739.2846183184256, 309.47582683301454, 742.7737150145501 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the valuation recovery and income from the Portland mixed-use asset, partially offset by an increase in realized losses ", "box": [ 137.10211473241165, 256.915036241159, 476.5070627059671, 260.4041329372835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on financial instruments related to loan sales. Non-interest expense of $32.7 million represented an increase of $5.2 ", "box": [ 137.10211473241165, 265.267756277129, 476.5967918009535, 268.75685297325356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, due to an increase in other operating expenses primarily driven by operating costs and depreciation related to the ", "box": [ 137.10211473241165, 273.09843131085086, 476.57231833124814, 276.5875280069754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Portland mixed-use asset.", "box": [ 137.10211473241165, 280.92910634457274, 208.3716984262744, 284.4182030406973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "YTD 2026 versus YTD 2025.", "box": [ 137.10211473241165, 298.67863642100895, 223.40496571061334, 302.1677331171335 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 223.41083872993977, 297.7557485027463, 225.4990187389323, 301.9437115602699 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income of $112.8 million represented a decrease of $134.4 million, due to a ", "box": [ 226.64099218135004, 298.67863642100895, 476.52337661228734, 302.1677331171335 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decrease in loan balances and an increase in non-accrual loans. Decreased loan balances were primarily driven by ", "box": [ 137.10211473241165, 307.5534014592271, 476.629419613594, 311.0424981553516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reduced origination activity, portfolio runoff, loan maturities, strategic loan sales, and transfers of loans to held-for-sale ", "box": [ 137.10211473241165, 315.90612149519706, 476.629419613594, 319.3952181913216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "classifications in connection with a broader balance sheet repositioning and liquidity strategy in response to upcoming ", "box": [ 137.10211473241165, 324.25884153116704, 476.60494614388864, 327.74793822729157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 debt maturities. Increase in non-accrual loans was principally driven by adverse macroeconomic conditions ", "box": [ 137.10211473241165, 332.611561567137, 476.5886322375684, 336.10065826326155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including elevated interest rates, inflationary pressures, supply absorption challenges, and cap rate movements. Interest ", "box": [ 137.10211473241165, 340.964281603107, 476.629419613594, 344.45337829923153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expense of $145.9 million represented a decrease of $90.5 million, driven by decreased loan balances as described ", "box": [ 137.10211473241165, 349.317001639077, 476.629419613594, 352.8060983352015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "above. Provision for loan losses of $80.2 million represented an increase of $193.0 million, primarily due to changes in ", "box": [ 137.10211473241165, 357.66972167504696, 476.5967918009535, 361.1588183711715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the forecasted macroeconomic inputs for reserve modeling and an increase in asset specific reserves, partially offset by ", "box": [ 137.10211473241165, 366.02244171101694, 476.564163988313, 369.5115384071415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans transferred from Loans, net to Loans, held for sale. Non-interest loss of $87.3 million represented a decrease of ", "box": [ 137.10211473241165, 374.3751617469869, 476.629419613594, 377.86425844311145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$63.7 million, primarily due to a decrease in the valuation allowance and income from the Portland mixed-use asset, ", "box": [ 137.10211473241165, 382.72788178295696, 476.5886322375684, 386.2169784790815 ], "from_ocr": false, "confidence": 1.0 }, { "text": "partially offset by an increase in realized losses on financial instruments related to loan sales. Non-interest expense of ", "box": [ 137.10211473241165, 391.0806018189269, 476.5967918009535, 394.5696985150514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$73.7 million represented an increase of $18.4 million, due to an increase in other operating expenses primarily driven ", "box": [ 137.10211473241165, 399.4333218548969, 476.60494614388864, 402.92241855102145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by operating costs and depreciation related to the Portland mixed-use asset.", "box": [ 137.10211473241165, 407.78604189086684, 346.632054490426, 411.2751385869914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Small Business Lending Segment Results.", "box": [ 137.10211473241165, 424.4914819628068, 257.5568273426922, 427.98057865893134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Q2 2026 versus Q2 2025. ", "box": [ 137.10211473241165, 441.19692203474676, 213.4534828552585, 444.6860187308713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income of $23.5 million represented a decrease of $7.0 million, primarily due to a ", "box": [ 214.1771677526761, 441.19692203474676, 476.5315361756725, 444.6860187308713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decrease in average loan balances and a decrease in interest rates. Interest expense of $17.6 million represented a ", "box": [ 137.10211473241165, 449.02759706846865, 476.51522226935225, 452.5166937645932 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decrease of $2.1 million, driven by a decrease in average loan balances and a decrease in interest rates. Provision for loan ", "box": [ 137.10211473241165, 457.38031710443863, 476.57231833124814, 460.86941380056317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses of $7.9 million represented an increase of $4.4 million, due to an increase in asset specific reserves and changes in ", "box": [ 137.10211473241165, 465.2109921381605, 476.564163988313, 468.70008883428505 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the forecasted macroeconomic inputs for reserve modeling. Non-interest income of $10.1 million represented a decrease ", "box": [ 137.10211473241165, 473.04166717188235, 476.61310570727375, 476.5307638680069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of $14.0 million, primarily due to a decrease in realized and unrealized gains on financial instruments, partially offset by ", "box": [ 137.10211473241165, 481.39438720785233, 476.52337661228734, 484.88348390397687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "servicing income. Non-interest expense of $28.2 million represented an increase of $0.4 million, due to increases in loan ", "box": [ 137.10211473241165, 489.2250622415742, 476.5560044249279, 492.71415893769876 ], "from_ocr": false, "confidence": 1.0 }, { "text": "servicing expense, partially offset by decreases in loan origination expenses.", "box": [ 137.10211473241165, 497.05573727529605, 349.73102701194534, 500.5448339714206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "YTD 2026 versus YTD 2025.", "box": [ 137.10211473241165, 514.2832223494842, 219.89747585175877, 517.7723190456087 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 219.9033488710852, 513.3603344312216, 221.99152888007768, 517.5482974887452 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income of $46.3 million represented a decrease of $14.2 million, primarily due to ", "box": [ 222.25255138120178, 514.2832223494842, 476.564163988313, 517.7723190456087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a decrease in average loan balances and a decrease in interest rates. Interest expense of $33.8 million represented a ", "box": [ 137.10211473241165, 523.1579873877023, 476.5886322375684, 526.6470840838268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decrease of $6.1 million, driven by a decrease in average loan balances and a decrease in interest rates. Provision for loan ", "box": [ 137.10211473241165, 531.5107074236723, 476.57231833124814, 534.9998041197969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses of $12.2 million represented an increase of $0.4 million, due to an increase in asset specific reserves and changes ", "box": [ 137.10211473241165, 539.8634274596423, 476.54785008199275, 543.3525241557668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the forecasted macroeconomic inputs for reserve modeling. Non-interest income ", "box": [ 137.10211473241165, 548.2161474956122, 383.583052305801, 551.7052441917367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of $29.1 million ", "box": [ 386.6337470582446, 548.2161474956122, 434.93922940196023, 551.7052441917367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "represented a ", "box": [ 437.9654532949234, 548.2161474956122, 476.61310570727375, 551.7052441917367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decrease ", "box": [ 137.10211473241165, 556.5688675315822, 162.7661733080047, 560.0579642277067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of $31.4 million, primarily due to a decrease in net realized gains on financial instruments. Non-interest ", "box": [ 165.71082766936664, 556.5688675315822, 476.629419613594, 560.0579642277067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expense of $57.4 million represented a decrease of $0.4 million, due to decreases in employee compensation and benefits ", "box": [ 137.10211473241165, 564.9215875675523, 476.5396905186076, 568.4106842636768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and loan origination expenses.", "box": [ 137.10211473241165, 573.2743076035222, 221.7466241399154, 576.7634042996467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unallocated - Corporate.", "box": [ 137.10211473241165, 589.9797476754621, 209.58902008559267, 593.4688443715867 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Q2 2026 versus Q2 2025.", "box": [ 137.10211473241165, 607.7292777518983, 209.26080893095326, 611.2183744480228 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 209.2666819502797, 606.8063898336358, 211.35486195927217, 610.9943528911593 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-interest income of $0.8 million represented an increase of $15.0 million, primarily due to ", "box": [ 211.4608997401288, 607.7292777518983, 476.54785008199275, 611.2183744480228 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a lower gain on bargain purchase recognized from the UDF IV Merger in the prior year period. Such gain on bargain ", "box": [ 137.10211473241165, 616.6040427901164, 476.5967918009535, 620.093139486241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purchase was primarily driven by a discount in UDF IV's market valuation due to factors such as the illiquid nature of ", "box": [ 137.10211473241165, 624.4347178238384, 476.5967918009535, 627.9238145199629 ], "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": [ 137.10211473241165, 632.2653928575602, 476.5886322375684, 635.7544895536847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Merger, when compared to the respective prior year period gain on bargain purchase recognized from the Funding Circle ", "box": [ 137.10211473241165, 640.6181128935302, 476.60494614388864, 644.1072095896548 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Acquisition. Non-interest expense of $16.7 million represented an increase of $1.6 million, primarily due to an increase ", "box": [ 137.10211473241165, 648.448787927252, 476.5396905186076, 651.9378846233766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in employee compensation and benefits, partially offset by decreased management fees.", "box": [ 137.10211473241165, 656.2794629609739, 381.2157830710644, 659.7685596570984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "YTD 2026 versus YTD 2025.", "box": [ 137.10211473241165, 674.0289930374101, 219.26123350526888, 677.5180897335347 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Non-interest income of $1.7 million represented a decrease of $87.8 million, primarily due ", "box": [ 219.25894696121017, 674.0289930374101, 476.51522226935225, 677.5180897335347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to a gain on bargain purchase recognized from the UDF IV Merger in the prior year period, primarily driven by a ", "box": [ 137.10211473241165, 682.3817130733801, 476.5967918009535, 685.8708097695046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "discount in UDF IV's market valuation due to factors such as the illiquid nature of UDF IV's shares, and a change in our ", "box": [ 137.10211473241165, 690.73443310935, 476.52337661228734, 694.2235298054745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "stock price between the date of the agreement and the closing date of the UDF IV Merger. Non-interest expense of $29.2 ", "box": [ 137.10211473241165, 699.0871531453201, 476.5315361756725, 702.5762498414447 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 61, "width": 612.0, "height": 792.0, "cells": [ { "text": "79", "box": [ 302.5169704768508, 576.4086467049248, 309.47582683301454, 579.8977434010493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million represented a decrease of $0.6 million, primarily due to decreased management fees and transaction related ", "box": [ 137.10211473241165, 94.03906462765815, 476.629419613594, 97.52816132378268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expenses, partially offset by an increase in employee compensation and benefits.", "box": [ 137.10211473241165, 102.39178466362819, 361.4940231481773, 105.88088135975272 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-GAAP financial measures", "box": [ 137.10211473241165, 119.09722473556815, 226.54441500124034, 122.58632143169268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We believe that providing investors with distributable earnings, formerly referred to as core earnings, gives investors ", "box": [ 137.10211473241165, 127.44994477153818, 476.5886322375684, 130.93904146766272 ], "from_ocr": false, "confidence": 1.0 }, { "text": "greater transparency into the information used by management in our financial and operational decision-making, ", "box": [ 137.10211473241165, 135.8026648075081, 476.5967918009535, 139.29176150363264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including the determination of dividends.", "box": [ 137.10211473241165, 144.15538484347815, 252.09304692421313, 147.64448153960268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We calculate distributable earnings as GAAP net income (loss) excluding the following: ", "box": [ 137.10211473241165, 160.8608249154181, 384.67608402925805, 164.34992161154264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "i)", "box": [ 162.16027484032162, 177.56626498735807, 166.41101858349185, 181.0553616834826 ], "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": [ 174.6893548942766, 177.56626498735807, 470.76330512525806, 181.0553616834826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ii)", "box": [ 162.16027484032162, 185.918985023328, 168.34440765532176, 189.40808171945253 ], "from_ocr": false, "confidence": 1.0 }, { "text": "any realized gains or losses on sales of certain MBS", "box": [ 174.6893548942766, 185.918985023328, 319.4354907530052, 189.40808171945253 ], "from_ocr": false, "confidence": 1.0 }, { "text": "iii)", "box": [ 162.16027484032162, 194.27170505929803, 170.27779672715167, 197.76080175542256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "any unrealized gains or losses on Residential MSRs from discontinued operations", "box": [ 174.6893548942766, 194.27170505929803, 401.9732978811871, 197.76080175542256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "iv)", "box": [ 162.16027484032162, 202.62442509526795, 169.89044502577408, 206.1135217913925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "any unrealized change in current expected credit loss reserve and valuation allowances", "box": [ 174.6893548942766, 202.62442509526795, 416.0133577388999, 206.1135217913925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "v)", "box": [ 162.16027484032162, 210.977145131238, 167.95705595394418, 214.46624182736252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "any unrealized gains or losses on de-designated cash flow hedges", "box": [ 174.6893548942766, 210.977145131238, 356.5301312644325, 214.46624182736252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "vi)", "box": [ 162.16027484032162, 219.3298651672079, 169.89044502577408, 222.81896186333245 ], "from_ocr": false, "confidence": 1.0 }, { "text": "any unrealized gains or losses on foreign exchange hedges", "box": [ 174.6893548942766, 219.3298651672079, 337.39329786501764, 222.81896186333245 ], "from_ocr": false, "confidence": 1.0 }, { "text": "vii)", "box": [ 162.16027484032162, 227.68258520317795, 171.823834097604, 231.17168189930248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "any unrealized gains or losses on certain unconsolidated joint ventures", "box": [ 174.6893548942766, 227.68258520317795, 370.8351806432414, 231.17168189930248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "viii) any non-cash compensation expense related to stock-based incentive plan", "box": [ 162.16027484032162, 236.03530523914787, 379.51678462254034, 239.5244019352724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ix)", "box": [ 162.16027484032162, 244.3880252751179, 169.89044502577408, 247.87712197124245 ], "from_ocr": false, "confidence": 1.0 }, { "text": "any unrealized gains or losses on preferred equity, at fair value", "box": [ 174.6893548942766, 244.3880252751179, 349.4938172221195, 247.87712197124245 ], "from_ocr": false, "confidence": 1.0 }, { "text": "x)", "box": [ 162.16027484032162, 252.74074531108795, 167.95705595394418, 256.2298420072125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "any unrealized gain or losses or other non-cash items related to real estate owned", "box": [ 174.6893548942766, 252.74074531108795, 400.1894194994351, 256.2298420072125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "xi)", "box": [ 162.16027484032162, 261.0934653470579, 169.89044502577408, 264.5825620431824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain ", "box": [ 174.6893548942766, 261.0934653470579, 476.60494614388864, 264.5825620431824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purchase gains, or merger related expenses", "box": [ 174.6893548942766, 269.4461853830278, 294.02076261009597, 272.93528207915233 ], "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": [ 137.10211473241165, 286.1516254549678, 476.5560044249279, 289.64072215109235 ], "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": [ 137.10211473241165, 294.5043454909378, 476.54785008199275, 297.9934421870623 ], "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": [ 137.10211473241165, 302.85706552690783, 476.51522226935225, 306.3461622230323 ], "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": [ 137.10211473241165, 311.20978556287776, 476.54785008199275, 314.6988822590023 ], "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": [ 137.10211473241165, 319.56250559884774, 476.5967918009535, 323.05160229497227 ], "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": [ 137.10211473241165, 327.9152256348178, 476.5315361756725, 331.4043223309423 ], "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": [ 137.10211473241165, 336.26794567078775, 476.629419613594, 339.7570423669123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance and credit quality of our historical loan originations. In calculating distributable earnings, net income (in ", "box": [ 137.10211473241165, 344.62066570675773, 476.5967918009535, 348.10976240288227 ], "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": [ 137.10211473241165, 352.9733857427277, 476.5070627059671, 356.46248243885225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reasons which may include collateral type, duration, and size.", "box": [ 137.10211473241165, 361.3261057786977, 308.50119764375245, 364.81520247482223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition, in calculating distributable earnings, net income (in accordance with GAAP) is adjusted to exclude ", "box": [ 137.10211473241165, 378.03154585063766, 476.54785008199275, 381.5206425467622 ], "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": [ 137.10211473241165, 386.38426588660764, 476.5315361756725, 389.87336258273217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to our small business commercial business are accounted for under ASC 860, Transfer and Servicing. In calculating ", "box": [ 137.10211473241165, 394.7369859225776, 476.5967918009535, 398.22608261870215 ], "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": [ 137.10211473241165, 403.0897059585476, 476.5967918009535, 406.57880265467213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fundamental part of our business and an indicator of the ongoing performance.", "box": [ 137.10211473241165, 411.4424259945176, 355.85059007796184, 414.9315226906421 ], "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": [ 137.10211473241165, 428.14786606645754, 476.6212600502089, 431.6369627625821 ], "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": [ 137.10211473241165, 436.5005861024275, 476.498908363032, 439.98968279855205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "results. We utilize distributable earnings before realized losses as an additional performance metric to consider when ", "box": [ 137.10211473241165, 444.8533061383975, 476.5560044249279, 448.34240283452203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assessing our ability to declare and pay dividends. Distributable earnings and distributable earnings before realized ", "box": [ 137.10211473241165, 453.2060261743675, 476.57231833124814, 456.695122870492 ], "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": [ 137.10211473241165, 461.5587462103375, 476.54785008199275, 465.04784290646205 ], "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": [ 137.10211473241165, 469.9114662463075, 476.5560044249279, 473.40056294243203 ], "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": [ 137.10211473241165, 478.2641862822775, 476.58047789463325, 481.753282978402 ], "from_ocr": false, "confidence": 1.0 }, { "text": "addition, because not all companies use identical calculations, our presentations of distributable earnings and ", "box": [ 137.10211473241165, 486.61690631824746, 476.564163988313, 490.106003014372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distributable earnings before realized losses may not be comparable to other similarly-titled measures of other ", "box": [ 137.10211473241165, 494.96962635421744, 476.57231833124814, 498.458723050342 ], "from_ocr": false, "confidence": 1.0 }, { "text": "companies.", "box": [ 137.10211473241165, 503.3223463901874, 168.6004499520558, 506.81144308631195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable return on equity is calculated as distributable earnings (loss) as a percentage of average stockholders' ", "box": [ 137.10211473241165, 520.0277864621273, 476.5967918009535, 523.5168831582519 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equity.", "box": [ 137.10211473241165, 528.3805064980974, 155.7836461524288, 531.8696031942219 ], "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": [ 137.10211473241165, 651.5820165967008, 476.564163988313, 655.0711132928254 ], "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": [ 137.10211473241165, 659.9347366326708, 476.5967918009535, 663.4238333287954 ], "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": [ 137.10211473241165, 668.2874566686407, 476.5886322375684, 671.7765533647653 ], "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": [ 137.10211473241165, 676.6401767046108, 476.5967918009535, 680.1292734007353 ], "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": [ 137.10211473241165, 684.9928967405808, 476.5396905186076, 688.4819934367054 ], "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": [ 137.10211473241165, 693.3456167765507, 476.54785008199275, 696.8347134726753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "requirement, until future years.", "box": [ 137.10211473241165, 701.6983368125208, 223.47612122748734, 705.1874335086453 ], "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": [ 137.10211473241165, 718.4037768844607, 476.629419613594, 721.8928735805853 ], "from_ocr": false, "confidence": 1.0 }, { "text": "earnings.", "box": [ 137.10211473241165, 726.7564969204307, 162.41630052245102, 730.2455936165552 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 62, "width": 612.0, "height": 792.0, "cells": [ { "text": "80", "box": [ 302.5169704768508, 413.52941377955966, 309.47582683301454, 417.0185104756842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended", "box": [ 303.64263001294836, 39.03961573199274, 347.9376722842314, 41.481721663736494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 317.1586987890537, 44.260065754474, 334.47954841436825, 46.70217168621764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended", "box": [ 396.6563642876508, 39.03961573199274, 435.09375033827484, 41.481721663736494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 407.21146167685504, 44.260065754474, 424.53231130216955, 46.70217168621764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 36.42939072075217, 167.45767368742935, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 305.804219990157, 36.42939072075217, 315.54556921290015, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 336.0828301205482, 36.42939072075217, 345.82417934329135, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ Change", "box": [ 361.4264861992876, 36.42939072075217, 381.04711327956517, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 396.6400503813305, 36.42939072075217, 406.38139960407375, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 425.35252550497734, 36.42939072075217, 