{
 "markdown": "Table of Contents\n\n\n*Diversified Commercial Real Estate Properties.* As of June 30, 2026, we owned 62 diversified commercial real estate properties throughout the U.S with an\nundepreciated book value of $460.8 million. During the three months ended June 30, 2026, we collected 98% of rent on these properties.\n\n\nThe following charts summarize the composition of our real estate investments as of June 30, 2026 ($ in millions):\n\n\n<figure type=\"CHART\">Real Estate Undepreciated Book Value \n\n<description>A donut chart showing the breakdown of Real Estate Undepreciated Book Value. The chart is divided into two segments: 'Net Lease' representing $597M, shown in a darker blue, and 'Diversified CRE' representing $461M, shown in a lighter blue.</description> <table><thead><tr><th>Category</th><th>Value</th></tr></thead><tbody><tr><td>Net Lease</td><td>$597M</td></tr><tr><td>Diversified CRE</td><td>$461M</td></tr></tbody></table></figure>\n\n<figure type=\"CHART\">Real Estate Geogrpahy \n\n<description>A donut chart illustrating the distribution of real estate across different geographic regions. The chart is divided into six segments, each representing a region and its corresponding percentage of the total. The data is as follows: <table><tr><th>Region</th><th>Percentage</th></tr><tr><td>Midwest</td><td>33%</td></tr><tr><td>Northeast</td><td>28%</td></tr><tr><td>South</td><td>23%</td></tr><tr><td>West</td><td>11%</td></tr><tr><td>Southwest</td><td>4%</td></tr><tr><td>Various</td><td>1%</td></tr></table> The segments are colored in varying shades of blue, with the largest segment (Midwest) being the darkest blue and the smaller segments (Southwest, Various) being lighter blue tones.</description></figure>\n\n<figure type=\"CHART\">Real Estate Property Type\n\n\n\n<description>A donut chart illustrating the distribution of various real estate property types by percentage.</description>\n\n<table>\n<thead>\n<tr><th>Property Type</th><th>Percentage</th></tr>\n</thead>\n<tbody>\n<tr><td>Office</td><td>28%</td></tr>\n<tr><td>Multifamily</td><td>25%</td></tr>\n<tr><td>Dollar Store</td><td>13%</td></tr>\n<tr><td>Drug Store</td><td>10%</td></tr>\n<tr><td>Hotel</td><td>7%</td></tr>\n<tr><td>Grocery Store</td><td>6%</td></tr>\n<tr><td>Other Retail</td><td>6%</td></tr>\n<tr><td>Wholesale Club</td><td>5%</td></tr>\n</tbody>\n</table></figure>\n\n**Securities**\nWe invest in primarily AAA-rated real estate securities, typically front pay securities, with relatively short duration and significant subordination. We invest\nprimarily in CMBS, including CRE CLOs, secured by first mortgage loans on commercial real estate. These investments provide a stable and attractive base of\nnet interest income and help us manage our liquidity and hyper-amortization features included in many of these securities positions help mitigate potential\ncredit losses in the event of adverse market conditions. We have significant in-house expertise in the evaluation and trading of these securities, due in part to\nour experience in originating and underwriting mortgage loans that comprise assets within CMBS trusts, as well as our experience in structuring CMBS\ntransactions. In the future, we may invest in CMBS securities or other securities that are unrated.\n\n\n52\n\n<!-- doc_id=parse-01m0xrqfqt6yk2zcywq4k0pm6p -->",
 "structure": {
  "type": "document",
  "markdown": null,
  "children": [
   {
    "type": "page",
    "page": null,
    "span": null,
    "width": null,
    "height": null,
    "dpi": null,
    "grounding": {
     "page": 1,
     "range": {
      "start": 0,
      "end": 3236
     },
     "box": {
      "xmin": 0.0,
      "ymin": 0.0,
      "xmax": 1.0,
      "ymax": 1.0
     }
    },
    "markdown": null,
    "status": "ok",
    "reason": null,
    "children": [
     {
      "type": "marginalia",
      "id": "marginalia-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 0,
        "end": 18
       },
       "box": {
        "xmin": 0.02454174,
        "ymin": 0.02588901,
        "xmax": 0.13976671,
        "ymax": 0.04573714
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 0,
         "end": 18
        },
        "box": {
         "xmin": 0.02859112,
         "ymin": 0.02961168,
         "xmax": 0.13546084,
         "ymax": 0.04240865
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 20,
        "end": 310
       },
       "box": {
        "xmin": 0.02329275,
        "ymin": 0.07451795,
        "xmax": 0.95400751,
        "ymax": 0.10813254
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 20,
         "end": 175
        },
        "box": {
         "xmin": 0.02698142,
         "ymin": 0.07853499,
         "xmax": 0.95133406,
         "ymax": 0.09192439
        }
       },
       {
        "page": 1,
        "range": {
         "start": 175,
         "end": 310
        },
        "box": {
         "xmin": 0.02730972,
         "ymin": 0.09222523,
         "xmax": 0.83694788,
         "ymax": 0.10582852