435.09387472772056, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ Change", "box": [ 450.69618158371674, 36.42939072075217, 470.3168086639944, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net income (loss)", "box": [ 139.4513172425282, 43.215975749977815, 174.8897333246006, 45.658081681721455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 299.19708793045413, 43.215975749977815, 301.6324278398394, 45.658081681721455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(99,683)", "box": [ 306.82384174539783, 43.215975749977815, 323.46212972472176, 45.658081681721455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 329.47569806084533, 43.215975749977815, 331.9110379702306, 45.658081681721455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(53,677)", "box": [ 337.10245187578903, 43.215975749977815, 353.7407398551129, 45.658081681721455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 359.75430819123653, 43.215975749977815, 362.1896481006218, 45.658081681721455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(46,006)", "box": [ 367.38106200618023, 43.215975749977815, 384.0193499855041, 45.658081681721455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 390.03291832162773, 43.215975749977815, 392.468258231013, 45.658081681721455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(299,770)", "box": [ 395.2289000948536, 43.215975749977815, 414.30252451196344, 45.658081681721455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 418.74539344527454, 43.215975749977815, 421.1807333546598, 45.658081681721455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28,288", "box": [ 427.99537832885846, 43.215975749977815, 441.3897282146364, 45.658081681721455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 449.02400357566574, 43.215975749977815, 451.459343485051, 45.658081681721455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(328,058)", "box": [ 454.2199853488916, 43.215975749977815, 473.29360976600145, 45.658081681721455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reconciling items:", "box": [ 139.4513172425282, 50.00256077920335, 177.73175435633243, 52.444666710947104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unrealized (gain) loss on MSR - discontinued operations", "box": [ 143.6276772605132, 57.833235812925295, 254.68514693958815, 60.275341744668935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 316.97109147659575, 57.833235812925295, 321.84177129536624, 60.275341744668935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 347.24970160698695, 57.833235812925295, 352.12038142575744, 60.275341744668935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 377.52831173737815, 57.833235812925295, 382.3989915561486, 60.275341744668935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 407.80692186776935, 57.833235812925295, 412.6776016865398, 60.275341744668935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,952", "box": [ 430.43430993396146, 57.833235812925295, 441.3933233819534, 60.275341744668935 ], 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430.43430993396146, 64.61982084215083, 441.3933233819534, 67.06192677389447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,758)", "box": [ 459.08968377526236, 64.61982084215083, 473.2926353168003, 67.06192677389447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Increase (decrease) in CECL reserve", "box": [ 143.6276772605132, 71.40640587137648, 214.84221216943584, 73.84851180312012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,250", "box": [ 310.88600441914105, 71.40640587137648, 321.845017867133, 73.84851180312012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "487", "box": [ 344.8189295652691, 71.40640587137648, 352.1249423502263, 73.84851180312012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,763", "box": [ 371.44322467992345, 71.40640587137648, 382.4022381279154, 73.84851180312012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34,923", "box": [ 399.28290320521165, 71.40640587137648, 412.6772530909896, 73.84851180312012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(111,640)", "box": [ 423.9413752185004, 71.40640587137648, 442.6534968359055, 73.84851180312012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "146,563", "box": [ 455.83506207459675, 71.40640587137648, 471.6647483981606, 73.84851180312012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Increase (decrease) in valuation allowance", "box": [ 143.6276772605132, 78.19299090060213, 226.38153671493302, 80.63509683234577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,447)", "box": [ 309.2627681300508, 78.19299090060213, 323.4657196715887, 80.63509683234577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39,746", "box": [ 338.7256829444293, 78.19299090060213, 352.12003283020715, 80.63509683234577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(42,193)", "box": [ 367.38106200618023, 78.19299090060213, 384.0193499855041, 80.63509683234577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,110", "box": [ 401.72183481031465, 78.19299090060213, 412.5000968584542, 80.63509683234577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "139,464", "box": [ 425.55645194420555, 78.19299090060213, 441.3861382677694, 80.63509683234577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(135,354)", "box": [ 454.2199853488916, 78.19299090060213, 473.29360976600145, 80.63509683234577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-recurring REO impairment", "box": [ 143.6276772605132, 84.97957592982766, 206.11639596127083, 87.42168186157141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "952", "box": [ 314.5403194348779, 84.97957592982766, 321.8463322198351, 87.42168186157141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,418", "box": [ 341.16461454953225, 84.97957592982766, 352.1236279975241, 87.42168186157141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,466)", "box": [ 369.81998839083315, 84.97957592982766, 384.02293993237106, 87.42168186157141 ], 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We are obligated to pay the incentive distribution 50% in cash and 50% in either ", "box": [ 137.10211473241165, 689.1684002466014, 476.498908363032, 692.657496942726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "common stock or OP units, as determined in our discretion, within five business days after delivery to our Company of ", "box": [ 137.10211473241165, 697.5211202825715, 476.629419613594, 701.010216978696 ], "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": [ 137.10211473241165, 705.8738403185414, 476.5396905186076, 709.3629370146659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distribution for such quarter. Subject to certain exceptions, our Manager may not sell or otherwise dispose of any portion ", "box": [ 137.10211473241165, 714.2265603545113, 476.57231833124814, 717.7156570506359 ], "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": [ 137.10211473241165, 722.5792803904815, 476.5070627059671, 726.068377086606 ], "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": [ 137.10211473241165, 730.9320004264514, 476.5315361756725, 734.4210971225759 ], "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": [ 137.10211473241165, 739.2847204624213, 476.58047789463325, 742.7738171585459 ], "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": [ 137.10211473241165, 747.6374404983914, 395.87073687135444, 751.1265371945159 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 63, "width": 612.0, "height": 792.0, "cells": [ { "text": "81", "box": [ 302.5169704768508, 250.65137307814496, 309.47582683301454, 254.1404697742695 ], "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": [ 137.10211473241165, 43.92155218788787, 476.52337661228734, 47.4106488840124 ], "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": [ 137.10211473241165, 52.27427222385779, 476.5967918009535, 55.76336891998244 ], "from_ocr": false, "confidence": 1.0 }, { "text": "partnership excluding non-cash equity compensation expense, the expenses incurred in connection with the operating ", "box": [ 137.10211473241165, 60.62699225982783, 476.54785008199275, 64.11608895595236 ], "from_ocr": false, "confidence": 1.0 }, { "text": "partnership's formation or continuation, the incentive distribution, real estate depreciation and amortization (to the extent ", "box": [ 137.10211473241165, 68.97971229579775, 476.57231833124814, 72.4688089919224 ], "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": [ 137.10211473241165, 77.33243233176779, 476.5396905186076, 80.82152902789232 ], "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": [ 137.10211473241165, 85.68515236773783, 476.5070627059671, 89.17424906386236 ], "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": [ 137.10211473241165, 94.03787240370775, 474.8611995764351, 97.52696909983229 ], "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": [ 137.10211473241165, 102.39059243967779, 476.6212600502089, 105.87968913580232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the independent directors.", "box": [ 137.10211473241165, 110.74331247564771, 209.17787451269362, 114.23240917177225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidity and Capital Resources", "box": [ 137.10211473241165, 127.44875254758767, 233.44888546603516, 130.9378492437122 ], "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": [ 137.10211473241165, 144.15419261952763, 476.5560044249279, 147.64328931565217 ], "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": [ 137.10211473241165, 152.50691265549767, 476.60494614388864, 155.9960093516222 ], "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": [ 137.10211473241165, 160.8596326914676, 476.5967918009535, 164.34872938759213 ], "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": [ 137.10211473241165, 169.21235272743763, 476.58047789463325, 172.70144942356217 ], "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": [ 137.10211473241165, 177.56507276340767, 476.5560044249279, 181.0541694595322 ], "from_ocr": false, "confidence": 1.0 }, { "text": "terms described elsewhere in ", "box": [ 137.10211473241165, 185.9177927993776, 223.80941198440757, 189.40688949550213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "this Form 10-Q. These factors may increase our reliance on our primary sources of ", "box": [ 226.7540663457695, 185.9177927993776, 476.5315361756725, 189.40688949550213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "liquidity, including our existing cash balances, borrowings, including securitizations, re-securitizations, repurchase ", "box": [ 137.10211473241165, 194.27051283534752, 476.629419613594, 197.75960953147205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreements, warehouse facilities, bank credit facilities and other financing agreements (including term loans and ", "box": [ 137.10211473241165, 202.62323287131755, 476.6212600502089, 206.1123295674421 ], "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": [ 137.10211473241165, 210.9759529072876, 476.6212600502089, 214.46504960341213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provided by operating and investing activities.", "box": [ 137.10211473241165, 219.32867294325752, 266.1607986068656, 222.81776963938205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We believe that our ability to extend our credit and warehouse facilities and our sources of capital will provide sufficient ", "box": [ 137.10211473241165, 334.17986060579125, 476.6212600502089, 337.6689573019158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "liquidity to fund ongoing obligations and address upcoming debt maturities, including the approximately $450.0 million ", "box": [ 137.10211473241165, 342.0105356395131, 476.5396905186076, 345.49963233563767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of debt maturing in 2026. We had approximately $124.0 million of unrestricted cash and approximately $690.0 million ", "box": [ 137.10211473241165, 349.84121067323497, 476.57231833124814, 353.3303073693595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of unencumbered assets as of June 30, 2026. With the successful execution of our liquidity initiatives including portfolio ", "box": [ 137.10211473241165, 357.6718857069568, 476.51522226935225, 361.16098240308133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sales and runoff, along with optimizing financing on CRE loans, we expect to be well positioned to address our ", "box": [ 137.10211473241165, 365.5025607406787, 476.60494614388864, 368.9916574368032 ], "from_ocr": false, "confidence": 1.0 }, { "text": "upcoming debt maturities. We expect to utilize these resources, together with our access to the capital markets, to meet ", "box": [ 137.10211473241165, 373.3332357744005, 476.5967918009535, 376.82233247052505 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our liquidity needs.", "box": [ 137.10211473241165, 381.1639108081224, 190.99738819520405, 384.65300750424694 ], "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": [ 137.10211473241165, 397.3473058778142, 476.5560044249279, 400.8364025739388 ], "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": [ 137.10211473241165, 405.7000259137842, 476.61310570727375, 409.18912260990874 ], "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": [ 137.10211473241165, 414.05274594975424, 476.5967918009535, 417.5418426458788 ], "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": [ 137.10211473241165, 422.40546598572416, 476.5396905186076, 425.8945626818487 ], "from_ocr": false, "confidence": 1.0 }, { "text": "predict.", "box": [ 137.10211473241165, 430.7581860216942, 158.14933781937287, 434.24728271781873 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash flow", "box": [ 137.10211473241165, 447.46362609363416, 165.91270394703557, 450.9527227897587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30, 2026.", "box": [ 137.10211473241165, 464.1690661655741, 236.92103448671872, 467.65816286169866 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 236.91875316311, 465.0919540838367, 238.310003067999, 467.88218441856225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash, cash equivalents and restricted cash as of June 30, 2026, decreased by $71.8 ", "box": [ 238.8274802025797, 464.1690661655741, 476.5396905186076, 467.65816286169866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million to $177.8 million from December 31, 2025, primarily due to net cash used for financing activities, partially offset ", "box": [ 137.10211473241165, 471.99974119929595, 476.57231833124814, 475.4888378954205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by net cash provided by investing and operating activities. The net cash used for financing activities primarily reflected ", "box": [ 137.10211473241165, 480.352461235266, 476.629419613594, 483.8415579313905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "net repayments of secured borrowings and repayments of securitized debt obligations of consolidated VIEs. The net cash ", "box": [ 137.10211473241165, 488.1831362689878, 476.5967918009535, 491.67223296511236 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provided by investing activities primarily reflected proceeds from disposition and principal payments of loans, partially ", "box": [ 137.10211473241165, 496.01381130270966, 476.564163988313, 499.5029079988342 ], "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": [ 137.10211473241165, 504.3665313386797, 476.6212600502089, 507.8556280348042 ], "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": [ 137.10211473241165, 512.1972063724015, 469.6960094274861, 515.6863030685261 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30, 2025. ", "box": [ 137.10211473241165, 528.3806014420934, 238.87054890221407, 531.8696981382179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash, cash equivalents and restricted cash as of June 30, 2025, increased by $39.7 ", "box": [ 239.42293517304398, 528.3806014420934, 476.52337661228734, 531.8696981382179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million to $222.5 million from December 31, 2024, primarily due to net cash provided by investing and operating ", "box": [ 137.10211473241165, 536.7333214780633, 476.5560044249279, 540.2224181741879 ], "from_ocr": false, "confidence": 1.0 }, { "text": "activities, partially offset by net cash used for financing activities. The net cash provided by investing activities primarily ", "box": [ 137.10211473241165, 545.0860415140334, 476.6212600502089, 548.5751382101579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reflected proceeds from disposition and principal payments of loans, partially offset by net cash used for loan ", "box": [ 137.10211473241165, 553.4387615500034, 476.54785008199275, 556.9278582461279 ], "from_ocr": false, "confidence": 1.0 }, { "text": "originations. The net cash provided by operating activities reflected a valuation allowance related to the transfer of ", "box": [ 137.10211473241165, 561.7914815859733, 476.54785008199275, 565.2805782820978 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans, net to Loans held for sale, the sale of Loans, held for sale and net income, partially offset by a recovery of loan ", "box": [ 137.10211473241165, 570.1442016219432, 476.5396905186076, 573.6332983180678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses related to the transfer of Loans, net to Loans, held for sale and a bargain purchase gain in connection with the ", "box": [ 137.10211473241165, 578.4969216579133, 476.60494614388864, 581.9860183540378 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UDF IV Merger, which was primarily driven by a discount in UDF IV's market valuation due to factors such as the ", "box": [ 137.10211473241165, 586.8496416938833, 476.6212600502089, 590.3387383900078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "illiquid nature of UDF IV's shares and a change in our stock price between the date of the agreement and the closing ", "box": [ 137.10211473241165, 595.2023617298532, 476.498908363032, 598.6914584259778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "date of the merger. The net cash used for financing activities primarily reflected repayments of securitized debt ", "box": [ 137.10211473241165, 603.5550817658232, 476.58047789463325, 607.0441784619477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "obligations of consolidated VIEs, partially offset by net proceeds from secured borrowings. ", "box": [ 137.10211473241165, 611.9078018017932, 393.2327305044562, 615.3968984979177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financing Strategy and Leverage", "box": [ 137.10211473241165, 628.6132418737332, 233.1702802123068, 632.1023385698577 ], "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": [ 137.10211473241165, 636.9659619097031, 476.5967918009535, 640.4550586058276 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio through securitization and secured borrowings. We generally seek to match-fund our investments to minimize ", "box": [ 137.10211473241165, 645.3186819456731, 476.5967918009535, 648.8077786417977 ], "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": [ 137.10211473241165, 653.6714019816432, 476.5886322375684, 657.1604986777677 ], "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": [ 137.10211473241165, 662.0241220176131, 476.54785008199275, 665.5132187137376 ], "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": [ 137.10211473241165, 670.3768420535831, 476.5886322375684, 673.8659387497077 ], "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": [ 137.10211473241165, 678.7295620895532, 476.58047789463325, 682.2186587856777 ], "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": [ 137.10211473241165, 687.0822821255231, 476.629419613594, 690.5713788216476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "debt equal to 50% to 90% of the cost basis of the assets.", "box": [ 137.10211473241165, 695.435002161493, 293.06464187702534, 698.9240988576175 ], "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": [ 137.10211473241165, 712.1404422334331, 435.3073751199093, 715.6295389295576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, we had a total leverage ratio of 3.0x and recourse leverage ratio of 1.7x. Our operating segments ", "box": [ 137.10211473241165, 728.8458823053729, 476.52337661228734, 732.3349790014975 ], "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": [ 137.10211473241165, 737.198602341343, 476.5886322375684, 740.6876990374675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate and Small Business Lending segments have recourse leverage ratios of 0.6x and 0.2x, respectively. The ", "box": [ 137.10211473241165, 745.551322377313, 476.564163988313, 749.0404190734375 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 64, "width": 612.0, "height": 792.0, "cells": [ { "text": "82", "box": [ 302.5169704768508, 87.77333237673031, 309.47582683301454, 91.26242907285484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "remaining recourse leverage ratio is from our corporate debt offerings.", "box": [ 137.10211473241165, 37.13496715866222, 333.29683797326743, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "83", "box": [ 302.5169704768508, 645.3178230337089, 309.47582683301454, 648.8069197298335 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured Borrowings", "box": [ 137.10211473241165, 162.9482409564423, 195.68490869140754, 166.43733765256684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit Facilities and Other Financing Agreements.", "box": [ 137.10211473241165, 179.65368102838227, 289.1522357994655, 183.1427777245069 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 289.15588120056293, 180.5765689466449, 290.5471311054519, 183.3667992813705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We utilize credit facilities and other financing arrangements to ", "box": [ 291.6763771168171, 179.65368102838227, 476.564163988313, 183.1427777245069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "finance our business. The financings are collateralized by the underlying mortgages, assets, related documents, and ", "box": [ 137.10211473241165, 188.0064010643523, 476.564163988313, 191.49549776047684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "instruments, and typically contain index-based financing rate and terms, haircut and collateral posting provisions which ", "box": [ 137.10211473241165, 196.35912110032223, 476.564163988313, 199.84821779644676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "depend on the types of collateral and the counterparties involved. These agreements often contain customary negative ", "box": [ 137.10211473241165, 204.71184113629226, 476.57231833124814, 208.2009378324168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "covenants and financial covenants, including maintenance of minimum liquidity, minimum tangible net worth, ", "box": [ 137.10211473241165, 213.0645611722623, 476.60494614388864, 216.55365786838684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maximum debt to net worth ratio and current ratio and limitations on capital expenditures, indebtedness, distributions, ", "box": [ 137.10211473241165, 221.41728120823223, 476.5560044249279, 224.90637790435676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transactions with affiliates and maintenance of positive net income.", "box": [ 137.10211473241165, 229.77000124420226, 324.61054282246437, 233.2590979403268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents certain characteristics of our credit facilities and other financing arrangements.", "box": [ 137.10211473241165, 246.47544131614222, 427.3147396439866, 249.96453801226676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pledged Assets", "box": [ 352.75564237984764, 265.6075749636608, 383.197346288065, 268.04968089540444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value at", "box": [ 417.040592845033, 265.6075749636608, 454.38399995151656, 268.04968089540444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lenders", "box": [ 139.4513172425282, 272.91620499513454, 156.49867473656698, 275.3583109268782 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 156.47487848771314, 272.48034840775006, 160.9545707106044, 274.06653938961233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Asset Class", "box": [ 165.55356735493442, 272.91620499513454, 188.9603851864394, 275.3583109268782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current Maturity ", "box": [ 221.93442759773183, 272.91620499513454, 260.2600450132509, 275.3583109268782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 260.32104916928915, 272.48034840775006, 264.00984353222196, 274.06653938961233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pricing ", "box": [ 280.4034678495217, 272.91620499513454, 296.77063903475783, 275.3583109268782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 296.75000198241605, 272.48034840775006, 300.43879634534886, 274.06653938961233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Facility Size", "box": [ 317.99070801138663, 272.91620499513454, 343.2834684733547, 275.3583109268782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 351.8094358132729, 272.91620499513454, 383.8778681625125, 275.3583109268782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 398.33669663863697, 272.91620499513454, 426.6165539824995, 275.3583109268782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 440.31237760065017, 272.91620499513454, 479.5821839701683, 275.3583109268782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3", "box": [ 139.4513172425282, 285.44528504908953, 141.88665715191345, 287.8873909808332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SBA loans", "box": [ 165.55356735493442, 285.44528504908953, 186.25868113316034, 287.8873909808332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "August 2026 to June 2027", "box": [ 221.93442759773183, 285.44528504908953, 273.07648028825963, 287.8873909808332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR + 2.50%", "box": [ 280.4034678495217, 280.7468800288564, 310.33429769898856, 283.18898596060006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Prime - 0.82%", "box": [ 280.4034678495217, 285.44528504908953, 308.6621196909376, 287.8873909808332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 317.99070801138663, 285.44528504908953, 320.42604792077185, 287.8873909808332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "275,000", "box": [ 327.8198391795646, 285.44528504908953, 343.6495255031285, 287.8873909808332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 351.40158815526655, 285.44528504908953, 353.8369280646518, 287.8873909808332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "213,778", "box": [ 368.5393493549183, 285.44528504908953, 384.36903567848213, 287.8873909808332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 392.1210983306202, 285.44528504908953, 394.5564382400055, 287.8873909808332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "187,486", "box": [ 416.5674895617457, 285.44528504908953, 432.39717588530954, 287.8873909808332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 440.1492385374476, 285.44528504908953, 442.5845784468329, 287.8873909808332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "307,522", "box": [ 463.55153976407684, 285.44528504908953, 479.3812260876407, 287.8873909808332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 139.4513172425282, 293.27596008281137, 141.88665715191345, 295.718066014555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LMM loans - USD", "box": [ 165.55356735493442, 293.27596008281137, 202.49028446633392, 295.718066014555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Matured ", "box": [ 221.93442759773183, 293.27596008281137, 239.65245083570971, 295.718066014555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 239.6431755185924, 292.8401034954269, 243.3319698815252, 294.42629447728916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR + 1.75%", "box": [ 280.4034678495217, 293.27596008281137, 310.33429769898856, 295.718066014555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25,000", "box": [ 330.2587655642175, 293.27596008281137, 343.6531154499954, 295.718066014555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,967", "box": [ 373.409047781289, 293.27596008281137, 384.36806122928095, 295.718066014555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,817", "box": [ 421.55954489574333, 293.27596008281137, 432.51855834373526, 295.718066014555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,425", "box": [ 466.10466349297155, 293.27596008281137, 479.49901337874945, 295.718066014555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 139.4513172425282, 305.80504013676637, 141.88665715191345, 308.24714606851 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LMM loans - Non-USD ", "box": [ 165.55356735493442, 305.80504013676637, 213.71803965325228, 308.24714606851 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 213.6959049060036, 305.3691835493819, 217.3846992689364, 306.95537453124416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Matured", "box": [ 221.93442759773183, 305.80504013676637, 238.43478435261636, 308.24714606851 ], "from_ocr": false, "confidence": 1.0 }, { "text": "EURIBOR + ", "box": [ 280.4034678495217, 301.10663511653325, 306.94032041324834, 303.5487410482769 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.00%", "box": [ 280.4034678495217, 305.80504013676637, 292.9844557171736, 308.24714606851 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 338.78278422677516, 305.80504013676637, 343.6534640455457, 308.24714606851 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 379.5022944021288, 305.80504013676637, 384.3729742208993, 308.24714606851 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 427.64463195319803, 305.80504013676637, 432.5153117719685, 308.24714606851 ], "from_ocr": false, "confidence": 1.0 }, { "text": "29,965", "box": [ 466.10466349297155, 305.80504013676637, 479.49901337874945, 308.24714606851 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2", "box": [ 139.4513172425282, 313.6357151704882, 141.88665715191345, 316.07782110223184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "USDA loans", "box": [ 165.55356735493442, 313.6357151704882, 190.04487750656762, 316.07782110223184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 2027 - August 2028", "box": [ 221.93442759773183, 313.6357151704882, 270.6411438504736, 316.07782110223184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR + 2.75%", "box": [ 280.4034678495217, 313.6357151704882, 310.33429769898856, 316.07782110223184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "198,500", "box": [ 327.8198391795646, 313.6357151704882, 343.6495255031285, 316.07782110223184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33,185", "box": [ 370.9782757395712, 313.6357151704882, 384.3726256253491, 316.07782110223184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,561", "box": [ 419.0064159463986, 313.6357151704882, 432.4007658321765, 316.07782110223184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,204", "box": [ 465.99046614872975, 313.6357151704882, 479.38481603450765, 316.07782110223184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total borrowings under credit facilities and other financing agreements", "box": [ 139.4513172425282, 321.4663902042101, 287.37651824589267, 323.9084961359537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 317.99070801138663, 321.4663902042101, 320.42604792077185, 323.9084961359537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "498,500", "box": [ 327.8198391795646, 321.4663902042101, 343.6495255031285, 323.9084961359537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 351.40158815526655, 321.4663902042101, 353.8369280646518, 323.9084961359537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "256,930", "box": [ 368.5393493549183, 321.4663902042101, 384.36903567848213, 323.9084961359537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 392.1210983306202, 321.4663902042101, 394.5564382400055, 323.9084961359537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "213,864", "box": [ 416.5674895617457, 321.4663902042101, 432.39717588530954, 323.9084961359537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 440.1492385374476, 321.4663902042101, 442.5845784468329, 323.9084961359537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "385,116", "box": [ 463.55153976407684, 321.4663902042101, 479.11248473352236, 323.9084961359537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)Represents the total number of facility lenders.", "box": [ 137.10211473241165, 330.3411552424282, 234.66318363966002, 332.7832611741718 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)Current maturity does not reflect extension options available beyond original commitment terms.", "box": [ 137.10211473241165, 336.08365026715757, 332.46427141569, 338.5257561989012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)Asset class pricing is determined using an index rate plus a weighted average spread.", "box": [ 137.10211473241165, 342.34819029413507, 308.9171708800142, 344.7902962258787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)Non-USD denominated credit facilities have been converted into USD for purposes of this disclosure.", "box": [ 137.10211473241165, 348.0906853188644, 341.8688029193757, 350.53279125060806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)Agreement permits advance amounts to be repaid after the maturity date.", "box": [ 137.10211473241165, 353.83318034359377, 285.50798977891407, 356.2752862753374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Repurchase Agreements. ", "box": [ 137.10211473241165, 368.6339718422032, 210.61123593465425, 372.12306853832774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Under the loan repurchase facilities and securities repurchase agreements, we may be required ", "box": [ 210.62073617486075, 368.6339718422032, 476.5967918009535, 372.12306853832774 ], "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": [ 137.10211473241165, 376.9866918781732, 476.5396905186076, 380.4757885742977 ], "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": [ 137.10211473241165, 385.33941191414317, 476.5560044249279, 388.8285086102677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "additional assets or cash. Generally, the loan repurchase facilities and securities repurchase agreements contain a SOFR-", "box": [ 137.10211473241165, 393.69213195011315, 474.8089756039317, 397.1812286462377 ], "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": [ 137.10211473241165, 402.04485198608313, 476.5967918009535, 405.53394868220767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repurchase facilities also include financial maintenance covenants.", "box": [ 137.10211473241165, 410.3975720220531, 322.3951333988166, 413.88666871817765 ], "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": [ 137.10211473241165, 427.1030120939931, 476.629419613594, 430.5921087901176 ], "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": [ 137.10211473241165, 435.45573212996305, 476.5396905186076, 438.9448288260876 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan repurchase facilities and securities repurchase agreements, prepayments on the loans securing such investments and ", "box": [ 137.10211473241165, 443.80845216593303, 476.5967918009535, 447.2975488620576 ], "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": [ 137.10211473241165, 452.16117220190307, 476.5315361756725, 455.6502688980276 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from scheduled amortization and resulting from changes in market interest rates and other market factors. Counterparties ", "box": [ 137.10211473241165, 460.51389223787305, 476.5886322375684, 464.0029889339976 ], "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": [ 137.10211473241165, 468.86661227384303, 476.54785008199275, 472.35570896996757 ], "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": [ 137.10211473241165, 477.219332309813, 476.54785008199275, 480.70842900593755 ], "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": [ 137.10211473241165, 485.572052345783, 476.5315361756725, 489.0611490419075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "underlying our investments or market interest rates suddenly increase, margin calls on the loan repurchase facilities and ", "box": [ 137.10211473241165, 493.924772381753, 476.57231833124814, 497.4138690778775 ], "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": [ 137.10211473241165, 502.27749241772295, 476.58047789463325, 505.7665891138475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "satisfied all of our margin calls and have never sold assets in response to any margin call under these borrowings.", "box": [ 137.10211473241165, 510.63021245369293, 452.69213648310694, 514.1193091498175 ], "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": [ 137.10211473241165, 527.3356525256329, 476.5967918009535, 530.8247492217574 ], "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": [ 137.10211473241165, 535.6883725616028, 476.564163988313, 539.1774692577274 ], "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": [ 137.10211473241165, 544.0410925975729, 476.57231833124814, 547.5301892936974 ], "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": [ 137.10211473241165, 552.3938126335429, 476.54785008199275, 555.8829093296674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "have initially sold under the repurchase transaction. In addition, each lender typically requires that we include ", "box": [ 137.10211473241165, 560.7465326695128, 476.5967918009535, 564.2356293656374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "supplemental terms and conditions to the standard master repurchase agreement. Typical supplemental terms and ", "box": [ 137.10211473241165, 569.0992527054827, 476.58047789463325, 572.5883494016073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions, which differ by lender, may include changes to the margin maintenance requirements, required haircuts and ", "box": [ 137.10211473241165, 577.4519727414528, 476.5396905186076, 580.9410694375774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purchase price maintenance requirements, requirements that all controversies related to the repurchase agreement be ", "box": [ 137.10211473241165, 585.8046927774228, 476.6212600502089, 589.2937894735473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "litigated in a particular jurisdiction, and cross default and setoff provisions.", "box": [ 137.10211473241165, 594.1574128133927, 346.0748639569006, 597.6465095095173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We maintain certain assets, which, from time to time, may include cash, unpledged LMM loans, LMM ABS and short-", "box": [ 137.10211473241165, 610.8628528853328, 474.8549221941013, 614.3519495814573 ], "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": [ 137.10211473241165, 619.2155729213027, 476.5886322375684, 622.7046696174273 ], "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": [ 137.10211473241165, 720.4911977254849, 476.6212600502089, 723.9802944216094 ], "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": [ 137.10211473241165, 728.8439177614549, 476.629419613594, 732.3330144575795 ], "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": [ 137.10211473241165, 737.1966377974248, 476.54785008199275, 740.6857344935495 ], "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": [ 137.10211473241165, 745.5493578333949, 476.54785008199275, 749.0384545295194 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 65, "width": 612.0, "height": 792.0, "cells": [ { "text": "84", "box": [ 302.5169704768508, 482.43935407631204, 309.47582683301454, 485.9284507724366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and is managed based on our anticipated cash needs.", "box": [ 137.10211473241165, 37.13496715866222, 283.3807293244397, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents certain characteristics of our repurchase agreements.", "box": [ 137.10211473241165, 50.18609221486531, 354.27061048996245, 53.675188910989846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pledged Assets", "box": [ 348.05723735961453, 69.318225862384, 378.49894126783187, 71.76033179412764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value at", "box": [ 411.5509607580426, 69.318225862384, 448.8943678645261, 71.76033179412764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lenders", "box": [ 139.4513172425282, 76.62685589385774, 156.49867473656698, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 156.47487848771314, 76.19099930647326, 160.9545707106044, 77.77719028833553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Asset Class", "box": [ 164.50947735043815, 76.62685589385774, 187.91629518194316, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current Maturity ", "box": [ 220.89033759323559, 76.62685589385774, 259.21595500875463, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 259.2769591647929, 76.19099930647326, 262.9657535277257, 77.77719028833553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pricing ", "box": [ 268.918477800063, 76.62685589385774, 285.28564898529913, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 285.26501193295735, 76.19099930647326, 288.95380629589016, 77.77719028833553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Facility Size", "box": [ 313.70015064915987, 76.62685589385774, 338.9929111111279, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 347.1110307930398, 76.62685589385774, 379.17946314227936, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 393.6382916184038, 76.62685589385774, 421.9181489622664, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 434.04783757367267, 76.62685589385774, 473.3176439431908, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7", "box": [ 139.4513172425282, 89.15593594781274, 141.88665715191345, 91.59804187955638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LMM loans", "box": [ 164.50947735043815, 89.15593594781274, 187.64517204970662, 91.59804187955638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "August 2026 - ", "box": [ 220.89033759323559, 84.45753092757957, 249.9788030876204, 86.89963685932321 ], "from_ocr": false, "confidence": 1.0 }, { "text": "September 2028", "box": [ 220.89033759323559, 89.15593594781274, 252.67813887069565, 91.59804187955638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR + 2.55%", "box": [ 268.918477800063, 89.15593594781274, 298.84930764952986, 91.59804187955638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.77025798890537, 89.15593594781274, 315.20559789829065, 91.59804187955638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,150,000", "box": [ 319.9891641458427, 89.15593594781274, 339.4718511324413, 91.59804187955638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 346.70318313503344, 89.15593594781274, 349.13852304441866, 91.59804187955638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,557,356", "box": [ 360.18662931894823, 89.15593594781274, 379.6693163055469, 91.59804187955638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 387.4226933103871, 89.15593594781274, 389.8580332197724, 91.59804187955638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,555,605", "box": [ 408.32896687001744, 89.15593594781274, 427.81165385661603, 91.59804187955638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 433.8846985104701, 89.15593594781274, 436.3200384198554, 91.59804187955638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,277,028", "box": [ 453.7468820656042, 89.15593594781274, 473.22956905220286, 91.59804187955638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5", "box": [ 139.4513172425282, 101.16297099951953, 141.88665715191345, 103.60507693126317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "MBS", "box": [ 164.50947735043815, 101.16297099951953, 174.7978235654624, 103.60507693126317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "July 2026 - November ", "box": [ 220.89033759323559, 96.46456597928648, 265.8013565276028, 98.90667191103012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 220.89033759323559, 101.16297099951953, 230.63168681597875, 103.60507693126317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.35%", "box": [ 268.918477800063, 101.16297099951953, 281.49946566771484, 103.60507693126317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "107,244", "box": [ 323.6434791615796, 101.16297099951953, 339.47316548514345, 103.60507693126317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "188,834", "box": [ 363.8409443346851, 101.16297099951953, 379.670630658249, 103.60507693126317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "107,244", "box": [ 411.9832818857543, 101.16297099951953, 427.8129682093182, 103.60507693126317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "126,782", "box": [ 457.4011970813411, 101.16297099951953, 473.230883404905, 103.60507693126317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total borrowings under repurchase agreements", "box": [ 139.4513172425282, 108.99364603324136, 237.8612395085151, 111.435751964985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.77025798890537, 108.99364603324136, 315.20559789829065, 111.435751964985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,257,244", "box": [ 319.9891641458427, 108.99364603324136, 339.4718511324413, 111.435751964985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 346.70318313503344, 108.99364603324136, 349.13852304441866, 111.435751964985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,746,190", "box": [ 360.18662931894823, 108.99364603324136, 379.6693163055469, 111.435751964985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 387.4226933103871, 108.99364603324136, 389.8580332197724, 111.435751964985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,662,849", "box": [ 408.2147695257757, 108.99364603324136, 427.6974565123743, 111.435751964985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 433.8846985104701, 108.99364603324136, 436.3200384198554, 111.435751964985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,403,810", "box": [ 453.63268472136247, 108.99364603324136, 473.11537170796106, 111.435751964985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)Represents the total number of facility lenders.", "box": [ 137.10211473241165, 117.86841107145949, 234.66318363966002, 120.31051700320313 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)Current maturity does not reflect extension options available beyond original commitment terms.", "box": [ 137.10211473241165, 123.61090609618884, 332.46427141569, 126.05301202793248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)Asset class pricing is determined using an index rate plus a weighted average spread.", "box": [ 137.10211473241165, 129.8754461231664, 308.9171708800142, 132.31755205491004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Collateralized borrowings under repurchase agreements", "box": [ 137.10211473241165, 144.67623762177584, 298.33136994590615, 148.16533431790037 ], "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": [ 137.10211473241165, 161.3816776937158, 476.5967918009535, 164.87077438984034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of each quarter, the average amount of collateralized borrowings outstanding under repurchase agreements during the ", "box": [ 137.10211473241165, 169.73439772968572, 476.5967918009535, 173.22349442581026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "quarter and the highest balance of any month end during the quarter.", "box": [ 137.10211473241165, 178.08711776565576, 327.5327711093641, 181.5762144617803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 195.65311640642994, 167.45767368742935, 198.0952223381737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Quarter End Balance", "box": [ 236.9513809757505, 195.65311640642994, 281.51041067499096, 198.0952223381737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average Balance in Quarter", "box": [ 315.08683268638146, 195.65311640642994, 373.294699317243, 198.0952223381737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Highest Month End Balance in Quarter", "box": [ 390.6202189491569, 195.65311640642994, 473.01968883245905, 198.0952223381737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Q3 2024", "box": [ 139.4513172425282, 201.9176564334075, 156.3631142125111, 204.35976236515114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,882,327", "box": [ 278.33976131023456, 201.9176564334075, 297.82244829683316, 204.35976236515114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,971,347", "box": [ 363.43309667667876, 201.9176564334075, 382.9157836632774, 204.35976236515114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,049,273", "box": [ 453.2248370633561, 201.9176564334075, 472.7075240499547, 204.35976236515114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Q4 2024", "box": [ 139.4513172425282, 208.70424146263304, 156.3631142125111, 211.1463473943768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,718,131", "box": [ 278.33976131023456, 208.70424146263304, 297.82244829683316, 211.1463473943768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,795,627", "box": [ 363.43309667667876, 208.70424146263304, 382.9157836632774, 211.1463473943768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,846,677", "box": [ 453.2248370633561, 208.70424146263304, 472.7075240499547, 211.1463473943768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Q1 2025", "box": [ 139.4513172425282, 215.49082649185868, 156.3631142125111, 217.93293242360232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,425,258", "box": [ 278.33976131023456, 215.49082649185868, 297.82244829683316, 217.93293242360232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,922,525", "box": [ 363.43309667667876, 215.49082649185868, 382.9157836632774, 217.93293242360232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,425,258", "box": [ 453.2248370633561, 215.49082649185868, 472.7075240499547, 217.93293242360232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Q2 2025", "box": [ 139.4513172425282, 222.27741152108433, 156.3631142125111, 224.71951745282797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,135,931", "box": [ 278.33976131023456, 222.27741152108433, 297.82244829683316, 224.71951745282797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,673,449", "box": [ 363.43309667667876, 222.27741152108433, 382.9157836632774, 224.71951745282797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,135,931", "box": [ 453.2248370633561, 222.27741152108433, 472.7075240499547, 224.71951745282797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Q3 2025", "box": [ 139.4513172425282, 229.06399655030998, 156.3631142125111, 231.50610248205362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,460,953", "box": [ 278.33976131023456, 229.06399655030998, 297.82244829683316, 231.50610248205362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,699,935", "box": [ 363.43309667667876, 229.06399655030998, 382.9157836632774, 231.50610248205362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,021,745", "box": [ 453.2248370633561, 229.06399655030998, 472.7075240499547, 231.50610248205362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Q4 2025", "box": [ 139.4513172425282, 235.85058157953551, 156.3631142125111, 238.29268751127915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,403,810", "box": [ 278.33976131023456, 235.85058157953551, 297.82244829683316, 238.29268751127915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,402,929", "box": [ 363.43309667667876, 235.85058157953551, 382.9157836632774, 238.29268751127915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,431,561", "box": [ 453.2248370633561, 235.85058157953551, 472.7075240499547, 238.29268751127915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Q1 2026", "box": [ 139.4513172425282, 242.63716660876116, 156.3631142125111, 245.0792725405048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,963,443", "box": [ 278.33976131023456, 242.63716660876116, 297.82244829683316, 