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-1",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 312,
        "end": 427
       },
       "box": {
        "xmin": 0.0232673,
        "ymin": 0.11544575,
        "xmax": 0.71223629,
        "ymax": 0.13539313
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 312,
         "end": 427
        },
        "box": {
         "xmin": 0.02572486,
         "ymin": 0.11843918,
         "xmax": 0.70689503,
         "ymax": 0.13352019
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "figure",
      "id": "figure-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 429,
        "end": 938
       },
       "box": {
        "xmin": 0.34574598,
        "ymin": 0.14027682,
        "xmax": 0.65479761,
        "ymax": 0.38921461
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 429,
         "end": 938
        },
        "box": {
         "xmin": 0.34574598,
         "ymin": 0.14027682,
         "xmax": 0.65479761,
         "ymax": 0.38921461
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "figure",
      "id": "figure-1",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 940,
        "end": 1714
       },
       "box": {
        "xmin": 0.15381502,
        "ymin": 0.42842677,
        "xmax": 0.45997286,
        "ymax": 0.68431389
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 940,
         "end": 1714
        },
        "box": {
         "xmin": 0.15381502,
         "ymin": 0.42842677,
         "xmax": 0.45997286,
         "ymax": 0.68431389
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "figure",
      "id": "figure-2",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 1716,
        "end": 2328
       },
       "box": {
        "xmin": 0.54489923,
        "ymin": 0.42988777,
        "xmax": 0.87261343,
        "ymax": 0.69398379
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 1716,
         "end": 2328
        },
        "box": {
         "xmin": 0.54489923,
         "ymin": 0.42988777,
         "xmax": 0.87261343,
         "ymax": 0.69398379
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-2",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 2330,
        "end": 3229
       },
       "box": {
        "xmin": 0.02225119,
        "ymin": 0.72685862,
        "xmax": 0.97516412,
        "ymax": 0.84299433
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 2330,
         "end": 2345
        },
        "box": {
         "xmin": 0.02627194,
         "ymin": 0.7293532,
         "xmax": 0.09523378,
         "ymax": 0.74310051
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2345,
         "end": 2506
        },
        "box": {
         "xmin": 0.02688866,
         "ymin": 0.75674787,
         "xmax": 0.95265971,
         "ymax": 0.77074492
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2506,
         "end": 2662
        },
        "box": {
         "xmin": 0.02636822,
         "ymin": 0.77084143,
         "xmax": 0.97168944,
         "ymax": 0.78477451
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2662,
         "end": 2818
        },
        "box": {
         "xmin": 0.02662239,
         "ymin": 0.78470044,
         "xmax": 0.94143494,
         "ymax": 0.79833818
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2818,
         "end": 2980
        },
        "box": {
         "xmin": 0.02769707,
         "ymin": 0.79824186,
         "xmax": 0.95198813,
         "ymax": 0.81207354
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2980,
         "end": 3129
        },
        "box": {
         "xmin": 0.02738698,
         "ymin": 0.81198744,
         "xmax": 0.92745927,
         "ymax": 0.82569225
        }
       },
       {
        "page": 1,
        "range": {
         "start": 3129,
         "end": 3229
        },
        "box": {
         "xmin": 0.02698673,
         "ymin": 0.82536352,
         "xmax": 0.60085103,
         "ymax": 0.83859082
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "marginalia",
      "id": "marginalia-1",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 3231,
        "end": 3234
       },
       "box": {
        "xmin": 0.48758522,
        "ymin": 0.87138778,
        "xmax": 0.51331311,
        "ymax": 0.88964349
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 3231,
         "end": 3234
        },
        "box": {
         "xmin": 0.49194711,
         "ymin": 0.87459714,
         "xmax": 0.50865857,
         "ymax": 0.88560702
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     }
    ]
   }
  ]
 },
 "grounding": null,
 "metadata": {
  "req_id": null,
  "job_id": "parse-01m0xrqfqt6yk2zcywq4k0pm6p",
  "model_version": "dpt-3-pro-20260710",
  "page_count": 1,
  "markdown_chars": null,
  "output_markdown_chars": 3283,
  "range_units": "unicode_codepoints",
  "openapi_spec": "https://api.ade.landing.ai/openapi.json",
  "failed_pages": [],
  "duration_ms": 8521,
  "billing": {
   "service_tier": "standard",
   "total_credits": 1.4
  }
 }
}