245.0792725405048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,178,978", "box": [ 363.43309667667876, 242.63716660876116, 382.9157836632774, 245.0792725405048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,628,893", "box": [ 453.2248370633561, 242.63716660876116, 472.7075240499547, 245.0792725405048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Q2 2026", "box": [ 139.4513172425282, 249.4237516379868, 156.3631142125111, 251.86585756973045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,662,849", "box": [ 278.33976131023456, 249.4237516379868, 297.82244829683316, 251.86585756973045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,788,459", "box": [ 363.43309667667876, 249.4237516379868, 382.9157836632774, 251.86585756973045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,873,815", "box": [ 453.2248370633561, 249.4237516379868, 472.7075240499547, 251.86585756973045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The net decrease in the outstanding balances during the second quarter of 2026 was primarily due to paydowns and sales ", "box": [ 137.10211473241165, 267.3568131500849, 476.57231833124814, 270.84590984620945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of warehouse loans and the wind-down of repurchase facilities.", "box": [ 137.10211473241165, 275.70953318605495, 313.1393019766389, 279.1986298821795 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Paycheck Protection Program Liquidity Facility borrowings. ", "box": [ 137.10211473241165, 292.4149732579949, 314.20000872576134, 295.90406995411945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company uses the PPPLF from the Federal Reserve ", "box": [ 314.5892611538387, 292.4149732579949, 476.6212600502089, 295.90406995411945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to finance PPP loans. The program charges an interest rate of 0.35%. As of June 30, 2026, this credit facility was fully ", "box": [ 137.10211473241165, 300.7676932939649, 476.61310570727375, 304.25678999008943 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repaid.", "box": [ 137.10211473241165, 309.1204133299349, 156.22876563100664, 312.6095100260594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior Secured Notes and Corporate Debt, Net", "box": [ 137.10211473241165, 557.6152285119838, 271.06000946773463, 561.1043252081083 ], "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": [ 137.10211473241165, 565.9679485479538, 476.5967918009535, 569.4570452440784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transactions.", "box": [ 137.10211473241165, 574.3206685839239, 172.04878600422916, 577.8097652800484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 592.4087122269461, 167.45767368742935, 594.8508181586899 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Coupon Rate", "box": [ 323.3090414717894, 592.4087122269461, 350.7779160904051, 594.8508181586899 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity Date", "box": [ 377.9606276446398, 592.4087122269461, 407.85056411131814, 594.8508181586899 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 434.61882429488156, 592.4087122269461, 462.8986816387441, 594.8508181586899 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured notes principal amount", "box": [ 139.4513172425282, 599.1952972561718, 214.11433624968848, 601.6374031879154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 214.07112475136944, 598.7594406687873, 217.75991911430225, 600.3456316506496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.50 %", "box": [ 348.4161432986601, 598.6732522539237, 362.6207073589032, 601.1153581856673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10/20/2026", "box": [ 393.2386035237826, 598.6732522539237, 415.4277500804037, 601.1153581856673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 598.6732522539237, 426.9232283793892, 601.1153581856673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "350,000", "box": [ 456.879152079093, 598.6732522539237, 472.70883840265685, 601.1153581856673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured notes principal amount", "box": [ 139.4513172425282, 606.5039272876455, 214.11433624968848, 608.9460332193892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 214.07112475136944, 606.068070700261, 217.75991911430225, 607.6542616821233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.375 %", "box": [ 345.97721691400716, 606.5039272876455, 362.6207073589032, 608.9460332193892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3/1/2028", "box": [ 398.1164615135385, 606.5039272876455, 415.4349351945877, 608.9460332193892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "270,000", "box": [ 456.879152079093, 606.5039272876455, 472.70883840265685, 608.9460332193892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Term loan principal amount", "box": [ 139.4513172425282, 613.2905123168712, 193.61851775403272, 615.7326182486148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3) ", "box": [ 193.9234504458559, 612.8546557294867, 198.403139478896, 614.440846711349 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR + 5.50%", "box": [ 331.3762707573799, 613.2905123168712, 361.3070953863968, 615.7326182486148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4/12/2029", "box": [ 395.6775299084356, 613.2905123168712, 415.4313400272707, 615.7326182486148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "115,250", "box": [ 456.879152079093, 613.2905123168712, 472.52808700280445, 615.7326182486148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unamortized discount", "box": [ 139.4513172425282, 620.0770973460967, 182.60005922435056, 622.5192032778405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,606)", "box": [ 460.1337737797586, 620.0770973460967, 474.3367253212965, 622.5192032778405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unamortized deferred financing costs", "box": [ 139.4513172425282, 626.8636823753224, 212.88715840253215, 629.305788307066 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9,729)", "box": [ 460.1337737797586, 626.8636823753224, 474.3367253212965, 629.305788307066 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total senior secured notes, net", "box": [ 139.4513172425282, 633.650267404548, 202.00423412563396, 636.0923733362916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 633.650267404548, 426.9232283793892, 636.0923733362916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "723,915", "box": [ 456.879152079093, 633.650267404548, 472.70883840265685, 636.0923733362916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate debt principal amount", "box": [ 139.4513172425282, 640.9588974360217, 202.886577036298, 643.4010033677654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 202.84715720303478, 640.5230408486373, 206.5359515659676, 642.1092318304995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.50 %", "box": [ 348.4161432986601, 640.4368524337735, 362.6207073589032, 642.8789583655173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12/30/2028", "box": [ 393.2386035237826, 640.4368524337735, 415.4277500804037, 642.8789583655173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "110,000", "box": [ 456.879152079093, 640.4368524337735, 472.52808700280445, 642.8789583655173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate debt principal amount", "box": [ 139.4513172425282, 647.7454824652473, 202.886577036298, 650.187588396991 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 202.84715720303478, 647.3096258778628, 206.5359515659676, 648.8958168597251 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.375 %", "box": [ 345.97721691400716, 647.2234374629992, 362.6207073589032, 649.6655433947428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7/31/2027", "box": [ 395.6775299084356, 647.2234374629992, 415.4313400272707, 649.6655433947428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100,000", "box": [ 456.879152079093, 647.2234374629992, 472.70883840265685, 649.6655433947428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate debt principal amount", "box": [ 139.4513172425282, 654.5320674944729, 202.886577036298, 656.9741734262166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 202.84715720303478, 654.0962109070884, 206.5359515659676, 655.6824018889507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.00 %", "box": [ 348.4161432986601, 654.0100224922248, 362.6207073589032, 656.4521284239685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11/15/2026", "box": [ 393.2386035237826, 654.0100224922248, 415.2469986805513, 656.4521284239685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100,000", "box": [ 456.879152079093, 654.0100224922248, 472.70883840265685, 656.4521284239685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate debt principal amount", "box": [ 139.4513172425282, 661.8406975259467, 202.886577036298, 664.2828034576903 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 202.84715720303478, 661.4048409385622, 206.5359515659676, 662.9910319204245 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.00 %", "box": [ 348.4161432986601, 661.8406975259467, 362.6207073589032, 664.2828034576903 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12/15/2029", "box": [ 393.2386035237826, 661.8406975259467, 415.4277500804037, 664.2828034576903 ], "from_ocr": false, "confidence": 1.0 }, { "text": "129,371", "box": [ 456.879152079093, 661.8406975259467, 472.70883840265685, 664.2828034576903 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unamortized discount - corporate debt", "box": [ 139.4513172425282, 668.6272825551723, 214.6494451670954, 671.069388486916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,179)", "box": [ 460.1337737797586, 668.6272825551723, 474.3367253212965, 671.069388486916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unamortized deferred financing costs - corporate debt", "box": [ 139.4513172425282, 675.4138675843978, 244.93654688149314, 677.8559735161416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,070)", "box": [ 460.1337737797586, 675.4138675843978, 474.3367253212965, 677.8559735161416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Junior subordinated notes principal amount", "box": [ 139.4513172425282, 682.7224976158716, 223.86042968690083, 685.1646035476153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8)", "box": [ 223.81868638794612, 682.2866410284871, 227.50748075087893, 683.8728320103494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR + 3.10%", "box": [ 331.3762707573799, 682.2004526136235, 361.3070953863968, 684.6425585453671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3/30/2035", "box": [ 395.6775299084356, 682.2004526136235, 415.4313400272707, 684.6425585453671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,000", "box": [ 459.3180784637459, 682.2004526136235, 472.71242834952386, 684.6425585453671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Junior subordinated notes principal amount", "box": [ 139.4513172425282, 689.5090826450972, 223.86042968690083, 691.9511885768409 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9)", "box": [ 223.81868638794612, 689.0732260577128, 227.50748075087893, 690.659417039575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR + 3.10%", "box": [ 331.3762707573799, 688.9870376428491, 361.3070953863968, 691.4291435745928 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4/30/2035", "box": [ 395.6775299084356, 688.9870376428491, 415.4313400272707, 691.4291435745928 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21,250", "box": [ 459.3180784637459, 688.9870376428491, 472.71242834952386, 691.4291435745928 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total corporate debt, net", "box": [ 139.4513172425282, 695.7736226720747, 190.94771512199537, 698.2157286038184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 695.7736226720747, 426.9232283793892, 698.2157286038184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "470,372", "box": [ 456.879152079093, 695.7736226720747, 472.70883840265685, 698.2157286038184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total carrying amount of debt", "box": [ 139.4513172425282, 702.5602077013003, 202.04941602428397, 705.002313633044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 702.5602077013003, 426.9232283793892, 705.002313633044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,194,287", "box": [ 453.2248370633561, 702.5602077013003, 472.7075240499547, 705.002313633044 ], "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": [ 137.10211473241165, 711.4349727395185, 340.9830139782281, 713.8770786712621 ], "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": [ 137.10211473241165, 717.1774677642478, 343.68427173523446, 719.6195736959914 ], "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": [ 137.10211473241165, 723.4420077912253, 351.95829014602776, 725.884113722969 ], "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": [ 137.10211473241165, 729.1845028159547, 332.4599380245354, 731.6266087476984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)Interest on the corporate debt is payable semiannually on January 31 and July 31 of each year.", "box": [ 137.10211473241165, 734.9269978406841, 326.7959379473665, 737.3691037724277 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)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": [ 137.10211473241165, 740.6694928654134, 454.9701281395795, 743.1115987971571 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7) Interest on the corporate debt is payable quarterly on March 15, June 15, September 15, and December 15 of each year.", "box": [ 137.10211473241165, 746.4119878901428, 376.4949314208474, 748.8540938218864 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 66, "width": 612.0, "height": 792.0, "cells": [ { "text": "85", "box": [ 302.5169704768508, 319.56131337489734, 309.47582683301454, 323.0504100710219 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8) 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": [ 137.10211473241165, 36.42939072075217, 406.53740399569097, 38.87149665249581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9) 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": [ 137.10211473241165, 37.995525727496556, 394.2605066026322, 40.437631659240196 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the contractual maturities for senior secured notes and corporate debt.", "box": [ 137.10211473241165, 52.796317226106, 402.2112386225188, 56.28541392223053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 70.36231586688018, 167.45767368742935, 72.80442179862393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 434.61882429488156, 70.88436086912839, 462.8986816387441, 73.32646680087203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 139.4513172425282, 76.62685589385774, 149.19266646527143, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 76.62685589385774, 426.9232283793892, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "450,000", "box": [ 456.879152079093, 76.62685589385774, 472.70883840265685, 79.06896182560138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027", "box": [ 139.4513172425282, 83.41344092308327, 149.19266646527143, 85.85554685482703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100,000", "box": [ 456.879152079093, 83.41344092308327, 472.70883840265685, 85.85554685482703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2028", "box": [ 139.4513172425282, 90.20002595230892, 149.19266646527143, 92.64213188405256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "380,000", "box": [ 456.879152079093, 90.20002595230892, 472.70883840265685, 92.64213188405256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2029", "box": [ 139.4513172425282, 96.98661098153457, 149.19266646527143, 99.42871691327821 ], "from_ocr": false, "confidence": 1.0 }, { "text": "244,621", "box": [ 456.879152079093, 96.98661098153457, 472.70883840265685, 99.42871691327821 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2030", "box": [ 139.4513172425282, 103.7731960107601, 149.19266646527143, 106.21530194250386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 467.8420971263036, 103.7731960107601, 472.71277694507404, 106.21530194250386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Thereafter", "box": [ 139.4513172425282, 110.55978103998575, 159.72834711312694, 113.00188697172939 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36,250", "box": [ 459.3180784637459, 110.55978103998575, 472.71242834952386, 113.00188697172939 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total contractual amounts", "box": [ 139.4513172425282, 117.86841107145949, 194.20354557603991, 120.31051700320313 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 117.86841107145949, 426.9232283793892, 120.31051700320313 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,210,871", "box": [ 453.1106397191143, 117.86841107145949, 472.5933267057129, 120.31051700320313 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unamortized deferred financing costs, discounts, and premiums, net", "box": [ 139.4513172425282, 124.13295109843705, 272.2746231647763, 126.57505703018069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(16,584)", "box": [ 457.6948473951057, 124.13295109843705, 474.33313537442956, 126.57505703018069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total carrying amount of debt", "box": [ 139.4513172425282, 131.44158112991067, 202.04941602428397, 133.88368706165443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 424.4878884700039, 131.44158112991067, 426.9232283793892, 133.88368706165443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,194,287", "box": [ 453.1106397191143, 131.44158112991067, 472.5933267057129, 133.88368706165443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ReadyCap Holdings 4.50% senior secured notes due 2026. ", "box": [ 137.10211473241165, 149.3746426420089, 313.8900445056765, 152.86373933813343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On October 20, 2021, ReadyCap Holdings, an indirect ", "box": [ 315.0705187800612, 149.3746426420089, 476.54785008199275, 152.86373933813343 ], "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": [ 137.10211473241165, 157.72736267797893, 476.5315361756725, 161.21645937410347 ], "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": [ 137.10211473241165, 166.08008271394885, 476.58047789463325, 169.5691794100734 ], "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": [ 137.10211473241165, 174.4328027499189, 476.57231833124814, 177.92189944604343 ], "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": [ 137.10211473241165, 182.78552278588882, 476.6212600502089, 186.27461948201335 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior Secured Notes (collectively, the '2026 SSN Guarantors'). ", "box": [ 137.10211473241165, 191.13824282185885, 320.59506000330083, 194.6273395179834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ReadyCap Holdings' and the 2026 SSN Guarantors' respective obligations under the 2026 Senior Secured Notes are ", "box": [ 137.10211473241165, 207.8436828937988, 476.57231833124814, 211.33277958992335 ], "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": [ 137.10211473241165, 216.19640292976874, 476.629419613594, 219.68549962589327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "owned by certain subsidiaries of the Company.", "box": [ 137.10211473241165, 224.54912296573877, 267.86066040036343, 228.0382196618633 ], "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": [ 137.10211473241165, 241.25456303767874, 476.58047789463325, 244.74365973380327 ], "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": [ 137.10211473241165, 249.60728307364866, 476.61310570727375, 253.0963797697732 ], "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": [ 137.10211473241165, 257.9600031096187, 476.60494614388864, 261.44909980574323 ], "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": [ 137.10211473241165, 266.31272314558873, 476.5396905186076, 269.80181984171327 ], "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": [ 137.10211473241165, 274.66544318155866, 476.58047789463325, 278.1545398776832 ], "from_ocr": false, "confidence": 1.0 }, { "text": "set forth more fully in the note purchase agreement governing the 2026 Senior Secured Notes. ", "box": [ 137.10211473241165, 283.0181632175287, 400.5658287851853, 286.50725991365323 ], "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": [ 137.10211473241165, 394.73631929860534, 476.54785008199275, 398.2254159947299 ], "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": [ 137.10211473241165, 403.0890393345753, 476.57231833124814, 406.57813603069985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guarantors, including maintenance of minimum liquidity, minimum tangible net worth, maximum debt to net worth ", "box": [ 137.10211473241165, 411.4417593705453, 476.5967918009535, 414.93085606666983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ratio, and limitations on transactions with affiliates.", "box": [ 137.10211473241165, 419.7944794065153, 280.3735379524016, 423.2835761026398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ReadyCap Holdings 9.375% senior secured notes due 2028. ", "box": [ 137.10211473241165, 436.49991947845524, 311.0327210820206, 439.9890161745798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On February 21, 2025, ReadyCap Holdings completed the ", "box": [ 311.03282957602335, 436.49991947845524, 476.564163988313, 439.9890161745798 ], "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": [ 137.10211473241165, 444.8526395144252, 476.57231833124814, 448.34173621054975 ], "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": [ 137.10211473241165, 453.2053595503952, 476.5967918009535, 456.69445624651974 ], "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": [ 137.10211473241165, 461.5580795863652, 476.6212600502089, 465.0471762824897 ], "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": [ 137.10211473241165, 469.91079962233516, 476.5070627059671, 473.3998963184597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(collectively, the '2028 SSN Guarantors'). ", "box": [ 137.10211473241165, 478.2635196583052, 258.58590208001584, 481.75261635442973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ReadyCap Holdings' and the 2028 SSN Guarantors' respective obligations under the 2028 Senior Secured Notes are ", "box": [ 137.10211473241165, 494.96895973024516, 476.57231833124814, 498.4580564263697 ], "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": [ 137.10211473241165, 503.3216797662151, 476.629419613594, 506.8107764623396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "owned by certain subsidiaries of the Company.", "box": [ 137.10211473241165, 511.6743998021851, 267.86066040036343, 515.1634964983097 ], "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": [ 137.10211473241165, 528.3798398741251, 476.5560044249279, 531.8689365702496 ], "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": [ 137.10211473241165, 536.732559910095, 476.61310570727375, 540.2216566062195 ], "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": [ 137.10211473241165, 545.085279946065, 476.60494614388864, 548.5743766421896 ], "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": [ 137.10211473241165, 553.4379999820351, 476.5396905186076, 556.9270966781596 ], "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": [ 137.10211473241165, 561.790720018005, 476.58047789463325, 565.2798167141295 ], "from_ocr": false, "confidence": 1.0 }, { "text": "set forth more fully in the note purchase agreement governing the 2028 Senior Secured Notes. ", "box": [ 137.10211473241165, 570.1434400539749, 400.5658287851853, 573.6325367500995 ], "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": [ 137.10211473241165, 586.848880125915, 476.54785008199275, 590.3379768220395 ], "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": [ 137.10211473241165, 595.2016001618849, 476.57231833124814, 598.6906968580095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guarantors, including maintenance of minimum tangible net worth, maximum debt to net worth ratio, unencumbered ", "box": [ 137.10211473241165, 603.554320197855, 476.54785008199275, 607.0434168939794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cash and asset requirements, and limitations on transactions with affiliates. ", "box": [ 137.10211473241165, 611.9070402338249, 346.80335311701367, 615.3961369299494 ], "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": [ 137.10211473241165, 628.6124803057648, 476.54785008199275, 632.1015770018894 ], "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": [ 137.10211473241165, 636.9652003417349, 476.61310570727375, 640.4542970378594 ], "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": [ 137.10211473241165, 645.3179203777049, 476.54785008199275, 648.8070170738295 ], "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": [ 137.10211473241165, 653.6706404136748, 476.5886322375684, 657.1597371097994 ], "from_ocr": false, "confidence": 1.0 }, { "text": "corporate purposes.", "box": [ 137.10211473241165, 662.0233604496448, 191.5938653297827, 665.5124571457693 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 191.57424793573935, 662.0233604496448, 193.31396289268008, 665.5124571457693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ready Term Holdings, LLC ('Ready Term Holdings') term loan due 2029.", "box": [ 137.10211473241165, 678.7288005215848, 353.736537623067, 682.2178972177094 ], "from_ocr": false, "confidence": 1.0 }, { "text": " On April 12, 2024, Ready Term Holdings, ", "box": [ 353.742636322448, 678.7288005215848, 476.54785008199275, 682.2178972177094 ], "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": [ 137.10211473241165, 687.0815205575548, 476.498908363032, 690.5706172536793 ], "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": [ 137.10211473241165, 695.4342405935247, 476.61310570727375, 698.9233372896492 ], "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": [ 137.10211473241165, 703.7869606294947, 476.51522226935225, 707.2760573256193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "time that pledge collateral to secure the Term Loan (collectively, the 'Term Loan Guarantors'). ", "box": [ 137.10211473241165, 712.1396806654648, 405.06031258664024, 715.6287773615893 ], "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": [ 137.10211473241165, 728.8451207374046, 476.54785008199275, 732.3342174335291 ], "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": [ 137.10211473241165, 737.1978407733747, 476.57231833124814, 740.6869374694992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "certain subsidiaries of the Company.", "box": [ 137.10211473241165, 745.5505608093447, 238.86997261673605, 749.0396575054692 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 67, "width": 612.0, "height": 792.0, "cells": [ { "text": "86", "box": [ 302.5169704768508, 156.68327267348263, 309.47582683301454, 160.17236936960717 ], "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": [ 137.10211473241165, 41.83337217889539, 476.5967918009535, 45.32246887501992 ], "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": [ 137.10211473241165, 50.18609221486531, 476.57231833124814, 53.675188910989846 ], "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": [ 137.10211473241165, 58.53881225083535, 476.5396905186076, 62.02790894695988 ], "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": [ 137.10211473241165, 66.89153228680527, 476.498908363032, 70.38062898292992 ], "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": [ 137.10211473241165, 75.24425232277531, 476.58047789463325, 78.73334901889984 ], "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": [ 137.10211473241165, 83.59697235874523, 476.49074879964684, 87.08606905486988 ], "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": [ 137.10211473241165, 91.94969239471527, 476.5315361756725, 95.4387890908398 ], "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": [ 137.10211473241165, 100.30241243068531, 476.54785008199275, 103.79150912680984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fee of 1.00% per annum.", "box": [ 137.10211473241165, 108.65513246665523, 205.887961943422, 112.14422916277977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "87", "box": [ 302.5169704768508, 714.227001762493, 309.47582683301454, 717.7160984586176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Term Loan was issued pursuant to a credit agreement, which contains certain customary representations and ", "box": [ 137.10211473241165, 231.85741968522643, 476.564163988313, 235.34651638135097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "warranties and affirmative and negative covenants and requirements relating to the collateral and the Company, Ready ", "box": [ 137.10211473241165, 240.21013972119647, 476.564163988313, 243.699236417321 ], "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": [ 137.10211473241165, 248.5628597571664, 476.5886322375684, 252.05195645329104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maximum debt to equity ratio.", "box": [ 137.10211473241165, 256.91557979313643, 221.55973918112716, 260.40467648926096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate debt", "box": [ 137.10211473241165, 273.6210198650764, 179.820226866157, 277.1101165612009 ], "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": [ 137.10211473241165, 281.9737399010464, 476.5396905186076, 285.4628365971709 ], "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": [ 137.10211473241165, 290.32645993701635, 476.629419613594, 293.8155566331409 ], "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": [ 137.10211473241165, 298.67917997298633, 476.5560044249279, 302.16827666911087 ], "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": [ 137.10211473241165, 307.0319000089563, 476.5396905186076, 310.52099670508085 ], "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": [ 137.10211473241165, 315.38462004492635, 476.6212600502089, 318.8737167410509 ], "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": [ 137.10211473241165, 323.7373400808963, 476.629419613594, 327.2264367770208 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unsubordinated indebtedness; effectively junior in right of payment to any of ", "box": [ 137.10211473241165, 332.0900601168663, 376.7312116512944, 335.57915681299085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our existing and future secured ", "box": [ 381.5030235205248, 332.0900601168663, 476.54785008199275, 335.57915681299085 ], "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": [ 137.10211473241165, 340.44278015283624, 476.52337661228734, 343.93187684896077 ], "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": [ 137.10211473241165, 348.7955001888063, 476.5967918009535, 352.2845968849308 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our subsidiaries. The supplemental indentures governing the notes often contain customary negative covenants and ", "box": [ 137.10211473241165, 357.1482202247762, 476.54785008199275, 360.63731692090073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial covenants relating to maintenance of minimum liquidity, minimum tangible net worth, maximum debt to net ", "box": [ 137.10211473241165, 365.50094026074623, 476.54785008199275, 368.99003695687077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "worth ratio and limitations on transactions with affiliates.", "box": [ 137.10211473241165, 373.8536602967162, 296.6085991373074, 377.34275699284075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition, in connection with the merger among the Company, Broadmark Realty Capital Inc. ('Broadmark'), and ", "box": [ 137.10211473241165, 390.5591003686562, 476.5560044249279, 394.0481970647807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ready Capital Investments, LLC (formerly known as 'RCC Merger Sub, LLC'), a wholly owned subsidiary of the ", "box": [ 137.10211473241165, 398.91182040462616, 476.564163988313, 402.4009171007507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operating partnership ('Ready Capital Investments'), in which Broadmark merged with and into Ready Capital ", "box": [ 137.10211473241165, 407.26454044059614, 476.5560044249279, 410.75363713672067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investments, with Ready Capital Investments remaining as a wholly owned subsidiary of the operating partnership (the ", "box": [ 137.10211473241165, 415.6172604765661, 476.5396905186076, 419.10635717269065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'Broadmark Merger'), Ready Capital Investments assumed Broadmark's obligations on certain senior unsecured notes. ", "box": [ 137.10211473241165, 423.9699805125361, 476.5560044249279, 427.45907720866063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The note purchase agreement governing these notes contains financial covenants that require compliance with leverage ", "box": [ 137.10211473241165, 432.3227005485061, 476.60494614388864, 435.8117972446306 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and coverage ratios and maintenance of minimum tangible net worth, as well as other customary affirmative and ", "box": [ 137.10211473241165, 440.6754205844761, 476.5886322375684, 444.1645172806006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "negative covenants.", "box": [ 137.10211473241165, 449.02814062044604, 191.97783950440476, 452.5172373165706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securitization transactions", "box": [ 137.10211473241165, 465.73358069238606, 213.82912702866048, 469.2226773885106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our Manager's extensive experience in loan acquisition, origination, servicing and securitization strategies has enabled ", "box": [ 137.10211473241165, 474.08630072835604, 476.54785008199275, 477.57539742448057 ], "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": [ 137.10211473241165, 482.439020764326, 476.58047789463325, 485.92811746045055 ], "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": [ 137.10211473241165, 490.791740800296, 476.58047789463325, 494.28083749642053 ], "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": [ 137.10211473241165, 499.144460836266, 476.58047789463325, 502.6335575323905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securitizations, these transactions created capacity for us to fund other investments. 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"March 2022", "box": [ 351.40158815526655, 327.73050197520536, 375.0723926573908, 330.172607906949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Collapsed", "box": [ 393.16518833511645, 327.73050197520536, 412.6455015308854, 330.172607906949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,135.0", "box": [ 458.10269505311203, 327.73050197520536, 472.71470916413864, 330.172607906949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ready Capital Mortgage Financing 2022 - FL9", "box": [ 139.4513172425282, 334.517087004431, 231.97979860229918, 336.95919293617465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LMM Originated bridge", "box": [ 284.05778286525856, 334.517087004431, 331.401751107505, 336.95919293617465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 2022", "box": [ 351.40158815526655, 334.517087004431, 371.28858599718575, 336.95919293617465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Collapsed", "box": [ 393.16518833511645, 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2018-SB56", "box": [ 139.4513172425282, 409.16952232591274, 248.48966302348043, 411.6116282576564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Originated agency multi-family", "box": [ 284.05778286525856, 409.16952232591274, 345.7331385580323, 411.6116282576564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 2018", "box": [ 351.40158815526655, 409.16952232591274, 382.37128049385063, 411.6116282576564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Active", "box": [ 393.16518833511645, 409.16952232591274, 406.14810279473164, 411.6116282576564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "507.3", "box": [ 461.7570100688489, 409.16952232591274, 472.71602351684083, 411.6116282576564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Key Commercial Mortgage Trust 2020-S3", "box": [ 139.4513172425282, 416.4781523573865, 222.18078081700838, 418.92025828913006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 222.19545009885587, 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and originate LMM and SBL loans. We are the ", "box": [ 137.10211473241165, 439.63166389196584, 476.52337661228734, 443.1207605880904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "primary beneficiary of all firm sponsored securitizations; therefore they are consolidated in our financial statements.", "box": [ 137.10211473241165, 447.9843839279358, 460.76340963369387, 451.47348062406036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contractual Obligations and Off-Balance Sheet Arrangements", "box": [ 137.10211473241165, 464.6898239998758, 322.0858992685257, 468.1789206960004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other than the items referenced above, there have been no material changes to our contractual obligations for the three ", "box": [ 137.10211473241165, 481.3952640718158, 476.5886322375684, 484.88436076794034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026. Refer to Item 7, \"Management's Discussion and Analysis of Financial Condition and ", "box": [ 137.10211473241165, 489.7479841077858, 476.57231833124814, 493.2370808039103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Results of Operations - Contractual Obligations,\" in the Company's Form 10-K for further details. As of the date of this ", "box": [ 137.10211473241165, 498.10070414375576, 476.51522226935225, 501.5898008398803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Form 10-Q, we had no off-balance sheet arrangements, other than as disclosed.", "box": [ 137.10211473241165, 506.45342417972574, 357.27568319456327, 509.9425208758503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Critical Accounting Estimates", "box": [ 137.10211473241165, 626.5214576408907, 226.01094697568453, 630.0105543370153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our consolidated financial statements are prepared in accordance with GAAP, which requires the use of estimates and ", "box": [ 137.10211473241165, 643.2268977128308, 476.60494614388864, 646.7159944089553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial ", "box": [ 137.10211473241165, 651.5796177488007, 476.5967918009535, 655.0687144449253 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements and the reported amounts of revenues and expenses during the reporting period. We believe that all of the ", "box": [ 137.10211473241165, 659.9323377847707, 476.5070627059671, 663.4214344808952 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decisions and assessments upon which our consolidated financial statements are based were reasonable at the time made, ", "box": [ 137.10211473241165, 668.2850578207407, 476.5315361756725, 671.7741545168652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "based upon information available to us at that time. The following discussion describes the critical accounting estimates ", "box": [ 137.10211473241165, 676.6377778567107, 476.5560044249279, 680.1268745528353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that apply to our operations and require complex management judgment. This summary should be read in conjunction ", "box": [ 137.10211473241165, 684.9904978926807, 476.58047789463325, 688.4795945888052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with our accounting policies and use of estimates included in 'Notes to Consolidated Financial Statements, Note 3 - ", "box": [ 137.10211473241165, 693.3432179286507, 476.5967918009535, 696.8323146247752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Summary of Significant Accounting Policies' included in Item 8, 'Financial Statements and Supplementary Data,' in the ", "box": [ 137.10211473241165, 701.6959379646206, 476.5967918009535, 705.1850346607451 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's Form 10-K.", "box": [ 137.10211473241165, 710.0486580005906, 203.77582889138688, 713.5377546967152 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 137.10211473241165, 718.4013780365606, 138.8418296893524, 721.8904747326851 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for credit losses", "box": [ 137.10211473241165, 726.7540980725306, 213.83975325468128, 730.2431947686551 ], "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": [ 137.10211473241165, 735.1068181085005, 476.51522226935225, 738.5959148046251 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amortized cost. Such loans and lending commitments are reviewed quarterly considering credit quality indicators, ", "box": [ 137.10211473241165, 743.4595381444706, 476.61310570727375, 746.9486348405951 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 69, "width": 612.0, "height": 792.0, "cells": [ { "text": "89", "box": [ 302.5169704768508, 388.4712536716497, 309.47582683301454, 391.96035036777425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including probable and historical losses, collateral values, LTV ratio and economic conditions. The allowance for credit ", "box": [ 137.10211473241165, 37.13496715866222, 476.6212600502089, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses increases through provisions charged to earnings and reduced by charge-offs, net of recoveries.", "box": [ 137.10211473241165, 39.74519216990291, 420.4442912174199, 43.23428886602744 ], "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": [ 137.10211473241165, 56.45063224184287, 476.54785008199275, 59.9397289379674 ], "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": [ 137.10211473241165, 64.80335227781279, 476.5967918009535, 68.29244897393733 ], "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": [ 137.10211473241165, 73.15607231378283, 476.5967918009535, 76.64516900990736 ], "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": [ 137.10211473241165, 81.50879234975275, 476.5560044249279, 84.99788904587729 ], "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": [ 137.10211473241165, 89.86151238572279, 476.5967918009535, 93.35060908184732 ], "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": [ 137.10211473241165, 98.21423242169271, 476.5967918009535, 101.70332911781725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "market loan loss data.", "box": [ 137.10211473241165, 106.56695245766275, 197.78140016902256, 110.05604915378728 ], "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": [ 137.10211473241165, 123.27239252960271, 476.629419613594, 126.76148922572725 ], "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": [ 137.10211473241165, 131.62511256557275, 476.57231833124814, 135.11420926169728 ], "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": [ 137.10211473241165, 139.97783260154267, 476.5967918009535, 143.4669292976672 ], "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": [ 137.10211473241165, 148.3305526375127, 476.54785008199275, 151.81964933363724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected credit losses for its loan portfolio.", "box": [ 137.10211473241165, 156.68327267348263, 257.49565019399125, 160.17236936960717 ], "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": [ 137.10211473241165, 173.3887127454226, 476.52337661228734, 176.87780944154713 ], "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": [ 137.10211473241165, 181.74143278139263, 476.60494614388864, 185.23052947751717 ], "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": [ 137.10211473241165, 190.09415281736256, 474.7772718109454, 193.5832495134871 ], "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": [ 137.10211473241165, 198.4468728533326, 476.6212600502089, 201.93596954945713 ], "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": [ 137.10211473241165, 206.79959288930252, 476.498908363032, 210.28868958542705 ], "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": [ 137.10211473241165, 215.15231292527255, 476.5560044249279, 218.6414096213971 ], "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": [ 137.10211473241165, 223.50503296124248, 476.5315361756725, 226.994129657367 ], "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": [ 137.10211473241165, 231.85775299721251, 476.58047789463325, 235.34684969333705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected through the sale of the collateral) and the amortized cost basis of the loan.", "box": [ 137.10211473241165, 240.21047303318255, 369.1702731460784, 243.6995697293071 ], "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": [ 137.10211473241165, 256.9159131051224, 476.5967918009535, 260.40500980124693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estimates of inherent loan losses involve judgment and assumptions as to various factors, including current economic ", "box": [ 137.10211473241165, 265.26863314109244, 476.5560044249279, 268.75772983721697 ], "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": [ 137.10211473241165, 273.6213531770625, 476.57231833124814, 277.110449873187 ], "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": [ 137.10211473241165, 281.9740732130324, 476.5315361756725, 285.46316990915693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assessment of the adequacy of the allowance for credit losses.", "box": [ 137.10211473241165, 290.32679324900244, 309.078843779828, 293.8158899451269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Significant judgment is required when evaluating loans for impairment; therefore, actual results over time could be ", "box": [ 137.10211473241165, 307.03223332094234, 476.5886322375684, 310.5213300170669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "materially different. Refer to 'Notes to Consolidated Financial Statements, Note 6 - Loans and Allowance for Credit ", "box": [ 137.10211473241165, 315.3849533569124, 476.61310570727375, 318.8740500530369 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Losses' included in this Form 10-Q for results of our loan impairment evaluation.", "box": [ 137.10211473241165, 323.73767339288236, 364.8383739438293, 327.2267700890069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Valuation of financial assets and liabilities carried at fair value", "box": [ 137.10211473241165, 463.64256042751185, 317.8520955951762, 467.1316571236364 ], "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": [ 137.10211473241165, 471.99528046348183, 476.54785008199275, 475.48437715960637 ], "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": [ 137.10211473241165, 480.3480004994518, 476.629419613594, 483.83709719557635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the near term. ", "box": [ 137.10211473241165, 488.7007205354218, 184.40657004182145, 492.18981723154633 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We have established valuation processes and procedures designed so that fair value measurements are appropriate and ", "box": [ 137.10211473241165, 505.40616060736176, 476.57231833124814, 508.8952573034863 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reliable, that they are based on observable inputs where possible, that the valuation approaches are consistently applied, ", "box": [ 137.10211473241165, 513.7588806433317, 476.57231833124814, 517.2479773394563 ], "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": [ 137.10211473241165, 522.1116006793018, 476.5315361756725, 525.6006973754263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "methodologies, techniques and approaches for investments that are categorized within Level 3 of the ASC 820 ", "box": [ 137.10211473241165, 530.4643207152717, 462.43523484373236, 533.9534174113962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair ", "box": [ 462.4503484772347, 530.4643207152717, 476.54785008199275, 533.9534174113962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value Measurement", "box": [ 137.10211473241165, 538.8170407512416, 193.75539352668062, 542.3061374473662 ], "from_ocr": false, "confidence": 1.0 }, { "text": " fair value hierarchy (the 'fair value hierarchy') are fair, consistent and verifiable. Our processes ", "box": [ 193.7684709460385, 538.8170407512416, 476.54785008199275, 542.3061374473662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provide a framework that ensures the oversight of our fair value methodologies, techniques, validation procedures, and ", "box": [ 137.10211473241165, 547.1697607872117, 476.5967918009535, 550.6588574833362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "results.", "box": [ 137.10211473241165, 555.5224808231817, 157.01027185439062, 559.0115775193062 ], "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": [ 137.10211473241165, 572.2279208951217, 476.54785008199275, 575.7170175912462 ], "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": [ 137.10211473241165, 580.5806409310916, 476.629419613594, 584.0697376272161 ], "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": [ 137.10211473241165, 588.9333609670616, 476.61310570727375, 592.4224576631862 ], "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": [ 137.10211473241165, 597.2860810030315, 476.54785008199275, 600.7751776991561 ], "from_ocr": false, "confidence": 1.0 }, { "text": "complete discussion of our critical accounting estimates as they pertain to fair value measurements. ", "box": [ 137.10211473241165, 605.6388010390016, 415.3380735684002, 609.1278977351261 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Servicing rights impairment ", "box": [ 137.10211473241165, 622.3442411109415, 219.26616954517414, 625.8333378070661 ], "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": [ 137.10211473241165, 630.6969611469115, 450.7124819038157, 634.186057843036 ], "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": [ 137.10211473241165, 647.4024012188515, 476.5396905186076, 650.8914979149761 ], "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": [ 137.10211473241165, 655.7551212548215, 476.57231833124814, 659.244217950946 ], "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": [ 137.10211473241165, 664.1078412907915, 476.5396905186076, 667.596937986916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cash flows of the intangibles is determined using discounted cash flow modeling techniques which require management ", "box": [ 137.10211473241165, 672.4605613267614, 476.5967918009535, 675.949658022886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to make estimates regarding future net servicing cash flows, taking into consideration historical and forecasted loan ", "box": [ 137.10211473241165, 680.8132813627315, 476.564163988313, 684.302378058856 ], "from_ocr": false, "confidence": 1.0 }, { "text": "prepayment rates, delinquency rates and anticipated maturity defaults. If the carrying value of the servicing rights ", "box": [ 137.10211473241165, 689.1660013987014, 476.5886322375684, 692.6550980948259 ], "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": [ 137.10211473241165, 697.5187214346714, 476.54785008199275, 701.007818130796 ], "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": [ 137.10211473241165, 705.8714414706415, 476.5560044249279, 709.360538166766 ], "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": [ 137.10211473241165, 714.2241615066114, 476.5886322375684, 717.7132582027359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "prepayment experience to modeled estimates.", "box": [ 137.10211473241165, 722.5768815425813, 264.0502160806917, 726.0659782387058 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Significant judgment is required when evaluating servicing rights for impairment therefore, actual results over time ", "box": [ 137.10211473241165, 739.2823216145214, 476.54785008199275, 742.7714183106459 ], "from_ocr": false, "confidence": 1.0 }, { "text": "could be materially different. Refer to 'Notes to Consolidated Financial Statements, Note 8 - Servicing Rights' included ", "box": [ 137.10211473241165, 747.6350416504913, 476.57231833124814, 751.1241383466158 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 70, "width": 612.0, "height": 792.0, "cells": [ { "text": "90", "box": [ 302.5169704768508, 225.59321297023507, 309.47582683301454, 229.0823096663596 ], "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": [ 137.10211473241165, 37.13496715866222, 476.5070627059671, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "impairment.", "box": [ 137.10211473241165, 43.92155218788787, 170.9211907774678, 47.4106488840124 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Refer to 'Notes to Consolidated Financial Statements, Note 4- Recent Accounting Pronouncements' included in Item 8, ", "box": [ 137.10211473241165, 60.62699225982783, 476.5967918009535, 64.11608895595236 ], "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": [ 137.10211473241165, 68.97971229579775, 476.57231833124814, 72.4688089919224 ], "from_ocr": false, "confidence": 1.0 }, { "text": "developments and the expected impact to the Company.", "box": [ 137.10211473241165, 77.33243233176779, 292.73994105738996, 80.82152902789232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 3. Quantitative and Qualitative Disclosures About Market Risk", "box": [ 137.10211473241165, 94.03787240370775, 339.74804075662576, 97.52696909983229 ], "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": [ 137.10211473241165, 110.74331247564771, 476.564163988313, 114.23240917177225 ], "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": [ 137.10211473241165, 119.09603251161775, 476.5967918009535, 122.58512920774228 ], "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": [ 137.10211473241165, 127.44875254758767, 476.51522226935225, 130.9378492437122 ], "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": [ 137.10211473241165, 135.8014725835577, 476.54785008199275, 139.29056927968224 ], "from_ocr": false, "confidence": 1.0 }, { "text": "economic disruptions caused by inflationary pressures, rising energy costs, heightened geopolitical tensions, and the ", "box": [ 137.10211473241165, 144.15419261952763, 476.54785008199275, 147.64328931565217 ], "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": [ 137.10211473241165, 152.50691265549767, 476.61310570727375, 155.9960093516222 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and effect of these risks in our operations.", "box": [ 137.10211473241165, 160.8596326914676, 253.75052534570432, 164.34872938759213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Market risk.", "box": [ 137.10211473241165, 177.56507276340767, 172.97231399622524, 181.0541694595322 ], "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": [ 172.97639473064993, 177.56507276340767, 476.5315361756725, 181.0541694595322 ], "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": [ 137.10211473241165, 185.9177927993776, 476.58047789463325, 189.40688949550213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial instruments. We attempt to mitigate our exposure to market risk by entering into offsetting transactions, which ", "box": [ 137.10211473241165, 300.7724544137665, 476.5560044249279, 304.26155110989106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may include purchase or sale of interest-bearing securities and equity securities.", "box": [ 137.10211473241165, 309.1251744497365, 359.51011468518504, 312.61427114586104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit risk. ", "box": [ 137.10211473241165, 325.83061452167647, 171.46964232986016, 329.319711217801 ], "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": [ 172.0220312109151, 325.83061452167647, 476.61310570727375, 329.319711217801 ], "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": [ 137.10211473241165, 334.18333455764645, 476.564163988313, 337.672431253771 ], "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": [ 137.10211473241165, 342.5360545936164, 476.5886322375684, 346.02515128974096 ], "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": [ 137.10211473241165, 350.8887746295864, 476.5315361756725, 354.37787132571094 ], "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": [ 137.10211473241165, 359.2414946655564, 476.61310570727375, 362.7305913616809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "anticipated and unanticipated losses and by deploying a value-driven approach to underwriting and diligence, consistent ", "box": [ 137.10211473241165, 367.59421470152637, 476.54785008199275, 371.0833113976509 ], "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": [ 137.10211473241165, 375.94693473749635, 476.5967918009535, 379.4360314336209 ], "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": [ 137.10211473241165, 384.2996547734664, 476.52337661228734, 387.7887514695909 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mitigation strategies with delinquent borrowers. Nevertheless, unanticipated credit losses could occur which could ", "box": [ 137.10211473241165, 392.6523748094363, 476.5560044249279, 396.14147150556084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "adversely impact operating results.", "box": [ 137.10211473241165, 401.00509484540635, 234.10809626883514, 404.4941915415309 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rate risk. ", "box": [ 137.10211473241165, 417.7105349173463, 188.77054259271438, 421.19963161347084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, ", "box": [ 189.1026937384459, 417.7105349173463, 476.54785008199275, 421.19963161347084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "domestic and international economic and political considerations and other factors beyond our control. ", "box": [ 137.10211473241165, 426.06325495331623, 424.4657015443572, 429.55235164944077 ], "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": [ 137.10211473241165, 442.76869502525625, 476.5967918009535, 446.2577917213808 ], "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": [ 137.10211473241165, 451.12141506122623, 476.6212600502089, 454.61051175735076 ], "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": [ 137.10211473241165, 459.4741350971962, 476.58047789463325, 462.96323179332074 ], "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": [ 137.10211473241165, 467.8268551331662, 476.5070627059671, 471.3159518292907 ], "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": [ 137.10211473241165, 476.17957516913617, 476.5886322375684, 479.6686718652607 ], "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": [ 137.10211473241165, 484.53229520510615, 476.57231833124814, 488.0213919012307 ], "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": [ 137.10211473241165, 492.88501524107613, 476.54785008199275, 496.37411193720067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest-bearing liabilities. ", "box": [ 137.10211473241165, 501.2377352770461, 211.80577831691286, 504.72683197317065 ], "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": [ 137.10211473241165, 517.9431753489861, 474.83217230817513, 521.4322720451106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performing ", "box": [ 137.10211473241165, 526.2958953849561, 170.1464634650515, 529.7849920810806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans ", "box": [ 173.8421788551068, 526.2958953849561, 190.27091752209208, 529.7849920810806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are ", "box": [ 193.96663291214736, 526.2958953849561, 204.20104185434798, 529.7849920810806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "often ", "box": [ 207.89675724440326, 526.2958953849561, 223.93473483851028, 529.7849920810806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generated ", "box": [ 227.63045022856556, 526.2958953849561, 256.4138741784187, 529.7849920810806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from ", "box": [ 260.109589568474, 526.2958953849561, 275.37625715674943, 529.7849920810806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "restructuring ", "box": [ 279.07197254680466, 526.2958953849561, 316.36704963586084, 529.7849920810806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the ", "box": [ 320.0627650259161, 526.2958953849561, 330.303968801457, 529.7849920810806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets ", "box": [ 333.9996841915123, 526.2958953849561, 351.97446022894985, 529.7849920810806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through ", "box": [ 355.67017561900514, 526.2958953849561, 379.0577590788574, 529.7849920810806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loss ", "box": [ 382.7534744689126, 526.2958953849561, 395.3222138510013, 529.7849920810806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mitigation ", "box": [ 399.01792924105655, 526.2958953849561, 429.3643656376778, 529.7849920810806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "strategies ", "box": [ 433.0600810277331, 526.2958953849561, 461.0789818178065, 529.7849920810806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and ", "box": [ 464.77476094955654, 526.2958953849561, 476.57231833124814, 529.7849920810806 ], "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": [ 137.10211473241165, 534.648615420926, 476.5396905186076, 538.1377121170506 ], "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": [ 137.10211473241165, 543.0013354568961, 476.6212600502089, 546.4904321530206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest rates.", "box": [ 137.10211473241165, 551.3540554928661, 174.20012651529515, 554.8431521889906 ], "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 June 30, ", "box": [ 137.10211473241165, 568.059495564806, 476.5070627059671, 571.5485922609305 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026, assuming an immediate increase or decrease of 25, 50, 75, and 100 basis points in interest rates.", "box": [ 137.10211473241165, 576.412215600776, 421.1877845251472, 579.9013122969005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12-month pretax net interest income sensitivity profiles", "box": [ 296.37478213705026, 595.0223042460465, 406.5047326856781, 597.4644101777901 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Instantaneous change in rates", "box": [ 322.81146993924665, 600.7647992707759, 380.0204626741157, 603.2069052025195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 616.9481943404677, 167.45767368742935, 619.3903002722113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25 basis ", "box": [ 233.58255671039308, 607.0293392977533, 251.1769033109784, 609.471445229497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "point ", "box": [ 236.35592078483626, 612.2497893202346, 248.40178673146272, 614.6918952519782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "increase", "box": [ 233.25627858398798, 616.9481943404677, 250.20850662040402, 619.3903002722113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "50 basis ", "box": [ 264.9052568452805, 607.0293392977533, 282.49960344586583, 609.471445229497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "point ", "box": [ 267.6786209197237, 612.2497893202346, 279.72448686635016, 614.6918952519782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "increase", "box": [ 264.5789787188754, 616.9481943404677, 281.53120675529146, 619.3903002722113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "75 basis ", "box": [ 296.22795698016796, 607.0293392977533, 313.82230358075327, 609.471445229497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "point ", "box": [ 299.00132105461114, 612.2497893202346, 311.0471870012376, 614.6918952519782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "increase", "box": [ 295.90167885376286, 616.9481943404677, 312.8539068901789, 619.3903002722113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100 basis ", "box": [ 326.32711414103636, 607.0293392977533, 346.3567971794077, 609.471445229497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "point ", "box": [ 330.3240211894985, 612.2497893202346, 342.36988713612504, 614.6918952519782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "increase", "box": [ 327.2243789886503, 616.9481943404677, 344.17660702506635, 619.3903002722113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25 basis ", "box": [ 358.87335724994284, 607.0293392977533, 376.4677038505281, 609.471445229497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "point ", "box": [ 361.64672132438596, 612.2497893202346, 373.69258727101237, 614.6918952519782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decrease", "box": [ 358.1473910289165, 616.9481943404677, 375.9082327886853, 619.3903002722113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "50 basis ", "box": [ 390.1960573848303, 607.0293392977533, 407.79040398541554, 609.471445229497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "point ", "box": [ 392.9694214592734, 612.2497893202346, 405.0152874058998, 614.6918952519782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decrease", "box": [ 389.47009116380394, 616.9481943404677, 407.23093292357277, 619.3903002722113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "75 basis ", "box": [ 421.5187575197177, 607.0293392977533, 439.113104120303, 609.471445229497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "point ", "box": [ 424.29212159416085, 612.2497893202346, 436.33798754078725, 614.6918952519782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decrease", "box": [ 420.7927912986914, 616.9481943404677, 438.5536330584602, 619.3903002722113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100 basis ", "box": [ 451.6179146805861, 607.0293392977533, 471.64759771895734, 609.471445229497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "point ", 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"4,870", "box": [ 461.7570100688489, 691.0785846597014, 472.71602351684083, 693.5206905914449 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Such hypothetical impact of interest rates on our variable rate debt does not consider the effect of any change in overall ", "box": [ 137.10211473241165, 709.0116461717995, 476.54785008199275, 712.500742867924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "economic activity that could occur in a rising interest rate environment. Further, in the event of such a change in interest ", "box": [ 137.10211473241165, 717.3643662077695, 476.498908363032, 720.8534629038941 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rates, we may take actions to further mitigate our exposure to such a change. However, due to the uncertainty of the ", "box": [ 137.10211473241165, 725.7170862437395, 476.498908363032, 729.206182939864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "specific actions that would be taken and their possible effects, this analysis assumes no changes in our financial ", "box": [ 137.10211473241165, 734.0698062797094, 476.5560044249279, 737.5589029758339 ], "from_ocr": false, "confidence": 1.0 }, { "text": "structure.", "box": [ 137.10211473241165, 742.4225263156794, 163.18761052828256, 745.911623011804 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 71, "width": 612.0, "height": 792.0, "cells": [ { "text": "91", "box": [ 302.5169704768508, 62.71517226882031, 309.47582683301454, 66.20426896494484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "92", "box": [ 302.5169704768508, 620.2631368776542, 309.47582683301454, 623.7522335737788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidity risk.", "box": [ 137.10211473241165, 137.89355480038762, 177.8346227711802, 141.38265149651215 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Liquidity risk arises in our investments and the general financing of our investing activities. It includes ", "box": [ 177.8460957672457, 137.89355480038762, 476.5560044249279, 141.38265149651215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the risk of not being able to fund acquisition and origination activities at settlement dates and/or liquidate positions in a ", "box": [ 137.10211473241165, 146.24627483635766, 476.498908363032, 149.7353715324822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "timely manner at a reasonable price, in addition to potential increases in collateral requirements during times of ", "box": [ 137.10211473241165, 154.59899487232758, 476.57231833124814, 158.08809156845223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "heightened market volatility. It also includes risk stemming from PIK interest loans and loan modifications we may grant ", "box": [ 137.10211473241165, 162.95171490829762, 476.51522226935225, 166.44081160442215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to borrowers which are intended to minimize our economic loss and to avoid foreclosure or repossession of collateral. ", "box": [ 137.10211473241165, 171.30443494426754, 476.61310570727375, 174.79353164039208 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Such modifications may include interest rate reductions, principal forgiveness, term extensions, and other-than-", "box": [ 137.10211473241165, 179.65715498023758, 474.83889494269175, 183.1462516763621 ], "from_ocr": false, "confidence": 1.0 }, { "text": "insignificant payment delay, which may impact our ability to meet potential cash requirements and make us more reliant ", "box": [ 137.10211473241165, 188.00987501620762, 476.5396905186076, 191.49897171233215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on financing strategies. Additionally, if we were forced to dispose of an illiquid investment at an inopportune time, we ", "box": [ 137.10211473241165, 196.36259505217754, 476.5396905186076, 199.85169174830207 ], "from_ocr": false, "confidence": 1.0 }, { "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": [ 137.10211473241165, 204.71531508814758, 476.5886322375684, 208.2044117842721 ], "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": [ 137.10211473241165, 213.0680351241175, 476.5967918009535, 216.55713182024203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "instruments. Factors such as our expected exit strategy for, the bid to offer spread of, and the number of broker dealers ", "box": [ 137.10211473241165, 221.42075516008754, 476.6212600502089, 224.90985185621207 ], "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": [ 137.10211473241165, 229.77347519605746, 476.6212600502089, 233.262571892182 ], "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": [ 137.10211473241165, 238.1261952320275, 476.498908363032, 241.61529192815203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "invest, we attempt to minimize our reliance on short-term financing arrangements. While we may finance certain ", "box": [ 137.10211473241165, 246.47891526799742, 476.58047789463325, 249.96801196412196 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investments in security positions using traditional margin arrangements and reverse repurchase agreements, other ", "box": [ 137.10211473241165, 254.83163530396746, 476.5886322375684, 258.320732000092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial instruments such as collateralized debt obligations, and other longer-term financing vehicles may be utilized to ", "box": [ 137.10211473241165, 263.1843553399374, 476.61310570727375, 266.6734520360619 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provide us with sources of long-term financing.", "box": [ 137.10211473241165, 271.5370753759074, 269.4833683799114, 275.02617207203195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Prepayment risk.", "box": [ 137.10211473241165, 288.2425154478474, 185.99014208250395, 291.7316121439719 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 186.00305153759766, 288.2425154478474, 187.7427664945384, 291.7316121439719 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Prepayment risk is the risk that principal will be repaid at a different rate than anticipated, causing the ", "box": [ 187.96887463896326, 288.2425154478474, 476.54785008199275, 291.7316121439719 ], "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": [ 137.10211473241165, 296.59523548381736, 476.5396905186076, 300.0843321799419 ], "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": [ 137.10211473241165, 304.94795551978734, 476.5560044249279, 308.4370522159119 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accelerates the amortization of purchase premiums, thereby reducing the interest income earned on the assets. ", "box": [ 137.10211473241165, 313.3006755557573, 476.54785008199275, 316.78977225188186 ], "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": [ 137.10211473241165, 321.6533955917273, 476.5967918009535, 325.14249228785184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accelerates the accretion of purchase discounts, thereby increasing the interest income earned on the assets.", "box": [ 137.10211473241165, 330.0061156276973, 435.4322784064437, 333.4952123238218 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 137.10211473241165, 338.35883566366726, 138.8418296893524, 341.8479323597918 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LMM loan and ABS extension risk.", "box": [ 137.10211473241165, 346.7115556996373, 240.74389731731293, 350.2006523957618 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 240.75252114836968, 346.7115556996373, 242.49223610531044, 350.2006523957618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our Manager computes the projected weighted-average life of our assets based on ", "box": [ 242.81622768765675, 346.7115556996373, 476.5396905186076, 350.2006523957618 ], "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": [ 137.10211473241165, 355.0642757356072, 476.52337661228734, 358.55337243173176 ], "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": [ 137.10211473241165, 363.4169957715772, 476.61310570727375, 366.90609246770174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "beyond the term of the secured debt agreements. This could have a negative impact on our results of operations. In some ", "box": [ 137.10211473241165, 371.76971580754724, 476.629419613594, 375.2588125036718 ], "from_ocr": false, "confidence": 1.0 }, { "text": "situations, we may be forced to sell assets to maintain adequate liquidity, which could cause us to incur losses. ", "box": [ 137.10211473241165, 380.1224358435172, 446.106100888399, 383.61153253964176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate risk.", "box": [ 137.10211473241165, 396.8278759154572, 183.92792248399672, 400.3169726115817 ], "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": [ 183.9311854349254, 396.8278759154572, 476.5886322375684, 400.3169726115817 ], "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": [ 137.10211473241165, 405.18059595142716, 476.61310570727375, 408.6696926475517 ], "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": [ 137.10211473241165, 413.53331598739715, 476.629419613594, 417.0224126835217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "housing, retail, industrial, office or other commercial space); changes or continued weakness in specific industry ", "box": [ 137.10211473241165, 421.8860360233671, 476.5396905186076, 425.37513271949166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "segments; construction quality, construction cost, age and design; demographic factors; and retroactive changes to ", "box": [ 137.10211473241165, 430.2387560593371, 476.60494614388864, 433.72785275546164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "building or similar codes. In addition, decreases in property values reduce the value of the collateral and the potential ", "box": [ 137.10211473241165, 438.5914760953071, 476.57231833124814, 442.0805727914316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proceeds available to a borrower to repay the underlying loans, which could also cause us to suffer losses.", "box": [ 137.10211473241165, 446.94419613127707, 431.670807650478, 450.4332928274016 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 431.64969334459533, 447.86708404953964, 433.04094324948437, 450.65731438426525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair value risk.", "box": [ 137.10211473241165, 463.649636203217, 184.3258607359749, 467.13873289934156 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 184.33903309293174, 463.649636203217, 186.0787480498725, 467.13873289934156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The estimated fair value of our investments fluctuates primarily due to changes in interest rates. ", "box": [ 187.57734088727716, 463.649636203217, 476.5396905186076, 467.13873289934156 ], "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": [ 137.10211473241165, 472.002356239187, 476.5967918009535, 475.49145293531154 ], "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": [ 137.10211473241165, 480.355076275157, 476.60494614388864, 483.8441729712815 ], "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": [ 137.10211473241165, 488.70779631112697, 476.5315361756725, 492.1968930072515 ], "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": [ 137.10211473241165, 497.06051634709695, 476.54785008199275, 500.5496130432215 ], "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": [ 137.10211473241165, 505.413236383067, 476.5967918009535, 508.9023330791915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "swaps. ", "box": [ 137.10211473241165, 513.7659564190369, 157.5865080513241, 517.2550531151614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Counterparty risk. ", "box": [ 137.10211473241165, 530.471396490977, 191.42154975953065, 533.9604931871015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We finance the acquisition of a significant portion of our commercial mortgage loans, MBS and other ", "box": [ 191.44373668517733, 530.471396490977, 476.6212600502089, 533.9604931871015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets with our repurchase agreements, credit facilities, and other financing agreements. In connection with these ", "box": [ 137.10211473241165, 538.8241165269469, 476.5886322375684, 542.3132132230714 ], "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": [ 137.10211473241165, 547.1768365629168, 476.5967918009535, 550.6659332590414 ], "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": [ 137.10211473241165, 555.5295565988869, 476.58047789463325, 559.0186532950114 ], "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": [ 137.10211473241165, 563.8822766348569, 476.5886322375684, 567.3713733309814 ], "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": [ 137.10211473241165, 572.2349966708268, 476.49074879964684, 575.7240933669514 ], "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": [ 137.10211473241165, 580.5877167067968, 476.5560044249279, 584.0768134029213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "pledged by us to the lender including accrued interest receivable on such collateral.", "box": [ 137.10211473241165, 588.9404367427668, 368.7795201648977, 592.4295334388913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We are exposed to changing interest rates and market conditions, which affects cash flows associated with borrowings. ", "box": [ 137.10211473241165, 703.7892148054009, 476.54785008199275, 707.2783115015254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We enter into derivative instruments, such as interest rate swaps, to mitigate these risks. Interest rate swaps are used to ", "box": [ 137.10211473241165, 712.1419348413708, 476.5967918009535, 715.6310315374953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mitigate the exposure to changes in interest rates and involve the receipt of variable-rate interest amounts from a ", "box": [ 137.10211473241165, 720.4946548773408, 476.5315361756725, 723.9837515734654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "counterparty in exchange for us making payments based on a fixed interest rate over the life of the swap contract.", "box": [ 137.10211473241165, 728.8473749133109, 452.83959895252775, 732.3364716094354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Certain of our subsidiaries have entered into over-the-counter ('OTC') interest rate swap agreements to hedge risks ", "box": [ 137.10211473241165, 745.5528149852508, 476.6212600502089, 749.0419116813754 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 72, "width": 612.0, "height": 792.0, "cells": [ { "text": "93", "box": [ 302.5169704768508, 457.3811939684021, 309.47582683301454, 460.87029066452664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "associated with movements in interest rates. Because certain interest rate swaps were not cleared through a central ", "box": [ 137.10211473241165, 37.13496715866222, 476.5967918009535, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "counterparty, we remain exposed to the counterparty's ability to perform its obligations under each such swap and cannot ", "box": [ 137.10211473241165, 41.83337217889539, 476.5967918009535, 45.32246887501992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "look to the creditworthiness of a central counterparty for performance. As a result, if an OTC swap counterparty cannot ", "box": [ 137.10211473241165, 50.18609221486531, 476.5315361756725, 53.675188910989846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "perform under the terms of an interest rate swap, our subsidiary would not receive payments due under that agreement, ", "box": [ 137.10211473241165, 58.53881225083535, 476.629419613594, 62.02790894695988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we may lose any unrealized gain associated with the interest rate swap and the hedged liability would cease to be hedged ", "box": [ 137.10211473241165, 66.89153228680527, 476.60494614388864, 70.38062898292992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by the interest rate swap. While we would seek to terminate the relevant OTC swap transaction and may have a claim ", "box": [ 137.10211473241165, 75.24425232277531, 476.5967918009535, 78.73334901889984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "against the defaulting counterparty for any losses, including unrealized gains, there is no assurance that we would be able ", "box": [ 137.10211473241165, 83.59697235874523, 476.54785008199275, 87.08606905486988 ], "from_ocr": false, "confidence": 1.0 }, { "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": [ 137.10211473241165, 91.94969239471527, 476.5315361756725, 95.4387890908398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "forced to cover our unhedged liabilities at the then current market price. We may also be at risk for any collateral we ", "box": [ 137.10211473241165, 100.30241243068531, 476.5315361756725, 103.79150912680984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "have pledged to secure our obligations under the OTC interest rate swap if the counterparty becomes insolvent or files ", "box": [ 137.10211473241165, 108.65513246665523, 476.5560044249279, 112.14422916277977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for bankruptcy. Therefore, upon a default by an interest rate swap agreement counterparty, the interest rate swap would ", "box": [ 137.10211473241165, 117.00785250262527, 476.5315361756725, 120.4969491987498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "no longer mitigate the impact of changes in interest rates as intended.", "box": [ 137.10211473241165, 125.36057253859519, 329.95538645894436, 128.84966923471973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents information with respect to any counterparty for repurchase agreements for which our ", "box": [ 137.10211473241165, 142.06601261053515, 476.58047789463325, 145.5551093066597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company had greater than 5% of stockholders' equity at risk in the aggregate.", "box": [ 137.10211473241165, 150.4187326465052, 354.38028342678297, 153.90782934262973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 339.34561138459895, 169.55086629402376, 367.62546872846156, 171.9929722257674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 139.4513172425282, 181.55790134573067, 167.45767368742935, 184.0000072774743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Counterparty", "box": [ 243.6156090973492, 176.8594963254975, 272.2950217275844, 179.30160225724114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rating", "box": [ 250.91608478588785, 181.55790134573067, 264.98823446276407, 184.0000072774743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount of Risk", "box": [ 300.95898981304157, 181.55790134573067, 333.97633550774503, 184.0000072774743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted Average Months ", "box": [ 353.30216085180115, 176.8594963254975, 409.3553227317138, 179.30160225724114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to Maturity for Agreement", "box": [ 353.2369052265201, 181.55790134573067, 408.64555001202604, 184.0000072774743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage of ", "box": [ 430.727960247726, 176.8594963254975, 460.11847189682874, 179.30160225724114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stockholders' Equity", "box": [ 422.8646574013637, 181.55790134573067, 466.48188076082266, 184.0000072774743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JPMorgan Chase Bank, N.A.", "box": [ 139.4513172425282, 189.3885763794525, 195.91352972874583, 191.83068231119614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "AA-/Aa2", "box": [ 248.89316040217636, 189.3885763794525, 267.0178740157485, 191.83068231119614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 289.2782328877398, 189.3885763794525, 291.71357279712504, 191.83068231119614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "595,695", "box": [ 329.55726759244664, 189.3885763794525, 345.3869539160105, 191.83068231119614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.1", "box": [ 402.99431950329443, 189.3885763794525, 409.0826600757144, 191.83068231119614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "44.4%", "box": [ 460.1908750621045, 189.3885763794525, 472.7722028332574, 191.83068231119614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Nomura Corporate Funding Americas, LLC", "box": [ 139.4513172425282, 197.21925141317433, 224.80698918402697, 199.66135734491797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "BBB+/Baa1", "box": [ 246.03822679613194, 197.21925141317433, 269.8921485538542, 199.66135734491797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 289.2782328877398, 197.21925141317433, 291.71357279712504, 199.66135734491797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "201,042", "box": [ 329.55726759244664, 197.21925141317433, 345.3869539160105, 199.66135734491797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19.1", "box": [ 400.5553878981915, 197.21925141317433, 409.0790649083974, 199.66135734491797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15.0%", "box": [ 460.1908750621045, 197.21925141317433, 472.7722028332574, 199.66135734491797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Churchill MRA Funding I LLC", "box": [ 139.4513172425282, 205.04992644689628, 200.6081928301138, 207.4920323786398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Not rated", "box": [ 248.8279047768953, 205.04992644689628, 267.08579019117894, 207.4920323786398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 289.2782328877398, 205.04992644689628, 291.71357279712504, 207.4920323786398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "166,648", "box": [ 329.55726759244664, 205.04992644689628, 345.3869539160105, 207.4920323786398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13.4", "box": [ 400.5553878981915, 205.04992644689628, 409.0790649083974, 207.4920323786398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12.4%", "box": [ 460.1908750621045, 205.04992644689628, 472.7722028332574, 207.4920323786398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In the table above,", "box": [ 137.10211473241165, 222.98298795899439, 188.49839713974995, 226.47208465511892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 231.33570799496442, 152.06747532833447, 234.82480469108896 ], "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": [ 162.16027484032162, 231.33570799496442, 476.5967918009535, 234.82480469108896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively. ", "box": [ 162.16027484032162, 239.68842803093435, 199.22775654399712, 243.17752472705888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 149.63119478636662, 248.04114806690438, 152.06747532833447, 251.53024476302892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The amount at risk reflects the difference between the amount loaned through repurchase agreements, including ", "box": [ 162.16027484032162, 248.04114806690438, 476.54785008199275, 251.53024476302892 ], "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": [ 162.16027484032162, 256.3938681028743, 476.5967918009535, 259.88296479899884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "receivable. ", "box": [ 162.16027484032162, 264.74658813884434, 194.1949138339738, 268.2356848349689 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capital market risk.", "box": [ 137.10211473241165, 281.4520282107843, 194.5317625364024, 284.94112490690884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 194.54337888602555, 281.4520282107843, 196.2830938429663, 284.94112490690884 ], "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": [ 196.50920720784114, 281.4520282107843, 476.57231833124814, 284.94112490690884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through the issuance of our common stock or other equity instruments. We are also exposed to risks related to the debt ", "box": [ 137.10211473241165, 289.8047482467543, 476.629419613594, 293.2938449428788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "capital markets, and our related ability to finance our business through borrowings under repurchase obligations or other ", "box": [ 137.10211473241165, 298.15746828272427, 476.629419613594, 301.6465649788488 ], "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": [ 137.10211473241165, 306.51018831869425, 476.60494614388864, 309.9992850148188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which constrains our ability to accumulate operating cash flow and therefore requires us to utilize debt or equity capital ", "box": [ 137.10211473241165, 314.8629083546642, 476.61310570727375, 318.35200505078876 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to finance our business. We seek to mitigate these risks by monitoring the debt and equity capital markets to inform our ", "box": [ 137.10211473241165, 323.2156283906342, 476.629419613594, 326.70472508675874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decisions on the amount, timing, and terms of capital we raise", "box": [ 137.10211473241165, 331.5683484266042, 309.48318918848, 335.0574451227287 ], "from_ocr": false, "confidence": 1.0 }, { "text": ".", "box": [ 309.36881113135746, 332.49123634486676, 310.76006103624644, 335.28146667959237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Off-balance sheet risk.", "box": [ 137.10211473241165, 348.27378849854415, 204.5328959434221, 351.7628851946687 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Off-balance sheet risk refers to situations where the maximum potential loss resulting from ", "box": [ 204.54380346034117, 348.27378849854415, 476.5967918009535, 351.7628851946687 ], "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": [ 137.10211473241165, 356.62650853451413, 476.5967918009535, 360.11560523063866 ], "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": [ 137.10211473241165, 364.9792285704841, 476.60494614388864, 368.46832526660864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amounts of such assets and liabilities currently reflected in the accompanying consolidated balance sheets.", "box": [ 137.10211473241165, 373.3319486064541, 433.1421183508094, 376.8210453025786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Inflation risk.", "box": [ 137.10211473241165, 390.0373886783941, 177.36772482801655, 393.52648537451864 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 177.38114943711847, 390.0373886783941, 179.1208643940592, 393.52648537451864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Most of our assets and liabilities are interest rate sensitive in nature. As a result, interest rates and other ", "box": [ 179.57536983719262, 390.0373886783941, 476.52337661228734, 393.52648537451864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "factors influence our performance significantly more than inflation does. Changes in interest rates may, but do not ", "box": [ 137.10211473241165, 398.3901087143641, 476.60494614388864, 401.8792054104886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "necessarily, correlate with inflation rates and/or changes in inflation rates. Refer to 'Quantitative and Qualitative ", "box": [ 137.10211473241165, 406.74282875033407, 476.54785008199275, 410.2319254464586 ], "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": [ 137.10211473241165, 415.09554878630405, 458.9043577864132, 418.5846454824286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 4. Controls and Procedures", "box": [ 137.10211473241165, 532.5575975560519, 233.55763422658845, 536.0466942521764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company maintains disclosure controls and procedures that are designed to ensure that information required to be ", "box": [ 137.10211473241165, 549.2630376279918, 476.564163988313, 552.7521343241164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified ", "box": [ 137.10211473241165, 557.6157576639619, 476.564163988313, 561.1048543600864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the SEC's rules and forms, and that such information is accumulated and communicated to its management, including ", "box": [ 137.10211473241165, 565.9684776999318, 476.52337661228734, 569.4575743960563 ], "from_ocr": false, "confidence": 1.0 }, { "text": "its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required ", "box": [ 137.10211473241165, 574.3211977359017, 476.5396905186076, 577.8102944320262 ], "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": [ 137.10211473241165, 582.6739177718717, 476.57231833124814, 586.1630144679963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the rules and regulations thereunder. In designing and evaluating the disclosure controls and procedures, management ", "box": [ 137.10211473241165, 591.0266378078418, 476.629419613594, 594.5157345039663 ], "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": [ 137.10211473241165, 599.3793578438117, 476.5967918009535, 602.8684545399362 ], "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": [ 137.10211473241165, 607.7320778797816, 476.61310570727375, 611.2211745759062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "evaluating the cost-benefit relationship of possible controls and procedures. The Company, including its Chief Executive ", "box": [ 137.10211473241165, 616.0847979157517, 476.5396905186076, 619.5738946118762 ], "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": [ 137.10211473241165, 624.4375179517217, 476.6212600502089, 627.9266146478462 ], "from_ocr": false, "confidence": 1.0 }, { "text": "procedures as of June 30, 2026. Based on the foregoing, the Company's Chief Executive Officer and Chief Financial ", "box": [ 137.10211473241165, 632.7902379876916, 476.5396905186076, 636.2793346838162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Officer concluded that the Company's disclosure controls and procedures were effective.", "box": [ 137.10211473241165, 641.1429580236617, 383.78592431853355, 644.6320547197862 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Changes in Internal Control over Financial Reporting", "box": [ 137.10211473241165, 657.8483980956016, 297.29159033967505, 661.3374947917262 ], "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": [ 137.10211473241165, 674.5538381675416, 476.5886322375684, 678.0429348636661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13a-15(f) during the quarter ended June 30, 2026, that have materially affected, or are reasonably likely to materially ", "box": [ 137.10211473241165, 682.9065582035116, 476.61310570727375, 686.3956548996362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "affect, the Company's internal control over financial reporting.", "box": [ 137.10211473241165, 691.2592782394815, 312.23485185822744, 694.7483749356061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PART II. OTHER INFORMATION", "box": [ 251.89491916510303, 709.0088083159178, 358.7479885435225, 712.4979050120423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 1. Legal Proceedings", "box": [ 137.10211473241165, 725.7142483878578, 213.87860243422705, 729.2033450839823 ], "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": [ 137.10211473241165, 742.4196884597977, 472.98325894079227, 745.9087851559223 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 73, "width": 612.0, "height": 792.0, "cells": [ { "text": "94", "box": [ 302.5169704768508, 294.5031532669874, 309.47582683301454, 297.99224996311193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Merger litigation", "box": [ 137.10211473241165, 38.70110216540661, 186.0111487357039, 42.190198861531144 ], "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": [ 137.10211473241165, 55.40654223734657, 476.564163988313, 58.895638933471105 ], "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": [ 137.10211473241165, 63.75926227331661, 476.54785008199275, 67.24835896944114 ], "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": [ 137.10211473241165, 72.11198230928653, 476.54785008199275, 75.60107900541107 ], "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": [ 137.10211473241165, 80.46470234525657, 476.58047789463325, 83.9537990413811 ], "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": [ 137.10211473241165, 88.81742238122649, 476.5070627059671, 92.30651907735103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purportedly false and misleading valuation analyses, by authorizing the issuance of a purportedly false and misleading ", "box": [ 137.10211473241165, 97.17014241719653, 476.5967918009535, 100.65923911332106 ], "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": [ 137.10211473241165, 105.52286245316645, 476.564163988313, 109.01195914929099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "complaint also asserts claims against UDF IV's former advisor, UMTH General Services, L.P., for aiding and abetting ", "box": [ 137.10211473241165, 113.87558248913649, 476.5560044249279, 117.36467918526102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "these alleged breaches of fiduciary duty. The complaint seeks compensatory damages, rescissory damages, and ", "box": [ 137.10211473241165, 122.22830252510653, 476.5967918009535, 125.71739922123106 ], "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": [ 137.10211473241165, 130.58102256107645, 476.629419613594, 134.070119257201 ], "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": [ 137.10211473241165, 138.93374259704638, 476.5560044249279, 142.4228392931709 ], "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": [ 137.10211473241165, 147.2864626330164, 476.58047789463325, 150.77555932914095 ], "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": [ 137.10211473241165, 155.63918266898645, 476.57231833124814, 159.12827936511098 ], "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": [ 137.10211473241165, 163.99190270495637, 476.5967918009535, 167.4809994010809 ], "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": [ 137.10211473241165, 172.3446227409264, 476.5967918009535, 175.83371943705095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "obligations (conditioned on the satisfaction of various contractual requirements) in connection therewith, including with ", "box": [ 137.10211473241165, 180.69734277689633, 476.564163988313, 184.18643947302087 ], "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": [ 137.10211473241165, 189.05006281286637, 476.5886322375684, 192.5391595089909 ], "from_ocr": false, "confidence": 1.0 }, { "text": "defendants and the Company intend to vigorously defend against the UDF IV Merger Action.", "box": [ 137.10211473241165, 197.4027828488363, 397.4927787736838, 200.89187954496083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securities and derivative litigation", "box": [ 137.10211473241165, 214.10822292077626, 235.1036596122974, 217.5973196169008 ], "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": [ 137.10211473241165, 230.81366299271622, 476.5070627059671, 234.30275968884075 ], "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": [ 137.10211473241165, 239.16638302868625, 476.5315361756725, 242.6554797248108 ], "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": [ 137.10211473241165, 247.5191030646563, 476.5967918009535, 251.00819976078083 ], "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": [ 137.10211473241165, 255.87182310062622, 476.5315361756725, 259.36091979675075 ], "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": [ 137.10211473241165, 264.22454313659614, 476.5560044249279, 267.7136398327207 ], "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": [ 137.10211473241165, 369.672841942917, 476.60494614388864, 373.1619386390415 ], "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": [ 137.10211473241165, 378.02556197888697, 476.5560044249279, 381.5146586750115 ], "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": [ 137.10211473241165, 386.37828201485695, 476.51522226935225, 389.8673787109815 ], "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": [ 137.10211473241165, 394.73100205082693, 476.54785008199275, 398.22009874695146 ], "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": [ 137.10211473241165, 403.0837220867969, 476.5396905186076, 406.57281878292144 ], "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": [ 137.10211473241165, 411.4364421227669, 476.6212600502089, 414.9255388188914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "counsel. The lead plaintiff filed an amended complaint on September 8, 2025, which the defendants moved to dismiss on ", "box": [ 137.10211473241165, 419.7891621587369, 476.6212600502089, 423.2782588548614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "November 10, 2025. Briefing on the defendants' motion to dismiss was completed on February 9, 2026.", "box": [ 137.10211473241165, 428.14188219470685, 426.695066692641, 431.6309788908314 ], "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": [ 137.10211473241165, 444.8473222666468, 476.5967918009535, 448.33641896277135 ], "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": [ 137.10211473241165, 453.2000423026168, 476.6212600502089, 456.6891389987413 ], "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": [ 137.10211473241165, 461.55276233858683, 476.5315361756725, 465.04185903471136 ], "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": [ 137.10211473241165, 469.90548237455675, 476.5315361756725, 473.3945790706813 ], "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": [ 137.10211473241165, 478.2582024105268, 476.5560044249279, 481.7472991066513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(D. Md.) filed in the United States District Court for the District of Maryland (the 'Maryland Derivative Actions' and, ", "box": [ 137.10211473241165, 486.6109224464967, 476.54785008199275, 490.10001914262125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "together with the New York Derivative Actions, the 'Ready Capital Derivative Actions'). The Ready Capital Derivative ", "box": [ 137.10211473241165, 494.96364248246675, 476.5315361756725, 498.4527391785913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Actions assert claims for violations of Sections 10(b) and 20(a) of the Exchange Act and SEC Rule 10b-5, contribution ", "box": [ 137.10211473241165, 503.31636251843673, 476.629419613594, 506.80545921456127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "under Sections 10(b) and 21D of the Exchange Act, breach of fiduciary duties, aiding and abetting breach of fiduciary ", "box": [ 137.10211473241165, 511.6690825544067, 476.58047789463325, 515.1581792505312 ], "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": [ 137.10211473241165, 520.0218025903766, 476.57231833124814, 523.5108992865012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "failing to prevent the securities law violations alleged in the Exchange Act Litigation and for purportedly causing the ", "box": [ 137.10211473241165, 528.3745226263467, 476.5315361756725, 531.8636193224712 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company to overpay for certain stock repurchases. The Ready Capital Derivative Actions seek compensatory damages, ", "box": [ 137.10211473241165, 536.7272426623167, 476.54785008199275, 540.2163393584412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "disgorgement of compensation and profits, imposition of a constructive trust, revisions to the Company's corporate ", "box": [ 137.10211473241165, 545.0799626982866, 476.54785008199275, 548.5690593944112 ], "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": [ 137.10211473241165, 553.4326827342566, 476.5560044249279, 556.9217794303811 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Southern District of New York consolidated the New York Derivative Actions under the caption In re Ready Capital ", "box": [ 137.10211473241165, 561.7854027702266, 476.6212600502089, 565.2744994663511 ], "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": [ 137.10211473241165, 570.1381228061966, 476.6212600502089, 573.6272195023212 ], "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": [ 137.10211473241165, 578.4908428421666, 476.5315361756725, 581.9799395382911 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thereto; or (2) denial, in full or in part, of the defendants' motion to dismiss the Exchange Act Litigation. The defendants ", "box": [ 137.10211473241165, 586.8435628781365, 476.61310570727375, 590.332659574261 ], "from_ocr": false, "confidence": 1.0 }, { "text": "intend to vigorously defend against the Exchange Act Litigation and the Ready Capital Derivative Actions.", "box": [ 137.10211473241165, 595.1962829141065, 435.0697406525223, 598.685379610231 ], "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": [ 137.10211473241165, 611.9017229860465, 476.54785008199275, 615.390819682171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Demand Letter'). The Derivative Demand Letter closely mirrors the allegations of the Exchange Act Litigation and ", "box": [ 137.10211473241165, 620.2544430220165, 476.5886322375684, 623.743539718141 ], "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": [ 137.10211473241165, 628.6071630579866, 476.6212600502089, 632.0962597541111 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Derivative Demand Letter requests that the directors investigate any purported wrongdoing that occurred between ", "box": [ 137.10211473241165, 636.9598830939565, 476.54785008199275, 640.448979790081 ], "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": [ 137.10211473241165, 645.3126031299264, 476.5967918009535, 648.8016998260509 ], "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": [ 137.10211473241165, 653.6653231658964, 476.5396905186076, 657.154419862021 ], "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": [ 137.10211473241165, 662.0180432018665, 476.61310570727375, 665.507139897991 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Exchange Act Litigation is denied in whole or in part; or (ii) the demanding stockholder or the Company give written ", "box": [ 137.10211473241165, 670.3707632378364, 476.498908363032, 673.8598599339609 ], "from_ocr": false, "confidence": 1.0 }, { "text": "notice that they no longer consent to the voluntary abeyance of the Derivative Demand Letter.", "box": [ 137.10211473241165, 678.7234832738063, 398.74071022848193, 682.2125799699309 ], "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": [ 137.10211473241165, 695.4289233457464, 476.498908363032, 698.9180200418709 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in two separate but largely identical putative class action lawsuits filed by former Broadmark stockholders in the ", "box": [ 137.10211473241165, 703.7816433817163, 476.5560044249279, 707.2707400778409 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Superior Court for King County, Washington (the 'Broadmark State Court Actions'). Certain former directors and ", "box": [ 137.10211473241165, 712.1343634176862, 476.54785008199275, 715.6234601138108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "officers of Broadmark and certain affiliates of the Company and its directors, including Waterfall, were also named as ", "box": [ 137.10211473241165, 720.4870834536563, 476.5315361756725, 723.9761801497808 ], "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": [ 137.10211473241165, 728.8398034896263, 476.54785008199275, 732.3289001857509 ], "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": [ 137.10211473241165, 737.1925235255962, 476.57231833124814, 740.6816202217208 ], "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": [ 137.10211473241165, 745.5452435615663, 476.60494614388864, 749.0343402576908 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 74, "width": 612.0, "height": 792.0, "cells": [ { "text": "95", "box": [ 302.5169704768508, 131.62511256557275, 309.47582683301454, 135.11420926169728 ], "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": [ 137.10211473241165, 37.13496715866222, 476.5886322375684, 40.624063854786755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ct. King Cnty.) (as consolidated, the 'Broadmark State Court Litigation'). The Broadmark State Court Litigation alleges ", "box": [ 137.10211473241165, 41.83337217889539, 476.58047789463325, 45.32246887501992 ], "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": [ 137.10211473241165, 50.18609221486531, 476.629419613594, 53.675188910989846 ], "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": [ 137.10211473241165, 58.53881225083535, 476.61310570727375, 62.02790894695988 ], "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": [ 137.10211473241165, 66.89153228680527, 476.58047789463325, 70.38062898292992 ], "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": [ 137.10211473241165, 75.24425232277531, 476.5967918009535, 78.73334901889984 ], "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": [ 137.10211473241165, 83.59697235874523, 476.5560044249279, 87.08606905486988 ], "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": [ 137.10211473241165, 91.94969239471527, 476.629419613594, 95.4387890908398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "denied. Discovery has since commenced in the Broadmark State Court Litigation. On May 1, 2026, the plaintiffs in the ", "box": [ 137.10211473241165, 100.30241243068531, 476.52337661228734, 103.79150912680984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "96", "box": [ 302.5169704768508, 689.1693852065604, 309.47582683301454, 692.6584819026849 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Broadmark State Court Litigation and the lead plaintiff in the Broadmark Federal Court Litigation (defined below) ", "box": [ 137.10211473241165, 206.79980312929376, 476.5560044249279, 210.2888998254183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "jointly moved for class certification and to be appointed co-class representatives in the Broadmark State Court Litigation. ", "box": [ 137.10211473241165, 215.1525231652638, 476.57231833124814, 218.64161986138834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On July 1, 2026, the defendants filed their opposition to the class certification motion. Briefing on the plaintiffs' class ", "box": [ 137.10211473241165, 223.50524320123372, 476.6212600502089, 226.99433989735826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "certification motion is expected to be completed by September 2026.", "box": [ 137.10211473241165, 231.85796323720376, 328.65835421807344, 235.3470599333283 ], "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": [ 137.10211473241165, 248.56340330914372, 476.61310570727375, 252.05250000526826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "putative class action filed by a former Broadmark stockholder in the United States District Court for the Western District ", "box": [ 137.10211473241165, 256.91612334511376, 476.61310570727375, 260.4052200412383 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of Washington (the 'Broadmark Federal Court Litigation'). Broadmark and certain of its former directors and officers ", "box": [ 137.10211473241165, 265.2688433810837, 476.58047789463325, 268.7579400772082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were also named as defendants. The Broadmark Federal Court Litigation is captioned Grant v. Broadmark Realty Capital ", "box": [ 137.10211473241165, 273.6215634170537, 476.5560044249279, 277.11066011317826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Inc., et al., No. 2:25-cv-1013 (W.D. Wash.). On October 15, 2025, the court entered an order appointing lead plaintiff ", "box": [ 137.10211473241165, 281.97428345302365, 476.5315361756725, 285.4633801491482 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and lead counsel. On November 25, 2025, the lead plaintiff filed an amended complaint asserting that the defendants ", "box": [ 137.10211473241165, 290.3270034889937, 476.57231833124814, 293.8161001851182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "violated Sections 14(a) and 20(a) of the Exchange Act and Section 11, 12(a)(2), and 15 of the Securities Act by issuing ", "box": [ 137.10211473241165, 298.6797235249636, 476.564163988313, 302.16882022108814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "false and misleading statements and omissions in connection with the Broadmark Merger regarding the performance of ", "box": [ 137.10211473241165, 307.03244356093364, 476.5967918009535, 310.5215402570582 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company's loan portfolio and related matters. The amended complaint seeks compensatory and rescissory damages, ", "box": [ 137.10211473241165, 315.38516359690357, 476.54785008199275, 318.8742602930281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as well as attorneys' fees and litigation expenses. On January 12, 2026, the defendants moved to dismiss the amended ", "box": [ 137.10211473241165, 323.7378836328736, 476.51522226935225, 327.22698032899814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "complaint. Briefing on the defendants' motion to dismiss was completed on March 4, 2026. On January 8, 2026, the ", "box": [ 137.10211473241165, 332.0906036688435, 476.57231833124814, 335.57970036496806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "defendants moved to transfer the Broadmark Federal Court Litigation to the U.S. District Court for the Southern District ", "box": [ 137.10211473241165, 340.44332370481357, 476.629419613594, 343.9324204009381 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of New York, where the Exchange Act Litigation is pending. Briefing on the defendants' motion to transfer was ", "box": [ 137.10211473241165, 348.79604374078355, 476.57231833124814, 352.2851404369081 ], "from_ocr": false, "confidence": 1.0 }, { "text": "completed on February 5, 2026. On May 1, 2026, the lead plaintiff in the Broadmark Federal Court Litigation and the ", "box": [ 137.10211473241165, 357.1487637767535, 476.5560044249279, 360.63786047287806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "plaintiffs in the Broadmark State Court Litigation jointly moved for class certification and to be appointed co-class ", "box": [ 137.10211473241165, 365.5014838127235, 476.61310570727375, 368.99058050884804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "representatives in the Broadmark State Court Litigation. On June 1, 2026, the parties filed a stipulated motion to stay the ", "box": [ 137.10211473241165, 373.8542038486935, 476.60494614388864, 377.343300544818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Broadmark Federal Court Litigation pending final adjudication of the Broadmark State Court Litigation. The parties' ", "box": [ 137.10211473241165, 382.20692388466347, 476.60494614388864, 385.696020580788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "motion to stay was granted on June 3, 2026. ", "box": [ 137.10211473241165, 390.55964392063345, 261.3429522481388, 394.048740616758 ], "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": [ 137.10211473241165, 407.2650839925734, 476.6212600502089, 410.75418068869794 ], "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": [ 137.10211473241165, 415.61780402854345, 476.5967918009535, 419.1069007246679 ], "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": [ 137.10211473241165, 423.97052406451337, 476.5886322375684, 427.4596207606379 ], "from_ocr": false, "confidence": 1.0 }, { "text": "District of Maryland (the 'Broadmark Derivative Litigation'). The Broadmark Derivative Litigation is captioned ", "box": [ 137.10211473241165, 432.32324410048335, 476.54785008199275, 435.8123407966079 ], "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": [ 137.10211473241165, 440.6759641364534, 476.629419613594, 444.1650608325779 ], "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": [ 137.10211473241165, 449.02868417242337, 476.6212600502089, 452.5177808685479 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and ", "box": [ 137.10211473241165, 457.38140420839335, 476.5560044249279, 460.8705009045179 ], "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": [ 137.10211473241165, 465.73412424436333, 476.5967918009535, 469.22322094048786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securities law violations alleged in the Broadmark Federal Court Litigation and for purportedly causing the Company to ", "box": [ 137.10211473241165, 474.0868442803333, 476.57231833124814, 477.57594097645784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "overpay for certain stock repurchases. The Broadmark Derivative Litigation seeks revisions to the Company's corporate ", "box": [ 137.10211473241165, 482.4395643163033, 476.54785008199275, 485.9286610124278 ], "from_ocr": false, "confidence": 1.0 }, { "text": "governance and internal procedures, disgorgement, compensatory damages, and attorney's fees and costs of litigation. ", "box": [ 137.10211473241165, 490.79228435227327, 476.5886322375684, 494.2813810483978 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Broadmark Derivative Litigation is currently stayed, pending: (1) dismissal of the Broadmark Federal Court ", "box": [ 137.10211473241165, 499.14500438824325, 476.54785008199275, 502.6341010843678 ], "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": [ 137.10211473241165, 507.49772442421323, 476.6212600502089, 510.98682112033777 ], "from_ocr": false, "confidence": 1.0 }, { "text": "motion to dismiss the Broadmark Federal Court Litigation. The defendants intend to vigorously defend against the ", "box": [ 137.10211473241165, 515.8504444601832, 476.564163988313, 519.3395411563077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Broadmark State Court Litigation, the Broadmark Federal Court Litigation, and the Broadmark Derivative Litigation.", "box": [ 137.10211473241165, 524.2031644961532, 463.86843730298995, 527.6922611922778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Legacy UDF IV litigation", "box": [ 137.10211473241165, 540.9086045680931, 210.68385294866198, 544.3977012642176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As a result of the UDF IV Merger, the Company assumed certain outstanding litigation against UDF IV and affiliated ", "box": [ 137.10211473241165, 557.6140446400332, 476.6212600502089, 561.1031413361577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "parties. ", "box": [ 137.10211473241165, 565.9667646760031, 159.11185829226784, 569.4558613721276 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On March 20, 2020, Megatel Homes, LLC and certain of its affiliates filed a lawsuit against Mehrdad Moayedi, United ", "box": [ 137.10211473241165, 582.6722047479432, 476.51522226935225, 586.1613014440677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Development Funding, L.P., United Development Funding II, L.P., United Development Funding III, L.P., UDF IV, ", "box": [ 137.10211473241165, 591.0249247839131, 476.60494614388864, 594.5140214800376 ], "from_ocr": false, "confidence": 1.0 }, { "text": "United Development Funding V, and various other affiliates (collectively the 'UDF Defendants') in the United States ", "box": [ 137.10211473241165, 599.377644819883, 476.54785008199275, 602.8667415160076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "District Court for the Northern District of Texas, captioned Megatel Homes LLC, et al. v. Moayedi, et al., No. 3:20- ", "box": [ 137.10211473241165, 607.730364855853, 476.5070627059671, 611.2194615519776 ], "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 ", "box": [ 137.10211473241165, 616.0830848918231, 476.6212600502089, 619.5721815879476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "participated in a scheme to 'prop' up Moayedi's companies, and thereby defraud the plaintiffs, by lending funds to ", "box": [ 137.10211473241165, 624.435804927793, 476.5396905186076, 627.9249016239175 ], "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": [ 137.10211473241165, 632.7885249637629, 476.5886322375684, 636.2776216598875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Defendants, rather than using such funds to 'advance' real estate projects with the plaintiffs. The plaintiffs assert claims ", "box": [ 137.10211473241165, 641.141244999733, 476.54785008199275, 644.6303416958575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "under the Racketeer Influenced and Corrupt Organizations Act ('RICO') and for common law fraud, statutory fraud, and ", "box": [ 137.10211473241165, 649.493965035703, 476.54785008199275, 652.9830617318275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fraudulent inducement. The plaintiffs seek compensatory damages, treble damages, exemplary damages, and attorneys' ", "box": [ 137.10211473241165, 657.8466850716729, 476.58047789463325, 661.3357817677975 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 75, "width": 612.0, "height": 792.0, "cells": [ { "text": "97", "box": [ 302.5169704768508, 526.2911342651544, 309.47582683301454, 529.7802309612789 ], "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": [ 137.10211473241165, 43.92155218788787, 476.54785008199275, 47.4106488840124 ], "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": [ 137.10211473241165, 52.27427222385779, 476.54785008199275, 55.76336891998244 ], "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": [ 137.10211473241165, 60.62699225982783, 476.57231833124814, 64.11608895595236 ], "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": [ 137.10211473241165, 68.97971229579775, 476.5967918009535, 72.4688089919224 ], "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": [ 137.10211473241165, 77.33243233176779, 476.5967918009535, 80.82152902789232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decided. The UDF Defendants and the Company intend to vigorously defend against the Megatel Action.", "box": [ 137.10211473241165, 85.68515236773783, 429.90677102146765, 89.17424906386236 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 1A. Risk Factors", "box": [ 137.10211473241165, 102.39059243967779, 202.42629595181506, 105.87968913580232 ], "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, ", "box": [ 137.10211473241165, 119.09603251161775, 476.5967918009535, 122.58512920774228 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 1A. You should be aware that these risk factors and other information may not describe every risk facing us. ", "box": [ 137.10211473241165, 127.44875254758767, 476.58047789463325, 130.9378492437122 ], "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": [ 137.10211473241165, 135.8014725835577, 476.54785008199275, 139.29056927968224 ], "from_ocr": false, "confidence": 1.0 }, { "text": "materially adversely affect our business, financial condition and/or operating results.", "box": [ 137.10211473241165, 144.15419261952763, 372.53415599446714, 147.64328931565217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 2. Unregistered Sales of Equity Securities and Use of Proceeds", "box": [ 137.10211473241165, 160.8596326914676, 336.37735887624507, 164.34872938759213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Share Repurchase Program", "box": [ 137.10211473241165, 177.56507276340767, 219.44287940260796, 181.0541694595322 ], "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": [ 137.10211473241165, 194.27051283534752, 476.60494614388864, 197.75960953147205 ], "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": [ 137.10211473241165, 202.62323287131755, 476.51522226935225, 206.1123295674421 ], "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": [ 137.10211473241165, 210.9759529072876, 476.5967918009535, 214.46504960341213 ], "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": [ 137.10211473241165, 219.32867294325752, 476.52337661228734, 222.81776963938205 ], "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": [ 137.10211473241165, 227.68139297922755, 476.58047789463325, 231.1704896753521 ], "from_ocr": false, "confidence": 1.0 }, { "text": "stock repurchases at times when we might otherwise be precluded from doing so. The timing and amount of repurchase ", "box": [ 137.10211473241165, 236.03411301519748, 476.5070627059671, 239.523209711322 ], "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": [ 137.10211473241165, 244.3868330511675, 476.6212600502089, 247.87592974729205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "requirements and other factors.", "box": [ 137.10211473241165, 252.73955308713744, 223.6664156099808, 256.228649783262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents purchases of our common stock during the quarter.", "box": [ 137.10211473241165, 269.4449931590774, 349.94245476801524, 272.93408985520193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Number of Shares ", "box": [ 198.93997924955897, 293.2755318268292, 249.72766065359542, 295.71763775857283 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Purchased", "box": [ 213.06782212289883, 297.9739368470623, 234.89785868696146, 300.41604277880595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average Price Paid per ", "box": [ 267.2381454490768, 293.2755318268292, 316.2873442747582, 295.71763775857283 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Share", "box": [ 285.27317149634246, 297.9739368470623, 297.3618560169643, 300.41604277880595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Number of Shares ", "box": [ 335.19372483631935, 288.055081804348, 385.9814062403558, 290.4971877360916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Purchased as Part of Publicly ", "box": [ 329.581741062152, 293.2755318268292, 392.13227462240883, 295.71763775857283 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Announced Programs", "box": [ 337.48582606409, 297.9739368470623, 382.9937967653285, 300.41604277880595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maximum Shares (or Approximate ", 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Defaults Upon Senior Securities", "box": [ 137.10211473241165, 360.80286855249915, 254.1079782867535, 364.2919652486237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "None.", "box": [ 137.10211473241165, 377.5083086244391, 153.91481969113943, 380.99740532056364 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 4. Mine Safety Disclosures", "box": [ 137.10211473241165, 394.21374869637907, 230.7102122738769, 397.7028453925036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Not applicable.", "box": [ 137.10211473241165, 410.91918876831903, 179.61295800398437, 414.40828546444357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 5. Other Information", "box": [ 137.10211473241165, 427.624628840259, 215.4451637130075, 431.1137255363835 ], "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": [ 137.10211473241165, 444.33006891219895, 474.8803202055055, 447.8191656083235 ], "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 June 30, ", "box": [ 137.10211473241165, 452.68278894816893, 476.629419613594, 456.1718856442935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026.", "box": [ 137.10211473241165, 461.03550898413897, 152.7657487336891, 464.5246056802635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 6. 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Capasse", "box": [ 317.99070801138663, 241.25456303767874, 372.6829438256922, 244.74365973380327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chairman of the Board, Chief Executive Officer and ", "box": [ 317.99070801138663, 250.12932807589686, 465.6861949207522, 253.6184247720214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chief Investment Officer", "box": [ 317.99070801138663, 257.4379581073706, 387.8136686691651, 260.92705480349514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Principal Executive Officer)", "box": [ 317.99070801138663, 267.3568131500849, 399.0130617320864, 270.84590984620945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Date: August 7, 2026", "box": [ 137.62415973465977, 285.62838822876927, 198.8701043873823, 289.1174849248938 ], "from_ocr": false, "confidence": 1.0 }, { "text": "By:", "box": [ 304.15651545181134, 285.62838822876927, 314.2108335675185, 289.1174849248938 ], "from_ocr": false, "confidence": 1.0 }, { "text": "/s/ Andrew Ahlborn", "box": [ 317.99070801138663, 285.62838822876927, 372.8868071426763, 289.1174849248938 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Andrew Ahlborn", "box": [ 317.99070801138663, 295.54724327148364, 364.95616962681146, 299.03633996760817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chief Financial Officer", "box": [ 317.99070801138663, 305.466098314198, 382.7882048042259, 308.95519501032254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Principal Accounting and Financial Officer)", "box": [ 317.99070801138663, 315.3849533569124, 442.69616657047743, 318.8740500530369 ], "from_ocr": false, "confidence": 1.0 } ] } ]